Slide 1: FY 2024 Preliminary Results – Analyst & Investor Presentation
FY 2024 Preliminary Results – Analyst & Investor Presentation Taufkirchen, 27th February 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 proper
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: We have delivered on and above our FY 2024 guidance
We have delivered on and above our FY 2024 guidance Financial highlights 2024 (1) (2) (3) Book-to-bill Revenue Profitability Adj. free cashflow 1.3x € 2,240m 19.4% € 249m Order intake above expectations Development in line Outstanding performance Excellent cash conversion showing structural growth a
Slide 4: Key Strategic Achievements 2024
Key Strategic Achievements 2024 Mid-term priorities New divisional setup North Star Radar & EW Operational Excellence Optronics Internationalization HENSOLDT Services & Training 2.0 Digitalization Multi-Domain Solutions ESG PMI Source: HENSOLDT AG. This document and its content is the property of HE
Slide 5: Key Strategic Achievements 2024 – On Track
Key Strategic Achievements 2024 Mid-term priorities New divisional setup North Star Significant ramp up of production Radar & EW Presented at CMD 2024, Implementation initiated Operational Excellence (radars, sights, laser rangefinders) Optronics HENSOLDT Go-live of new sales Implementation complete
Slide 6: North Star – Four axes define our strategy
North Star – Four axes define our strategy Grow Deliver Pioneer Lead our team with focus at scale Software-Defined into the future Defence Deliver sustainable and Achieve step change in operational Digitize and enhance Act as #OneHENSOLDT team profitable growth excellence to meet volume and platform
Slide 7: Operational achievements 2024
Operational achievements 2024 EF MK1 Radar PEGASUS Digital Sights Logistics Centre Hardware development First flight of modified Prototype of digital WAO HD Key enabler to ramp up milestone achieved and aircraft successfully delivered to KNDS production capacity radar set up for testing completed es
Slide 8: Key orders received in 2024 – Sensors segment
Key orders received in 2024 – Sensors segment TRML-4D NNbS Skyranger 30 ZEBEL F126 TRML-4D radars for Ukraine, Radars for short and very SPEXER radars Operation of the central TRS-4D radars for Latvia and Slovenia short-range air defence for Germany and Austria German Armed Forces spare F126 frigate
Slide 9: Key orders received in 2024 – Optronics segment
Key orders received in 2024 – Optronics segment Leopard 2 Final Focus Metrology Fennek U212 Optronics Next generation of high precision Upgrade to Periscopes and for German and Norwegian Leopard 2 measurement technology FFM new BAA III sensor package Optronic Mast Systems ~ €120m ~ €100m ~ €55m for
Slide 10: 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. 10
Slide 11: FY 2024 – excellent performance in top line
FY 2024 – excellent performance in top line in €m Very strong order intake Execution on track Significant increase of order backlog +20% +39% +21% 438 +9% 289 +18% -22% 1,847 -41 146 378 191 6,644 2,904 2,240 5,530 2,087 1,655 FY23 Organic M&A FY24 prelim FY23 Pass-through Core M&A FY24 prelim FY23
Slide 12: FY 2024 – strong bottom line sustained
FY 2024 – strong bottom line sustained in €m Profitability outperforms guidance Cash conversion exceeds guidance Core margin excluding Reported margin pass-through revenue +23% +20% +26% 4% 49 40 +8% 405 9 295 27 246 329 249 19.9% 19.4% 14.8% 14.1% 198 17.8% 18.1% 13.3% 13.2% FY23 Organic M&A FY24 p
Slide 13: FY 2024 – Sensors segment
FY 2024 – Sensors segment in €m Strong order intake Solid revenue performance Excellent margin performance Core margin excluding Reported margin pass-through revenue +39% +23% +25% -22% +8% 289 +9% 49 438 +12% 1,546 381 -41 115 26 184 191 306 2,209 1,908 22.6% 21.7% 1,587 1,355 19.8% 20.0% FY23 Orga
Slide 14: FY 2024 – Optronics segment
FY 2024 – Optronics segment in €m Significant increase of order intake Strong revenue growth Investments in digitalization and growth German entity South African entity German entity South African entity German entity South African entity 740 348 24 24 47 309 1 36 6 510 68 39 +47% +29% +30% 23 692 3
