Hensoldt AgXETR: HAG

Analyst Presentation Closing of Nedinsco Acquisition

· Issued by Hensoldt Ag
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‌HENSOLDT AG

Nedinsco Closing - Analyst & Investor Presentation

Taufkirchen, 1st June 2026



‌Acquisition of Nedinsco closed

Dutch optronics specialist with strong engineering capabilities and international platform reach



Company Profile Selected Product Offerings

Land

Naval

  • Locations:

    Venlo (production and engineering)

    Eindhoven (engineering)

  • FTE: ~140

    Other

    Selected Product Platforms

    Driver Vision System

    Pan & Tilt

    Gun camera

    Periscopes

    Semicon.

    Inspection Tool





    Boxer Lynx





    PzH2000 Leopard 2A8





    CV90





    Frigate





    Puma & Schakal

    Supplier to Platform OEM

    Supplier to System Provider

    ‌Geared to Deliver at Scale

    Further secure supply chain and expand production capacity for sustained growth

    Strategic Pillar Rationale

    Supply Chain & Capacity Support

    • Securing the supply chain: Nedinsco is a critical supplier to HENSOLDT, with strong engineering and electro-optical expertise, clear expansion potential and the ability to balance capacities across the supply chain



      Portfolio & Tech



      Geographical Expansion



      Innovation

    • Portfolio expansion: Enables targeted portfolio and technology expansion in the optronics mid-market and opens new OEM relationships not currently addressed by HENSOLDT

    • Geographical footprint: Strengthens HENSOLDT's strategic presence

      in the Netherlands

    • Rapid prototyping: Enhances HENSOLDT's capabilities in the development,

prototyping and testing of new products, supported by its strong R&D setup

‌Terms and key financials

Transaction terms and financial profile of Nedinsco



− 100% of Nedinsco for an enterprise value in the high double-digit EUR million range

− Implied FY 2026E EV/EBITDA multiple in the low- to mid-teens

− FY 2026E revenue in the lower double-digit EUR million and Adj. EBITDA in the mid-single digit EUR million range

− Revenue CAGR ~20% from FY 2026 to FY 2028, supported by a strong orderbook and pipeline

− Cash conversion ~50%

Integration concept and

impact on HENSOLDT financials



− Nedinsco will continue operating from its Venlo site and be integrated into the Optronics segment

− The lean structure will be maintained, with gradual alignment to processes and systems

− The acquisition will be financed through existing cash

− Minimal top and bottom-line impact, since a significant business portion is consolidated

− FY 2026 guidance:

− Book-to-Bill, Revenue growth, Adjusted EBITDA margin and Dividend confirmed

− Adjusted FCF conversion increased from ~40% to ~50%, driven by higher advance payments

− Net leverage confirmed at ~1.5x due to increased cash conversion and more favorable lease liabilities



2026 guidance

Order intake / Book-to-Bill

1.5x - 2.0x

Revenue growth(1)

~€2,750m

Adjusted EBITDA margin(2)

18.5% - 19.0%

Adjusted FCF(3)

~40% ~50%

average conversion on average conversion on adjusted EBITDA adjusted EBITDA

Net leverage(4)

~1.5x ~1.5x

increased cash conversion and more favorable lease liabilities

Dividend

30 - 40%

of adjusted net income

Mid-term target

Orders to grow significantly faster than revenue

15% - 20% annual growth rate

back-end loaded

+50 bps annual margin improvement

~50%

average conversion on adjusted EBITDA

Further deleveraging

30 - 40%

of adjusted net income

‌Guidance 2026 increased for Adjusted FCF Mid-term targets confirmed

  1. Pass through share of total revenue is expected to be in the mid-single digit percentage range in 2026E.

  2. Adjusted EBITDA margin excluding certain special items relating to transaction costs, OneSAPnow-related special items and other special items.

  3. Adjusted Free Cash Flow is defined as free cash flow excluding certain special items as well as M&A activities.

  4. Net leverage including lease liabilities, excluding pensions and liabilities from the agreement for payment services.

    ‌IR Contacts Contact HENSOLDT share Reports

    • Contact:

      Tim Schmid

    • Phone:

      +49 89 51518 2625

    • Email:

      investorrelations@hensoldt.net

    • Internet:

      https://www.hensoldt.net

    • Type of share:

      Bearer shares

    • Stock Exchange:

      Frankfurt Stock Exchange

    • Security reference number:

      ISIN DE000HAG0005

    • Financial Reports:

      https://investors.hensoldt.net

    • Sustainability Report:

https://www.hensoldt.net