Leonardo ECONOMIC

Research date: 26 October 2026

Target: Leonardo S.p.A., including relevant controlled subsidiaries, acquired operating companies and identifiable investment interests.

Evidence period: Historical disclosures through October 2026.

Supply Chain & Sourcing Relationships

Direct supplier relationships

Leonardo S.p.A. operates in aerospace, defence and security, with a group structure that includes Leonardo DRS, Inc., a US defence-electronics manufacturer; the reviewed corporate descriptions identify aerospace and defence equipment rather than consumer agricultural products as the principal business activities.^{1, 2}

No public evidence identified of Leonardo S.p.A. directly sourcing agricultural produce from Mehadrin, Hadiklaim, Galilee Export or Agrexco successor businesses in the reviewed corporate and financial disclosures.^{1, 3}

Israeli industrial supply-chain integration

Leonardo DRS, Inc. completed its acquisition of RADA Electronic Industries Ltd. on 28 November 2022, bringing an Israeli tactical-radar manufacturer into the controlled Leonardo corporate structure.^{4, 5}

The acquisition followed a merger agreement dated 21 June 2022 between Leonardo DRS, Inc., RADA Electronic Industries Ltd. and Blackstart Ltd., an Israeli merger subsidiary wholly owned by Leonardo DRS.⁶

The acquisition’s financial consideration was approximately $511 million according to Leonardo DRS’s subsequent accounting disclosures, consisting principally of shares issued in the business combination.³

DRS RADA Technologies currently advertises tactical radar systems for hostile-fire detection, counter-uncrewed-aircraft applications, active protection, air surveillance and perimeter surveillance.⁷

Its listed product families include the Multi-Mission Hemispheric Radar, Extended Multi-Mission Hemispheric Radar and related enhanced tactical-radar variants.⁷

Act record - Israeli manufacturer acquisition: Actor: Leonardo DRS, Inc.; recipient and acquired company: RADA Electronic Industries Ltd.; channel: merger agreement and acquisition disclosed through sec.gov; earliest documented agreement: 21 June 2022; completion: 28 November 2022; status: completed acquisition with continuing controlled RADA operations documented subsequently; individual acquisition consideration: approximately $511 million.^{3, 6}

Act record - Continuing industrial operations: Actor: DRS RADA Technologies, operating within Leonardo DRS, Inc.; recipients: military and defence customers generally, with individual end-users not established by the current product page; channel: leonardodrs.com; earliest observation in the reviewed post-acquisition record: 2022; latest corporate disclosure reviewed: 2026; status: continuing, supported by current product and operating-location disclosures.^{7, 8}

Importer-of-record arrangements

RADA’s historical US securities disclosures identify an Israeli-incorporated manufacturer, while Leonardo DRS’s subsequent filings identify the American controlling company; these records establish a cross-border corporate structure but do not identify a dedicated Israeli agricultural importer of record.^{9, 1}

No public evidence identified of a Leonardo-controlled agricultural import subsidiary, dedicated produce-import joint venture or importer-of-record entity handling Israeli fruit, vegetables or settlement-origin food products.^{1, 3}

Seasonal sourcing

No public evidence identified of Leonardo conducting recurring December–April procurement of Israeli dates, avocados, citrus, herbs or potatoes in the reviewed corporate disclosures.^{1, 3}

Third-party and indirect sourcing

The documented RADA integration establishes an Israeli industrial manufacturing relationship through acquisition, rather than a retail white-label or agricultural distribution arrangement.^{3, 7}

No public evidence identified of Israeli agricultural products reaching Leonardo through third-party food distributors, retail resellers or private-label arrangements.^{1, 2}

Named supply-chain entities

RADA Electronic Industries Ltd. - acquired Israeli manufacturer; searched for manufacturing, defence customers, procurement and ownership; the merger and subsequent SEC disclosures establish controlled ownership and historical defence manufacturing in Israel.^{3, 9}

