Hensoldt Ag · XETR:HAG
Hensoldt — Q1 2026 Earnings Presentation
34 slides from Hensoldt's earnings presentation, May 6, 2026
Slide 1: 3M 2026 Results Analyst & Investor Presentation
3M 2026 Results Analyst & Investor Presentation Taufkirchen, 6th May 2026 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: Strategic topics update
Strategic topics update Pioneer Software- Lead our team Deliver at scale Grow with focus Defined Defence into the future • UMS order for 900,000 Gallium- • SDD “BattleLab“ commissioned • New innovation hub in • New CHRO Inka Tews took up Nitride semiconductors by 2030, Ukraine to enhance operational
Slide 4: Acquisition of Nedinsco – geared to deliver at scale
Acquisition of Nedinsco – geared to deliver at scale Closing in preparation Further securing supply chain and expanding production capacity Selected product platforms Supply chain & capacity support Geographical expansion Portfolio & Tech Innovation Boxer Lynx PzH2000 Leopard 2A8 Selected product of
Slide 5: Iran conflict: accelerating demand for integrated air defence
Iran conflict: accelerating demand for integrated air defence Air domain superiority extends beyond drones © Insitute for the Study of War © Stringer/Reuters Operational reality Structural findings Implications for HENSOLDT • Hybrid, high-volume air warfare is • Air defence remains structurally • M
Slide 6: New German military strategy
New German military strategy Further validation of HENSOLDT’s long-term growth thesis The new strategy in a nutshell • Capability-driven expansion beyond platform-centric procurement • Prioritisation of air defence, EW, information superiority and sovereign digital architectures • Shift towards inte
Slide 7: Operations update
Operations update Disciplined capacity expansion and scalable industrial setup Capacity expansion on track Industrializing production Workforce scaling • More than 100 industrialization measures • Focus on workforce ramp-up and production Executed: flexibility in progress • New production building O
Slide 8: Financials
HENSOLDT Financials HENSOLDJ)
Slide 9: 3M 2026 – record first quarter for HENSOLDT
3M 2026 – record first quarter for HENSOLDT in €m Order intake more than doubled Revenue execution well on track New record level of ~€10 billion Core Pass-Through 496 55 395 11 +15% core 441 +41% +111% 1.483 9.801 384 6.929 701 3M 2025 3M 2026 3M 2025 3M 2026 3M 2025 3M 2026 Order intake Revenue Or
Slide 10: 3M 2026 – high profitability with improved cash flow
3M 2026 – high profitability with improved cash flow in €m Strong bottom line performance Free cash flow develops as planned Adj. EBITDA(1) Adj. EBIT(2) Adj. FCF(3) 3M 2025 3M 2026 +47% 44 12 -95 -107 +11% 30 +262% 2.3% 8.9% 3 7.6% 0.8% 3M 2025 3M 2026 3M 2025 3M 2026 • Excellent margin performance
Slide 11: 3M 2026 – Sensors segment
3M 2026 – Sensors segment in €m Sustained high level of order intake Solid revenue execution Sustained profitable growth Core Pass-Through 402 339 55 11 +9% +6% core 32 725 +10% 664 29 329 348 8.1% 8.7% 3M 2025 3M 2026 3M 2025 3M 2026 3M 2025 3M 2026 Order intake Revenue Adj. EBITDA(1) • First quart
Slide 12: 3M 2026 – Optronics segment
3M 2026 – Optronics segment in €m Record level for first quarter Revenue momentum further accelerating Excellent margin development +64% 97 >1,000% 759 >1,000% 12 59 12.2% 1.3% 1 50 3M 2025 3M 2026 3M 2025 3M 2026 3M 2025 3M 2026 Order intake Revenue Adj. EBITDA(1) • Record order intake driven by ma
Slide 13: Update on key orders 2026 – Sensors Segment
Update on key orders 2026 – Sensors Segment Pegasus Eurofighter TRML-4D Knifefish luWES Second batch PEGASUS Spanish Halcon program TRML-4D radars Land EW systems Airborne Electromagnetic for Germany and EF Turkey, within ESSI and Ukraine for the Netherlands Attack for German Air Force re-baseline c
Slide 14: Update on key orders 2026 – Optronics Segment
Update on key orders 2026 – Optronics Segment Schakal Puma Leopard 2 Commander and gunner sight, Commander and gunner sight, Thermal imager for gunner sight, self-protection system self-protection system commander sight and driver sight ~ €450m total volume ~ €350m booked in Q1 ~ €180m total volume
Slide 15: Guidance 2026 confirmed
Guidance 2026 confirmed 2026 guidance Order intake / Book-to-Bill 1.5x – 2.0x Revenue growth(1) ~€2,750m Adjusted EBITDA margin(2) 18.5% – 19.0% Adjusted FCF(3) ~40% average conversion on adjusted EBITDA Net leverage(4) ~1.5x Dividend 30 – 40% of adjusted net income Before M&A. (1) Pass through shar
Slide 16: Zeitenwende 2.0 is further materializing
Zeitenwende 2.0 is further materializing • Record order backlog of nearly 10 billion EUR provides high visibility • Strong revenue development provides tailwind for FY 2026 guidance Achievements • Excellent profitability increase driven by higher volumes especially in Optronics • Main strategic deci
