Hensoldt Ag · XETR:HAG
Hensoldt — H1 2026 Earnings Presentation
36 slides from Hensoldt's earnings presentation, Jul 31, 2026
Slide 1: H1 2026 Results Analyst & Investor Presentation
H1 2026 Results Analyst & Investor Presentation Oberkochen, 31st July 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: Ankara declaration confirms structural tailwind for HENSOLDT
Ankara declaration confirms structural tailwind for HENSOLDT Geopolitical update – NATO Summit Ankara 1 Financial Commitments ➢ Confirming a multi-year investment cycle across HENSOLDT's core markets. 2 Drone Edge Initiative ➢ Directly increasing demand for HENSOLDT's counter-UAS portfolio. 3 Techno
Slide 4: HENSOLDT is instrumental to NATO's defence priorities
HENSOLDT is instrumental to NATO's defence priorities From priorities to concrete HENSOLDT programmes AI & Data Fusion Missile Defence MDOcore FREYJA MDOcore connects sensors, platforms, Co-developing FREYJA with Fire Point, AI and effectors within an open software combining combat-proven Ukrainian
Slide 5: "HENSOLDT is a key player."
"HENSOLDT is a key player." Ministers Pistorius and Reiche visit within one week 23 July 2026 – Campus Oberkochen 24 July 2026 – Fürstenfeldbruck Photo "I am very glad to have such a reliable partner in HENSOLDT." "HENSOLDT's sustained growth shows, how high the demand is." Boris Pistorius, Federal
Slide 6: HENSOLDT expands its position in next-generation air combat
HENSOLDT expands its position in next-generation air combat Initial contract for CFSN booked in H1 Programme context Strategic implications • While the future shape of FCAS is evolving, parallel • Broadens HENSOLDT's exposure beyond FCAS national initiatives continue to gain momentum • Strengthens l
Slide 7: No material impact from F126 programme termination
No material impact from F126 programme termination HENSOLDT's maritime technology roadmap remains unchanged Established technology base • Shared radar architecture spans across multiple naval platforms, including MEKO. • Continuous capability upgrades benefit the entire TRS-4D family. Positioned lon
Slide 8: Constant evolution of North Star strategic axes
Constant evolution of North Star strategic axes Pioneer Software- Lead our team Deliver at scale Grow with focus Defined Defence into the future Populated PCBs per week (avg.) ~ 1.500 SDD ~ 600 Jan 26 May 26 • Printed Circuit Board (PCB) • Four new technology • Partnership with Bharat • Leadership T
Slide 9: HENSOLDT Financials
HENSOLDT Financials HENSOLDJ)
Slide 10: H1 2026 – strong momentum for HENSOLDT sustained
H1 2026 – strong momentum for HENSOLDT sustained in €m Order intake doubled to H1 record level Revenue execution well on track New record level exceeding €10bn Core Pass-Through 1,167 112 944 48 +18% core +100% +46% 1,055 2,812 10,356 896 7,070 1,405 H1 2025 H1 2026 H1 2025 H1 2026 H1 2025 H1 2026 O
Slide 11: H1 2026 – profitability growing stronger than revenue
H1 2026 – profitability growing stronger than revenue in €m Strong bottom line performance Free cash flow develops as planned Adj. EBITDA(1) Adj. EBIT(2) Adj. FCF(3) H1 2025 H1 2026 137 +25% -136 107 +29% -181 +45% 70 49 11.3% 11.8% 6.0% 5.1% H1 2025 H1 2026 H1 2025 H1 2026 • Sustained strong margin
Slide 12: Sensors: Order intake, revenue and adj. EBITDA on record highs
Sensors: Order intake, revenue and adj. EBITDA on record highs in €m Strong order intake growth Solid revenue execution Sustained profitable growth Core Pass-Through 955 817 112 +58% 48 105 1,979 113 +10% +8% core 1,256 844 769 12.9% 11.9% H1 2025 H1 2026 H1 2025 H1 2026 H1 2025 H1 2026 Order intake
Slide 13: Optronics: Strong dynamics in all business units
Optronics: Strong dynamics in all business units in €m Significant order intake growth Sustained strong revenue momentum Excellent margin development 971 +63% ~ 500% 219 >1,000% 24 134 10.9% 1.0% 164 1 H1 2025 H1 2026 H1 2025 H1 2026 H1 2025 H1 2026 Order intake Revenue Adj. EBITDA(1) • Nearly six-f
Slide 14: Reaffirming 2026 guidance and mid-term targets
Reaffirming 2026 guidance and mid-term targets 2026 Guidance for adjusted FCF conversion raised on 1st June 2026 guidance Mid-term targets Book-to-Bill / Order intake 1.5x – 2.0x Orders to grow significantly faster than revenue Revenue growth(1) ~€2,750m 15% – 20% annual growth rate back-end loaded
Slide 15: Update on Sensors key orders 2026 and beyond
Update on Sensors key orders 2026 and beyond Eurofighter TRML-4D Knifefish Pegasus LuWES Spanish Halcon program TRML-4D radars Land EW systems Second batch PEGASUS Airborne Electromagnetic and EF Turkey, within ESSI and Ukraine for the Netherlands for Germany Attack for German Air Force re-baseline
Slide 16: Update on Optronics key orders 2026 and beyond
Update on Optronics key orders 2026 and beyond Puma Schakal Leopard 2 U212 CD Commander and Commander and Thermal imager for gunner Optronics mast systems for gunner sight, gunner sight, sight, commander and Canadian submarine program self-protection system self-protection system driver sight ~ €350
Slide 17: Beyond Tanks or Drones: Why the Either / Or Debate Misses the Point