Slide 15: Deleveraging ahead of guidance
Deleveraging ahead of guidance Net leverage(1) ≤ 2.0x 1.6x Strong cash flow generation in Q4/2024 Net debt(1) 830 Solidly financed business with interest rates in €m 659 in lowest margin grid FY 2024 guidance FY 2024 prelim (1) Net leverage including lease liabilities, excluding pensions and liabili
Slide 16: Dividend proposal 2024
Dividend proposal 2024 Guidance outlines a dividend Adjusted net income The management board intends to propose to the of up to 30% - 40% of €185m preliminary supervisory board and the AGM a dividend per share of of adjusted net income 2024 €0.50 (+25% compared to 2023) This document and its content
Slide 17: Guidance 2025 updated and margin target raised
Guidance 2025 updated and margin target raised Based on currently approved defence budgets Previous 2025 guidance New 2025 guidance Orders to grow significantly Order intake / Book-to-Bill ~1.2x faster than revenue Revenue growth(1) / Revenue(1) Low double-digit growth €2,500m - €2,600m Adjusted EBI
Slide 18: 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 19: Capital allocation
Capital allocation Fund our growth Dividends M&A While 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 owner’s written consent. © Copyright HENSOLDT AG 2025. All rights reserved
Slide 20: Key financial takeaways
Key financial takeaways • Strong order intake in all divisions 2025 revenue backed Visibility 86% • High revenue coverage from firm order backlog by order backlog (1) Organic core revenue growth Top-line growth • Development in line with market dynamics +9% 2023 – 2024 prelim • Outstanding performan
Slide 21: Strong drivers to increase defence spending
Strong drivers to increase defence spending German Parliamentary NATO European Sovereignty Elections Capabilities Review Elections held on February 23rd Continuous review of conventional capabilities New US administration progressively pushing Europe Two-party coalition most likely due to recent Rus
Slide 22: German Parliamentary Elections: Friedrich Merz becomes next Federal Chancellor
German Parliamentary Elections: Friedrich Merz becomes next Federal Chancellor. Election result enables stable two-party coalition of CDU/CSU and SPD Election Results Coalition Options (316 seats required for a majority) 30% 28.5% CDU/CSU - AfD 360 25% 20.8% 20% 16.4% CDU/CSU - SPD 328 15% 11.6% 8.8
Slide 23: Top orders expected in 2025
Top orders expected in 2025 Air defence radars Eurofighter Ground-based systems SAGIR II TRML-4D and Spexer radars within Radars and self-protection Optronics and self-protection systems Cameras and radars for the land-border ESSI and beyond systems for Eurofighter for PuBo, Leopard 2, Korsak survei
Slide 24: €5 Bn revenues in 2030 – Key take aways
Key take aways Grow Deliver Pioneer Lead our team with focus at scale Software-Defined into the future Defence Sustainable and profitable growth Action plans in place to achieve step Initiatives launched to digitize and enhance Continue to act as #OneHENSOLDT ahead with rising budgets change in oper
Slide 25: 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. 25
Slide 26: 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. 26
Slide 27: We have delivered on our FY 2024 guidance
We have delivered on our FY 2024 guidance 2024 preliminary vs guidance Book-to-bill ratio(1) 1.3x Revenue €2,240m Adjusted EBITDA(2) €405m Adjusted EBITDA margin before pass-through 19.4% Adjusted FCF(3) €249m Net leverage(4) 1.6x (1) Book-to-Bill ratio is defined as order intake / reported revenue
Slide 28: EBIT to net income bridge
EBIT to net income bridge in €m ▪ Driven by utilization of tax loss carry forward from fiscal unity agreement in 2024 ▪ Income tax expenses expected to normalize again in 2025 and following years Reported EBIT Interest Interest expense Interest on Interest on Valuation interest Other effects Income
Slide 29: Net leverage development 2025
Net leverage development 2025 Lease liability Net debt w/o lease liability Net leverage(1) 1.6x ~1.5x Net leverage w/o lease liability (2) 0.9x ~0.6x Net debt(1) 715 Move to new site Oberkochen will increase lease in €m 659 liabilities in 2025 281 426 Cash performance remains as guided 378 289 2024A
