Leonardo: New chef, same recipe

Research evidence excerpt

Leonardo: New chef, same recipe

4 August 2026

Adrien Rabier

+44 20 7676 6820

Global Aerospace & Defense adrien.rabier@bernsteinsg.com

Douglas S. Harned, Ph.D.Leonardo SpA

+1 917 344 8430

Rating douglas.harned@bernsteinsg.com

Outperform Cyriaque Blanchet

+44 20 7676 7342

Price Target cyriaque.blanchet@bernsteinsg.com

LDO.IM 65.00 EUR Specialist Sales

James Brady

+44 20 7762 5272

james.brady@bernsteinsg.com

We hosted Lorenzo Mariani (CEO), Giuseppe Aurilio (CFO) and Claudia Introvigne (HIR) for

Close Date 3 Aug 2026

a roadshow following Leonardo’s Q2’26 results. The meetings reinforced our view that

LDO.IM Close Price (EUR) 54.71

Leonardo can beat the 2026 and 2030 targets, and is best positioned to navigate the current

Price Target (EUR) 65.00

European Defense environment. We flag key takeaways below.

Upside/(Downside) 19%

New chef, same recipe. The new CEO, Lorenzo Mariani, took over in May following the 52-Week Range 66.26/43.15

surprise removal of Roberto Cingolani, despite the latter's successful tenure. We hoped to EDME 1,618.74

see no change in the strategy. That was confirmed by the new CEO, who wants to accelerate, FYE Dec

not change. Lorenzo Mariani brings a rich experience across the business (MBDA, exports, Div Yield 1.2%

electronics). We have been impressed by his communication, despite his short tenure. Market Cap (EUR) (M) 31,631

EV (EUR) (M) 36,354

Beat-and-raises continue. Q2’26 was strong again, with sales growth accelerating (+9% Performance YTD 1M 6M 12M

ex. IDV consolidation) and margins expanding by over +100bps. Leonardo beat expectations Absolute (%) 11.3 4.2 (2.9) 18.8

again, and upgraded the 2026 guidance, driven by strength across all divisions. We expect EDME (%) 10.1 (0.2) 5.6 21.0