DRS RADA Technologies - continuing Israeli defence-electronics operation; searched for products, Israeli facilities and end-users; its corporate product page confirms tactical-radar activities and three Israeli locations.⁷

RadSee Technologies Ltd. - historically associated Israeli radar-technology investment; searched for acquisition and controlling ownership; Leonardo DRS historically disclosed an approximately 12% interest, which is a minority investment.¹⁰

Rafael Advanced Defense Systems - Israeli defence manufacturer named in the context of reciprocal Italian-Israeli procurement; searched for Leonardo contracts and procurement; reporting links Rafael Spike missiles to a bilateral agreement also involving Leonardo helicopters, without establishing a direct Leonardo-Rafael purchase contract.¹¹

AgustaWestland Philadelphia Corporation - Leonardo-associated American helicopter manufacturer; searched for Israeli procurement; reporting identifies US-manufactured AW119Kx helicopters supplied through the Foreign Military Sales framework.¹²

Leonardo DRS’s primary public transaction disclosures confirm that the merger with RADA Electronic Industries Ltd. was completed on 28 November 2022. Leonardo DRS’s closing announcement, dated 28 November 2022, and RADA’s Form 6-K independently record that completion date. The 29 November date refers to the opening of Nasdaq trading in the combined company’s shares. This confirms the existing statement under “Israeli industrial supply-chain integration” that the merger was completed on 28 November 2022, consistent with the corresponding statement under “Foreign direct investment - RADA acquisition”.^{4, 5}

Product Origin, Labeling & Regulatory Compliance

Product origin

RADA Electronic Industries Ltd.’s 2021 Form 20-F identifies Israel as its jurisdiction of incorporation and Netanya as its principal executive-office location, with the business manufacturing defence electronics and tactical-radar products.⁹

RADA’s earlier Form 20-F describes Israeli manufacturing and research-and-development activities; that historical evidence establishes Israeli industrial origin for relevant operations but does not establish the origin of every subsequently exported product.¹³

DRS RADA Technologies currently lists Netanya, Beersheba and Beit Shean as Israeli locations, without identifying any location as a facility in an internationally recognised occupied territory.⁷

Settlement-origin products

No public evidence identified in the reviewed company filings or UK settlement-origin guidance of Leonardo marketing agricultural products originating in the West Bank, Jordan Valley or Golan Heights as products of Israel.^{1, 14}

No verified Leonardo-specific product-origin misrepresentation concerning Israeli settlements was identified in the reviewed disclosures.^{1, 15}

Applicable regulatory context

The UK government’s August 2025 notice states that products produced in Israeli settlements within territories brought under Israeli administration since June 1967 are excluded from preferential tariff treatment under the UK-Israel Trade and Partnership Agreement.¹⁵

UK government guidance also distinguishes products originating in Israel from products originating in settlements and describes country-of-origin labelling requirements concerning occupied territories.^{14, 16}

These rules establish a regulatory distinction between Israel and occupied territories, but the reviewed government notices do not identify Leonardo as the subject of a product-origin enforcement proceeding.^{14, 15}

Corporate labelling policy

No public evidence identified of a Leonardo-specific public policy addressing the labelling of agricultural produce or consumer goods originating in Israeli settlements in the reviewed corporate disclosures.^{1, 2}

Regulatory citations and enforcement

No public evidence identified of a DEFRA, UK customs or comparable product-labelling enforcement action against Leonardo concerning settlement-origin consumer products in the reviewed regulatory material.^{14, 15}

Settlement-specific operations

The identified RADA locations are Netanya, Beersheba and Beit Shean; the retrieved corporate location listing does not establish a Leonardo-operated site in the West Bank, East Jerusalem or Golan Heights.⁷

No public evidence identified in the reviewed operational disclosures of Leonardo-operated settlement retail branches, settlement agricultural sourcing contracts or settlement-origin product listings.^{1, 7}