Slide 30: 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. 30
Slide 31: Consolidated Income Statement
Consolidated Income Statement Fiscal year in € million 2024 (preliminary) 2023(1) Revenue 2,240 1,847 Cost of sales -1,732 -1,427 Gross profit 508 420 Selling and distribution expenses -128 -111 General administrative expenses -162 -118 Research and development costs -32 -30 Other operating income 2
Slide 32: Consolidated Statement of Financial Position – Assets
Consolidated Statement of Financial Position – Assets 31 Dec. in € million 2024 (preliminary) 2023(3) Non-current assets 2,289 1,424 Goodwill 1,115 658 Intangible assets 667 399 Property, plant and equipment 202 140 Right-of-use assets 249 189 Investments and other financial assets (1) 35 26 Non-cur
Slide 33: Consolidated Statement of Financial Position – Equity & Liabilities
Consolidated Statement of Financial Position – Equity & Liabilities 31 Dec. in € million 2024 (preliminary) 2023(3) Share capital 116 116 Capital reserve and other reserves 511 645 Retained earnings 245 62 Equity held by shareholders of HENSOLDT AG 872 822 Non-controlling interests 14 16 Equity, tot
Slide 34: Consolidated Statement of Cash Flows (1/2)
Consolidated Statement of Cash Flows (1/2) Fiscal year in € million 2024 (preliminary) 2023(3) Group profit / loss 106 58 Depreciation, amortisation and impairments of non-current assets 162 117 Financial expenses (net) 56 41 Change in Provisions -5 45 Inventories -103 -128 Contract balances 34 65 T
Slide 35: Consolidated Statement of Cash Flows (2/2)
Consolidated Statement of Cash Flows (2/2) Fiscal year in € million 2024 (preliminary) 2023 Cash flows from operating activities 311 267 Cash flows from investing activities -745 -122 Proceeds/repayment of financing liabilities(1) 442 10 Payment of lease liabilities -27 -19 Dividend payments -46 -32
Slide 36: Reconciliation to group figures
Reconciliation to group figures Fiscal year in € million 2024 (preliminary) 2023 Order intake 2,904 2,087 Sensors 2,209 1,587 Optronics 740 510 Elimination/Transversal/Others -45 -9 in € million Revenue 2,240 1,847 Sensors 1,908 1,546 Optronics 348 309 Elimination/Transversal/Others -15 -8 in € mill
Slide 37: Overview of EBITDA and EBIT adjustments
Overview of EBITDA and EBIT adjustments EBITDA adjustments Fiscal year EBIT adjustments Fiscal year 2024 2023 2024 2023 in € million (preliminary) in € million (preliminary) EBIT(1) 185 166 EBIT(1) 185 166 (+) Depreciation 65 48 (+) Effect on earnings from purchase price allocations (1) 46 33 (+) Am
Slide 38: Reconciliation of reported to adjusted FCF
Reconciliation of reported to adjusted FCF Fiscal year in € million 2024 (preliminary) 2023 Cash flows from operating activities 311 267 Cash flows from investing activities -745 -122 Free cash flow -434 145 (+) Transaction costs 11 4 (+) OneSAPnow related special items 36 12 (+) M&A-activities(1) 5
Slide 39: Q4 Financial Overview HENSOLDT Group
Q4 Financial Overview HENSOLDT Group Fourth quarter in € million 2024 (preliminary) 2023 Order intake 1,047 806 Book-to-bill ratio(1) 1.2x 1.1x Revenue 863 711 Adjusted EBIT(2) 184 151 Adjusted EBITDA(3) 217 178 Adjusted EBITDA margin 25.2 % 25.1 % Adjusted free cash flow(4) 406 360 (1) The book-to-
Slide 40: Reconciliation of reported to adjusted net income
Reconciliation of reported to adjusted net income Fiscal year in € million 2024 (preliminary) 2023(2) Group profit / loss 106 58 (+) Effect on earnings from purchase price allocations 46 33 (+) Transaction costs 3 10 (+) OneSAPnow related special items 13 12 (+) Other special items 49 26 Adjusted ne
Slide 41: Special items
Special items FY 2024 in € million 2025 mid-term (preliminary) Effect on earnings from purchase price allocations -46 ~(44) ~(33) EBIT adjustments -46 ~(44) ~(33) FY 2024 in € million 2025 mid-term (preliminary) Special items are driven by Special items (Transaction Cost, One SAPnow related items, O
Slide 42: 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 43: 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 44: 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