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9M 2026 Results Analyst & Investor Presentation Taufkirchen, 5th November 2026 Christian Ladurner, CFO
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2 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 solicitation of 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 not be 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 September 30, 2026, 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”, “targets” 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. Disclaimer Forward Looking Statement
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Latest strategic highlights 3 Grow with focusDeliver at scale Lead our team into the future Pioneer Software- Defined Defence • New optronics campus opened: Development, production and integration of optronic systems bundled under one roof in Oberkochen • Ramp-up milestones achieved: TRML-4D and Spexer production significantly increased • Air defence for Ukraine: MoU with Ukrainian MoD provides for further large-scale radar deliveries • New markets: HENSOLDT avionics suite ordered for India’s first electric air taxi • Staff expansion: 1,600 new hires by end of 2026 to support the ramp-up • Next generation: Number of new apprentices up 56% compared to 2023 • Value shift to software orchestrator: First prototypes under negotiation with customers • Software capacity expanding: New Software-Defined Defence centre near Stuttgart planned with ~300 jobs Continued progress along our four North Star axes
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Three lessons from Ukraine 4 Evolving air defence challenges: mass, spectrum, network Mass Mass attacks need coordinated engagement to stay efficient. Warning time becomes ever more decisive. Spectrum The threat spectrum widens and drone defence gets more complex. Ballistic missile defence is hard without massive US support. Network A comprehensive, partly mobile sensor network allows flexible use of effectors and fast adaptation. HENSOLDT CEO Oliver Dörre with President Zelenskyy in October 2026. Only a connected air picture puts the right effector on the right target. HENSOLDT sensors cover every layer of air defence. SHORT RANGE SPEXER 2000 3D MkIII MEDIUM RANGE TRML-4D Mobile ground-based radar LONG RANGE TRL-4D LR Land-based; naval variant TRS-4D LR
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Tangible progress in ramp-up 5 Additional capacity for optronics, radar and service OPENED ON TRACK IN PREPARATION Optronics site Radar production site MRO centre As committed, we are building the capacity to deliver at scale. Development, manufacturing and integration of optronics, with series production capabilities Series production of TRML-4D and Spexer MKII / MKIII radars for air and drone defence Expansion of maintenance, repair and overhaul operations for fielded optronic systems AI generated
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6 HENSOLDT Financials
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in €m 9M 2026 – strong order momentum, expanding revenue visibility 7 (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 with the ending backlog. Order intake • Order intake up more than €1.5bn y-o-y, driven by both segments • Key orders for armoured vehicles, Eurofighter MK1, and Knifefish prototypes • Book-to-bill ratio of 1.9x after 1.3x as of 9M 2025 Revenue • Continued strong growth dynamics, esp. in air defence • Service revenue gaining traction • Pass-through revenue in line with expectations Order backlog(1) • Increase of €3.3bn vs. previous year • Substantial increase driven by major armoured vehicle, land EW programmes, and multi domain • Order backlog visibility increasing further extending far into the next decade 1,457 1,715 78 148 1,536 1,863 9M 2025 9M 2026 Core Pass-through 7,096 10,367 9M 2025 9M 2026 2,017 3,564 9M 2025 9M 2026 +18% core +77% +46% Strong revenue momentum continuedOrder intake with significant increase Record order backlog of €10.4bn
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in €m 9M 2026 – accelerating earnings growth, driving further margin expansion 8 Record adj. EBITDA and adj. EBIT levels Free cash flow improves sequentially (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. • Strong earnings momentum driven by rising volumes in both segments • Adj. EBITDA margin expansion of 1.4 ppts • Drivers include accelerating air defence growth in Sensors and operating leverage in Optronics Adj. EBITDA(1) • Positive Q3 adj. free cash flow of €32m, in line with seasonal profile • Higher advance payments support continued investments in technology, capacities and working capital Adj. EBIT(2) Adj. FCF(3) -119 -104 9M 2025 9M 2026 +13% 211 281 9M 2025 9M 2026 +33% 15.1%13.7% 122 177 9M 2025 9M 2026 +45% 7.9% 9.5%
