Hensoldt Ag Unsp/Adr (HAGHY) Q4 2025 Earnings Call

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WEBVTT 00:00:00.976 -- 00:00:05.784 Good afternoon, everybody, and welcome to Hensoldt's full year 2025 00:00:05.784 -- 00:00:09.349 preliminary results call. Thank you for joining us today. 00:00:09.349 -- 00:00:14.617 I'm Veronika Endres, Head of Investor Relations at Hensoldt, and with me are our 00:00:14.617 -- 00:00:18.503 CEO, Oliver Dörre, and our CFO, Christian Ladona. 00:00:18.503 -- 00:00:23.491 Oliver and Christian will guide you through this presentation today, which will be followed 00:00:23.491 -- 00:00:28.432 by a Q&A session. And with that, I hand over to you, Oliver. 00:00:28.432 -- 00:00:33.461 Thank you very much, Veronica, and a warm and cordial welcome to our valued investors 00:00:33.461 -- 00:00:36.967 and the analysts covering the hands-on stock. 00:00:36.967 -- 00:00:42.016 Let me begin with a clear statement. In 2025, we delivered on 00:00:42.016 -- 00:00:43.719 our commitments. 00:00:43.719 -- 00:00:48.844 Our book-to-bill ratio reached 1.9 times. Revenue came in 00:00:48.844 -- 00:00:54.890 within the guided range, adjusted EBITDA increased by 12% on a year-on-year 00:00:54.890 -- 00:01:01.217 to €452 million, resulting in a margin of 18.4%, fully 00:01:01.217 -- 00:01:04.480 in line with the guidance we updated in October. 00:01:04.480 -- 00:01:09.325 And free cash flow significantly exceeded expectations 00:01:09.325 -- 00:01:11.587 at a level of €347 00:01:11.587 -- 00:01:13.389 million. 00:01:13.389 -- 00:01:18.841 These figures tell an important story. A book-to-bill ratio of 1.9 times 00:01:18.841 -- 00:01:24.088 is not just a strong order intake number. It is tangible evidence that 00:01:24.088 -- 00:01:29.095 the Seidenwende 2.0, as we call it, has moved from political 00:01:29.095 -- 00:01:32.199 announcement to contractual execut...