HENSOLDT AG

Investor Presentation • Nov 11, 2025

Agenda

Opening remarks Mastering the defence supercycle

Delivering our North Star strategy

Financial performance and outlook

Welcome Q&A

Coffee break

Our North Star growth formula: €6 billion revenue ambition in 2030

Course set at Capital Markets Day 2024 and ambition updated in spring

Confirmed ambition of €6bn with a clear growth path beyond 2030

Our North Star strategy 2030+

Deliver at scale

Scalable, resilient, and efficient operations to respond to future demands

Foundation

Pioneer software-defined defence

Clear right to win in software-defined defence and multi-domain operations with commercially ready products and solutions

Ambition

Grow with focus

Increased defence spending paves the way to capture significant additional growth

Commitment

Lead our team into the future

Right team composition to accelerate growth, supported by new attractiveness of defence

Enabler

Strong progress in executing our strategy

Deliver at scale

• Fully operationalised new logistics centre
• Move to new Optronics site progressing
• Operations 2.0 action plan in implementation

Pioneer software-defined defence

• New SDD & digitalisation organization established
• Strategic partnerships e.g. with Quantum Systems, Diehl, etc.
• Commercialised products and solutions (MDOCore, CERETRON, etc.)

Grow with focus

• Six focus regions identified and strategies formulated
• Sales organization transformed, key account management established
• Progress in refocussing international organization

Lead our team into the future

• Launched culture evolution initiatives for 2030+
• Established new leadership governance
• Hired > 1,100 new employees since last CMD

Rising global tensions and heightened security threats

The defence supercycle is becoming reality

Leading role in European defence Readiness 2030 initiative NATO Summit

• New government, reform of debt brake with 3.5% of GDP for defence spending confirmed
• Orders materializing since Q4 2025

• Intention to mobilize up to €800bn for Readiness 2030 initiative
• €150bn in Security Action for Europe loans allocated

• Commitment to 3.5% of GDP for core defence spending
• Capability increase across all domains with up to 50 additional brigades(1)

(1) Source: Reuters

Germany takes the lead in European defence

Historical and forecast defence spending (% of GDP) Defence spending CAGRs 2025-2030

Germany Europe excl. Germany United States

Source: Renaissance Strategic Advisors.

Strong political commitment drives long-term growth

In future, the federal government will provide all the financial resources the Bundeswehr needs to become the strongest conventional army in Europe.

Friedrich Merz, chancellor, government statement, 14 May 2025

We will ensure that more money spent on defence actually means more security for our country and our allies.

Boris Pistorius, minister of defence, German Bundestag, 9 October 2025

Political support

• Long-term financial commitments and accelerated procurement
• Planning- and Procurement Acceleration law
• ~150 €25m procurement parliamentary proposals planned between September 2025 and December 2026
• New organisational structures in Federal Chancellery, Ministry of Defence and Ministry of Economics highlighting industrial support
• German framework contracts opened for European allies

Defence market outlook exceeds expectations

Accessible defence electronics market growth by region

Speed and scale of major procurement programs

Strong electronics density growth

Operational imperative for interconnected sensors in multi- domain operations

Accelerating next generation capabilities

Source: Renaissance Strategic Advisors (1) International figures do not include Afghanistan, China, Iran, North Korea, Russia

Enhanced visibility from a record order book and pipeline

Source: HENSOLDT AG (1) Pipeline is defined as total identified opportunities open for tender, based on management estimates of total value of contracts addressable over specified period (unadjusted for win probabilities for HENSOLDT).

Growth momentum from major German procurement programs

Increasing scale of existing capabilities

Upgrades to existing capabilities

Development of new capabilities

Dimensions of German defence spending… …with HENSOLDT positioned across all domains

German-led programs fuel European and international growth

Select German programs and confirmed customers (1)

Select European programs and confirmed customers

Source: HENSOLDT AG (1) total number including Germany

Key orders booked and contract flow-down imminent

CERETRON sensors suite, sights and self-protection system in flow-down

Eurofighter re-baselining, Halcon received, tranche 5 expected in Q4 2025

TRML-4D (GBAD and weapon location) radars for Ukraine, additional orders expected in Q4 2025

Luchs 2 Eurofighter TRML-4D Leopard 2/Schakal P-8 Poseidon

Commander sight, driver sight and thermal imager for gunner sight in contract flow-down

Sustainment contract for German P-8 program, booked in October

~ €850m ~ €560m ~ €500m > €400m ~ €100m

Luchs 2 / CERETRON:landmark contract signed

"Deliver at scale" meets "Pioneer software-defined defence"

