Slide 1: 3M 2025 Results – Analyst & Investor Presentation
3M 2025 Results – Analyst & Investor Presentation Taufkirchen, 7th May 2025 Oliver Dörre, CEO Christian Ladurner, CFO This document and its content is the property of HENSOLDT AG. It shall This not be communicated document to any third and its content party is the without of property theHENSOLDT own
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: From procure-to-budget to procure-to-capability: shift in German defence procurement
From “procure-to-budget” to “procure-to-capability” – A fundamental shift in German defence procurement policy Munich Security Conference Dispute in the White House ReArm Europe Zeitenwende 2.0 "What kind of diplomacy, JD, “This is a moment for Europe. “There is a new sheriff in town” “Whatever it t
Slide 4: High visibility on additional orders end of 2025
High visibility on additional orders end of 2025 First orders expected in 2026 with revenue following in 2027 Re-launch of Prioritized Coalition treaty ReArm Europe Defence Budget parliamentary new procurement presented plan adopted 2026 approved approvals programs defined … 09.04. 06.05. June July
Slide 5: HENSOLDT well positioned for near and mid-term procurement programs
HENSOLDT well positioned for near and mid-term procurement programs Lessons learned in Ukraine Upcoming NATO force goals German procurement priorities Extensive use of uncrewed systems Collective defence against a Air Defence by ground combat forces nuclear-armed peer adversary Long-range firepower
Slide 6: Our ambition to pioneer Software-Defined Defence
Our ambition to pioneer Software-Defined Defence is anchored in our product portfolio and follows a clear roadmap 1. Our products are already software-defined 2. Upcoming programs have high SDD-content 3. R&D paves the way for new business models High-performance hardware forms the basis HENSOLDT wi
Slide 7: HENSOLDT and Quantum Systems forge strategic partnership
HENSOLDT and Quantum Systems forge strategic partnership to drive innovation in Software-Defined Defence and Drone Systems Compelling strategic rationale • Partnership MoU accompanied by an investment of HENSOLDT into Quantum Systems sets foundation for transformative alliance in SDD • Combination o
Slide 8: Further key orders expected in 2025
Further key orders expected in 2025 Air defence radars Eurofighter Ground-based systems SAGIR II P-8 TRML-4D and Spexer radars Radars and self-protection Optronics and self-protection Cameras and radars for the Sustainment contract within ESSI and systems for systems for Leopard 2, Korsak land-borde
Slide 9: HENSOLDT Financials
HENSOLDT Financials This document and its content is the property of HENSOLDT AG. It shall not be communicated to any third party without the owner’s written consent. © Copyright HENSOLDT AG 2025. All rights reserved. 9
Slide 10: 3M 2025 – excellent performance in top line
3M 2025 – excellent performance in top line in €m Strong order intake Solid revenue performance Significant increase of order backlog Core Pass-Through 395 11 329 36 +31% core +18% +6% +6% organic(2) 6,929 701 665 384 5,879 294 3M 2024 3M 2025 3M 2024 3M 2025 3M 2024 3M 2025 Order intake Revenue Ord
Slide 11: 3M 2025 – bottom line as planned
3M 2025 – bottom line as planned in €m Profitability reflects slower start in Sensors Free cash flow in line with plan Adj. EBITDA(1) Adj. EBIT(1) Adj. FCF(3) 3M 2024 3M 2025 33 30 -81 -107 10.2% 11 7.6% 3.2% 3 0.8% 3M 2024 3M 2025 3M 2024 3M 2025 • Margin reflects product mix as well as temporarily
Slide 12: 3M 2025 – Sensors segment
3M 2025 – Sensors segment in €m Strong order intake Revenue developed as planned Temporary effect impacts margin Core Pass-Through 339 11 286 36 40 +31 % core +2% organic (2) +7% 664 622 329 13.9% 29 250 8.7% 3M 2024 3M 2025 3M 2024 3M 2025 3M 2024 3M 2025 Order intake Revenue Adj. EBITDA(1) • Excel
Slide 13: 3M 2025 – Optronics segment
