Hensoldt Ag · XETR:HAG
Hensoldt — Investor Day (November 2025)
71 slides from Hensoldt's investor day presentation, Nov 11, 2025
Slide 1: Delivering North Star: a new era for our business
Delivering North Star: a new era for our business Capital Markets Day 2025 11th November 2025 This document and its content are the property of HENSOLDT AG. This document They are andtoitsbecontent not permitted are the communicated to property of HENSOLDT any third party without the AG. They are no
Slide 2: Agenda
Agenda 1 2 3 4 Opening remarks Mastering the Delivering our Financial performance defence supercycle North Star strategy and outlook Welcome Coffee Q&A break This document and its content are the property of HENSOLDT AG. They are not permitted to be communicated to any third party without the owner’
Slide 3: Opening remarks
Opening remarks Oliver Dörre, CEO This document and its content are the property of HENSOLDT AG. This document They are andtoitsbecontent not permitted are the communicated to property of HENSOLDT any third party without the AG. They are not permitted to be communicated to any third party without th
Slide 4: Our North Star growth formula: €6 billion revenue ambition in 2030
Our North Star growth formula: €6 billion revenue ambition in 2030 Course set at Capital Markets Day 2024 and ambition updated in spring Focused growth Smart and Diversified Multi-domain connected sensors scaled and enhanced products services High value-added services Solutions Higher value chain po
Slide 5: Our North Star strategy 2030+
Our North Star strategy 2030+ Deliver Pioneer Grow Lead our team at scale software-defined with focus into the future defence Scalable, resilient, Clear right to win in software-defined Increased defence Right team composition and efficient operations defence and multi-domain operations spending pav
Slide 6: Strong progress in executing our strategy
Strong progress in executing our strategy Deliver Pioneer Grow Lead our team at scale software-defined with focus into the future defence • Fully operationalised • New SDD & digitalisation • Six focus regions identified • Launched culture evolution new logistics centre organization established and s
Slide 7: Mastering the defence supercycle
Mastering the defence supercycle Oliver Dörre, CEO This document and its content are the property of HENSOLDT AG. This document They are andtoitsbecontent not permitted are the communicated to property of HENSOLDT any third party without the AG. They are not permitted to be communicated to any third
Slide 8: Rising global tensions and heightened security threats
Rising global tensions and heightened security threats Russian threat War in Ukraine to eastern flank African insurgency India – Pakistan instability and civil conflict South American tensions Chinese threat to Taiwan and South China Sea Middle East tensions NATO countries Adversaries Active conflic
Slide 9: The defence supercycle is becoming reality
The defence supercycle is becoming reality Leading role in European defence Readiness 2030 initiative NATO Summit • New government, reform • Intention to mobilize • Commitment to 3.5% of GDP of debt brake with 3.5% up to €800bn for Readiness for core defence spending of GDP for defence 2030 initiati
Slide 10: Germany takes the lead in European defence
Germany takes the lead in European defence Historical and forecast defence spending (% of GDP) Defence spending CAGRs 2025-2030 Russian invasion Russian invasion US strategic of Crimea of Ukraine 13.3% 5% reprioritization 4% 8.8% 3% 2% 3.2% 1% 0% 2000 2005 2010 2015 2020 2025 2030 Germany Europe exc
Slide 11: Strong political commitment drives long-term growth
Strong political commitment drives long-term growth In future, the federal We will ensure government will provide that more money all the financial resources spent on defence the Bundeswehr needs actually means to become the strongest more security conventional army for our country in Europe. and ou
Slide 12: Defence market outlook exceeds expectations
Defence market outlook exceeds expectations Accessible defence electronics market growth by region Speed and scale of major procurement programs 20.5% Strong electronics density growth 10.6% 9.9% 7.6% 6.6% 4.1% Operational imperative for interconnected sensors in multi- domain operations Germany Eur