Contractual options and international demand offer significant upside potential

Connected sensor suite

Strong SDD relevance

Volume increased by 3x since program initiation

Strategic market: Counter-UAV capabilities gaining importance

ELYSION offers seamless integration with existing air defence networks

Scaling sensors and systems: Longer cycle of sustainable growth outperforms initial complexity

HENSOLDT position

Pioneer softwaredefined defence

Solutions for diverse portfolio of defence programs

Specialised components, precision assembly and calibration

Systems and software engineering, platform integration

Longer cycle durable growth

Long-term driven by modernization and upgrades of existing platforms

Source: HENSOLDT AG

Delivering on our Operations 2.0 objectives

Scalability Resilience Efficiency

Re-engineering

Productivity enhancement

Footprint expansion

People

Supply chain

IT backbone

Operational excellence

Capital discipline

Foundation laid for a step-change in production capacity to 2030 and beyond

Expanding our industrial footprint with new and modernized sites

• 2.900 m² production area
• Infantry sights

2024: Wetzlar 2025: Logistics Centre 2026: Oberkochen

• 30.000 m² logistic area
• Transversal logistics

• 40.000 m² total area
• Vehicle optronics

Source: HENSOLDT AG.

Operations 2.0 – our mission to scale

We are building a scalable, resilient and efficient Operations System to respond to strategic challenges and to satisfy future demand in products and services. " "

Achieving the next level of industrial scale

Capacity increase for selected key products

2.0

Production capacity MRO/Spares/Upgrades

Source: HENSOLDT AG

Expansion and redundancy strengthen delivery resilience

+3.4x sqm increase New site Oberkochen Logistics centre Air defence radar production site New site, Wetzlar Other Germany

Footprint as of 2023 Footprint in 2027 Footprint 2028 and beyond

Further site expansions to be evaluated

Additional Site Extension and relocation to new stie

Deep-dive: New air defence radar production site

• 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 with synergies

Strengthening our supply chain for resilience and scale

Secure short-term supply

• Early order placements
• Batch strategy

Establish long-term, high-volume supply

• Multi-year frame contracts
• Strategic partnerships

Enhance supply chain performance

• Strategic supplier relations
• Focus on supplier quality

Increase supply chain resilience

• N-tier governance for critical raw materials
• Strategic stocks
• Geopoliticalresilience

Optimize strategic supplier development

• Use HENSOLDT entities
• Strategic partnerships
• Vertical integration / M&A

#oneSAPnow and a robust IT backbone drive industrial expansion

Strong progress in 2025

CRM Service Cloud Go-Live January 2025

CRM Sales Cloud Go-Live April 2025

HCM Go-Live July 2025

EWM logistics centre Go-Live July 2025

Technical Go-Live Global Template End of 2025

• Increased resilience and flexibility
• Improved customer service
• Higher efficiency and compliance

Embedding resilience Hybrid approach to continue roll-out

• Rollout strategy calibrated
• Production expansion prioritized
• S/4HANA upgrades sequenced

#oneSAPnow and a robust IT backbone drive industrial expansion

Completed

Ongoing

Expand high-availability systems

Build disaster recovery capacity

Next

Build new data center

Driving efficiency across the value chain

Efficiency enhancements along entire value stream

Engineering

Design for manufacturing

Supplier management

Secure supply & increase resilience

Logistics

Automation & digitalization

Factory setup

Takt-timed series production for high volume runners

People

Training & up-skilling

Production

Lean processes & new shift models

Testing

Upgrades & automation

Key takeaways

Capacity expansion achieved, next steps initiated

Complexity of transformation well managed

Efficiency and cash discipline drive decision-making

Use case: Counter-UAV enabled by software-defined defence (SDD)

Software at the core of HENSOLDT's counter-UAS system ELYSION SDD unlocks next level counter-UAS capabilities

Daily updated AI-based drone classification

Fast scalable sensor grid through software interfaces

All domain AI-supported situational awareness

Software-defined defence at the core of modern warfare

Interoperability

Adaptability

Actionable intelligence

From sensor excellence to leadership in software-defined defence

Our clear right to win in software-defined defence

Key differentiators

Sensor data ownership across domains

Vendor, platform and OEM agnosticism

Sovereignty, ITAR-free and open architecture

Mastering mission data and AI complexity

MDOcore – the software backbone for multi-domain operations

MDOcore will link all legacy and future military sensors and solutions MDOcore highlights

Fully SDD compliant scalable, modular, and open architecture that is fully adaptable to diverse customer requirements

Enables Multi-domain operations by linking distributed sensors to an overarching system to provide information dominance on the battlefield

Multimodal data fusion and AI using data mesh and data-as-a-service (DaaS) technology for a distributed MDOcore sensor grid

