Slide 1: FY 2025 Preliminary Results
FY 2025 Preliminary Results Analyst & Investor Presentation Taufkirchen, 26th February 2026 Oliver Dörre, CEO Christian Ladurner, CFO
Slide 2: Disclaimer Forward Looking Statement
Disclaimer Forward Looking Statement This presentation and the information contained herein are for information purposes only and should not be treated as This presentation may contain forward-looking statements about HENSOLDT and its businesses, including statements investment advice or recommendat
Slide 3: We have delivered on and above our FY 2025 guidance
We have delivered on and above our FY 2025 guidance Financial highlights 2025 Book-to-bill(1) Revenue Profitability Adj. Free cashflow(2) 1.9x € 2,455m 18.4% € 347m Strong order intake at the upper end Structural growth across all divisions Strong performance Outstanding cash conversion of guidance,
Slide 4: Key takeaways MSC/Update geopolitical environment
Key takeaways MSC/Update geopolitical environment At Munich Security Conference Global instability drives demand Europe is taking more Software-defined Defence 2026, the world enters a new responsibility for its own defence as key lever for „Fight Tonight“ • Demand is structural and strategic phase
Slide 5: HENSOLDT assumptions confirmed: Strong order dynamic is now tangible
HENSOLDT assumptions confirmed: Strong order dynamic is now tangible Re-launch of Prioritised ReArm Europe Defence Budget parliamentary new procurement plan adopted 2026 approved approvals programmes defined … May June July August September October November December January … German NATO force Defen
Slide 6: Key orders received in 2025 – Sensors segment
Key orders received in 2025 – Sensors segment TRML-4D Eurofighter Spexer MKIII PEGASUS P-8 Poseidon OAS TRML-4D for Ukraine, Re-baselining contract SPEXER MKIII for Re-baselining Sustainment contract Obstacle Avoidance Germany, Slovenia, and Eurofighter Ukraine, Germany and contract for for German P
Slide 7: Key orders received in 2025 – Optronics segment
Key orders received in 2025 – Optronics segment Luchs 2 Leopard 2 SAGIIR 2 U212A for Germany Ceretron sensors suite, Commander sight, driver sight and Sensor suite for land border SERO420/OMS150 sights and self-protection system thermal imager for gunner sight security surveillance Algeria capabilit
Slide 8: Latest strategic partnerships confirm HENSOLDT's role as a neo system house
Latest strategic partnerships confirm HENSOLDT’s role as a neo system house Counter-UAS interceptor Sovereign Cloud and Data Infrastructure Strategic AI and Autonomous Systems • Strategic cooperation integrating TYTAN’s • Combination of HENSOLDT sensors & MDOcore • Long-term industrial cooperation c
Slide 9: Expanding our industrial footprint with new and modernized sites
Expanding our industrial footprint with new and modernized sites Implemented expansions Planned initiatives until 2027 Further site expansions to be evaluated 2024: Wetzlar 2026: Repair Centre • 2,900 m2 production area • Set-up of spares production • Infantry sights and MRO for Optronics Ground-bas
Slide 10: HENSOLDT Financials
HENSOLDT Financials HENSOLDJ)
Slide 11: FY 2025 – excellent performance in top line
FY 2025 – excellent performance in top line in €m Strong dynamics in order intake Execution on track Record order backlog Core Pass-Through 2,455 132 2,240 150 +11% 4,710 2,323 8,833 +62% +33% 2,090 6,644 2,904 FY24 FY25 prelim FY24 FY25 prelim FY24 FY25 prelim Order intake Revenue Order backlog(1)
Slide 12: FY 2025 – sustained strong bottom line
FY 2025 – sustained strong bottom line in €m Profitability above expectation Cash conversion exceeds guidance Adj. EBITDA(1) Adj. EBIT(2) Adj. FCF(3) 452 327 405 +12% 18.4% +11% 295 +39% 13.3% 347 18.1% 13.2% 249 FY24 FY25 prelim FY24 FY25 prelim FY24 FY25 prelim • Strong margin performance in Optro
Slide 13: FY 2025 – Sensors segment
FY 2025 – Sensors segment in €m Strong order intake Execution on track Solid margin performance Core Pass-Through 2,058 1,908 132 150 394 381 19.2% +42% 20.0% +10% +4% 3,143 1,925 1,758 2,209 FY24 FY25 prelim FY24 FY25 prelim FY24 FY25 prelim Order intake Revenue Adj. EBITDA(1) • Order intake driven
Slide 14: FY 2025 – Optronics segment