Investment, Capital & Financial Exposure

Foreign direct investment - RADA acquisition

On 28 November 2022, Leonardo DRS, Inc. completed the acquisition of RADA Electronic Industries Ltd., an Israeli company specialising in military tactical-radar technology.^{4, 5}

RADA survived the transaction as a wholly owned Israeli subsidiary of Leonardo DRS.⁵

Leonardo DRS reported acquisition consideration of approximately $511 million in its subsequent financial statements.³

The transaction represents a controlling operating investment in an Israeli manufacturer, with the acquired business integrated into Leonardo DRS’s defence-electronics operations.^{3, 7}

Acquired-identity record - RADA Electronic Industries Ltd.

• Acquirer: Leonardo DRS, Inc.; target: RADA Electronic Industries Ltd.; acquisition agreement: 21 June 2022; completion: 28 November 2022; mechanism: all-stock merger; reported consideration: approximately $511 million.^{3, 6}
• Ownership: RADA became wholly owned by Leonardo DRS at completion; Leonardo S.p.A. indirectly controlled the acquired company through Leonardo DRS and the intermediate US holding structure.^{5, 8}
• Manufacturing: RADA’s pre-acquisition SEC filings establish manufacturing and research operations in Israel, and its successor business continues to advertise Israeli operational locations.^{9, 7}
• Facilities: DRS RADA Technologies identifies Netanya, Beersheba and Beit Shean.⁷
• Product sector: military tactical radars, including systems intended for hostile-fire detection, active protection, counter-drone defence and air surveillance.⁷
• Workforce: Leonardo DRS reported that approximately 6% of its workforce resided in Israel at 30 September 2025, with Israeli exposure principally attributable to RADA operations.¹⁷
• Defence relationship: RADA’s historical SEC disclosures identify the Israeli Ministry of Defense’s support for its marketing activities and projects for the IDF and related divisions; the current status of each historical project is not established by that disclosure.¹³
• Continuing status: Leonardo DRS’s post-2024 filings and current operating-business description support continued Israeli operations, although the output and staffing of each individual facility have not been separately quantified.^{17, 7}

Historical Israeli minority investment - RadSee Technologies Ltd.

Leonardo DRS historically disclosed an approximately 12% investment in RadSee Technologies Ltd., an Israeli radar-technology company, with an investment agreement dating to March 2021.¹⁰

This interest is distinguishable from the controlling acquisition of RADA, and no verified evidence in the reviewed historical disclosure establishes majority ownership of RadSee.¹⁰

Act record - RadSee investment: Actor: the RADA/Leonardo DRS investment structure described in the relevant disclosure; beneficiary: RadSee Technologies Ltd.; channel: corporate SEC-filing reproduction at investors.leonardodrs.com; earliest disclosed investment agreement: March 2021; latest relevant historical filing reviewed: 2023; status and exact percentage on 26 October 2026: not independently established.¹⁰

Research and development

RADA’s historical Form 20-F disclosures describe Israeli research-and-development facilities associated with military electronics and radar technology.⁹

The continued DRS RADA Technologies operating structure provides evidence of an Israeli technical business within Leonardo’s controlled group after the 2022 acquisition.^{7, 8}

No public evidence identified in the reviewed filings of a separate Leonardo-operated Israeli technology accelerator or research centre beyond the established RADA-related operations.^{1, 8}

Parent and beneficial ownership flows

Leonardo S.p.A. is an Italian-listed company whose principal publicly disclosed shareholder is the Italian Ministry of Economy and Finance, holding approximately 30.2% of the equity.^{2, 18}

Leonardo US Holding, LLC is the intermediate parent of Leonardo DRS, Inc.; Leonardo S.p.A. ultimately owns the intermediate holding company’s equity.¹

Leonardo DRS’s 2025 Form 10-K identifies Leonardo US Holding, LLC as owning approximately 71% of Leonardo DRS’s outstanding common stock, compared with approximately 80.5% immediately after the November 2022 combination.^{1, 4}

