Welcome to the HENSOLDT Capital Markets Day 2021

Disclaimer

HENSOLDT – The Sensor Solutions House

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, and any decision to invest in securities should be made solely on the basis of the information to be contained in a prospectus and on an independent analysis of the information contained therein. 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, 2021 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.

Forward Looking Statement

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. Forwardlooking 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 COVID-19 pandemic, 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

Business update Thomas Müller - CEO

Birthday Moritz Carl Hensoldt

We walked the talk and delivered on our plan

€87m R&D spend in 2020A +75% since 2017

HENSOLDT – The Sensor Solutions House

Modern Product portfolio

Independent sale offices established

Global presence

c. 300 measures Implemented

Adj. GM up >500bps since carve-out

Record order backlog

Member of

Two important anchor shareholders on board

HENSOLDT – The Sensor Solutions House

Pro-forma shareholder structure

Leonardo to become an important shareholder in HENSOLDT AG

Excellent revenue visibility and record order backlog

Track record of successful M&A execution continues

Celia Pelaz appointed as member of the Management Board: Strengthening business development and strategic growth

Pipeline successfully transformed into order intake

NH 90 TTH EW System Upgrade

EF Quadriga Radar and self-protection

HENSOLDT – The Sensor Solutions House

TRS-4D/LR Long-Range Radar for F-124 and German

~€330m booked in 2021

Replacement of Thales SMART-L-Radar and 4 HADR systems in cooperation with ELTA

Integration of AMPS/Kalaetron on 12 German NH 90 TTH with potential for entire fleet (82 HC)

Twin Optronic Mast systems OMS150 and OMS 300 for new German/Norwegian submarines

U212 CD Radio

Mobile system for tactical radio reconnaissance to two NATO countries providing comprehensive situation picture

Reconnaissance System

Continuously strong order pipeline

HENSOLDT – The Sensor Solutions House

Pipeline (€bn)

Pipeline 2022E-2024E as of Nov 2021

Cutting-edge technologies will drive additional growth

HENSOLDT Go! Achievements

ESG Targets, Measures, KPIs

HENSOLDT – The Sensor Solutions House

Group ESG Strategy 2026

HENSOLDT takes action!

for a sustainable future

Strategy Celia Pelaz - CStO

Achievements since IPO

Refreshed Strategic Framework

SWaP

HENSOLDT – The Sensor Solutions House

Sensor fusion

Edge computing

Digitization

AI / Machine Intelligence

Cyber protection

²⁵ 15.11.2021 25

More cooperation Sovereignty Hybrid operations

Our Vision for Growth

	Sensor Solutions House	Provide integrated customer solutions building beyond component and sub-system heritage	Expand Solutions competence Transform further to solution provider, capturing larger footprint within platforms
Sensor House	Innovation Champion	Strive to develop cutting edge new solutions and to exploit new technology trends	Drive Digitization & SWaP Make sensors smaller, lighter, smarter, safer and more connected

State-of the-art	More and Expanded International	Strengthen international and export reach building on strong European developed	Strengthen EU, expand global reach
Mainly	(European-based)	capabilities	Leverage technology via own presence and smart partnerships
European	Defence and	Champion core markets and increasingly access adjacent	Access adjacent markets

Airborne Solutions

Spectrum Dominance

ATM/UTM Solutions

HENSOLDT

– The Sensor Solutions House

Land Solutions

Security Solutions

Naval Solutions

We will build the leading Data Analytics Player in Europe

INTERNATIONAL

Our international footprint is growing …

We master the European Cooperation Game

Hydrogen, Security Solutions and Unmanned Systems will enrich our portfolio

• Top player in mobile energy provision to civil customers

HENSOLDT – The Sensor Solutions House

• Platform independent H2 solution supplier to manufacturers of dual use platforms

Market leading supplier of highperforming CUAV systems for military and civil applications
Recognized player for border, coastal and infrastructure protection

• Market leading supplier for UAM electronics, especially computer,

but not limited to

Dedicated to deliver on our vision and mission

HENSOLDT – The Sensor Solutions House

Detect & Protect

Financials

Axel Salzmann - CFO

9M 2021 – growth in top line sustains in €m

9M 2021 – bottom line follows top line development in €m

HENSOLDT – The Sensor Solutions House

Further increase of profitability

9M 2021 – Sensors segment in €m

HENSOLDT – The Sensor Solutions House

with high long-term growth visibility

9M 2021 – Optronics segment in €m

We will fully deliver our FY2021 KPIs and beyond

Short- and medium-term guidance confirmed

	Change vs. 2020	vs. guidance
Order backlog of ~€5.2bn	+€1,8bn	Book-to-bill improved
Book-to-bill ratio of 2.2x	+0,1x
Revenues ~€1.5bn	+24%
Adjusted EBITDA margin at >18% Excl. pass-through revenues	same level
Adjusted pre-tax unlevered FCF at 70% on adjusted EBITDA	-€20m
Net leverage ~2x	-0,6x