HENSOLDT AG

Investor Presentation • May 7, 2025

3M 2025 Results – Analyst & Investor Presentation

Taufkirchen, 7th May 2025 Oliver Dörre, CEO Christian Ladurner, CFO

This document and its content is the property of HENSOLDT AG.

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 period ended March 31, 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

From "procure-to-budget" to "procure-to-capability" – A fundamental shift in German defence procurement policy

• Call for European nations to uphold and increase their commitments towards NATO
• Renewed pledges to meet/increase defence spending targets and contribute to collective security efforts

Munich Security Conference Dispute in the White House ReArm Europe Zeitenwende 2.0

"There is a new sheriff in town" "What kind of diplomacy, JD, you are speaking about?"

• Dispute triggered a broader shift towards greater self-reliance and strategic autonomy in European defence policy
• EU-members strongly reinforced their commitment for continued support of Ukraine (e.g. EUR 3 bn additional funding from Germany)

"This is a moment for Europe. And we are ready to step up." "Whatever it takes"

• EU intends to mobilize up to EUR 800 bn for defence and security
• Activation of national escape clause
• EUR 150 billion of loans to Member States for defence investment
• Direct more EU-budget towards defence-related investments

• German constitution changed to allow for multi-billion Euro financing package for defence and infrastructure

• Defence spending above 1% GDP exempt from debt brake restrictions
• In theory, no limit to defence spending
• Defence procurement and spending driven by NATO capability goals

High visibility on additional orders end of 2025

First orders expected in 2026 with revenue following in 2027

HENSOLDT well positioned for near and mid-term procurement programs

Lessons learned in Ukraine	Upcoming NATO force goals	German procurement priorities
Extensive use of uncrewed systems by ground combat forces	Collective defence against a nuclear-armed peer adversary	Air Defence
Long-range firepower and precision-guided munitions	NATO forces need to be larger, better protected and have more firepower	Prioritize equipment for German brigade in Lithuania
Small but lethal manoeuvre units	NATO must prevail in all five domains: land, air, sea, cyber and space	Electromagnetic warfare, cyber, software-defined defence, AI, cloud
Integrated air and missile defence	NATO forces should be capable to fight effectively for an extended period	Uncrewed system (reconnaissance and combat)
Integrated, digital ISR and C2 networks and hybrid warfare	No more clear distinction between cyber, hybrid and conventional operations	Space-based reconnaissance and communications
Large-scale logistics operations	The Alliance must be prepared for nuclear coercion	Hypersonics

… HENSOLDT has the strategy, products, technologies and operational capacities to play a major role in upcoming German and EU procurement programs

Our ambition to pioneer Software-Defined Defence is anchored in our product portfolio and follows a clear roadmap

1. Our products are already software-defined 2. Upcoming programs have high SDD-content 3. R&D paves the way for new business models

High-performance hardware forms the basis to add functionality via software (e.g. weapon location for TRML-4D)

HENSOLDT will play a central role in near-term largescale SDD projects like the digital battlefield and new reconnaissance vehicle of the Bundeswehr

An increasingly software and data-centric portfolio positions HENSOLDT as a relevant SDD player

HENSOLDT and Quantum Systems forge strategic partnership to drive innovation in Software-Defined Defence and Drone Systems

Further key orders expected in 2025

HENSOLDT Financials

3M 2025 – excellent performance in top line

in €m

Order intake

• Order intake developed as planned, driven by Eurofighter Re-baselining and Eurofighter Halcon
• Previous year's high order intake included large orders for air defence systems NNbS and TRML-4D

• Strong development of Optronics business offset slower start in Sensors segment
• Further decrease of pass-through revenue
• ESG contributed with €74m in 3M 2025

Revenue Order backlog(1)

• New record order backlog provides excellent visibility
• Book-to-bill ratio at 1.8x per 3M 2025

(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 (2) Excluding pass-through revenue.

3M 2025 – bottom line as planned

in €m

• Free cash flow follows seasonal profile
• Investment in working capital as planned
• Margin reflects product mix as well as temporarily lower productivity in Sensors segment due to ramp up of new logistics centre as expected
• Effects will phase out during the year

(1) Adjusted EBITDA is defined as EBIT adjusted for depreciation and amortization (including effects on earnings from purchase 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 excluding certain 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.

