Hensoldt Ag · XETR:HAG
Hensoldt — Investor Presentation (March 2026)
56 slides from Hensoldt's investor presentation, March 2026
Slide 1: HENSOLDT Company Presentation March 2026
HENSOLDT Together we make the difference for a safer tomorrow. Company Presentation March 2026 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 b
Slide 2: Content
Content 1 2 3 Business model Strategic vision 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 2026. All rights reserved. 2
Slide 3: Business model
1 Business model 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 2026. All rights reserved. 3
Slide 4: About HENSOLDT
About HENSOLDT Multi-Domain Solutions As a solution provider, we offer manufacturer-independent system integration and develop, realise, support and operate complex systems. Together we make Optronics, Radar and EW As a technology leader, we develop innovative, readily available software-driven the
Slide 5: Key areas of activity
Key areas of activity HENSOLDT is a champion in the defence industry across all domains Air Land Sea Cyber Space • Area surveillance radars • Surveillance and target • Surface surveillance EO / IR • Intelligence and EW systems • Radar and IR systems acquisition radars and radar systems for secure co
Slide 6: Our business
Our business We develop our business on three axes: products, solutions and services Smart and connected sensor specialist Services Supplier of platform-independent, software-defined, smart and connected sensors, optronics and electromagnetic warfare products. Multi-domain solution integrator Missio
Slide 7: Key figures
Key figures Based on fiscal year 2025 in mEUR 8,833 Order backlog 4,710 Order intake 1.9 x Book-to-bill ratio 2,455 Revenue 452 Adjusted EBITDA 347 Adjusted free cash flow This document and its content is the property of HENSOLDT AG. It shall not be communicated to any third party without the owner’
Slide 8: Global footprint
Global footprint More than 9,200 employees across the globe Norway Germany Oslo Taufkirchen, Aalen, Berlin, Bonn, Bremen, Cologne, Donauwörth, Netherlands Fürstenfeldbruck, Hamburg, Holzdorf, Rotterdam, Eindhoven Immenstaad, Kiel, Koblenz, Landshut, München, Nordholz, Oberkochen, Belgium Pforzheim,
Slide 9: 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 10: 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 11: 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 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: Sensors are our core product offering
Sensors are our core product offering HENSOLDT is at the heart of the smart and connected battlefield Presence of electronics over time HENSOLDT Sensors pre-requisite for Multi-Domain Operations Leopard 2A7+ ca. 45% MGCS ca. 55% Eurofighter ca. 40% FCAS ca. 45% F125 class ca. 35% F127 class ca. 40%
Slide 14: 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 33% 8.8 6.6 2024 2025 CMD 2024 Identified pipeline 2025E-2030E for 2026E - 2031E Source: HENSOLDT AG (1) Pipeline is defined as total identified opportunities open for tender, base
Slide 15: 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 16: Strategic vision
2 Strategic vision 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 2026. All rights reserved. 16
Slide 17: 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 18: 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 19: 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 20: 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 21: 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 HENSOLDT 2030+ HENSOLDT Diversified MRO & SDD services heritage High value-added Multi-domain SDD solutions Interoperability Higher value chain positioning Solutions & services provider
Slide 22: 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 is the property of HENSOLDT AG. It shal
Slide 23: 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 24: 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 25: 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 26: 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 27: 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 28: 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 29: Our sustainability strategy: a holistic approach
Our sustainability strategy: a holistic approach Reduce our Societal Compliance Innovation Diversity climate impact responsibility 2035: carbon neutrality1 Actively contributes Strict anti-corruption Promote green 2023: 23% women in to the protection policy and Code technologies1 workforce 2030: - 6
Slide 30: 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 31: Financials
3 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 2026. All rights reserved. 31
Slide 32: Excellent performance in top line
Excellent performance in top line in €m Strong order intake Smooth conversion into revenues Record Order backlog 4,710 2,455 8,833 2,240 1,847 6,644 2,904 5,530 2,087 FY 2023 FY 2024 FY 2025 FY 2023 FY 2024 FY 2025 FY 2023 FY 2024 FY 2025 Order intake(1) Revenue Order backlog(2) • Structural growth