The reduction in the parent’s reported ownership percentage does not eliminate the controlling relationship established in the 2025 annual filing.¹

Act record - Corporate ownership: Actor: Leonardo S.p.A.; controlled intermediate entity: Leonardo US Holding, LLC; controlled listed subsidiary: Leonardo DRS, Inc.; channel: SEC annual disclosure at sec.gov; earliest transaction-level observation: November 2022; latest ownership observation: 2025 annual report; status: continuing majority ownership in the reviewed filing.^{1, 4}

Portfolio and fund exposure

No public evidence identified of Leonardo S.p.A. directly underwriting Israeli sovereign debt, distributing Israel Bonds or managing an Israel-focused securities investment fund in its reviewed industrial-group disclosures.^{1, 2}

The documented investment exposure includes the controlling Israeli RADA acquisition and the historically disclosed minority interest in RadSee Technologies Ltd.^{3, 10}

Financing the Israeli state

Leonardo’s reviewed corporate profile identifies an aerospace and defence industrial business, rather than a bank, securities underwriter, asset manager or insurance underwriter.²

No public evidence identified of Leonardo acting as lead arranger of Israeli sovereign debt, underwriting Israeli war bonds, providing settlement mortgages or issuing insurance policies for Israeli settlement operations in the reviewed financial disclosures.^{1, 3}

Post-July 2024 and post-November 2024 continuation

Leonardo DRS disclosed in September 2025 that it continued to have direct Israeli exposure principally through RADA operations and that approximately 6% of its workforce resided in Israel.¹⁷

The 2025 disclosure establishes continuing Israeli operations after both 19 July 2024 and November 2024; it does not establish that every pre-existing defence procurement contract remained active throughout that period.¹⁷

Leonardo’s 30 May 2024 base prospectus confirms that Leonardo US Holding completed a secondary sale of 20,700,000 Leonardo DRS ordinary shares on 22 November 2023 at USD 17.75 per share. The transaction comprised 18,000,000 shares in the offering and a further 2,700,000 shares purchased through the underwriters’ fully exercised option. The shares represented approximately 7.9% of Leonardo DRS’s outstanding ordinary shares and generated approximately USD 352 million in net proceeds after transaction costs for Leonardo US Holding. The prospectus separately confirms that Leonardo’s ownership of Leonardo DRS through Leonardo US Holding declined from approximately 80.2% to 72.3%, retaining majority control. Leonardo stated that the proceeds would increase its financial flexibility for investments and acquisitions while maintaining its industrial and commercial presence in the US defence sector.¹⁹

Operational Presence & Market Activity

Physical footprint

DRS RADA Technologies identifies three locations in Israel: Netanya, Beersheba and Beit Shean.⁷

Its American operations are identified as being based in Germantown, Maryland.⁷

Leonardo DRS’s 2025 annual filing identifies its principal executive offices in Arlington, Virginia, while the Italian parent is headquartered in Rome.^{1, 2}

Israeli manufacturing and technical activity

RADA’s 2021 annual filing describes Israeli defence-electronics operations, including tactical-radar development and manufacturing.⁹

DRS RADA Technologies continues to market military radar products from an operating structure that includes the named Israeli locations.⁷

Employment

Leonardo DRS reported that approximately 6% of its employees resided in Israel at 30 June 2025.²⁰

The corresponding 30 September 2025 filing again reports approximately 6%, identifying RADA as the principal source of direct Israeli exposure.¹⁷

An independently verified October 2026 Israeli employee count was not identified in the reviewed filings.^{17, 8}

Israeli military procurement - AW119Kx

An April 2022 report identifies an approximately $29 million US Department of Defense contract to Leonardo for AW119Kx helicopters supplied to Israel under the US Foreign Military Sales framework.¹²