3M 2025 – Sensors segment

in €m

Order intake

• Excellent order intake development
• Order intake driven by Eurofighter Re-baselining and Eurofighter Halcon

• Solid revenue performance despite slower start in Radar production
• Further decrease of pass-through business
• ESG contributed with €74m in 3M 2025

Revenue Adj. EBITDA(1)

• Margin reflects product mix as well as temporarily lower productivity due to ramp up of new logistics centre as expected
• Effects will phase out during the year

(1) Adjusted EBITDA is defined as EBIT adjusted for depreciation and amortization (including effects on earnings from purchase price allocations), as well as certain special items relating to transaction costs, OneSAPnow-related special items as well as other special items. (2) Excluding pass-through revenue.

3M 2025 – Optronics segment

in €m

Order intake

• Solid order intake versus a strong comparator
• Order intake driven by orders for ground based systems

• Excellent revenue development of German entity continues
• Pre-production to prepare for move to new site started

Revenue Adj. EBITDA(1)

• Strong margin improvement driven by increased volume
• Initiated measures in South African business show first results

(1) Adjusted EBITDA is defined as EBIT adjusted for depreciation and amortization (including effects on earnings from purchase price allocations), as well as certain special items relating to transaction costs, OneSAPnow-related special items as well as other special items. (2) Growth rate of German business.

HENSOLDT successfully completes 1.8bn refinancing New corporate funding structure in place

	Replacement of Leveraged-Buyout-(LBO)-Financing	Release of fundamental securities from LBO structure
€1.070bn term loan replaced by €850m term facility - - €150m bridge facility	(5y+1y+1y) (12m+6m+6m)	Financing prematurely secured up to 2032
€70m re-paid - €370m Revolving Credit Facility replaced by		Improvement of cost structure with optimised margin ratchet
€400m facility -	(5y+1y+1y)	Enabling diversification of debt profile
€485m Guarantee lines replaced by €400 m facility - -	(5y+1y+1y) At least €100m separated, uncommitted lines	Replacement bridge facility with another debt instrument

New Logistics Centre: Key to scaling up production

Scalability ensured through

• automation of warehouse processes

• integrated data management solution

HENSOLDT is well positioned for future growth

	2025 guidance
Book-to-Bill	~1.2x
Revenue(1)	€2,500m - €2,600m
Adjusted EBITDA margin(1) before pass-through	~19% before pass-through revenue	Switch of guidance KPI from "Adjusted EBITDA margin
Adjusted EBITDA margin(2)	~18%	before pass-through" to "Adjusted EBITDA margin"
Adjusted FCF(3)	50% - 60% average conversion on adjusted EBITDA
Net leverage(4)	~1.5x
Dividend	30 - 40% of adjusted net income

(1) Average share of pass-through revenue of total revenue was ~9% between 2020 A and 2023E; pass through share of total revenue is expected to be in the mid-single digit percentage range between 20 24E 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.

Increasing defence budgets drive pipeline First estimate of upside potential

Unweighted pipeline(1) (€bn)

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 ambition 2030 increased to EUR 6bn

First estimate sees revenue upside from 2027 onwards

Accelerated by additional budget (1) Revenue pro forma incl. ESG full year

Key takeaways

German programs lay the foundation for additional business with NATO and EU nations. Regional split more dominated by Germany and Europe.

Deliver at scale

Investments in logistics backbone, the new Optronics site and IT create sufficient capacity until 2028.

Pioneer Software-Defined Defence

HENSOLDT provides "mass" and a new "class" of digital, software-defined systems and acts as "bridge builder" for start-ups to build a new defence ecosystem.

Lead our team into the future

Defence has become an industry of choice for purpose-oriented, highperforming talents. HENSOLDT has excellent access to human resources, e.g. from the automotive industry.

