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

Investor webinar replay

Replay transcript excerpt

Good afternoon, everybody, and welcome to Hensoldt's full year 2025 preliminary results call. Thank you for joining us today. I'm Veronika Endres, Head of Investor Relations at Hensoldt, and with me are our CEO, Oliver Dörre, and our CFO, Christian Ladona. Oliver and Christian will guide you through this presentation today, which will be followed by a Q&A session. And with that, I hand over to you, Oliver. Thank you very much, Veronica, and a warm and cordial welcome to our valued investors and the analysts covering the hands-on stock. Let me begin with a clear statement. In 2025, we delivered on our commitments. Our book-to-bill ratio reached 1.9 times. Revenue came in within the guided range, adjusted EBITDA increased by 12% on a year-on-year to €452 million, resulting in a margin of 18.4%, fully in line with the guidance we updated in October. And free cash flow significantly exceeded expectations at a level of €347 million. These figures tell an important story. A book-to-bill ratio of 1.9 times is not just a strong order intake number. It is tangible evidence that the Seidenwende 2.0, as we call it, has moved from political announcement to contractual execution. Accelerated defense budgets are translating into funded procurement decisions. And those decisions are arriving in our order books. Demand is concrete and operational. At the same time, the increase in adjusted EBITDA to 452 million shows that we are managing growth with discipline. A 12% improvement in comparison to 2024 reflects emerging scaling effects while we continue to focus on efficiency. Free cash flow of 347 million reflects a strong operational execution, but also a structural evolution in contract arrangements, which, for example, now increasingly include advanced payments. In other words, ou...