Slide 33: Bottom line follows top line development
Bottom line follows top line development in €m Strong profitability Excellent cash flow generation 347 452 327 249 405 295 198 329 246 FY 2023 FY 2024 FY 2025 FY 2023 FY 2024 FY 2025 FY 2023 FY 2024 FY 2025 Adj. EBITDA(1) Adj. EBIT(2) Adj. FCF(3) • Excellent development of profitability driven by fu
Slide 34: Guidance 2026 increased for Adjusted FCF
Guidance 2026 increased for Adjusted FCF Net leverage confirmed after Nedinsco closing 2026 guidance Order intake / Book-to-Bill 1.5x – 2.0x Revenue growth(1) ~€2,750m Adjusted EBITDA margin(2) 18.5% – 19.0% ~40% ~50% Adjusted FCF(3) average conversion on average conversion on adjusted EBITDA adjust
Slide 35: Mid-term targets confirmed
Mid-term targets confirmed Mid-term targets Orders to grow significantly faster than Order intake / Book-to-Bill 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 EBIT
Slide 36: 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 37: 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 38: Continued growth in R&D investment
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 39: 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 40: 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 is the property of HENSOLDT AG. It shall not be communicated to any third party without the
Slide 41: 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 is the property of HENSOLDT AG. It shall not be communicated to any third party wit
Slide 42: 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 2026. All rights reserved. 42
Slide 43: Consolidated Income Statement
Consolidated Income Statement Fiscal year in € million 2025 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 costs -42 -32 Other operating income 36 22 Other operat
Slide 44: Consolidated Statement of Financial Position – Assets
Consolidated Statement of Financial Position – Assets 31 Dec. in € million 2025 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 accounted for using the equity method 6 4 Other investments
Slide 45: Consolidated Statement of Financial Position – Equity & Liabilities
Consolidated Statement of Financial Position – Equity & Liabilities 31 Dec. in € million 2025 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-controlling interests 11 14 Equity, total 1,002 886
Slide 46: Consolidated Statement of Cash Flows (1/2)
Consolidated Statement of Cash Flows (1/2) Fiscal year in € million 2025 2024 Group profit / loss 86 106 Depreciation, amortisation and impairments of non-current assets 181 162 Impairments (+) / reversals of impairments (-) of inventories, trade receivables and contract assets 5 17 Profit / loss fr
Slide 47: Consolidated Statement of Cash Flows (2/2)
Consolidated Statement of Cash Flows (2/2) Fiscal year in € million 2025 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 liabilities to banks 300 450 Transaction costs paid o
Slide 48: Reconciliation to group figures
Reconciliation to group figures Fiscal year in € million 2025 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 419 348 Elimination/Transversal/Others -21 -15 in € millio
Slide 49: Overview of EBITDA and EBIT adjustments
Overview of EBITDA and EBIT adjustments EBITDA adjustments Fiscal year EBIT adjustments Fiscal year 2025 2024 2025 2024 in € million in € million EBIT 221 185 EBIT 221 185 (+) Depreciation 71 65 (+) Effect on earnings from purchase price allocations 45 46 (+) Amortisation and impairments of non-curr
Slide 50: Reconciliation of reported to adjusted FCF
Reconciliation of reported to adjusted FCF Fiscal year in € million 2025 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 special items 45 36 (+) M&A-activities(1) 29 574 (+) Othe
Slide 51: Q4 Financial Overview HENSOLDT Group
Q4 Financial Overview HENSOLDT Group Fourth quarter in € million 2025 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 free cash flow(4) 466 406 (1) The book-to-bill ratio i
Slide 52: Reconciliation of reported to adjusted net income
Reconciliation of reported to adjusted net income Fiscal year in € million 2025 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 (+) Other special items 55 49 Adjusted net income pre-tax a
Slide 53: Special items
Special items 2025 in € million 202 mi m ffect on earnings from purchase price allocations ( ) ( ) m n 5 ~ 0 ~ 0 2025 in € million 202 mi m i li m i n Special items i li m i n o on i o n ( ) further ramp down im l m n ion im l m n ion m n 0 ~ 5 m o n 2025 in € million 202 mi m i li m i n Special ite
Slide 54: 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 2038 +49 89 51518 26
Slide 55: Forward Looking Statement
Disclaimer Forward Looking Statement This presentation and the information contained herein are for information purposes only and should not be treated This presentation may contain forward-looking statements about HENSOLDT and its businesses, including as investment advice or recommendation. It is
Slide 56: Thank you!
Thank you! 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 H