… With the current pipeline we see a revenue potential of EUR 6bn in 2030 (+ 20%)

Q&A session

Back-up

Medium-term targets confirmed

Based on currently approved defence budgets

	Medium-term targets
Order intake / Book-to-Bill	Orders to grow significantly faster than revenue
Revenue growth(1)	10% average annual growth
Adjusted EBITDA margin(2) before pass-through	~20% before pass-through revenue	Switch of guidance KPI from "Adjusted EBITDA margin
Adjusted EBITDA margin(2)	~19%	before pass-through" to "Adjusted EBITDA margin"
Adjusted FCF(3)	50% - 60% average conversion on adjusted EBITDA
Net leverage(4)	Further declining
Dividend	30 - 40% of adjusted net income

(1) Average share of pass-through revenue of total revenue was ~9% between 2020 A and 2023E; pass through share of total revenue is expected to be in the mid-single digit percentage range between 20 24E 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.

EBIT to net income bridge in €m

HENSOLDT Financial Section

Consolidated Income Statement

	First three months
in € million	2025	2024(1)
Revenue	395	329
Cost of sales	-339	-269
Gross profit	56	60
Selling and distribution expenses	-32	-27
General administrative expenses	-32	-31
Research and development costs	-8	-8
Other operating income	5	4
Other operating expenses	-7	-6
Share of profit / loss from investments accounted for using the equity method	1	–
Earnings before financial result and income taxes (EBIT)	-16	-8
Interest income	6	17
Interest expense	-25	-19
Other finance income / costs	-4	1
Financial result	-22	-2
Earnings before income taxes (EBT)	-38	-9
Income taxes	7	-6
Group profit / loss	-31	-15
thereof attributable to the owners of HENSOLDT AG	-30	-14
thereof attributable to non-controlling interests	-1	-1

(1) Adjustment of previous year's figures.

Consolidated Statement of Financial Position – Assets

in € million	31 Mar. 2025	31 Dec. 2024
Non-current assets	2,447	2,289
Goodwill	1,117	1,115
Intangible assets	669	667
Property, plant and equipment	207	202
Right-of-use assets	397	249
Investments accounted for using the equity method	5	4
Other investments and non-current other financial investments	25	24
Non-current other financial assets	8	7
Non-current other assets	19	20
Deferred tax assets	1	1
Current assets	2,316	2,407
Non-current other financial investments, current portion	0	0
Inventories	817	719
Contract assets	425	385
Trade receivables	326	426
Current other financial assets	5	8
Current other assets	130	115
Income tax receivables	22	20
Cash and cash equivalents	591	733
Total assets	4,764	4,696

Consolidated Statement of Financial Position – Equity & Liabilities

in € million	31 Mar. 2025	31 Dec. 2024
Share capital	116	116
Capital reserve	439	474
Other reserves	96	37
Retained earnings	250	245
Equity held by shareholders of HENSOLDT AG	900	872
Non-controlling interests	13	14
Equity, total	914	886
Non-current liabilities	2,008	1,927
Non-current provisions	345	418
Non-current financing liabilities	1,071	1,072
Non-current contract liabilities	4	4
Non-current lease liabilities	400	256
Non-current other financial liabilities	12	13
Non-current other liabilities	11	15
Deferred income	26	27
Deferred tax liabilities	138	123
Current liabilities	1,842	1,883
Current provisions	256	257
Current financing liabilities	18	22
Current contract liabilities	792	776
Current lease liabilities	30	25
Trade payables	510	546
Current other financial liabilities	59	74
Current other liabilities	145	151
Tax liabilities	33	33
Total equity and liabilities	4,764	4,696

Consolidated Statement of Cash Flows (1/2)

	First three months
in € million	2025	2024(1)
Group profit / loss	-31	-15
Depreciation, amortisation and impairments of non-current assets	38	28
Impairments (+) / reversals of impairments (-) of inventories, trade receivables and contract assets	2	-1
Share of profits in investments accounted for using the equity method	-1	–
Financial expenses (net)	16	-1
Other non-cash expense / income	1	-3
Change in
Provisions	9	-25
Inventories	-102	-80
Contract balances	-23	-31
Trade receivables	101	124
Trade payables	-36	-26
Other assets and liabilities	-43	-50
Interest paid	-20	-13
Interest received	3	7
Income tax expense (+) / income (-)	-7	6
Income tax payments (-) / refunds (+)	-4	1
Cash flows from operating activities	-97	-79
Acquisition / addition of intangible assets and property, plant and equipment	-37	-29
Proceeds from sale of intangible assets and property, plant and equipment	1	0
Payments for investments in non-consolidated affiliates, joint ventures, associates, other investments and other non-current financial assets	-0	-1
Proceeds from disposals of non-consolidated affiliates, joint ventures, associates, other investments and non-current financial assets	–	0
Other	0	-0
Cash flows from investing activities	-37	-29

(1) Adjustment of previous year's figures.

