Leonardo: Leonardo at Eurosatory

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Leonardo: Leonardo at Eurosatory

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Leonardo

Leonardo at Eurosatory

Maintain Rating: BUY | PO: 79.50 EUR | Price: 51.70 EUR

Strategic continuity to industrial plan under new CEO 17 June 2026

We hosted an investor meeting with Leonardo CFO Giuseppe Aurilio yesterday at Equity

Eurosatory. Continuity in Leonardo’s strategic approach under new CEO Lorenzo Mariani

was emphasised, with a focus on accelerating execution of its industrial plan. The BenjaminResearch AnalystHeelan >>

Michelangelo dome project was underlined as an area Mr Mariani is prioritising, where Merrill Lynch (DIFC)

+44 20 7996 5723

development of the communication layers to integrate sensors and effectors is ongoing. benjamin.heelan@bofa.com

Momentum at MBDA (in which Leonardo holds a 25% stake) remains extremely strong David Holmes, CFA >>

Research Analyst

with a backlog > 45bn EUR and a record investment plan currently underway. Maintain MLI (UK)

Buy on attractive risk-reward. +44 20 7995 1077 david.a.holmes@bofa.com

Baykar JV, Iveco Defence and GCAP all progressing well LorenzoResearch DiAnalystPatrizi >>

Leonardo’s JV with Baykar is progressing according to plan, with certification of MLI (UK) +44 20 7995 7626

products remaining a key step, but mgmt also highlighted this as an area of priority. lorenzo.dipatrizi@bofa.com

With regards to the Iveco Defence acquisition, Leonardo said integration is going well,

and that they’re not in a rush to dispose of the military trucks part, but can instead wait

until the right price comes along. On GCAP, while Leonardo sees some opportunity in Stock Data

adding additional countries to the programme, it is also mindful that this adds additional

Price 51.70 EUR

complexity which could delay the timeline.

Price Objective 79.50 EUR