3M 2025 – Optronics segment in €m Order intake as planned Strong revenue growth Margin result marks turnaround in Optronics German entity South African entity German entity South African entity German entity South African entity 72 59 3M 2024 3M 2025 4 14 1 44 50 6 2 11 +45%(2) -1 55 -4 58 39 38 -2
Slide 14: HENSOLDT successfully completes 1.8bn refinancing
HENSOLDT successfully completes 1.8bn refinancing New corporate funding structure in place • Replacement of Leveraged-Buyout-(LBO)-Financing Release of fundamental securities from LBO structure • €1.070bn term loan replaced by Financing prematurely secured - €850m term facility (5y+1y+1y) up to 2032
Slide 15: New Logistics Centre: Key to scaling up production
New Logistics Centre: Key to scaling up production Until Q3 / 2024 Q4 / 2024 - Q1 / 2025 Q2 / 2025 Q2 / 2025 and onwards “Initial system” “Transition” “Nominal Operation” “System Ramp-up” Operation of decentral warehouse Relocation to “new” logistics center Stabilization of operations Ramp-up & scal
Slide 16: Guidance 2025 confirmed
Guidance 2025 confirmed 2025 guidance Book-to-Bill ~1.2x Revenue(1) €2,500m - €2,600m ~19% Switch of guidance KPI Adjusted EBITDA margin(1) before pass-through before pass-through revenue from “Adjusted EBITDA margin before pass-through” Adjusted EBITDA margin(2) ~18% to “Adjusted EBITDA margin” 50%
Slide 17: Increasing defence budgets drive pipeline
Increasing defence budgets drive pipeline First estimate of upside potential Unweighted pipeline(1) (€bn) c. 55 c. 9 Upside c. 40 c. 3 c. 46 c. 37 Status December 2024 10 At IPO Today Identified pipeline 2021 - 2023E 2025E - 2027E for 2025E - 2030E Source: HENSOLDT AG. (1) Pipeline is defined as tot
Slide 18: Growth ambition 2030 increased to EUR 6bn
Growth ambition 2030 increased to EUR 6bn First estimate sees revenue upside from 2027 onwards Growth ambitions 2024-2030 Organic growth ~15% CAGR p.a. Organic growth levers Impacted scope M&A driven growth (unchanged) ~2% CAGR p.a. Volume increase of key products bn€ Advanced solutions development
Slide 19: Key takeaways
Key takeaways Grow Deliver Pioneer Lead our team with focus at scale Software-Defined into the future Defence German programs lay the foundation Investments in logistics backbone, HENSOLDT provides “mass” and a new Defence has become an industry of for additional business the new Optronics site and
Slide 20: Q&A session
Q&A session This document and its content is the property of HENSOLDT AG. It shall not be communicated to any third party without the owner’s written consent. © Copyright HENSOLDT AG 2025. All rights reserved. 20
Slide 21: Back-up
Back-up This document and its content is the property of HENSOLDT AG. It shall not be communicated to any third party without the owner’s written consent. © Copyright HENSOLDT AG 2025. All rights reserved. 21
Slide 22: Medium-term targets confirmed
Medium-term targets confirmed Based on currently approved defence budgets Medium-term targets Order intake / Book-to-Bill Orders to grow significantly faster than revenue 10% Revenue growth(1) average annual growth ~20% Switch of guidance KPI Adjusted EBITDA margin(2) before pass-through before pass
Slide 23: EBIT to net income bridge
EBIT to net income bridge in €m Reported EBIT Interest Interest expense Interest on Interest on Valuation interest Other effects Income tax Reported net income 3M 2025 income TLB & RCF pensions lease liabilities rate hedge (swap) 3M 2025 -16 6 -31 -15 -5 -4 0 7 -4 This document and its content is th
Slide 24: HENSOLDT Financial Section
HENSOLDT Financial Section This document and its content is the property of HENSOLDT AG. It shall not be communicated to any third party without the owner’s written consent. © Copyright HENSOLDT AG 2025. All rights reserved. 24
Slide 25: Consolidated Income Statement
Consolidated Income Statement First three months in € million 2025 2024(1) Revenue 395 329 Cost of sales -339 -269 Gross profit 56 60 Selling and distribution expenses -32 -27 General administrative expenses -32 -31 Research and development costs -8 -8 Other operating income 5 4 Other operating expe