The report states that the aircraft were manufactured at Leonardo’s Philadelphia facility and links the programme to Israeli helicopter-pilot training.¹²

A separate report describes an Italian-Israeli reciprocal procurement agreement under which Israel would receive five additional Leonardo AW119Kx helicopters while Italy would procure Rafael Spike missiles.¹¹

Act record - AW119Kx procurement: Actor: Leonardo helicopter manufacturing operations; recipient: Government of Israel/Israeli Air Force through US and Italian government procurement arrangements; channels: US Foreign Military Sales and intergovernmental procurement, documented through airmedandrescue.com and janes.com; earliest reviewed programme observation: historical agreement preceding the April 2022 award; latest specifically evidenced completed-award observation: April 2022; subsequent fulfilment status: not independently established from these reports.^{12, 11}

2026 procurement proposal

A US Defense Security Cooperation Agency public arms-sales listing records a 30 January 2026 proposed Foreign Military Sale to Israel involving additional AW119Kx light utility helicopters, with an estimated package value of $150 million.¹⁴

The government listing establishes a proposed transaction in 2026; the retrieved listing does not independently establish delivery, final payment or completion of the entire proposed package.¹⁴

Market positioning

The RADA acquisition was presented by Leonardo DRS as an expansion of its advanced sensing and force-protection portfolio, with military tactical radar among the acquired technologies.^{3, 4}

Leonardo DRS’s 2026 first-quarter filing identifies growing international demand for tactical radars used in counter-drone and short-range air-defence applications.⁸

The reviewed Leonardo group geographic revenue disclosures do not separately identify Israel as an individually reported market.²

Israeli Ministry of Defense relationship

RADA’s historical Form 20-F describes the Israeli Ministry of Defense as supporting marketing activities through its defence-export assistance function and through projects for the IDF and related divisions.¹³

That historical statement documents an institutional relationship but does not identify the value, terms or current status of every associated contract.¹³

Act record - Historical defence cooperation: Actor: RADA Electronic Industries Ltd.; counterparty or supporting institution: Israeli Ministry of Defense; beneficiaries: historical IDF-related projects; channel: RADA’s SEC disclosure at sec.gov; earliest verified observation: historical filing period [pre-2020]; latest status: not established by the cited historical record.¹³

Settlement footprint

No public evidence identified of a Leonardo-operated office, warehouse, sales branch or manufacturing facility located within a West Bank settlement, East Jerusalem settlement or Golan Heights settlement in the reviewed operating-location disclosures.^{1, 7}

The available RADA location listing does not provide shipment-level evidence establishing whether individual products were subsequently deployed in occupied territory.⁷

Leonardo’s 30 May 2024 base prospectus confirms that Leonardo DRS announced the voluntary withdrawal of its ordinary shares from the Tel Aviv Stock Exchange (TASE) on 27 September 2023. The withdrawal took effect three months after the request under Israeli law, with trading continuing during the transition. The existing NASDAQ listing remained unaffected, and all ordinary shares traded on TASE were transferred to NASDAQ. Leonardo expressly stated that the withdrawal had no impact on the commitment of Leonardo or Leonardo DRS to the Israeli market or on transactions in Israel. The disclosure establishes that the exchange withdrawal was not accompanied by an announced withdrawal from Israeli commercial operations; it does not independently quantify subsequent transactions.¹⁹

Corporate Structure & Foundational Ties

Founding and incorporation

Leonardo S.p.A. is an Italian aerospace, defence and security group historically operating under the Finmeccanica name.²¹

Leonardo S.p.A. is headquartered in Rome, Italy, and is listed on the Italian stock market.²

The reviewed corporate and exchange disclosures do not establish Israeli incorporation or Israeli headquarters for Leonardo S.p.A.^{2, 22}

Israeli-Nexus Floor - underlying factual checks

Founded in Israel: Leonardo S.p.A. - no; RADA Electronic Industries Ltd., acquired by Leonardo DRS - yes, Israeli-incorporated company.^{2, 9}