Slide 13: Enhanced visibility from a record order book and pipeline
Enhanced visibility from a record order book and pipeline Order backlog (€bn) Unweighted pipeline (1) (€bn) ~50% ~70 46 31% 8.5 6.5 2024A 2025E CMD 2024 Identified pipeline 2025E-2030E for 2026E - 2031E Source: HENSOLDT AG (1) Pipeline is defined as total identified opportunities open for tender, ba
Slide 14: Growth momentum from major German procurement programs
Growth momentum from major German procurement programs Dimensions of German defence spending… …with HENSOLDT positioned across all domains 1 Increasing scale of existing capabilities EF Tranche 4 & 5 Leopard 2A8 / Puma / Schakal U212CD Order expansion Order expansion and new variants Order expansion
Slide 15: German-led programs fuel European and international growth
German-led programs fuel European and international growth IRIS-T SLM Eurodrone 4 10 Select German Leopard 2A8 10 Eurofighter Select European programs and programs confirmed customers (1) 10 and confirmed customers Customers per program 4 FCAS RCH155 3 2 4 U212CD Skyranger 2 Source: HENSOLDT AG (1)
Slide 16: Key orders booked and contract flow-down imminent
Key orders booked and contract flow-down imminent Luchs 2 Eurofighter TRML-4D Leopard 2/Schakal P-8 Poseidon CERETRON sensors suite, Eurofighter re-baselining, TRML-4D (GBAD and Commander sight, driver Sustainment contract sights and self-protection Halcon received, tranche 5 weapon location) radars
Slide 17: Luchs / CERETRON: landmark contract signed
Luchs 2 / CERETRON: landmark contract signed “Deliver at scale” meets “Pioneer software-defined defence” Contractual options and international demand offer significant upside potential Connected sensor suite Strong SDD relevance Volume increased by 3x since program initiation This document and its c
Slide 18: Strategic market: Counter-UAV capabilities gaining importance
Strategic market: Counter-UAV capabilities gaining importance ELYSION offers seamless integration with existing air defence networks Multi-sensor and multi-effector solution Own C2 software, continuously upgradable Integration capabilities, 100% in-house Customer references Air Force, Federal Police
Slide 19: Deliver at scale
Deliver at scale Christian Ladurner, CFO This document and its content are the property of HENSOLDT AG. This document They are andtoitsbecontent not permitted are the communicated to property of HENSOLDT any third party without the AG. They are not permitted to be communicated to any third party wit
Slide 20: Scaling sensors and systems: longer cycle of sustainable growth
Scaling sensors and systems: Longer cycle of sustainable growth outperforms initial complexity HENSOLDT position Hardware- Software- Pioneer software- Solutions centric defined defined defence Platform Solutions for diverse portfolio No Yes agnosticism of defence programs Specialised components, Com
Slide 21: Delivering on our Operations 2.0 objectives
Delivering on our Operations 2.0 objectives Scalability Resilience Efficiency Re-engineering People Operational excellence Productivity enhancement Supply chain Capital discipline Footprint expansion IT backbone This document and its content are the property of HENSOLDT AG. They are not permitted to
Slide 22: Foundation laid for a step-change in production capacity
Foundation laid for a step-change in production capacity to 2030 and beyond Operating capacity Operations 2.0 B Additional capacity to deliver 2030 and beyond Current expansion plan A Sufficient capacity to deliver through 2028 2024 2025 2026 2027 2028 2029 2030 2031 2032 2033 2034 2035 This documen
Slide 23: Expanding our industrial footprint with new and modernized sites
A Expanding our industrial footprint with new and modernized sites 2024: Wetzlar 2025: Logistics Centre 2026: Oberkochen • 2.900 m2 production area • 30.000 m2 logistic area • 40.000 m2 total area • Infantry sights • Transversal logistics • Vehicle optronics Source: HENSOLDT AG. This document and it
Slide 24: Operations 2.0 – our mission to scale
