Leonardo reduces ESG risk with Sustainalytics upgrade

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Sustainalytics (part of the Morningstar Group) evaluates more than 15,000 companies and serves as an authoritative, independent benchmark for investors, shareholders and analysts. The agency assesses companies’ ESG risk profiles by measuring how effectively they manage the environmental, social and governance issues that are material to their respective sectors.

The new assessment places Leonardo in the lower band of the “Medium” risk category (on a scale ranging from ‘Negligible’ to ‘Severe’). As of today, Leonardo ranks third out of 113 companies in the A&D sector, which are predominantly concentrated in the ‘High’ and ‘Severe’ risk categories.

The result was achieved primarily thanks to positive assessments of issues material to the A&D sector, including Raw Material Use, Product Governance, Corporate Governance, Human Capital, Stakeholder Governance, Emissions, Effluents and Waste.

The overall ESG risk management assessment of ‘Strong’, on a three-level scale (strong, average, weak), confirms Leonardo’s robust management of these matters.

The recognition from Sustainalytics follows a series of upgrades received in 2025 from other leading ESG rating agencies:
S&P Global (September) increased Leonardo’s score from 81/100 to 83/100:

• ISS ESG (September) confirmed Prime Status, improving the rating from C+ to B- (on a scale from D- to A+)
• MSCI (November) upgraded Leonardo’s rating from ‘BBB’ to ‘A’
• CDP – formerly the Carbon Disclosure Project (December) awarded Leonardo the ‘A’ rating, placing the company in the ‘leadership’ band for climate change mitigation.

These milestones are the result of specific actions implemented as part of the sustainability strategy launched in 2023, including: the adoption of the Group’s first Transition Plan, which defines the pathway toward a resilient business model based on decoupling growth from environmental impacts (circular economy, energy efficiency, biodiversity, climate risk scenarios and supply chain engagement, with concrete and measurable actions), the strengthening of skills through a new sustainability e-learning training programme for all Group employees (completed by more than 18,000 people in just six months) and extended to the supply chain, along with social impact projects dedicated to local communities and the continuation of responsible governance, including adherence to international initiatives such as the UN Global Compact, with an active role in the Italian network and commitment to its 10 principles, including human rights and anti-corruption.