Leonardo DRS 2024 Investor Day Highlights

Leonardo DRS, Inc. (Nasdaq: DRS), a leading provider of advanced defense technologies, hosted its first investor day since its return to the public markets in November 2022. The event featured presentations from members of the executive leadership team who detailed the company’s differentiated portfolio, strategic priorities, operations and growth outlook.

During the presentation, the company issued the following:

• Reaffirmation of 2024 guidance previously issued on February 27, 2024
• Initiation of a strong three-year framework (2024 - 2026) for revenue, adjusted EBITDA and free cash flow
  • 4% to 7% organic revenue growth
  • ~14% adjusted EBITDA margin* by 2026
  • 80% to 90% conversion of adjusted net earnings to free cash flow*
• Targeted capital deployment of 75% to 100% of free cash flow towards value enhancing M&A with optimal net leverage of ~2x adjusted EBITDA

*The company does not provide a reconciliation of forward-looking adjusted EBITDA, adjusted EBITDA margin, adjusted net earnings and free cash flow due to the inherent difficulty in forecasting and quantifying the adjustments that are necessary to calculate such non-GAAP measures without unreasonable effort. Material changes to any one of these items could have a significant effect on future GAAP results.

A replay of the investor day and supplemental information will be available on the company’s investor relations website later this afternoon, following the conclusion of the event.

About Leonardo DRS

Headquartered in Arlington, VA, Leonardo DRS, Inc. is an innovative and agile provider of advanced defense technology to U.S. national security customers and allies around the world. We specialize in the design, development and manufacture of advanced sensing, network computing, force protection, and electric power and propulsion, and other leading mission-critical technologies. Our innovative people are leading the way in developing disruptive technologies for autonomous, dynamic, interconnected, and multi-domain capabilities to defend against new and emerging threats. For more information and to learn more about our full range of capabilities, visit www.LeonardoDRS.com.