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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. 1 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. 9M 2025 Results – Analyst & Investor Presentation Berlin, 7th November 2025 Christian Ladurner, CFO
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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. 2 Disclaimer Forward Looking Statement This presentation and the information contained herein are for information purposes only and should not be treated as investment advice or recommendation. It is not, and nothing in it should be construed as an offer for sale, or as a solicitationof an offer to purchase or subscribe to, any securities in any jurisdiction. Neither this presentation nor anything contained therein shall form the basis of, or be relied upon in connection with, any commitment or contract whatsoever. This presentation does not constitute a prospectus in whole or in part. This presentation may not, at any time, be reproduced, distributed or published (in whole or in part) without prior written consent of HENSOLDT. Any securities referred to herein have not been and will notbe registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), or the laws of any state of the United States, and may not be offered, sold or otherwise transferred in the United States absent registration or pursuant to an available exemption from registration under the Securities Act. Certain financial information including financial information as of and for the period ended November 30, 2025 is unaudited. The report is denominated in Euro (€). All amounts in this report are rounded to million or billion Euros. Due to rounding, numbers presented throughout this and other documents may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. This presentation contains certain supplemental financial or operative measures that are not calculated in accordance with International Financial Reporting Standards as adopted by the European Union (“IFRS”) or any other generally accepted accounting principles, and are therefore considered non-GAAP measures. We believe that such non-GAAP measures, when considered in conjunction with (but not in lieu of) other measures that are computed in accordance with IFRS, enhance the understanding of our business, results of operations, financial position or cash flows. There are, however, material limitations associated with the use of non-GAAP measures including (without limitation) the limitations inherent in the determination of relevant adjustments. The non-GAAP measures used by us may differ from, and may not be comparable to, similarly-titled measures used by other companies. The information contained in this presentation has not been independently verified, and no representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information contained herein and no reliance should be placed on it. HENSOLDT does not accept any liability for any loss howsoever arising (in negligence or otherwise), directly or indirectly, from this presentation or its contents or otherwise arising in connection with this presentation. This shall not, however, restrict or exclude or limit any duty or liability to a person under any applicable law or regulation of any jurisdiction which may not lawfully be disclaimed (including in relation to fraudulent misrepresentation). The information contained in this presentation is provided as of the date of this presentation and is subject to change without notice. This presentation may contain forward-looking statements about HENSOLDT and its businesses, including statements concerning its strategies, future growth potential of markets and products, profitability in specific areas, future product portfolio, and development of and competition in economics and markets. These statements are based on the current views, expectations, assumptions and information of management, and are based on information currently available to management. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “expects” and similar references to future periods. Any such forward-looking statements involve known and unknown risks which may cause actual results to differ significantly from any future results expressed or implied. While we believe that the assumptions made and the expectations reflected in today’s presentation are reasonable, no assurance can be given that such assumptions or expectations will prove to have been correct. The risks and uncertainties which these forward-looking statements may be subject to include (without limitation) future market developments and the impact of global and European social, political and economic events and developments, including the Russian war against the Ukraine as well as defence and security spending by governments, legal restrictions and controls applicable to sales of HENSOLDT’s products, including government approval requirements and moratoriums, international conflicts and political developments affecting HENSOLDT, including by way of new export restrictions, trade barriers, or political support for competitors, HENSOLDT’s inclusion and participation in major defence projects and platforms and HENSOLDT’s competitive situation. The company assumes no liability whatsoever to update these forward-looking statements or to adjust them to future events or developments. HENSOLDT’s public reports and presentations are available via www.HENSOLDT.net
