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Results at 31 March 2021

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Results at 31 March 2021 RESULTS AT 31 MARCH 2021 Disclaimer This Interim Reporting at 31 March 2021 has been translated into English solely for the convenience of the international reader. In the event of conflict or inconsistency between the terms used in the Italian version of the report and the English version, the Italian version shall prevail, as the Italian version constitutes the sole official document R ESULTS AT 31 MARCH 2021 Documentazione riservata ai soli partecipanti ai lavori del Consiglio di Amministrazione. La diffusione al di fuori di tale ambito può determinare conseguenze negative per la Società oltre che la violazione degli obblighi di riservatezza. CONTENTS GROUP RESULTS AND FINANCIAL POSITION ............................................................................ 3 KEY PERFORMANCE INDICATORS BY SEGMENT ....................................................................... 8 1. HELICOPTERS............................................................................................................ 8 2. DEFENSE ELECTRONICS & SECURITY ............................................................................. 9 3. AERONAUTICS ........................................................................................................ 10 4. SPACE ................................................................................................................... 12 OUTLOOK ............................................................................................................................ 12 MAIN TRANSACTIONS OF THE FIRST 3 MONTHS OF 2021 AND SIGNIFICANT EVENTS OCCURRED AFTER THE PERIOD-END ....................................................................................................... 13 EXPLANATORY NOTES .......................................................................................................... 15 FINANCIAL INCOME AND EXPENSES ........................................................................................... 15 LOANS AND BORROWINGS ...................................................................................................... 16 CONTINGENT LIABILITIES ......................................................................................................... 17 ANNEXES ............................................................................................................................. 18 Annex 1: Scope of consolidation .................................................................................... 18 Annex 2: “non-GAAP” performance indicators .............................................................. 20 DECLARATION OF THE OFFICER IN CHARGE OF FINANCIAL REPORTING PURSUANT TO ART. 154- BIS, PARAGRAPH 2, OF LEGISLATIVE DECREE NO. 58/98 AS AMENDED AND SUPPLEMENTED . 23 2 R ESULTS AT 31 MARCH 2021 Documentazione riservata ai soli partecipanti ai lavori del Consiglio di Amministrazione. La diffusione al di fuori di tale ambito può determinare conseguenze negative per la Società oltre che la violazione degli obblighi di riservatezza. GROUP RESULTS AND FINANCIAL POSITION The results for the first quarter of 2021 were in line with the forecasts of recovery in growth and an increase in profitability reported in the Financial Statements at 31 December 2020, showing a marked improvement in the Group's industrial performance; in the first quarter of 2020 this indicator was in fact particularly affected by the outbreak of the COVID-19 pandemic, which then gradually stabilised over the subsequent months, including as a result of the measures put in place in order to ensure that the business could continue in full operation. This trend bears witness to the resilience of the government/military business in a scenario that is still characterised by the pandemic. Conversely, the Aerostructures Division experienced the difficulties associated with a fall in volumes and the consequent failure to absorb fixed costs, which led to a decline in results compared to the first quarter of 2020. Key performance indicators ("KPI") The KPIs for the period and the main changes that marked the Group’s performance are described below. An in-depth analysis can be found in the specific section covering the trends in each business segment. March 2020 March 2021 Change 2020 New orders 3,421 3,421 n.a.. 13,754 Order backlog 37,000 36,414 (1.6%) 35,516 Revenue 2,591 2,790 7.7% 13,410 EBITDA 159 202 27.0% 1,458 EBITA 41 95 131.7% 938 ROS 1.6% 3.4% 1.8 p.p. 7.0% EBIT 30 75 150.0% 517 EBIT Margin 1.2% 2.7% 1.5 p.p. 3.9% Net Result before extraordinary 96.6% transactions (59) (2) 241 Net result (59) (2) 96.6% 243 Group Net Debt 4,396 4,640 5.6% 3,318 FOCF (1,595) (1,422) 10.8% 40 ROI 1.8% 4.1% 2.3 p.p. 11.3% Workforce 49,180 49,780 1.2% 49,882 Please refer to Annex 2 on “Non-GAAP performance indicators” for definitions. 