Consolidated Statement of Cash Flows (2/2)

in € million		First three months
	2025	2024
Cash flows from operating activities	-97	-79
Cash flows from investing activities	-37	-29
Proceeds from financing liabilities to banks	–	425
Transaction costs paid from refinancing	–	-1
Change in other financing liabilities	-1	-9
Payment of lease liabilities	-8	-5
Other	0	-1
Cash flows from financing activities	-9	409
Effects of changes in exchange rates on cash and cash equivalents	1	-0
Net changes in cash and cash equivalents	-142	300
Cash and cash equivalents
Cash and cash equivalents on 1 January	733	802
Cash and cash equivalents on 31 March	591	1,103

Reconciliation to group figures

	First three months
in € million	2025	2024
Order intake	701	665
Sensors	664	622
Optronics	50	72
Elimination/Transversal/Others	-13	-29

in € million

Revenue	395	329
Sensors	339	286
Optronics	59	44
Elimination/Transversal/Others	-4	-1

in € million

Adjusted EBITDA(1)	30	33
Sensors	29	40
Optronics	1	-6
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 costs, OneSAPnow-related special items, as well as other special items.

Overview of EBITDA and EBIT adjustments

EBITDA adjustments	First three months
in € million	2025	2024
EBIT(1)	-16	-8
(+) Depreciation	16	12
(+) Amortisation(1)	22	16
EBITDA	22	21
(+) Effects on earnings from purchase price allocations	0	–
(+) Transaction costs	0	0
(+) OneSAPnow-related special items	3	5
(+) Other special items	5	8
Adjusted EBITDA	30	33

EBIT adjustments	First three months
in € million	2025	2024
EBIT(1)	-16	-8
(+) Effect on earnings from purchase price allocations(1)	11	5
thereof intangible assets(1)	11	5
thereof property, plant and equipment	0	0
thereof inventories	–	–
(+) Transaction costs	0	0
(+) OneSAPnow-related special items	3	5
(+) Other special items	5	8
Adjusted EBIT	3	11

Reconciliation of reported to adjusted FCF

	First three months
in € million	2025	2024
Cash flows from operating activities	-97	-79
Cash flows from investing activities	-37	-29
Free cash flow	-134	-108
(+) Transaction costs	0	2
(+) OneSAPnow-related special items	14	9
(+) Other special items	13	16
(+) M&A-activities(1)	0	0
Adjusted free cash flow	-107	-81
Cash flows from financing activities	-9	409

(1) Defined as sum of "Proceeds from sale of intangible assets and property, plant and equipment", "Proceeds from disposals of non-consolidated affiliates, joint ventures, associates, other investments and noncurrent financial assets", "Proceeds from disposals of non-consolidated affiliates, joint ventures, associates, other investments and 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.

Reconciliation of reported to adjusted net income

First three months
2025	2024(2)
-31	-15
11	5
0	0
3	5
5	8
-12	3
-5	-5
-17	-2

(1) Includes tax adjustments for effects on earnings from PPA, OneSAPnow-related special items as well as other special items.

(2) Adjustment of previous year's figures.

Special items

in € million	FY 2024	2025	mid-term
Effect on earnings from purchase price allocations	-46	~(44)	~(33)
EBIT adjustments	-46	~(44)	~(33)

in € million	FY 2024	2025	mid-term
Special items (Transaction Cost, One SAPnow related items, Other special items)	-64	-45 to -55	significant ramp-down
EBIT adjustments	-64	-45 to -55	significant ramp-down

in € million	FY 2024	2025	mid-term
Special items (Transaction Cost, One SAPnow related items, Other special items)	-57	-35 to -45	significant ramp-down
EBITDA adjustments	-57	-35 to -45	significant ramp-down

in € million	FY 2024	2025	mid-term
Special items (Transaction Cost, One SAPnow related items, Other special items)	-109	-60 to -80	significant ramp-down
FCF adjustments	-109	-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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