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in €m Sensors: All KPIs with significant increase 9 Order intake • Segment book-to-bill up to 1.7x • Order backlog at new record level of €7.4bn, up €1.6bn vs. previous year • Eurofighter, Knifefish prototypes and TRML-4D radars amongst key drivers Revenue • Growing momentum in air defence, particularly TRML-4D radars, as well as in multi domain • Pass-through revenues normalizing following elevated H1 levels Adj. EBITDA(1) • Margin improvement of ~40 bps • Strong Q3 margin momentum, driven by higher volumes and cost discipline • Disciplined cost management supporting profitability Robust revenue deliverySustained order growth momentum Strong increase in segment profitability (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. 1,703 2,631 9M 2025 9M 2026 +54% 1,239 1,374 78 1481,317 1,522 9M 2025 9M 2026 Core Pass-through +11% core 199 236 9M 2025 9M 2026 15.1% 15.5% +19%
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in €m Optronics: Broad-based operational strength 10 Order intake • €1bn mark surpassed, book-to-bill at 3.3x • Order backlog at €3.2bn • Major contributors Schakal and Puma, complemented by robust service momentum Revenue • Significant revenue growth, lifting segment contribution from 15% to 19% • Double-digit growth across all business units • Strong Luchs 2 and service revenue momentum Adj. EBITDA(1) • Momentum outpacing revenue growth, driving margin expansion • Margin more than doubled • Operating leverage the main driver Sustained strong revenue momentumStrong order intake growth Excellent margin development (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. 328 1,157 9M 2025 9M 2026 > 250% 232 354 9M 2025 9M 2026 +52% 12 45 9M 2025 9M 2026 >250% 12.6% 5.1%
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0.5 0.4 0.2 0.2 0.4 1.1 9M 2026 Electromagnetic Warfare Air Defence Ground Based Systems Multi Domain Others FY 2026E w/o PEGASUS PEGASUS FY 2026E w/ PEGASUS Order intake bridge: Q4 2026 expected to benefit from key orders Book-to-bill at upper end of guidance even with PEGASUS materialising in early 2027 ~5.3 ~1.9x ~6.4 ~2.3x 3.6 Order intake [€bn] and book-to-bill
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Guidance 2026 refined 12 Previous 2026 guidance Refined 2026 guidance Book-to-bill ratio ~1.5x – 2.0x at the upper end of the ~1.5x – 2.0x range Revenue growth ~€2,750m ~€2,800m Adjusted EBITDA margin(1) 18.5% - 19.0% Adjusted FCF(2) ~50% average conversion rate on adjusted EBITDA Net leverage(3) ~1.5x Dividend payout ratio 30 - 40% of adjusted net income Source: HENSOLDT AG (1) Adjusted EBITDA margin excluding certain special items relating to transaction costs, OneSAPnow-related special items and other special items. (2) Adjusted free cash flow is defined as free cash flow excluding certain special items as well as M&A activities. (3) Net leverage including lease liabilities, excluding pensions and liabilities from the agreement for payment services. We are on track to deliver at the upper end of our guided book-to-bill ratio range ~19.0%
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Update on Sensors key orders 2026 and beyond 13 KnifefishEurofighter LuWESTRML-4D Pegasus Second batch PEGASUS for Germany > €1,100m Land EW systems for the Netherlands and other European customers ~ €550m thereof ~ €150m booked TRML-4D radars within ESSI and Ukraine support as well as for export customers ~ €400m thereof ~ €100m booked Airborne electromagnetic attack for German Air Force Spanish Halcon program and EF Turkey, re-baseline contract series ~€700m thereof ~ €600m booked Base case: order intake in early 2027
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Update on Optronics key orders 2026 and beyond 14 Puma Commander and gunner sight, self-protection system ~ €450m booked Commander and gunner sight, self-protection system ~ €350m booked Schakal Thermal imager for gunner sight, commander and driver sight ~ €200m thereof ~ €65m booked Leopard 2 Optronics mast systems for Canadian submarine program U212 CD