Slide 26: Consolidated Statement of Financial Position – Assets
Consolidated Statement of Financial Position – Assets in € million 31 Mar. 2025 31 Dec. 2024 Non-current assets 2,447 2,289 Goodwill 1,117 1,115 Intangible assets 669 667 Property, plant and equipment 207 202 Right-of-use assets 397 249 Investments accounted for using the equity method 5 4 Other inv
Slide 27: Consolidated Statement of Financial Position – Equity & Liabilities
Consolidated Statement of Financial Position – Equity & Liabilities in € million 31 Mar. 2025 31 Dec. 2024 Share capital 116 116 Capital reserve 439 474 Other reserves 96 37 Retained earnings 250 245 Equity held by shareholders of HENSOLDT AG 900 872 Non-controlling interests 13 14 Equity, total 914
Slide 28: Consolidated Statement of Cash Flows (1/2)
Consolidated Statement of Cash Flows (1/2) First three months in € million 2025 2024(1) Group profit / loss -31 -15 Depreciation, amortisation and impairments of non-current assets 38 28 Impairments (+) / reversals of impairments (-) of inventories, trade receivables and contract assets 2 -1 Share o
Slide 29: Consolidated Statement of Cash Flows (2/2)
Consolidated Statement of Cash Flows (2/2) First three months in € million 2025 2024 Cash flows from operating activities -97 -79 Cash flows from investing activities -37 -29 Proceeds from financing liabilities to banks – 425 Transaction costs paid from refinancing – -1 Change in other financing lia
Slide 30: Reconciliation to group figures
Reconciliation to group figures First three months in € million 2025 2024 Order intake 701 665 Sensors 664 622 Optronics 50 72 Elimination/Transversal/Others -13 -29 in € million Revenue 395 329 Sensors 339 286 Optronics 59 44 Elimination/Transversal/Others -4 -1 in € million Adjusted EBITDA(1) 30 3
Slide 31: Overview of EBITDA and EBIT adjustments
Overview of EBITDA and EBIT adjustments EBITDA adjustments First three months EBIT adjustments First three months in € million 2025 2024 in € million 2025 2024 EBIT(1) -16 -8 EBIT(1) -16 -8 (+) Depreciation 16 12 (+) Effect on earnings from purchase price allocations (1) 11 5 (+) Amortisation(1) 22
Slide 32: Reconciliation of reported to adjusted FCF
Reconciliation of reported to adjusted FCF First three months in € million 2025 2024 Cash flows from operating activities -97 -79 Cash flows from investing activities -37 -29 Free cash flow -134 -108 (+) Transaction costs 0 2 (+) OneSAPnow-related special items 14 9 (+) Other special items 13 16 (+)
Slide 33: Reconciliation of reported to adjusted net income
Reconciliation of reported to adjusted net income First three months in € million 2025 2024(2) Group profit / loss -31 -15 (+) Effects on earnings from purchase price allocations 11 5 (+) Transaction costs 0 0 (+) OneSAPnow-related special items 3 5 (+) Other special items 5 8 Adjusted net income pr
Slide 34: Special items
Special items in € million FY 2024 2025 mid-term Effect on earnings from purchase price allocations -46 ~(44) ~(33) EBIT adjustments -46 ~(44) ~(33) in € million FY 2024 2025 mid-term Special items are driven by Special items (Transaction Cost, One SAPnow related items, Other special items) -64 -45
Slide 35: Upcoming IR events
Upcoming IR events* FY 2024 FY 2024 3M AGM H1 9M preliminary audited Feb 27th Mar 27th May 7th May 27th Jul 31st Nov 7th This document and its content is the property of HENSOLDT AG. It shall not be communicated to any third party without the owner’s written consent. © Copyright HENSOLDT AG 2025. Al
Slide 36: 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 +49 89 51518 26
Slide 37: without of the HENSOLDT This
This document and its content is the property of HENSOLDT AG. It shall This not be communicated document to any third and its content party is the without of property theHENSOLDT owner’s AG. It shall not be communicated to any third party without the owner’s written consent. © Copyright HENSOLDT AG