Headquarters or principal management in Israel: Leonardo S.p.A. - Rome; historical RADA headquarters - Netanya, Israel.^{2, 9}

Israeli tax residency or Preferred Technology Enterprise status: no verified Leonardo-parent PTE status identified; the Israeli incorporation of RADA is established, but a current PTE designation for that subsidiary was not identified in the reviewed filing.⁹

Israeli beneficial ownership or control of Leonardo S.p.A.: no such controlling shareholder identified in the reviewed major-shareholder disclosures; the largest named shareholder is the Italian Ministry of Economy and Finance.^{18, 2}

Acquired Israeli operating identity: yes, Leonardo DRS acquired the Israeli-incorporated RADA operating business in November 2022.⁵

Named equity holders

Italian Ministry of Economy and Finance - approximately 30.2% shareholder of Leonardo S.p.A.; searched for corporate ownership and Israeli investments; identified as the largest disclosed shareholder, with no specific controlling Israeli corporate investment established from the reviewed Leonardo shareholding record.¹⁸

Capital Research and Management Company - Leonardo’s corporate governance report identifies a 5.060% shareholding as of 10 March 2025; searched for ownership and Israeli investment links; the disclosure does not establish a Leonardo-specific Israeli investment by the manager.¹⁸

Other institutional shareholders - the September 2026 exchange profile reports institutional investors collectively holding approximately 50.8%; individual institutional holdings cannot be inferred from this aggregate figure.²

Current executive and governance identifiers

Francesco Macrì - identified as Chairman in the September 2026 exchange-company profile; searched for defence, state, settlement and Israeli personal-investment links; no verified personal Israeli investment identified in the reviewed corporate profile.²²

Lorenzo Mariani - identified as CEO and General Manager in the September 2026 exchange-company profile; searched for defence, state, settlement and Israeli personal-investment links; no verified personal Israeli investment identified in the reviewed corporate profile.²²

Gian Piero Cutillo - identified as Co-General Manager in the September 2026 profile; searched for defence, state and Israeli investments; no verified personal Israeli investment identified in that disclosure.²²

Giuseppe Aurilio - identified as Chief Financial Officer in the September 2026 profile; searched for Israeli ownership and investment links; no verified personal Israeli investment identified in that disclosure.²²

Historical board and management

Stefano Pontecorvo - identified as Chairman in 2025 Italian parliamentary documentation; searched for defence, state, Israeli investments and settlement affiliations; no verified relevant personal investment identified in the reviewed parliamentary record; the 2026 exchange profile identifies a different Chairman.^{23, 22}

Roberto Cingolani - identified as CEO in 2025 parliamentary documentation; searched for Israeli corporate investments and defence affiliations; no verified personal Israeli investment identified in the reviewed parliamentary record; the 2026 exchange profile identifies a different CEO.^{23, 22}

Trifone Altieri - historical Leonardo director; searched for defence and Israeli corporate-investment links; no verified personal Israeli investment identified in the reviewed board disclosure.²³

Giancarlo Ghislanzoni - historical Leonardo director; searched for Israeli investments and settlement affiliations; no verified relevant personal investment identified in the reviewed board disclosure.²³

Enrica Giorgetti - historical Leonardo director; searched for Israeli commercial and financial ties; no verified relevant personal investment identified in the reviewed board disclosure.²³

Dominique Levy - historical Leonardo director; searched for defence-sector and Israeli investment relationships; no verified relevant personal investment identified in the reviewed board disclosure.²³

Cristina Manara - historical Leonardo director; searched for Israeli commercial and financial ties; no verified relevant personal investment identified in the reviewed board disclosure.²³

Marcello Sala - historical Leonardo director; searched for defence-industry and Israeli financial links; no verified relevant personal investment identified in the reviewed board disclosure.²³