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Sustained momentum and a strong foundation for long-term growth 15 Achievements • Significant order intake increase driven by a broad range of programmes, further key orders expected • Order backlog above €10bn provides visibility well into the next decade • Strong revenue performance supported by sustained momentum across both segments • Excellent profitability with earnings growth outpacing revenue growth Outlook • FY 2026 book-to-bill ratio expected at upper end of guidance even with PEGASUS materialising in 2027 • Increased dynamics in full-year revenue and adj. EBITDA margin, reflecting strong execution • Industrial footprint expansion on track increasing capacity for radar, optronics and service from 2027 • Multi-year investment cycle reinforced across HENSOLDT’s portfolio and core markets
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16 Q&A Session
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17 Back-up
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HENSOLDT content on key armoured vehicles 18 SchakalLuchs 2 SkyrangerLeopard 2 Puma 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) 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) RCH 155 SETAS (all-round vision system)
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HENSOLDT C-UAS Portfolio 19 Comprehensive, field-proven solutions across the full detect–react–protect chain ELYSION C -UAS – Integrated System Solution ① DETECT Multi-sensor 24/7 detection ② REACT Command & control with AI-driven data fusion ③ PROTECT Scalable effector mix – soft to hard kill Enabling Sensor Technology SPEXER 2000 Radar Family • Multi-range surveillance: ground, sea & low-altitude air targets • Automated detection & classification of sUAS TAROSS Optronic Sighting System • Target acquisition & reconnaissance for C-UAS verification • High-performance EO/IR optics for day/night operations Platform Integration Skyranger 30 (Rheinmetall) • SPEXER radar as core sensor in Rheinmetall Air Defence system • Mission Core – C2 software: sensor fusion & automation • Flexible Site Protection – rapidly deployable, scalable sensor kit • Shelterised Asset Protection – hardened, all-weather fixed installation
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20 HENSOLDT Financial Section
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This document and its content are the property of HENSOLDT AG. They are not permitted to be communicated to any third party without the owner’s written consent. © Copyright HENSOLDT AG 2026. All rights reserved. 21 Consolidated Income Statement Together we make the difference for a safer tomorrow. First nine months in € million 2026 2025 Revenue 1,863 1,536 Cost of sales -1,497 -1,258 Gross profit 366 278 Selling and distribution expenses -104 -99 General administrative expenses -110 -103 Research and development costs -39 -29 Other operating income 22 24 Other operating expenses -12 -20 Share of profit / loss from investments accounted for using the equity method 3 3 Other income / expense from investments – -5 Earnings before financial result and income taxes (EBIT) 126 48 Interest income 28 17 Interest expense -80 -80 Other finance income / costs 3 -14 Financial result -48 -78 Earnings before income taxes (EBT) 78 -29 Income taxes -38 -3 Group profit / loss 39 -33 thereof attributable to the owners of HENSOLDT AG 42 -30 thereof attributable to non-controlling interests -3 -3
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This document and its content are the property of HENSOLDT AG. They are not permitted to be communicated to any third party without the owner’s written consent. © Copyright HENSOLDT AG 2026. All rights reserved. 22 Consolidated Statement of Financial Position – Assets Together we make the difference for a safer tomorrow. in € million 30 Sept. 2026 31 Dec. 2025 Non-current assets 2,909 2,562 Goodwill 1,184 1,117 Intangible assets 786 703 Property, plant and equipment 315 242 Right-of-use assets 460 413 Investments accounted for using the equity method 9 6 Other investments and non-current other financial investments 108 42 Non-current other financial assets 7 11 Non-current other assets 37 29 Deferred tax assets 2 1 Current assets 3,000 2,865 Inventories 1,158 878 Contract assets 479 424 Trade receivables 533 436 Current other financial assets 27 22 Current other assets 179 145 Income tax receivables 30 26 Cash and cash equivalents 593 933 Total assets 5,908 5,427