B Operations 2.0 – our mission to scale “ Operations We are building a scalable, resilient and efficient System to respond to strategic challenges and to satisfy future demand in products and services. ” This document and its content are the property of HENSOLDT AG. They are not permitted to be comm
Slide 25: Achieving the next level of industrial scale
B Achieving the next level of industrial scale Capacity increase for selected key products Sensors Optronics TRML-4D SPEXER Sights for armoured vehicles +1.8x +4.0x +4.5x +8.5x +6.3x +2.1x 2021 2025 Operations 2021 2025 Operations 2021 2025 Operations 2.0 2.0 2.0 Sufficient capacity until 2026, new
Slide 26: Expansion and redundancy strengthen delivery resilience
Expansion and redundancy strengthen delivery resilience Footprint as of 2023 Footprint in 2027 Footprint 2028 and beyond +3.4x sqm increase Further site expansions to be evaluated New site, Air defence Wetzlar radar Ulm production site Partners/ M&A Ground-based Systems Legacy site Other Legacy New
Slide 27: Deep-dive: New air defence radar production site
Deep-dive: New air defence radar production site • Rapid capacity expansion to deliver on rising demand • Focus on the series production of air defence radars • Production of TRML-4D and SPEXER radars from 2027 onwards • Investment of a mid-double-digit million-euro amount • Combining resilience wit
Slide 28: Strengthening our supply chain for resilience and scale
Strengthening our supply chain for resilience and scale Secure short-term Establish long-term, Enhance supply chain Increase supply Optimize strategic supply high-volume supply performance chain resilience supplier development • Early order placements • Multi-year frame contracts • Strategic supplie
Slide 29: #oneSAPnow and a robust IT backbone drive industrial expansion
#oneSAPnow and a robust IT backbone drive industrial expansion Strong progress in 2025 CRM Service Cloud CRM Sales Cloud HCM Go-Live EWM logistics centre Technical Go-Live Go-Live Go-Live July 2025 Go-Live Global Template January 2025 April 2025 July 2025 End of 2025 Embedding resilience Hybrid appr
Slide 30: #oneSAPnow and a robust IT backbone drive industrial expansion
#oneSAPnow and a robust IT backbone drive industrial expansion Completed Ongoing Next Build offsite backup Expand high-availability Build disaster recovery Build new data center systems capacity This document and its content are the property of HENSOLDT AG. They are not permitted to be communicated
Slide 31: Driving efficiency across the value chain
Driving efficiency across the value chain Efficiency enhancements along entire value stream Engineering Supplier Logistics Factory setup People Production Testing management Design for Secure supply & Automation & Takt-timed series Training & Lean processes & Upgrades & manufacturing increase resili
Slide 32: Key takeaways
Key takeaways Capacity expansion Complexity of Efficiency and cash achieved, next steps transformation discipline drive initiated well managed decision-making This document and its content are the property of HENSOLDT AG. They are not permitted to be communicated to any third party without the owner
Slide 33: Pioneer software-defined defence
Pioneer software-defined defence Oliver Dörre, CEO This document and its content are the property of HENSOLDT AG. This document They are andtoitsbecontent not permitted are the communicated to property of HENSOLDT any third party without the AG. They are not permitted to be communicated to any third
Slide 34: Use case: Counter-UAV enabled by software-defined defence (SDD)
Use case: Counter-UAV enabled by software-defined defence (SDD) Software at the core of HENSOLDT’s counter-UAS system ELYSION SDD unlocks next level counter-UAS capabilities Daily updated AI-based drone classification Fast scalable sensor grid through software interfaces All domain AI-supported situ
Slide 35: Software-defined defence at the core of modern warfare
Software-defined defence at the core of modern warfare Interoperability Adaptability Actionable intelligence This document and its content are the property of HENSOLDT AG. They are not permitted to be communicated to any third party without the owner’s written consent. © Copyright HENSOLDT AG 2025.