Silvia Stefani - historical Leonardo director; searched for Israeli corporate investments and settlement affiliations; no verified personal Israeli investment identified in the reviewed board disclosure.²³

Elena Vasco - historical Leonardo director; searched for Israeli commercial and financial ties; no verified personal Israeli investment identified in the reviewed board disclosure.²³

Steven Duncan Wood - historical Leonardo director; searched for defence-industry and Israeli investment links; no verified relevant personal investment identified in the reviewed board disclosure.²³

Max Cohen - identified as Senior Vice President and General Manager of DRS RADA Technologies; searched for Israeli defence operations and personal corporate investments; the company identifies his management role but does not establish a relevant personal investment.⁷

Integrated corporate entities

Leonardo US Holding, LLC - wholly owned intermediary through which Leonardo S.p.A. controls Leonardo DRS; searched for Israeli ownership and investment relationships; its controlling interest in Leonardo DRS is documented.¹

Leonardo DRS, Inc. - US incorporated, majority-controlled Leonardo subsidiary; searched for Israeli acquisitions, manufacturing, employment and customers; its RADA acquisition and continuing Israeli operating exposure are documented.^{1, 3}

Blackstart Ltd. - Israeli merger subsidiary created within the RADA transaction; searched for independent continuing business activities; the 2022 completion filing establishes its merger into RADA, with RADA surviving.⁵

RADA Electronic Industries Ltd. - Israeli incorporated manufacturer acquired in November 2022; searched for manufacturing, IDF procurement, ownership and settlements; Israeli manufacturing and historical Israeli defence-ministry ties are documented, while settlement-specific operations were not established.^{9, 13}

DRS RADA Technologies - continuing radar business; searched for Israeli operations and military products; three Israeli locations and multiple military radar products are disclosed.⁷

RadSee Technologies Ltd. - Israeli radar-technology minority investment; searched for ownership and control; historical approximately 12% interest documented, with present percentage unconfirmed.¹⁰

RADA Technologies LLC - RADA-associated US operating entity identified through the broader Leonardo DRS corporate structure; a separate Israeli settlement operation or controlling Israeli investment by this entity was not established in the reviewed DRS filings.¹

RADA Sensors Inc. - RADA-associated operating entity; searched for Israeli defence and settlement operations; no separate settlement-specific transaction established in the reviewed consolidated filing.¹

AgustaWestland Philadelphia Corporation - Leonardo-associated US helicopter manufacturer; searched for Israeli defence sales and government procurement; the AW119Kx Israel supply relationship is documented through independent aviation reporting.¹²

State and institutional linkages

The Italian Ministry of Economy and Finance owns approximately 30.2% of Leonardo S.p.A., establishing a substantial Italian state shareholding.^{2, 18}

RADA’s historical SEC filing identifies Israeli Ministry of Defense cooperation in marketing and IDF-related projects.¹³

No public evidence identified of an Israeli government golden share, special veto right or other governance mechanism controlling Leonardo S.p.A. in the reviewed Italian ownership and governance disclosures.^{2, 18}

Controlling principals and personal investments

No verified personal or family-office investment by the named current and historical Leonardo directors in Israeli companies was established from the reviewed governance and ownership disclosures.^{18, 23, 22}

The absence of such a finding does not resolve beneficial ownership of undisclosed private investment vehicles.¹⁸

Leonardo S.p.A.’s official Corporate Governance Report for the 2024 financial year spells the director’s name “Silvia Stefini”. Leonardo’s official director biography and its 2026 remuneration report corroborate this spelling. This corrects the existing “Silvia Stefani - historical Leonardo director” entry under “Historical board and management”: the surname should be “Stefini”.^{24, 25}

Profit Repatriation & Economic Contribution

Revenue attribution

Leonardo S.p.A.’s reported consolidated revenue for 2025 was approximately €19.503 billion.²

Leonardo DRS, Inc. reported total revenue of approximately $3.662 billion for 2025 across its two principal operating segments, using the segment totals disclosed in its annual filing.¹

