Slide 1: 9M 2025 Results – Analyst & Investor Presentation
9M 2025 Results – Analyst & Investor Presentation Berlin, 7th November 2025 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 property theHENSOLDT owner’s AG. It shall
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: Zeitenwende 2.0 is materializing
Zeitenwende 2.0 is materializing HENSOLDT assumptions confirmed Re-launch of Prioritised Coalition treaty ReArm Europe Defence Budget parliamentary new procurement presented plan adopted 2026 approved approvals programmes defined … 09.04. 06.05. June July August September October November … German N
Slide 4: Key orders Sensors
Key orders Sensors P-8 Poseidon Eurofighter tranche 5 TRML-4D Sustainment contract Eurofighter tranche 5 TRML-4D for Ukraine and for German P-8 program Switzerland Booked in October Contract in flow-down Contract in flow-down ~ €130m ~ €180m ~ €200m This document and its content is the property of H
Slide 5: Key orders Optronics
Key orders Optronics Luchs II Leopard 2 Schakal SAGIR II U212A for GER Ceretron sensors suite, Commander sight, driver sight Commander and gunner sight, Sensor suite for land border SERO420/OMS150 sights and self-protection and thermal imager for gunner self-protection system security surveillance A
Slide 6: Our clear plan for ramping-up capacity is paving the way for future growth
Our clear plan for ramping-up capacity is paving the way for future growth Capacity … 2025 2026 2027 2028 2029 2030 … 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 r
Slide 7: New radar production site secures delivery capability
New radar production site secures delivery capability • 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 resilienc
Slide 8: 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. 8
Slide 9: 9M 2025 – excellent performance in top line
9M 2025 – excellent performance in top line in €m Order intake as planned Strong revenue performance Record order backlog Core Pass-Through 1,536 78 1,377 98 +9% +14% +9% 2,017 7,096 1,457 1,856 6,513 1,280 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 Order intake Revenue Order backlog(1) • Order
Slide 10: 9M 2025 – bottom line as planned
9M 2025 – bottom line as planned in €m Profitability on track Strong cash generation in Q3 2025 Adj. EBITDA(1) Adj. EBIT(2) Adj. FCF(3) 9M 2024 9M 2025 211 122 187 111 -119 7.9% -157 13.6% 13.7% 8.1% 9M 2024 9M 2025 9M 2024 9M 2025 • Solid margin performance in Optronics segment • Advanced payments
Slide 11: 9M 2025 – Sensors segment
9M 2025 – Sensors segment in €m Solid order intake Execution on track Positive margin development Core Pass-Through 1,317 78 1,205 199 98 194 +12 % 16.1% 15.1% 1,703 1,603 1,239 1,108 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 9M 2025 Order intake Revenue Adj. EBITDA(1) • Order intake driven by Eurofig
Slide 12: 9M 2025 – Optronics segment
9M 2025 – Optronics segment in €m Order intake as planned Strong revenue growth Excellent margin development 9M 2024 9M 2025 12 328 +27% 297 232 5.1% 182 -7 -3.7% 9M 2024 9M 2025 9M 2024 9M 2025 Order intake Revenue Adj. EBITDA(1) • Solid order intake driven by orders for U212A • Excellent revenue d
Slide 13: Order intake bridge 9M 2025 to FY 2025
Order intake bridge 9M 2025 to FY 2025 in €m ~670 ~100 ~120 ~130 ~150 ~180 ~200 ~850 E.g. - Services & integration ~4,400 - Eurofighter programme - Air defence - Self-protection systems - Naval business ~2,000 Order intake Luchs II TRML-4D EF tranche 5 Pegasus P-8 Poseidon SAGIR II Leopard 2 Others
Slide 14: Guidance 2025 updated
Guidance 2025 updated Previous 2025 guidance New 2025 guidance Order intake / Book-to-Bill ~1.2x 1.6x – 1.9x Increased Revenue growth(1) €2,500m - €2,600m ~€2,500m Specified Adjusted EBITDA margin(2) ~18% ≥18.0 % Specified Adjusted FCF(3) 50% - 60% 50% - 60% Unchanged average conversion on adjusted
Slide 15: Key takeaways
Key takeaways • Record order backlog of €7.1bn provides excellent visibility • Strong revenue development in both segments • Solid margin performance with effects from logistical ramp-up further diluting Achievements • Site move of ground-based systems successfully concluded Guidance 2025 updated •
Slide 16: 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. 16
Slide 17: 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. 17
Slide 18: HENSOLDT content on key armoured vehicles
HENSOLDT content on key armoured vehicles Luchs 2 Leopard 2 Schakal Puma Skyranger CERETRON Sensors Suite Peri RTWL Peri RTWL Peri RTWL Spexer 2000 MKIII (commander periscope) (commander periscope) (commander periscope) (three antennas per BAA IV vehicle) (surveillance and EMES OPO WAO WAO reconnais