Slide 36: From sensor excellence to leadership in software-defined defence
From sensor excellence to leadership in software-defined defence HENSOLDT 2030+ HENSOLDT Diversified MRO & SDD services heritage High value-added Multi-domain SDD solutions Interoperability Higher value chain positioning Solutions & services provider SDD-compliant smart & Adaptability Leading sensor
Slide 37: Our clear right to win in software-defined defence
Our clear right to win in software-defined defence Key differentiators Sensor data ownership Vendor, platform and Sovereignty, ITAR-free Mastering mission data across domains OEM agnosticism and open architecture and AI complexity This document and its content are the property of HENSOLDT AG. They a
Slide 38: MDOcore – the software backbone for multi-domain operations
MDOcore – the software backbone for multi-domain operations MDOcore will link all legacy and future military sensors and solutions MDOcore highlights PEGASUS FCAS collecting military data manage complex airborne Fully SDD compliant scalable, missions manned/unmanned modular, and open architecture th
Slide 39: CERETRON – our first operational SDD solution for land systems
CERETRON – our first operational SDD solution for land systems CERETRON transforms vehicles into networked reconnaissance nodes Initial Proof of SDD approach Secured IP through mid-double-digit €m R&D Scalable open and modular architecture Combines multiple sensor types including own and 3rd party S
Slide 40: Strategic R&D investments unlock substantial program revenue
Strategic R&D investments unlock substantial program revenue Highlights Key facts CERETRON ELYSION (in Mio€) (in Mio€) Proven, market-ready software solutions delivering value today >20x >30x Self-funded R&D, securing our IPs Significant programme revenue unlocked via software R&D invest Total proje
Slide 41: Expanding into a software- and data-centric, high-margin business model
Expanding into a software- and data-centric, high-margin business model Smart & connected sensors Scalable software solutions Extended services Strengthening existing sensor USPs and Recurring higher-margin revenue streams Accessing new markets and customer base providing lifecycle software adaptati
Slide 42: Becoming the orchestrator of multi-domain operations
Becoming the orchestrator of multi-domain operations Unique position R&D Partnership Recurring revenue HENSOLDT has a clear right Focused investments Proof of smart partnering Scalable, data-centric business to win in SDD/MDO on SDD/MDO capabilities capabilities with high margin recurring revenue Di
Slide 43: Grow with focus
Grow with focus Oliver Dörre, CEO This document and its content are the property of HENSOLDT AG. This document They are andtoitsbecontent not permitted are the communicated to property of HENSOLDT any third party without the AG. They are not permitted to be communicated to any third party without th
Slide 44: Long-term geographic ambition intact
Long-term geographic ambition intact – strong near-term momentum from Germany and Europe Revenue structure 2024 Long-term revenue structure Germany will be leading 12% (full range of solutions) 20% Europe will follow 50% 31% (extensive range of 57% solutions) 30% International product sales (existin
Slide 45: Key account management and go-to-market approach drive targeted growth
Key account management and go-to-market approach drive targeted growth Sales transformation to address new market realities Actions Focus countries Clear prioritization and targeted go-to market approach Account management Introduction of fully customer-centric account function Organizational setup
Slide 46: Our global team speaks: voices from around the world
Our global team speaks: voices from around the world United States Canada Middle East India APAC Australia This document and its content are the property of HENSOLDT AG. They are not permitted to be communicated to any third party without the owner’s written consent. © Copyright HENSOLDT AG 2025. Al
Slide 47: Partnerships and selective M&A as key enablers of growth
Partnerships and selective M&A as key enablers of growth Partnerships Start-up ecosystem Clear investment criteria for targeted M&A Key drivers: Digitalization & SDD, production capability, internationalization Active role in German and European consolidation Value accretive transactions only This d
Slide 48: Lead our team into the future