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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. 3 Zeitenwende 2.0 is materializing HENSOLDT assumptions confirmed ReArm Europe plan adopted … 09.04. November06.05. September …June July August October Re-launch of parliamentary approvals German Government formed NATO force goals available Defence Budget 2025 approved Planning and procurement acceleration law passed Prioritised new procurement programmes defined Defence Budget 2026 approved Coalition treaty presented “Eckwertepapier” for 2025 budget approved Parliamentary approvals ongoing
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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. 4 Key orders Sensors Eurofighter tranche 5P-8 Poseidon TRML-4D Sustainment contract for German P-8 program Booked in October ~ €130m Eurofighter tranche 5 Contract in flow-down ~ €180m TRML-4D for Ukraine and Switzerland Contract in flow-down ~ €200m
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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. 5 Key orders Optronics SAGIR IILeopard 2Luchs II Schakal U212A for GER Sensor suite for land border security surveillance Algeria Contract booked in October ~ €80m Commander sight, driver sight and thermal imager for gunner sight Contract in flow-down ~ €100m Commander and gunner sight, self-protection system Contract in flow-down > €300m SERO420/OMS150 Capability enhancement Contract booked in September ~ €65m Ceretron sensors suite, sights and self-protection system Contract in flow-down ~ €850m
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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. 6 Our clear plan for ramping-up capacity is paving the way for future growth … 2025 …2026 2027 2028 2029 2030 Capacity
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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. 7 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 resilience & synergies
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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 HENSOLDT Financials
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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. 9 1,280 1,457 98 78 1,377 1,536 9M 2024 9M 2025 Core Pass-Through (1) Order backlog is defined as the value of the order book as of the respective reporting date by recording customer orders starting with the opening backlog, taking into account revenue and adjustments for the respective reporting period, and ending wit h the ending backlog Strong revenue performance Order intake as planned Record order backlog 9M 2025 – excellent performance in top line in €m • Order intake developed as planned, driven by Eurofighter programme and TRML-4D radars • Previous year’s high order intake included large orders for air defence systems NNbS and TRML-4D Order intake • Strong development in both segments despite slower start in Sensors in the first half of 2025 • Further decrease of pass-through revenue • Record order backlog provides excellent visibility • Book-to-bill ratio at 1.3x per 9M 2025 Revenue Order backlog (1) 6,513 7,096 9M 2024 9M 2025 1,856 2,017 9M 2024 9M 2025 +14%+9% +9%
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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. 10 111 122 9M 2024 9M 2025 187 211 9M 2024 9M 2025 (1) Adjusted EBITDA is defined as EBIT adjusted for depreciation and amortization (including effects on earnings from purchas e price allocations), as well as certain special items relating to transaction costs, OneSAPnow-related special items as well as other special items. (2) Adjusted EBIT is defined as EBIT adjusted for certain special items relating to effects on earnings from purchase price allocations, transaction costs, OneSAPnow-related special items as well as other special items. (3) Adjusted Free Cash Flow is defined as free cash flow adjusted for special items as well as M&A activities. The free cash flow is defined as sum of the cash flows from operating and investing activities as reported in the Consolidated Statement of Cash Flow. Profitability on track Strong cash generation in Q3 2025 in €m • Solid margin performance in Optronics segment • Minor impact on margin driven by product mix in Sensors segment • Effects on margin from logistical ramp-up continue to dilute • Cost and revenue synergies from ESG acquisition materialize Adj. EBITDA(1) • Advanced payments support free cash flow position • Investment in inventories as planned Adj. EBIT(2) Adj. FCF(3) -157 -119 9M 2024 9M 2025 8.1% 9M 2025 – bottom line as planned 13.7%13.6% 7.9%