FY 2025 – Optronics segment in €m Significant increase of order intake Strong revenue growth Excellent margin development 1,585 +20% +140% 58 +114% 419 348 13.8% 740 24 6.9% FY24 FY25 prelim FY24 FY25 prelim FY24 FY25 prelim Order intake Revenue Adj. EBITDA(1) • Record order intake driven by orders
Slide 15: Net leverage on conservative level
Net leverage on conservative level Net leverage(1) 1.6x 1.6x Net leverage w/o lease liabilities (2) 0.9x 0.6x Net debt(3) in m€ 659 713 Excellent cash flow generation in Q4/2025 Healthy balance sheet in place 281 Increase in net debt driven by higher lease 451 liabilities to secure capacity expansio
Slide 16: Dividend proposal 2025
Dividend proposal 2025 Guidance outlines a dividend Adjusted net income The management board intends to propose of up to 30% - 40% of €170m preliminary to the supervisory board and the AGM a of adjusted net income 2025 dividend per share of €0.55 (+10% compared to 2024) 16
Slide 17: Guidance 2026 specified
Guidance 2026 specified Previous 2026 guidance Specified 2026 guidance Order intake / Book-to-Bill 1.5x – 2.0x 1.5x – 2.0x Unchanged Revenue growth(1) 10% growth rate ~€2,750m Specified Adjusted EBITDA margin(2) +50 bps annual margin improvement 18.5% - 19.0% Increased Adjusted FCF(3) ~40% ~40% Unch
Slide 18: Mid-term targets confirmed
Mid-term targets confirmed Mid-term target Order intake / Book-to-Bill Orders to grow significantly faster than revenue Revenue growth(1) 15% - 20% annual growth rate back-end loaded Adjusted EBITDA margin(2) +50 bps annual margin improvement Adjusted FCF(3) ~50% average conversion on adjusted EBITD
Slide 19: Capital allocation
Capital allocation Fund our growth Dividends M&A While preserving a conservative financial debt profile 19
Slide 20: Key orders 2026 expected – Sensors Segment
Key orders 2026 expected – Sensors Segment Pegasus Eurofighter TRML-4D Knifefish luWES Second batch PEGASUS Re-baseline contract series, TRML-4D radars Land EW systems Airborne Electromagnetic for Germany Spanish Halcon and within ESSI and Ukraine for the Netherlands Attack for German Air Force spar
Slide 21: Key orders 2026 expected – Optronics Segment
Key orders 2026 expected – Optronics Segment Schakal Puma Leopard 2 Commander and gunner sight, self-protection Commander and gunner sight, Commander sight, driver sight system for Germany and the Netherlands self-protection system and thermal imager for gunner sight ~ €450m ~ €300m ~ €180m 21
Slide 22: HENSOLDT key priorities for 2026
HENSOLDT key priorities for 2026 Pioneer Software- Lead our team Deliver at scale Grow with focus Defined Defence into the future • Maintain customer satisfaction • Scale SDD in portfolio and • Drive growth in selected • Strengthen effectiveness through Operations 2.0 tangible solutions capability d
Slide 23: Continuity and evolution in executive leadership
Continuity and evolution in executive leadership On 1 May 2026, Inka Tews will join HENSOLDT as member of the On 24 February 2026, the HENSOLDT supervisory board Management Board and new CHRO has extended the contract of CEO Oliver Dörre until end of 2031 23
Slide 24: Zeitenwende 2.0 is now a reality
Zeitenwende 2.0 is now a reality • Record order backlog provides high visibility • Strong revenue development – execution is on track • Excellent profitability above expectation Achievements • Outstanding cash generation • Successfully expanded our industrial capacities and modernized our sites • St
Slide 25: Q&A Session
Q&A Session HENSOLD})
Slide 26: Back-up
Back-up HENSOLD7)
Slide 27: HENSOLDT content on key armoured vehicles
HENSOLDT content on key armoured vehicles Luchs 2 Leopard 2 Schakal Puma Skyranger CERETRON Sensors Suite Peri RTWL Peri RTWL Peri RTWL Spexer 2000 MKIII (commander periscope) (commander periscope) (commander periscope) (three antennas per vehicle) BAA IV WAO WAO (surveillance and EMES OPO (long-ran
Slide 28: EBIT to net income bridge
EBIT to net income bridge in €m • Includes non-cash accounting effect of €-11m resulting from refinancing concluded in April 2025 • Cash interest expense decreased by €15m year-on-year, reflecting improved refinancing conditions 3 22 -57 -24 -22 -16 221 -41 86 Reported EBIT Interest Valuation intere
Slide 29: HENSOLDT Financial Section
HENSOLDT Financial Section 29
Slide 30: Consolidated Income Statement