Lead our team into the future Oliver Dörre, CEO This document and its content are the property of HENSOLDT AG. This document They are andtoitsbecontent not permitted are the communicated to property of HENSOLDT any third party without the AG. They are not permitted to be communicated to any third pa
Slide 49: Building a high-performance culture for growth beyond 2030
Building a high-performance culture for growth beyond 2030 Systematic Development Meaningful ESG attraction driven retention leadership Use current recruiting opportunities Continuous learning Systematic talent retention Sustainability embedded and attract the right talents to adapt to changing mark
Slide 50: Systematic attraction – reinforcing our employer-of-choice position
Systematic attraction – reinforcing our employer-of-choice position Why candidate experience matters even more How HENSOLDT ensures to attract the right people Numbers of applications Refer a friend Active Targeted Across all profiles sourcing strategies Onsite events campaigns (e.g. in software) 52
Slide 51: Development-driven – continuous learning for a changing market
Development-driven – continuous learning for a changing market Social & Global experiential training catalog learning >615 >680 Classes conducted Train Courses available Re-skilling Up-skilling Develop Training participations +350% ~ 42k +9 Talent Succession Development offers identification plannin
Slide 52: Meaningful retention within a high-performance culture
Meaningful retention within a high-performance culture >95% +3.6 Leadership strength Retention rate Leadership Health Employee principles promotion benefits Employee shareholdership Health related performance loss ~ 67% ~ 64% 19.4 17.7 2021 2024 2024 2025 Culture evolution initiative as key driver f
Slide 53: Delivering on our sustainability strategy across five pillars
Delivering on our sustainability strategy across five pillars Reduce Societal Compliance Innovation Diversity climate impact responsibility Reduction of Scope 1 Part of the ‘Made Introduction of new Integration of 25% of Leadership team emissions by 22% for Germany’ initiative whistleblower tool sus
Slide 54: Recognised ESG leadership and ratings
Recognised ESG leadership and ratings In 2025, Among Top 35% "A" rating in 2025 Above sector average HENSOLDT AG ranked: performers in 2024 across all industries 2nd in Aerospace & Defence industry Among top 35% globally across all sectors Source: HENSOLDT AG Sustainalytics ESG rating based on ESG r
Slide 55: Financial performance and outlook
Financial performance and outlook Christian Ladurner, CFO This document and its content are the property of HENSOLDT AG. This document They are andtoitsbecontent not permitted are the communicated to property of HENSOLDT any third party without the AG. They are not permitted to be communicated to an
Slide 56: Nine-month 2025 results on track to meet guidance
Nine-month 2025 results on track to meet guidance € 2.0 bn € 7.1 bn Order intake in line with expectations Record order backlog 1.3 x Strong book-to-bill ratio € 1.5 bn € 211 m Excellent revenue performance Strong adjusted EBITDA(1) 13.7 % Solid adjusted EBITDA(1) margin Source: HENSOLDT AG (1) Adju
Slide 57: Segment overview – Sensors and Optronics
Segment overview – Sensors and Optronics Order intake Revenue Adjusted EBITDA(1) Core Pass-Through 1,317 1,205 78 199 194 98 +3 % Sensors 1,603 +6 % 1,703 +12 % 16.1% 15.1% 1,239 1,108 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 12 +275% +10% +27% 5.1% 328 232 Optronics 297 182 -7 -3.7% 9M 2024
Slide 58: Full-year guidance confirmed
Full-year guidance confirmed Previous 2025 guidance New 2025 guidance Order intake / Book-to-bill ~1.2x 1.6x – 1.9x increased Revenue growth €2,500m - €2,600m ~€2,500m specified Adjusted EBITDA margin(1) ~18% ≥18.0 % specified 50% - 60% 50% - 60% Adjusted FCF(2) unchanged average conversion on adjus
Slide 59: 2026 and mid-term targets raised
2026 and mid-term targets raised 2026 target Mid-term target Order intake / Book-to-Bill ~1.5x – 2.0x Orders to grow significantly faster than revenue 15% - 20% annual growth rate Revenue growth 10% growth rate back-end loaded Adjusted EBITDA margin(1) +50 bps annual margin improvement ~40% ~50% Adj
Slide 60: 2030 ambition reaffirmed – strong tailwind for organic growth
2030 ambition reaffirmed – strong tailwind for organic growth Revenue in 2030 € 6 bn with an adj. EBITDA margin(1) of ≥ 20% What provides HENSOLDT comfort to achieve 2030 target Advanced Services and Revised Industrial Market growth Software-defined Enhanced solutions training offering Operations 2.