Slide 19: EBIT to net income bridge
EBIT to net income bridge in €m Includes non-cash accounting effect of €-11m resulting from refinancing concluded in April 2025 Cash interest expense decreased by €10m year-on-year, reflecting improved refinancing conditions 15 -45 48 -18 -16 1 -33 -16 -4 Reported EBIT Interest Interest expense
Slide 20: 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. 20
Slide 21: Consolidated Income Statement
Consolidated Income Statement First nine months in € million 2025 2024 Revenue 1,536 1,377 Cost of sales -1,258 -1,105 Gross profit 278 272 Selling and distribution expenses -99 -95 General administrative expenses -103 -112 Research and development costs -29 -26 Together we make Other operating inco
Slide 22: Consolidated Statement of Financial Position – Assets
Consolidated Statement of Financial Position – Assets in € million 30 Sep. 2025 31 Dec. 2024 Non-current assets 2,494 2,289 Goodwill 1,117 1,115 Intangible assets 681 667 Property, plant and equipment 227 202 Right-of-use assets 386 249 Investments accounted for using the equity method 7 4 Other inv
Slide 23: Consolidated Statement of Financial Position – Equity & Liabilities
Consolidated Statement of Financial Position – Equity & Liabilities in € million 30 Sep. 2025 31 Dec. 2024 Share capital 116 116 Capital reserve 439 474 Other reserves 97 37 Retained earnings 191 245 Equity held by shareholders of HENSOLDT AG 843 872 Non-controlling interests 10 14 Equity, total 853
Slide 24: Consolidated Statement of Cash Flows (1/2)
Consolidated Statement of Cash Flows (1/2) First nine months in € million 2025 2024 Group profit / loss -33 -48 Depreciation, amortisation and impairments of non-current assets 130 109 Impairments (+) / reversals of impairments (-) of inventories, trade receivables and contract assets -0 6 Share of
Slide 25: Consolidated Statement of Cash Flows (2/2)
Consolidated Statement of Cash Flows (2/2) First nine months in € million 2025 2024 Cash flows from operating activities -55 -138 Cash flows from investing activities -162 -676 Repayment from financing liabilities to banks -220 – Proceeds from financing liabilities to banks 300 450 Transaction costs
Slide 26: Order intake, segment revenue and adjusted EBITDA
Order intake, segment revenue and adjusted EBITDA First nine months in € million 2025 2024 Order intake 2,017 1,856 Sensors 1,703 1,603 Optronics 328 297 Elimination/Transversal/Others -15 -44 in € million Segment revenue Sensors Together we make 1,536 1,317 1,377 1,205 Optronics Elimination/Transve
Slide 27: Overview of EBITDA and EBIT adjustments
Overview of EBITDA and EBIT adjustments EBITDA adjustments First nine months EBIT adjustments First nine months in € million 2025 2024 in € million 2025 2024 EBIT 48 41 EBIT 48 41 (+) Depreciation 51 45 (+) Effect on earnings from purchase price allocations 33 32 (+) Amortisation 79 64 thereof intan
Slide 28: Reconciliation of reported to adjusted FCF
Reconciliation of reported to adjusted FCF First nine months in € million 2025 2024 Cash flows from operating activities -55 -138 Cash flows from investing activities -162 -676 Free cash flow -218 -814 (+) Transaction costs 0 11 (+) OneSAPnow-related special items 36 28 (+) M&A-activities1 28 574 (+
Slide 29: Q3 Financial Overview HENSOLDT Group
Q3 Financial Overview HENSOLDT Group Third quarter in € million 2025 2024 Order intake 611 497 Book-to-bill ratio(1) 1.0x 0.9x Revenue 591 528 Adjusted EBIT(2) 73 59 Adjusted EBITDA(3) 104 84 Adjusted EBITDA margin 17.6 % 15.9 % Adjusted free cash flow(4) 62 -12 (1) The book-to-bill ratio is defined
Slide 30: Reconciliation of reported to adjusted net income
Reconciliation of reported to adjusted net income First nine months in € million 2025 2024 Group profit / loss -33 -48 (+) Effects on earnings from purchase price allocations 33 32 (+) Transaction costs 0 3 (+) OneSAPnow-related special items 16 7 (+) Other special items 35 29 Adjusted net income pr
Slide 31: Special items
Special items in € million H1 2025 2025 mid-term Effect on earnings from purchase price allocations -22 ~(44) ~(33) EBIT adjustments -22 ~(44) ~(33) in € million H1 2025 2025 mid-term Special items are driven by Special items (Transaction Cost, One SAPnow related items, Other special items) -21 -45
Slide 32: Upcoming IR events
Upcoming IR events FY 2024 FY 2024 9M AGM 9M 9M CMD preliminary audited Feb 27th Mar 27th May 7th May 27th Jul 31st Nov 7th Nov 11th 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
Slide 33: 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 34: 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