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This document and its content are the property of HENSOLDT AG. They are not permitted to be communicated to any third party without the owner’s written consent. © Copyright HENSOLDT AG 2026. All rights reserved. 23 Consolidated Statement of Financial Position – Equity & Liabilities Together we make the difference for a safer tomorrow. in € million 30 Sept. 2026 31 Dec. 2025 Share capital 116 116 Capital reserve 439 439 Other reserves 212 128 Retained earnings 290 309 Equity held by shareholders of HENSOLDT AG 1,056 991 Non-controlling interests 9 11 Equity, total 1,065 1,002 Non-current liabilities 2,115 2,091 Non-current provisions 258 287 Non-current financing liabilities 1,162 1,163 Non-current lease liabilities 458 416 Non-current other financial liabilities 0 9 Non-current other liabilities 13 17 Deferred income 21 34 Deferred tax liabilities 203 166 Current liabilities 2,727 2,334 Current provisions 251 253 Current financing liabilities 12 20 Contract liabilities 1,583 1,146 Current lease liabilities 46 35 Trade payables 596 591 Current other financial liabilities 3 38 Current other liabilities 192 219 Current deferred income 16 – Income tax liabilities 28 32 Total equity and liabilities 5,908 5,427
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This document and its content are the property of HENSOLDT AG. They are not permitted to be communicated to any third party without the owner’s written consent. © Copyright HENSOLDT AG 2026. 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 2026 2025 Group profit / loss 39 -33 Depreciation, amortisation and impairments of non-current assets 134 130 Impairments (+) / reversals of impairments (-) of inventories, trade receivables and contract assets -7 -0 Share of profit / loss from investments accounted for using the equity method -3 -3 Financial expenses (net) 41 54 Other non-cash expense / income 1 2 Change in Provisions 1 -15 Inventories -263 -224 Contract balances 386 66 Trade receivables -95 99 Trade payables 3 -37 Other assets and liabilities -122 -23 Interest paid -59 -56 Interest received 8 7 Income tax expense (+) / income (-) 38 3 Income tax payments (-) / refunds (+) -21 -26 Cash flows from operating activities 81 -55 Acquisition / addition of intangible assets and property, plant and equipment -227 -134 Proceeds from sale of intangible assets and property, plant and equipment 1 1 Payments for investments in non-consolidated affiliates, joint ventures, associates, other investments and other non-current financial assets -5 -24 Dividends received from investments accounted for using the equity method, non- consolidated affiliates, joint ventures, associates and other investments 1 – Acquisition of subsidiaries net of cash acquired -84 -5 Other – -0 Cash flows from investing activities -314 -162
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This document and its content are the property of HENSOLDT AG. They are not permitted to be communicated to any third party without the owner’s written consent. © Copyright HENSOLDT AG 2026. 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 2026 2025 Cash flows from operating activities 81 -55 Cash flows from investing activities -314 -162 Repayment from financing liabilities to banks – -220 Proceeds from financing liabilities to banks – 300 Transaction costs paid from refinancing – -5 Change in other financing liabilities -9 -8 Payment of lease liabilities -30 -25 Dividend payments -64 -58 Cash flows from financing activities -103 -17 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 -1 2 Net changes in cash and cash equivalents -340 -229 Cash and cash equivalents Cash and cash equivalents on 1 January 933 733 Cash and cash equivalents on 30 September 593 504
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This document and its content are the property of HENSOLDT AG. They are not permitted to be communicated to any third party without the owner’s written consent. © Copyright HENSOLDT AG 2026. All rights reserved. 26 Together we make the difference for a safer tomorrow. First nine months in € million 2026 2025 Order intake 3,564 2,017 Sensors 2,631 1,703 Optronics 1,157 328 Elimination/Transversal/Others -224 -15 in € million Segment revenue 1,863 1,536 Sensors 1,522 1,317 Optronics 354 232 Elimination/Transversal/Others -13 -14 in € million Adjusted EBITDA 281 211 Sensors 236 199 Optronics 45 12 Elimination/Transversal/Others – – (1) 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. Order intake, segment revenue and adjusted EBITDA
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This document and its content are the property of HENSOLDT AG. They are not permitted to be communicated to any third party without the owner’s written consent. © Copyright HENSOLDT AG 2026. All rights reserved. 27 Overview of EBITDA and EBIT adjustments EBITDA adjustments First nine months in € million 2026 2025 EBIT 126 48 (+) Depreciation 64 51 (+) Amortisation and impairments of non-current assets 70 79 EBITDA 260 179 (+) Effects on earnings from purchase price allocations 0 0 (+) Transaction costs 2 0 (+) OneSAPnow-related special items 16 15 (+) Other special items 3 17 Adjusted EBITDA 281 211 EBIT adjustments First nine months in € million 2026 2025 EBIT 126 48 (+) Effect on earnings from purchase price allocations 30 33 thereof intangible assets 29 32 thereof property, plant and equipment 0 0 thereof inventories 0 0 (+) Transaction costs 2 0 (+) OneSAPnow-related special items 16 16 (+) Other special items 3 25 Adjusted EBIT 177 122