CERETRON – our first operational SDD solution for land systems

CERETRON transforms vehicles into networked reconnaissance nodes Initial Proof of SDD approach

Secured IP through mid-double-digit €m R&D

Scalable open and modular architecture

Combines multiple sensor types including own and 3rd party

Embedded in networked system of

Strategic R&D investments unlock substantial program revenue

Highlights Key facts

Proven, market-ready software solutions delivering value today

Self-funded R&D, securing our IPs

Significant programme revenue unlocked via software

Strong scalable potential on the long term

Source: HENSOLDT AG

ELYSION (in Mio€)

Expanding into a software- and data-centric, high-margin business model

Smart & connected sensors

Strengthening existing sensor USPs and providing lifecycle software adaptation and development, e.g. TRML-4D (GBAD/WL)

Scalable software solutions

Recurring higher-margin revenue streams with software like MDOcore, ELYSION and CERETRON

Extended services

Accessing new markets and customer base by offering continuous software updates, new data- and software-as-a-service contracts

SDD opens the door for highly profitable recurring revenues

Becoming the orchestrator of multi-domain operations

HENSOLDT has a clear right to win in SDD/MDO

Focused investments on SDD/MDO capabilities

Proof of smart partnering capabilities

Unique position R&D Partnership Recurring revenue

Scalable, data-centric business with high margin recurring revenue

Differentiation for "fight tonight" and competitive advantage for "fight tomorrow"

Long-term geographic ambition intact – strong near-term momentum from Germany and Europe

Key account management and go-to-market approach drive targeted growth

Sales transformation to address new market realities Actions

Focus countries

Account management

Organizational setup & operating model

International subsidiaries

Clear prioritization and targeted go-to market approach

Introduction of fully customer-centric account function

Adjusting to fit account and regional focus

in France, UK and South Africa Integration into our global operating and governance model.

Our global team speaks: voices from around the world

Partnerships and selective M&A as key enablers of growth

Building a high-performance culture for growth beyond 2030

Systematic attraction

Use current recruiting opportunities and attract the right talents

Development driven

Continuous learning to adapt to changing markets

Meaningful retention

Systematic talent retention embedded in performance culture

ESG leadership

Sustainability embedded across five pillars

Systematic attraction – reinforcing our employer-of-choice position

+30%

Apprenticeships since 2023

Kununu score 4.3 / 90%

Why candidate experience matters even more How HENSOLDT ensures to attract the right people

Targeted campaigns		Active sourcing strategies (e.g. in software)	Onsite events
Systematic attraction
Vocational training	Agile workforce	Systematic development	Flagship concept
University

Source: HENSOLDT AG.

partnerships

Development-driven – continuous learning for a changing market

Classes conducted >680

Training participations

Development offers +9

Global training catalog

Social & experiential learning

Re-skilling Up-skilling

Talent identification

Succession planning

Meaningful retention within a high-performance culture

>95%

Retention rate

+3.6

Leadership strength

principles

Health promotion

benefits

Culture evolution initiative as key driver for change

Collaboration, ownership, feedback, change mindset and leadership responsibility are key to HOW we work at HENSOLDT.

Delivering on our sustainability strategy across five pillars

Reduce climate impact

• Reduction of Scope 1 emissions by 22% compared to 2020
• Switch to green electricity in Germany, France and UK
• Completed calculation of Scope 3 emissions in 2024

Societal responsibility

• Part of the 'Made for Germany' initiative
• Conducting the Health and Leadership Survey

Compliance

• Introduction of new whistleblowertool
• Strict anti-corruption policy and code of conduct

Innovation

• Integration of sustainability criteria into the innovation process
• Development of a digitalisation roadmap

Diversity

• 25% of Leadership team are women
• Start of development of a bias free recruiting process
• Establishment of group-wide unconscious bias training

Recognised ESG leadership and ratings

In 2025, HENSOLDT AG ranked:

Among top 35% globally across all sectors

Among Top 35% performers across all industries

"A" rating in 2025 Above sector average in 2024

Source: HENSOLDT AG Sustainalytics ESG rating based on ESG risk (exposure & management) Scale: 0 (best) ⇔ 40+ (worst)

Nine-month 2025 results on track to meet guidance

€ 2.0 bn € 7.1 bn 1.3 x

Order intake in line with expectations Record order backlog Strong book-to-bill ratio

€ 1.5 bn € 211 m 13.7 %

Excellent revenue performance Strong adjusted EBITDA(1) Solid adjusted EBITDA(1) margin

Source: HENSOLDT AG (1) Adjusted EBITDA / adjusted EBITDA margin excluding certain special items relating to transaction costs, OneSAPnow-related special items and other special items.