Beyond Tanks or Drones: Why the Either / Or Debate Misses the Point CONVENTIONAL NEXT-GENERATION Not a binary choice – a spectrum HENSOLDT operates across in full. Conventional and next-generation Diversification reduces single-platform risk. Growth is captured on both sides of the capability are in
Slide 18: Zeitenwende 2.0 is further materialising
Zeitenwende 2.0 is further materialising • Record order backlog of over €10bn provides high visibility • Strong revenue development provides tailwind for FY 2026 guidance Achievements • Excellent profitability increase driven by higher volumes especially in Optronics • Capacity investments to Delive
Slide 19: Q&A Session
Q&A Session HENSOLD})
Slide 20: Back-up
Back-up HENSOLD7)
Slide 21: 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 22: 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 23: HENSOLDT Financial Section
HENSOLDT Financial Section 23
Slide 24: Consolidated Income Statement
Consolidated Income Statement First half-year in € million 2026 2025 Revenue 1,167 944 Cost of sales -978 -790 Gross profit 189 155 Selling and distribution expenses -67 -67 General administrative expenses -70 -68 Research and development costs -26 -17 Together we make Other operating income 15 16 O
Slide 25: Consolidated Statement of Financial Position – Assets
Consolidated Statement of Financial Position – Assets in € million 30 June 2026 31 Dec. 2025 Non-current assets 2,845 2,562 Goodwill 1,184 1,117 Intangible assets 756 703 Property, plant and equipment 289 242 Right-of-use assets 458 413 Investments accounted for using the equity method 7 6 Other inv
Slide 26: Consolidated Statement of Financial Position – Equity & Liabilities
Consolidated Statement of Financial Position – Equity & Liabilities in € million 30 June 2026 31 Dec. 2025 Share capital 116 116 Capital reserve 439 439 Other reserves 175 128 Retained earnings 239 309 Equity held by shareholders of HENSOLDT AG 968 991 Non-controlling interests 10 11 Equity, total 9
Slide 27: Consolidated Statement of Cash Flows (1/2)
Consolidated Statement of Cash Flows (1/2) First half-year in € million 2026 2025 Group profit / loss -13 -44 Depreciation, amortisation and impairments of non-current assets 87 83 Impairments (+) / reversals of impairments (-) of inventories, trade receivables and contract assets -2 -1 Share of pro
Slide 28: Consolidated Statement of Cash Flows (2/2)
Consolidated Statement of Cash Flows (2/2) First half-year in € million 2026 2025 Cash flows from operating activities -28 -145 Cash flows from investing activities -227 -107 Repayment from financing liabilities to banks – -70 Transaction costs paid from refinancing – -5 Change in other financing li
Slide 29: Order intake, segment revenue and adjusted EBITDA
Order intake, segment revenue and adjusted EBITDA First half-year in € million 2026 2025 Order intake 2,812 1,405 Sensors 1,979 1,256 Optronics 971 164 Elimination/Transversal/Others -138 -14 in € million Segment revenue Sensors Together we make 1,167 955 944 817 Optronics Elimination/Transversal/Ot
Slide 30: Overview of EBITDA and EBIT adjustments
Overview of EBITDA and EBIT adjustments EBITDA adjustments First half-year EBIT adjustments First half-year in € million 2026 2025 in € million 2026 2025 EBIT 34 6 EBIT 34 6 (+) Depreciation 40 37 (+) Effect on earnings from purchase price allocations 20 22 (+) Amortisation and impairments of non-cu
Slide 31: Reconciliation of reported to adjusted FCF
Reconciliation of reported to adjusted FCF First half-year in € million 2026 2025 Cash flows from operating activities -28 -145 Cash flows from investing activities -227 -107 Free cash flow -255 -252 (+) Transaction costs – 0 (+) OneSAPnow-related special items 22 24 (+) M&A and other activities1 92
Slide 32: Q2 Financial Overview HENSOLDT Group
Q2 Financial Overview HENSOLDT Group Second quarter in € million 2026 2025 Order intake 1,328 704 Book-to-bill ratio(1) 2.0x 1.3x Revenue 672 549 Adjusted EBIT(2) 59 45 Adjusted EBITDA(3) 93 77 Adjusted EBITDA margin 13.8 % 13.9 % Adjusted free cash flow(4) -40 -74 (1) The book-to-bill ratio is defi
Slide 33: Reconciliation of reported to adjusted net income
Reconciliation of reported to adjusted net income First half-year in € million 2026 2025 Group profit / loss -13 -44 (+) Effects on earnings from purchase price allocations 20 22 (+) Transaction costs – 0 (+) OneSAPnow-related special items 14 8 (+) Valuation effects of embedded derivative 3 – (+) O
Slide 34: Special items
Special items in € million FY 2025 2026 mid-term Effect on earnings from purchase price allocations -45 ~(40) ~(40) EBIT adjustments -45 ~(40) ~(40) in € million FY 2025 2026 mid-term Special items are driven by Special items Special items are driven by -60 - Move to new site Oberkochen ~(35) furthe
Slide 35: Upcoming events and IR contact
Upcoming events and IR contact Financial calendar Contact Important links • 31st July 2026 • Nicole Schillinger, Head of Investor Relations • Publications H1 2026 Financial Report • Tim Schmid, Expert Investor Relations • News • 5th November 2026 9M 2026 Quarterly Statement • Phone: • Share informat
Slide 36: Detect and Protect.
Detect and Protect. HENSO LDT)