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This document and its content are the property of HENSOLDT AG. They are not permitted to be communicated to any third party without the owner’s written consent. © Copyright HENSOLDT AG 2026. All rights reserved. 28 Reconciliation of reported to adjusted FCF First nine months in € million 2026 2025 Cash flows from operating activities 81 -55 Cash flows from investing activities -314 -162 Free cash flow -233 -218 (+) Transaction costs 0 0 (+) OneSAPnow-related special items 36 36 (+) M&A and other activities1 88 28 (+) Other special items 6 34 Adjusted free cash flow -104 -119 Cash flows from financing activities -103 -17 (1) Defined as sum of “Proceeds from sale of intangible assets and property, plant and equipment”, “Payments for investments in n on-consolidated affiliates, joint ventures, associates, other investments and other non-current financial assets", “Acquisition of subsidiaries net of cash acquired” as well as “Other cash flows from investing activities” as reported in the Consolidated Statement of Cash Flows.
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This document and its content are the property of HENSOLDT AG. They are not permitted to be communicated to any third party without the owner’s written consent. © Copyright HENSOLDT AG 2026. All rights reserved. (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 flows. 29 Q3 Financial Overview HENSOLDT Group Third quarter in € million 2026 2025 Order intake 752 611 Book-to-bill ratio(1) 1.1x 1.0x Revenue 696 591 Adjusted EBIT(2) 107 73 Adjusted EBITDA(3) 143 104 Adjusted EBITDA margin 20.6 % 17.6 % Adjusted free cash flow(4) 32 62
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This document and its content are the property of HENSOLDT AG. They are not permitted to be communicated to any third party without the owner’s written consent. © Copyright HENSOLDT AG 2026. All rights reserved. 30 Reconciliation of reported to adjusted net income First nine months in € million 2026 2025 Group profit / loss 39 -33 (+) Effects on earnings from purchase price allocations 30 33 (+) Transaction costs 2 0 (+) OneSAPnow-related special items 16 16 (+) Valuation effects of embedded derivative 4 – (+) Other special items 3 35 Adjusted net income pre-tax adjustment 94 51 (+) Tax adjustments(1) -15 -24 Adjusted net income 79 27 (1) Includes tax adjustments for effects on earnings from purchase price allocations, OneSAPnow-related special items, valuation effects of embedded derivatives as well as other special items.
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31 Special items in € million FY 2025 2026 mid-term Effect on earnings from purchase price allocations -45 ~(40) ~(40) EBIT adjustments -45 ~(40) ~(40) in € million FY 2025 2026 mid-term Special items (Transaction Cost, One SAPnow related items, Other special items) -60 ~(35) further ramp-down EBIT adjustments -60 ~(35) further ramp-down in € million FY 2025 2026 mid-term Special items (Transaction Cost, One SAPnow related items, Other special items) -50 ~(35) further ramp-down EBITDA adjustments -50 ~(35) further ramp-down in € million FY 2025 2026 mid-term Special items (Transaction Cost, One SAPnow related items, Other special items) -101 ~(60) further ramp-down FCF adjustments -101 ~(60) further ramp-down Special items are driven by - S4HANA implementation Special items are driven by - S4HANA implementation Special items are driven by - 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 Special items are driven by - Move to new site Oberkochen - S4HANA implementation
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Upcoming events and IR contact 32 Financial calendar Important linksContact • 10th November 2026 Capital Markets Day 2026, London • 24th February 2027 Preliminary annual financial results 2026 • 25th March 2027 Annual Report 2026 • 29th April 2027 3M 2027 Quarterly Statement • Nicole Schillinger, Head of Investor Relations • Tim Schmid, Expert Investor Relations • Phone: +49 89 51518 2625 • Email: investorrelations@hensoldt.net • Publications • News • Share information • Investor events • IR newsletter