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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. 11 194 199 9M 2024 9M 2025 (1) Adjusted EBITDA is defined as EBIT adjusted for depreciation and amortization (including effects on earnings from purchas e price allocations), as well as certain special items relating to transaction costs, OneSAPnow-related special items as well as other special items. Execution on trackSolid order intake Positive margin development 9M 2025 – Sensors segment in €m • Order intake driven by Eurofighter Re-baselining, Eurofighter Halcon and TRML-4D radars for Ukraine Order intake • Strong revenue performance despite slower start in Radar production in the first half of 2025 • Further decrease of pass-through business • Minor impact on margin driven by product mix • Effects on margin from logistical ramp-up continue to dilute • Cost and revenue synergies from ESG acquisition materialize Revenue Adj. EBITDA (1) 16.1% 15.1% 1,603 1,703 9M 2024 9M 2025 1,108 1,239 98 781,205 1,317 9M 2024 9M 2025 Core Pass-Through +12 %
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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. 12 -7 12 9M 2024 9M 2025 (1) Adjusted EBITDA is defined as EBIT adjusted for depreciation and amortization (including effects on earnings from purchas e price allocations), as well as certain special items relating to transaction costs, OneSAPnow-related special items as well as other special items. Strong revenue growthOrder intake as planned Excellent margin development 9M 2025 – Optronics segment in €m • Solid order intake driven by orders for U212A submarine retrofit, ground-based systems and gimbals Order intake • Excellent revenue development of German entity continues • Site move of ground-based systems successfully concluded • Margin improvement follows increased volume Revenue Adj. EBITDA (1) 297 328 9M 2024 9M 2025 182 232 9M 2024 9M 2025 +27% 5.1% -3.7%
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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. 13 Order intake bridge 9M 2025 to FY 2025 in €m ~2,000 ~850 ~200 ~180 ~150 ~130 ~120 ~100 ~670 ~4,400 Order intake 9M 2025 Luchs II TRML-4D UA & CH EF tranche 5 Pegasus re-baselining P-8 Poseidon SAGIR II Sensors + Optronics Leopard 2 Others Order intake FY 2025E E.g. - Services & integration - Eurofighter programme - Air defence - Self-protection systems - Naval business
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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. 14 Guidance 2025 updated (1) Pass through share of total revenue is expected to be in the low -single digit percentage range between 20 25 and 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. 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% average conversion on adjusted EBITDA 50% - 60% average conversion on adjusted EBITDA Unchanged Net leverage(4) ~1.5x ~1.5x unchanged Dividend 30 - 40% of adjusted net income 30 - 40% of adjusted net income unchanged
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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. 15 Key takeaways Achievements • 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 • Site move of ground-based systems successfully concluded Guidance 2025 updated Outlook • Ongoing parliamentary approvals reflected in increased book -to-bill guidance • Further major contracts to be expected in 2025 and 2026 • Ramp-up of air defence radar from 2027 secured • Zeitenwende 2.0 starts to materialize
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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 Q&A session
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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 Back-up
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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. 18 HENSOLDT content on key armoured vehicles Leopard 2Luchs 2 Schakal CERETRON Sensors Suite BAA IV (surveillance and reconnaissance sensors) SETAS (See Through Armour System) MUSS L (self-protection system) RDF (Radio Direction Finder) Peri RTWL (commander periscope) EMES OPO (laser range finder) ATTICA GL (thermal imaging system for the gunner) FERO Z18 (gunner auxiliary sight) SPECTUS (driver’s sight) Peri RTWL (commander periscope) WAO (long-range electro-optical target acquisition system) MUSS 2.0 (self-protection system) Puma Skyranger Spexer 2000 MKIII (three antennas per vehicle) Peri RTWL (commander periscope) WAO (long-range electro-optical target acquisition system) MUSS 2.0 (self-protection system)
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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. 19 EBIT to net income bridge in €m Reported EBIT 9M 2025 Interest income Interest expense loan agreements Interest on pensions Interest on lease liabilities Valuation interest rate hedge (swap) Other effects Income tax Reported net income 9M 2025 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 -18 -16 1 -16 -4 48 -33
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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 HENSOLDT Financial Section
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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. 21 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. 21 Consolidated Income Statement Together we make the difference for a safer tomorrow. 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 Other operating income 24 13 Other operating expenses -20 -14 Share of profit / loss from investments accounted for using the equity method 3 3 Other income / expense from investments -5 -1 Earnings before financial result and income taxes (EBIT) 48 41 Interest income 17 24 Interest expense -80 -74 Other finance income / costs -14 2 Financial result -78 -48 Earnings before income taxes (EBT) -29 -8 Income taxes -3 -40 Group profit / loss -33 -48 thereof attributable to the owners of HENSOLDT AG -30 -46 thereof attributable to non-controlling interests -3 -2