3 R ESULTS AT 31 MARCH 2021 Documentazione riservata ai soli partecipanti ai lavori del Consiglio di Amministrazione. La diffusione al di fuori di tale ambito può determinare conseguenze negative per la Società oltre che la violazione degli obblighi di riservatezza. 31 March 2020 New Order backlog Revenue EBITA ROS orders at 31 Dec. 2020 Helicopters 1,486 12,377 704 18 2.6% Defense Electronics & Security 1,473 13,449 1,358 80 5.9% Aeronautics 644 10,696 644 (17) (2.6%) Space - - - (2) n.a. Other activities 36 87 86 (38) (44.2%) Eliminations (218) (1,093) (201) - n.a. Total 3,421 35,516 2,591 41 1.6% 31 March 2021 New Order backlog Revenue EBITA ROS orders Helicopters 855 12,401 792 31 3.9% Defense Electronics & Security 2,133 14,357 1,494 127 8.5% Aeronautics 621 10,760 611 (13) (2.1%) Space - - - 3 n.a. Other activities 56 107 97 (53) (54.6%) Eliminations (244) (1,211) (204) - n.a. Total 3,421 36,414 2,790 95 3.4% Change % New Order backlog Revenue EBITA ROS orders Helicopters (42.5%) 0.2% 12.5% 72.2% 1.3 p.p. Defense Electronics & Security 44.8% 6.8% 10.0% 58.8% 2.6 p.p. Aeronautics (3.6%) 0.6% (5.1%) 23.5% 0.5 p.p. Space n.a. n.a. n.a. 250.0% n.a. Other activities 55.6% 23.0% 12.8% (39.5%) (10.4) p.p. Eliminations n.a. n.a. n.a. n.a. n.a. Total n.a. 2.5% 7.7% 131.7% 1.8 p.p. Commercial performance New orders came to €bil. 3.4, in line with the first three months of 2020. The Defence Electronics and Security sector recorded an excellent performance in terms of sales both in the European and the US components. The Helicopters business segment showed a downturn, which was affected by a major order that had been gained during the period under comparison, while in the Aeronautics sector the expected fall in new orders for the civil aviation segment was almost entirely offset by the performance recorded in the Aircraft Division. The book to bill ratio is equal to about 1.2. The order backlog ensures a coverage in terms of equivalent production equal to more than 2.5 years. 4 R ESULTS AT 31 MARCH 2021 Documentazione riservata ai soli partecipanti ai lavori del Consiglio di Amministrazione. La diffusione al di fuori di tale ambito può determinare conseguenze negative per la Società oltre che la violazione degli obblighi di riservatezza. Business performance. Revenues (€bil. 2.8) showed, during the first quarter of 2021, a significant increase in all business sectors, which was only partially offset by the expected reduction in volumes in the Aerostructures segment, which continued to be adversely affected by a decline in production rates on the B787 and ATR programmes. EBITA, equal to €mil. 95 (ROS of 3.4%), recorded a significant total growth rate (132%), with a considerable increase in all business segments, except for Aerostructures, which was due to higher volumes of revenues and the improvement in profitability and which was also contributed to by a higher share provided by all the strategic Joint Ventures. EBIT, equal to €mil. 75, showed a substantial increase (150%) compared to the first quarter of 2020 (€mil. 30), despite the impact of the costs that the Group is still sustaining in order to comply with the Government’s instructions in the matter of COVID-19, including to protect the health of its workers. The Net result before extraordinary transactions, which posted a loss of €mil 2, equal to the Net Result, benefitted from the EBIT performance, as well as from lower financial costs, net of any related tax effect. Reclassified income statement For the three months Change ended 31 March % Change (€ millions) 2020 2021 Revenue 2,591 2,790 199 7.7% Purchases and personnel expenses (2,420) (2,587) Other net operating income/(expenses) - (2) Equity-accounted strategic JVs (12) 1 Amortisation, depreciation and write-offs (118) (107) EBITA 41 95 54 131.7% ROS 1.6% 3.4% 1.8 p.p. Non-recurring income/(expenses) - (11) Restructuring costs (4) (4) Amortisation of intangible assets acquired as part of business combinations (7) (5) EBIT 30 75 45 150.0% EBIT Margin 1.2% 2.7% 1.5 p.p. Net financial income/(expenses) (81) (46) Income taxes (8) (31) Net Result before extraordinary transactions (59) (2) 57 96.6% Net result related to discontinued operations and extraordinary transactions - - Net profit/(loss) for the period attributable to: (59) (2) 57 96.6% - owners of the parent (59) (2) - non-controlling interests - - 5 R ESULTS AT 31 MARCH 2021 Documentazione riservata ai soli partecipanti ai lavori del Consiglio di Amministrazione. La diffusione al di fuori di tale ambito può determinare conseguenze negative per la Società oltre che la violazione degli obblighi di riservatezza. Financial performance Reclassified cash flow statement For the three months Change % Change ended 31 March (€ millions) 2020
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