Slide 61: Strong order backlog provides exceptional revenue visibility
Strong order backlog provides exceptional revenue visibility Current build-up of firm order backlog Revenue coverage 2026E – 2028E ~€8.5bn(1) 8% 24% ~91% revenue 68% for 2026E covered(2) Sensors Optronics Aftermarket Total order backlog 2026E 2027E 2028E Firm order backlog Recurring short cycle and
Slide 62: Balanced growth across segments with rising SDD contribution
Balanced growth across segments with rising SDD contribution Tailwind for higher organic growth Revenue development 2024A – 2030E 10% 15-20% >20% 6.0 organic growth organic growth organic growth M&A Optronics segment 2.2 Sensors segment 2024A 2025E 2026E 2027E 2028E 2029E 2030E • Strong yearly growt
Slide 63: Continued growth in R&D investment, including software-defined defence
Continued growth in R&D investment, including software-defined defence Self-funded R&D constant while customer-funded R&D increased from ~8% to ~15% over the years in m€ 900 800 700 Self-funded incl. SDD 5-6% of revenue 600 500 400 Customer-funded 300 ~15% of revenue 200 100 0 2021A 2022A 2023A 2024
Slide 64: CAPEX initiatives supporting long-term growth
CAPEX initiatives supporting long-term growth CAPEX as % of sales Key CAPEX initiatives Coming from Elevated CAPEX levels due to Converging to CAPEX levels of 2-3% capacity ramp up at production sites normalised CAPEX Significant capacity expansion 6.2% levels of ~3% at Oberkochen and Wetzlar sites
Slide 65: Financing structure secured through 2032
Financing structure secured through 2032 Refinancing achievements Maturities profile(1) ✓ Strengthened long-term capital structure 1,600 ✓ Improved cost structure 1,400 ✓ Release of fundamental securities 1,200 ✓ Diversification of funding structure 1,000 800 600 400 200 0 2025 2026 2027 2028 2029 2
Slide 66: Clear and disciplined capital allocation framework
Clear and disciplined capital allocation framework Fund our transformation Dividends M&A and growth Supporting growth profile by preserving a conservative financial debt profile This document and its content are the property of HENSOLDT AG. They are not permitted to be communicated to any third part
Slide 67: Financial key takeaways
Financial key takeaways Excellent Sustainable, Highly profitable Sustained technological visibility multi-vector and cash generating leadership through long-term growth growth innovation This document and its content are the property of HENSOLDT AG. They are not permitted to be communicated to any t
Slide 68: Conclusion and outlook
Conclusion and outlook Oliver Dörre, CEO This document and its content are the property of HENSOLDT AG. This document They are andtoitsbecontent not permitted are the communicated to property of HENSOLDT any third party without the AG. They are not permitted to be communicated to any third party wit
Slide 69: What drives our growth beyond 2030
What drives our growth beyond 2030 Favorable macro environment HENSOLDT capabilities Smart and connected sensors Geopolitical Hybrid conflicts Defence spending threat situation are the new normal will remain substantial remains complex Technological Trends MDOcore/Software- defined Defence Long-last
Slide 70: Delivering North Star – a new era for HENSOLDT
Delivering North Star – a new era for HENSOLDT From sensors to systems Evolving from a defence-electronics manufacturer to a leader in multi-domain operations Purpose and performance Smart and connected Delivering growth, innovation, and sovereignty – Software-defined defence and MDOcore enable keep
Slide 71: 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