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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. 22 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. 22 Consolidated Statement of Financial Position – Assets Together we make the difference for a safer tomorrow. 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 investments and non-current other financial investments 42 24 Non-current other financial assets 13 7 Non-current other assets 19 20 Deferred tax assets 3 1 Current assets 2,480 2,407 Non-current other financial investments, current portion – 0 Inventories 935 719 Contract assets 508 385 Trade receivables 331 426 Current other financial assets 28 8 Current other assets 155 115 Income tax receivables 19 20 Cash and cash equivalents 504 733 Total assets 4,974 4,696
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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. 23 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. 23 Consolidated Statement of Financial Position – Equity & Liabilities Together we make the difference for a safer tomorrow. 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 853 886 Non-current liabilities 2,090 1,927 Non-current provisions 348 418 Non-current financing liabilities 1,157 1,072 Non-current contract liabilities – 4 Non-current lease liabilities 391 256 Non-current other financial liabilities 11 13 Non-current other liabilities 11 15 Deferred income 29 27 Deferred tax liabilities 143 123 Current liabilities 2,031 1,883 Current provisions 227 257 Current financing liabilities 15 22 Current contract liabilities 968 776 Current lease liabilities 31 25 Trade payables 509 546 Current other financial liabilities 104 74 Current other liabilities 158 151 Tax liabilities 19 33 Total equity and liabilities 4,974 4,696
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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. 24 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. 24 Consolidated Statement of Cash Flows (1/2) Together we make the difference for a safer tomorrow. 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 profits in investments accounted for using the equity method -3 -3 Financial expenses (net) 54 41 Other non-cash expense / income 2 -0 Change in Provisions -15 -7 Inventories -224 -187 Contract balances 66 -47 Trade receivables 99 17 Trade payables -37 47 Other assets and liabilities -23 -58 Interest paid -56 -48 Interest received 7 17 Income tax expense (+) / income (-) 3 40 Income tax payments (-) / refunds (+) -26 -17 Cash flows from operating activities -55 -138 Acquisition / addition of intangible assets and property, plant and equipment -134 -131 Proceeds from sale of intangible assets and property, plant and equipment 1 2 Payments for investments in non-consolidated affiliates, joint ventures, associates, other investments and other non-current financial assets -24 -1 Proceeds from disposals of non-consolidated affiliates, joint ventures, associates, other investments and non-current financial assets – -3 Acquisition of subsidiaries net of cash acquired -5 -543 Other -0 -0 Cash flows from investing activities -162 -676
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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 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 Consolidated Statement of Cash Flows (2/2) Together we make the difference for a safer tomorrow. 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 paid from refinancing -5 -2 Change in other financing liabilities -8 -5 Payment of lease liabilities -25 -20 Dividend payments -58 -46 Transaction costs paid on issue of equity – -1 Other -0 -0 Cash flows from financing activities -17 376 Effects of changes in exchange rates on cash and cash equivalents 3 -3 Changes in cash and cash equivalents due to changes in the scope of consolidation 2 – Net changes in cash and cash equivalents -229 -442 Cash and cash equivalents Cash and cash equivalents on 1 January 733 802 Cash and cash equivalents on 30 September 504 360
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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 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 Together we make the difference for a safer tomorrow. 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 1,536 1,377 Sensors 1,317 1,205 Optronics 232 182 Elimination/Transversal/Others -14 -10 in € million Adjusted EBITDA 211 187 Sensors 199 194 Optronics 12 -7 Elimination/Transversal/Others – – (1) Adjusted EBITDA is defined as EBIT adjusted for depreciation and amortisation (including effects on earnings from purchase pr ice allocations), as well as certain special items relating to transaction costs, OneSAPnow-related special items as well as other special items. Order intake, segment revenue and adjusted EBITDA