The reviewed group financial disclosures aggregate international revenue geographically and do not provide a separately quantified Leonardo S.p.A. revenue figure for Israel.²

Leonardo DRS’s 2025 filing distinguishes US from international revenue but does not separately identify Israeli customer revenue in the cited geographic table.¹

Israeli economic contribution through operations

The acquisition of RADA placed an existing Israeli industrial business within Leonardo DRS’s controlled operating structure in November 2022.^{3, 5}

Leonardo DRS continued to report a workforce presence in Israel during 2025, with Israeli exposure principally associated with RADA operations.^{17, 20}

RADA’s historical filings establish Israeli manufacturing and research activities that can generate local employment, supplier demand and applicable domestic economic activity, although the reviewed records do not quantify each category for 2026.^{9, 13}

Profit flows

Leonardo S.p.A. controls Leonardo DRS through Leonardo US Holding, LLC, and Leonardo DRS controls the acquired RADA business.^{1, 5}

This corporate ownership structure permits consolidation of the controlled operating business, but it does not establish the amount or direction of any particular dividend, royalty, cash-pooling transaction or intercompany payment from Israel.^{1, 3}

No public evidence identified of a separately reported 2025 or 2026 dividend amount repatriated from RADA’s Israeli operations to Leonardo DRS or Leonardo S.p.A. in the reviewed consolidated financial disclosures.^{1, 8}

Israeli tax and regulatory contributions

RADA’s historical SEC filings establish Israeli incorporation, Israeli facilities and Israeli operating activities.⁹

No independently verified Israeli corporate income-tax payment amount, current Preferred Technology Enterprise status or specific Israeli government R&D incentive amount was identified for DRS RADA Technologies in the reviewed consolidated disclosures.^{1, 9}

Sector role

RADA described itself historically as an Israeli defence-electronics manufacturer specialising in tactical radar technology, military avionics and related systems.⁹

Leonardo DRS identifies tactical radars as part of its advanced sensing portfolio and describes international demand in the counter-drone and short-range air-defence markets in its 2026 first-quarter report.⁸

No verified government designation identifying Leonardo S.p.A. as an Israeli national critical-infrastructure operator was established in the reviewed ownership and operating disclosures.^{1, 2}

Historical and continuing relationship chronology

[pre-2020] RADA’s historical securities disclosures establish its Israeli defence-electronics manufacturing identity and describe relationships with Israeli defence institutions; current contract-by-contract status cannot be inferred from the historical filings.^{26, 13}

2021 - RADA’s operating disclosures identify Israeli manufacturing and research activity, while Leonardo DRS later disclosed an approximately 12% RadSee investment associated with an agreement from March 2021.^{9, 10}

2022 - Leonardo DRS completed the RADA merger on 28 November 2022; the company also participated in AW119Kx procurement arrangements supplying Israel.^{4, 12}

2024 - Leonardo DRS’s annual report continued to consolidate RADA and record its acquisition history.³

2025 - Leonardo DRS disclosed continuing Israeli operating exposure and approximately 6% Israeli workforce residency.^{17, 20}

2026 - Leonardo DRS’s first-quarter filing continued to describe its tactical-radar business, while the current DRS RADA Technologies corporate page identified three Israeli operational locations.^{8, 7}

Evidence limitations

No public evidence identified in the reviewed consolidated geographic revenue tables of separately quantified Israel-attributable revenue, operating profit, tax or dividend payments.^{1, 2}

No public evidence identified in the reviewed operating-location disclosures of a Leonardo-owned factory, warehouse or commercial establishment in an Israeli settlement in the West Bank, East Jerusalem or Golan Heights.^{7, 9}

No verified Leonardo-specific sovereign-bond underwriting, settlement-insurance contract or settlement agricultural-supply relationship was identified in the reviewed financial and operational materials.^{1, 3}