Segment overview – Sensors and Optronics

Full-year guidance confirmed

	Previous 2025 guidance	New 2025 guidance
Order intake / Book-to-bill	~1.2x	1.6x – 1.9x	increased specified specified unchanged
Revenue growth	€2,500m - €2,600m	~€2,500m
Adjusted EBITDA margin(1)	~18%	≥18.0 %
Adjusted FCF(2)	50% - 60% average conversion on adjusted EBITDA	50% - 60% average conversion on adjusted EBITDA
Net leverage(3)	~1.5x	~1.5x	unchanged
Dividend	30 - 40% of adjusted net income	30 - 40% of adjusted net income	unchanged

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.

2026 and mid-term targets raised

	2026 target	Mid-term target
Order intake / Book-to-Bill	~1.5x – 2.0x	Orders to grow significantly faster than revenue 15% - 20% annual growth rate back-end loaded
Revenue growth	10% growth rate
Adjusted EBITDA margin(1)	+50 bps annual margin improvement
Adjusted FCF(2)	~40% average conversion on adjusted EBITDA	~50% average conversion on adjusted EBITDA
Net leverage(3)	Further deleveraging
Dividend	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.

2030 ambition reaffirmed - strong tailwind for organic growth

Revenue in 2030

with an adj. EBITDA margin⁽¹⁾ of $\geq 20\%$

What provides HENSOLDT comfort to achieve 2030 target

Market growth & drivers	Software-defined defence	Advanced solutions development	Services and training offering extension	Operations 2.0	Enhanced portfolio focus	Revised go-to-market approach	Industrial collaboration and partnerships

Our business model is built to capture structural market demand, driving sustainable and profitable growth also beyond 2030

Source: HENSOLDT AG (1) Adjusted EBITDA / adjusted EBITDA margin excluding certain special items relating to transaction costs. OneSAPnow-related special items and other special items

Strong order backlog provides exceptional revenue visibility

Current build-up of firm order backlog Revenue coverage 2026E – 2028E

Source: HENSOLDT AG (1) Based on mid-point guidance 2025. (2) Management estimates based on the expected conversion of order backlog and further expected orders into revenue. (3) e.g. spares and service, including portion of expected aftersales in pipeline. (4) New project business includes pipeline; as well as the expected recurring short-cycle and aftersales business.

Balanced growth across segments with rising SDD contribution

Tailwind for higher organic growth

Revenue development 2024A – 2030E

• Strong yearly growth in both segments: Sensors CAGR at ~16% and Optronics CAGR at ~20%
• SDD revenue percentage steadily growing from ~1 % in 2024 to ~8 % until 2030

Continued growth in R&D investment, including software-defined defence

Self-funded R&D constant while customer-funded R&D increased from ~8% to ~15% over the years

CAPEX initiatives supporting long-term growth

CAPEX as % of sales Key CAPEX initiatives

Significant capacity expansion at Oberkochen and Wetzlar sites

• Providing capacity until 2027 / 2028

New logistics centre

• 30,000 sqm facility with 10k+ pallets
• ~40k RackBot containers

Capacity expansion for radar production

• 16,000 sqm total production space
• Focusing on series production of TRML-4D and SPEXER radars from 2027 /2028 onwards

Source: HENSOLDT AG.

Financing structure secured through 2032

Maturities profile(1) Refinancing achievements

• ✓ Strengthened long-term capital structure
• ✓ Improved cost structure
• ✓ Release of fundamental securities
• ✓ Diversification of funding structure

Source: HENSOLDT AG 1) including extension options (1+1 years) for term facility, and revolving facility

Clear and disciplined capital allocation framework

Fund our transformation Dividends M&A and growth

Supporting growth profile by preserving a conservative financial debt profile

Financial key takeaways

Excellent visibility

Sustainable, multi-vector long-term growth

Highly profitable and cash generating growth

Sustained technological leadership through innovation

What drives our growth beyond 2030

Favorable macro environment HENSOLDT capabilities

Geopolitical threat situation remains complex

Hybrid conflicts are the new normal

Defence spending will remain substantial

Technological Trends

Long-lasting investments in conventional capabilities

Digital Battlefield

High system availability required

Smart and connected sensors

MDOcore/Softwaredefined Defence

New and expanding services business

Delivering North Star – a new era for HENSOLDT

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 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 9M period ended September 30, 2025 is unaudited. 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-IFRS measures. We believe that such non-IFRS 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-IFRS measures including (without limitation) the limitations inherent in the determination of relevant adjustments. The non-IFRS 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.

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