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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. 27 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. 27 Overview of EBITDA and EBIT adjustments EBITDA adjustments First nine months in € million 2025 2024 EBIT 48 41 (+) Depreciation 51 45 (+) Amortisation 79 64 EBITDA 179 150 (+) Effects on earnings from purchase price allocations 0 0 (+) Transaction costs 0 3 (+) OneSAPnow-related special items 15 6 (+) Other special items 17 28 Adjusted EBITDA 211 187 EBIT adjustments First nine months in € million 2025 2024 EBIT 48 41 (+) Effect on earnings from purchase price allocations 33 32 thereof intangible assets 32 31 thereof property, plant and equipment 0 0 thereof inventories 0 0 (+) Transaction costs 0 3 (+) OneSAPnow-related special items 16 7 (+) Other special items 25 29 Adjusted EBIT 122 111
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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. 28 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. 28 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 (+) Other special items 34 44 Adjusted free cash flow -119 -157 Cash flows from financing activities -17 376 (1) Defined as sum of “Proceeds from sale of intangible assets and property, plant and equipment”, “Payments for investments in non-consolidated affiliates, joint ventures, associates, other investments and other non-current financial assets”, “Proceeds from disposals of non-consolidated affiliates, joint ventures, associates, other investments and non-current financial assets”, "Acquisition of subsidiaries less acquired cash and cash equivalents" as well as “Other cash flows from investing activities” as reported in the Consolidated Statement of Cash Flows. In addition, a compensation obligation paid in connection with the acquisition of the ESG Group is recognised in operating cash flow in the first nine months 2024.
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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. 29 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. 29 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 as the ratio of order intake to revenue in the relevant fiscal year. (2) Adjusted EBIT corresponds to earnings before finance result and income taxes (EBIT), adjusted for certain special items relat ing to effects on transaction costs, earnings from purchase price allocations, OneSAPnow-related special items as well as other special items. (3) Adjusted EBITDA is defined as EBIT adjusted for depreciation and amortisation (including effects on earnings from purchase price allocations), as well as certain special items relating to transaction cos ts, OneSAPnow-related special items as well as other special items. (4) Adjusted free cash flow is defined as free cash flow adjusted for special items and M&A activities. The free cash flow is def ined as the sum of the cash flows from operating and investing activities as reported in the consolidated statement of cash flow s.
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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 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 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 pre-tax adjustment 51 23 (+) Tax adjustments(1) -24 -19 Adjusted net income 27 4 (1) Includes tax adjustments for effects on earnings from purchase price allocations, OneSAPnow-related special items as well as other special items.
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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. 31 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 (Transaction Cost, One SAPnow related items, Other special items) -21 -45 to -55 significant ramp-down EBIT adjustments -21 -45 to -55 significant ramp-down in € million H1 2025 2025 mid-term Special items (Transaction Cost, One SAPnow related items, Other special items) -17 -35 to -45 significant ramp-down EBITDA adjustments -17 -35 to -45 significant ramp-down in € million H1 2025 2025 mid-term Special items (Transaction Cost, One SAPnow related items, Other special items) -47 -60 to -80 significant ramp-down F CF adjustments -47 -60 to -80 significant ramp-down Special items are driven by - Move to new site Oberkochen - S4HANA implementation Special items are driven by - Move to new site Oberkochen - S4HANA implementation Special items are driven by - Move to new site Oberkochen - S4HANA implementation
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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. 32 Upcoming IR events Feb 27th May 7th FY 2024 preliminary 9M AGM 9M 9M May 27th Jul 31st Nov 7th FY 2024 audited Mar 27th CMD Nov 11th
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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. 33 IR Contacts Contact: Veronika Endres Tim Schmid Phone: +49 89 51518 2057 +49 89 51518 2625 Email: investorrelations@hensoldt.net Internet: www.hensoldt.net Type of share: Bearer shares Stock Exchange: Frankfurt Stock Exchange Security reference number: ISIN DE000HAG0005 Contact HENSOLDT share Reports Financial Reports: https://investors.hensoldt.net Annual Report: https://annualreport.hensoldt.net Sustainability Report: www.hensoldt.net
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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. 34 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.