Slide 17: Q&A Session
Q&A Session HENSOLD})
Slide 18: Back-up
Back-up HENSOLD7)
Slide 19: HENSOLDT content on key armoured vehicles
HENSOLDT content on key armoured vehicles Luchs 2 Leopard 2 Schakal Puma Skyranger RCH 155 CERETRON Sensors Peri RTWL Peri RTWL Peri RTWL Spexer 2000 MKIII SETAS Suite (commander periscope) (commander periscope) (commander periscope) (three antennas per (all-round vision system) WAO WAO vehicle) BAA
Slide 20: HENSOLDT C-UAS Portfolio
HENSOLDT C-UAS Portfolio Comprehensive, field-proven solutions across the full detect–react–protect chain ELYSION C-UAS – Integrated System Solution Enabling Sensor Technology ① DETECT ② REACT ③ PROTECT SPEXER 2000 Radar Family Multi-sensor 24/7 Command & control with Scalable effector mix – soft •
Slide 21: Financial Section
HENSOLDT Financial Section 21
Slide 22: Consolidated Income Statement
HENSOLDT – 3M 2026 Results Consolidated Income Statement First three months in € million 2026 2025 Revenue 496 395 Cost of sales -427 -339 Gross profit 68 56 Selling and distribution expenses -31 -32 General administrative expenses -31 -32 Research and development costs -13 -8 Together we make Other
Slide 23: Consolidated Statement of Financial Position – Assets
HENSOLDT – 3M 2026 Results Consolidated Statement of Financial Position – Assets in € million 31 Mar. 2026 31 Dec. 2025 Non-current assets 2,619 2,562 Goodwill 1,117 1,117 Intangible assets 721 703 Property, plant and equipment 255 242 Right-of-use assets 431 413 Investments accounted for using the
Slide 24: Consolidated Statement of Financial Position – Equity & Liabilities
HENSOLDT – 3M 2026 Results Consolidated Statement of Financial Position – Equity & Liabilities in € million 31 Mar. 2026 31 Dec. 2025 Share capital 116 116 Capital reserve 439 439 Other reserves 134 128 Retained earnings 290 309 Equity held by shareholders of HENSOLDT AG 979 991 Non-controlling inte
Slide 25: Consolidated Statement of Cash Flows (1/2)
HENSOLDT – 3M 2026 Results Consolidated Statement of Cash Flows (1/2) First three months in € million 2026 2025 Group profit / loss -20 -31 Depreciation, amortisation and impairments of non-current assets 43 38 Impairments (+) / reversals of impairments (-) of inventories, trade receivables and cont
Slide 26: Consolidated Statement of Cash Flows (2/2)
HENSOLDT – 3M 2026 Results Consolidated Statement of Cash Flows (2/2) First three months in € million 2026 2025 Cash flows from operating activities -49 -97 Cash flows from investing activities -65 -37 Change in other financing liabilities 10 -1 Payment of lease liabilities -9 -8 Other – 0 Cash flow
Slide 27: Order intake, segment revenue and adjusted EBITDA
HENSOLDT – 3M 2026 Results Order intake, segment revenue and adjusted EBITDA First three months in € million 2026 2025 Order intake 1,483 701 Sensors 725 664 Optronics 759 50 Elimination/Transversal/Others -1 -13 in € million Segment revenue Sensors Together we make 496 402 395 339 Optronics the dif
Slide 28: Overview of EBITDA and EBIT adjustments
HENSOLDT – 3M 2026 Results Overview of EBITDA and EBIT adjustments EBITDA adjustments First three months EBIT adjustments First three months in € million 2026 2025 in € million 2026 2025 EBIT -4 -16 EBIT -4 -16 (+) Depreciation 20 16 (+) Effect on earnings from purchase price allocations 10 11 (+) A
Slide 29: Reconciliation of reported to adjusted FCF
HENSOLDT – 3M 2026 Results Reconciliation of reported to adjusted FCF First three months in € million 2026 2025 Cash flows from operating activities -49 -97 Cash flows from investing activities -65 -37 Free cash flow -115 -134 (+) Transaction costs – 0 (+) OneSAPnow-related special items 13 14 (+) M
Slide 30: Reconciliation of reported to adjusted net income
HENSOLDT – 3M 2026 Results Reconciliation of reported to adjusted net income First three months in € million 2026 2025 Group profit / loss -20 -31 (+) Effects on earnings from purchase price allocations 10 11 (+) Transaction costs – 0 (+) OneSAPnow-related special items 4 3 (+) Valuation effect of e
Slide 31: 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 32: Upcoming IR events
Upcoming IR events 3M AGM H1 9M CMD May 6th May 22nd Jul 31st Nov 5th Nov 10th 32
Slide 33: IR Contacts
IR Contacts Contact HENSOLDT share Reports • Contact: • Type of share: • Financial Reports: Tim Schmid Bearer shares https://investors.hensoldt.net • Phone: • Stock Exchange: • Sustainability Report: +49 89 51518 2625 Frankfurt Stock Exchange www.hensoldt.net • Email: • Security reference number: in
Slide 34: Detect and Protect
Detect and Protect. HENSO LDT)