HENSOLDT - FY 2025 preliminary results Consolidated Income Statement Fiscal year in € million 2025 (preliminary) 2024 Revenue 2,455 2,240 Cost of sales -1,930 -1,732 Gross profit 525 508 Selling and distribution expenses -132 -128 General administrative expenses -147 -162 Research and development co
Slide 31: Consolidated Statement of Financial Position – Assets
HENSOLDT - FY 2025 preliminary results Consolidated Statement of Financial Position – Assets 31 Dec. in € million 2025 (preliminary) 2024 Non-current assets 2,562 2,289 Goodwill 1,117 1,115 Intangible assets 703 667 Property, plant and equipment 242 202 Right-of-use assets 413 249 Investments accoun
Slide 32: Consolidated Statement of Financial Position – Equity & Liabilities
HENSOLDT - FY 2025 preliminary results Consolidated Statement of Financial Position – Equity & Liabilities 31 Dec. in € million 2025 (preliminary) 2024 Share capital 116 116 Capital reserve 439 474 Other reserves 128 37 Retained earnings 309 245 Equity held by shareholders of HENSOLDT AG 991 872 Non
Slide 33: Consolidated Statement of Cash Flows (1/2)
HENSOLDT - FY 2025 preliminary results Consolidated Statement of Cash Flows (1/2) Fiscal year in € million 2025 (preliminary) 2024 Group profit / loss 86 106 Depreciation, amortisation and impairments of non-current assets 181 162 Impairments (+) / reversals of impairments (-) of inventories, trade
Slide 34: Consolidated Statement of Cash Flows (2/2)
HENSOLDT - FY 2025 preliminary results Consolidated Statement of Cash Flows (2/2) Fiscal year in € million 2025 (preliminary) 2024 Cash flows from operating activities 450 311 Cash flows from investing activities -233 -745 Repayment from financing liabilities to banks -220 – Proceeds from financing
Slide 35: Reconciliation to group figures
HENSOLDT - FY 2025 preliminary results Reconciliation to group figures Fiscal year in € million 2025 (preliminary) 2024 Order intake 4,710 2,904 Sensors 3,143 2,209 Optronics 1,585 740 Elimination/Transversal/Others -18 -45 in € million Segment revenue 2,455 2,240 Sensors 2,058 1,908 Optronics Elimi
Slide 36: Overview of EBITDA and EBIT adjustments
HENSOLDT - FY 2025 preliminary results Overview of EBITDA and EBIT adjustments EBITDA adjustments Fiscal year EBIT adjustments Fiscal year 2025 2024 2025 2024 in € million (preliminary) in € million (preliminary) EBIT 221 185 EBIT 221 185 (+) Depreciation 71 65 (+) Effect on earnings from purchase p
Slide 37: Reconciliation of reported to adjusted FCF
HENSOLDT - FY 2025 preliminary results Reconciliation of reported to adjusted FCF Fiscal year in € million 2025 (preliminary) 2024 Cash flows from operating activities 450 311 Cash flows from investing activities -233 -745 Free cash flow 217 -434 (+) Transaction costs 0 11 (+) OneSAPnow related spec
Slide 38: Q4 Financial Overview HENSOLDT Group
HENSOLDT - FY 2025 preliminary results Q4 Financial Overview HENSOLDT Group Fourth quarter in € million 2025 (preliminary) 2024 Order intake 2,693 1,047 Book-to-bill ratio(1) 2.9x 1.2x Revenue 919 863 Adjusted EBIT(2) 205 184 Adjusted EBITDA(3) 241 217 Adjusted EBITDA margin 26.2 % 25.2 % Adjusted f
Slide 39: Reconciliation of reported to adjusted net income
HENSOLDT - FY 2025 preliminary results Reconciliation of reported to adjusted net income Fiscal year in € million 2025 (preliminary) 2024 Group profit / loss 86 106 (+) Effect on earnings from purchase price allocations 45 46 (+) Transaction costs 0 3 (+) OneSAPnow related special items 16 13 (+) Ot
Slide 40: Special items
Special items FY 2025 in € million 2026 mid-term (preliminary) Effect on earnings from purchase price allocations -45 ~(40) ~(40) EBIT adjustments -45 ~(40) ~(40) FY 2025 in € million 2026 mid-term (preliminary) Special items are driven by Special items Special items are driven by -60 - Move to new
Slide 41: Upcoming IR events
Upcoming IR events FY 2025 FY 2025 preliminary audited 3M AGM H1 9M Feb 26th Mar 26th May 6th May 22nd Jul 31st Nov 6th 41
Slide 42: IR Contacts
IR Contacts Contact HENSOLDT share Reports • Contact: • Type of share: • Financial Reports: Veronika Endres Bearer shares https://investors.hensoldt.net Tim Schmid • Stock Exchange: • Annual Report: • Phone: Frankfurt Stock Exchange https://annualreport.hensoldt.net +49 89 51518 2057 • Security refe
Slide 43: Detect and Protect
Detect and Protect. HENSO LDT)