HENSOLDT AG

Investor Presentation • Jul 31, 2025

H1 2025 Results – Analyst & Investor Presentation

Taufkirchen, 31st July 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 June 30, 2025 is unaudited. The report is denominated in Euro (€). All amounts in this report are rounded to million or billion Euros. Due to rounding, numbers presented throughout this and other documents may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. This presentation contains certain supplemental financial or operative measures that are not calculated in accordance with International Financial Reporting Standards as adopted by the European Union ("IFRS") or any other generally accepted accounting principles, and are therefore considered non-GAAP measures. We believe that such non-GAAP measures, when considered in conjunction with (but not in lieu of) other measures that are computed in accordance with IFRS, enhance the understanding of our business, results of operations, financial position or cash flows. There are, however, material limitations associated with the use of non-GAAP measures including (without limitation) the limitations inherent in the determination of relevant adjustments. The non-GAAP measures used by us may differ from, and may not be comparable to, similarly-titled measures used by other companies.

The information contained in this presentation has not been independently verified, and no representation or warranty, express or implied, is made as to the fairness, accuracy, completeness or correctness of the information contained herein and no reliance should be placed on it. HENSOLDT does not accept any liability for any loss howsoever arising (in negligence or otherwise), directly or indirectly, from this presentation or its contents or otherwise arising in connection with this presentation. This shall not, however, restrict or exclude or limit any duty or liability to a person under any applicable law or regulation of any jurisdiction which may not lawfully be disclaimed (including in relation to fraudulent misrepresentation).

The information contained in this presentation is provided as of the date of this presentation and is subject to change without notice.

This presentation may contain forward-looking statements about HENSOLDT and its businesses, including statements concerning its strategies, future growth potential of markets and products, profitability in specific areas, future product portfolio, and development of and competition in economics and markets. These statements are based on the current views, expectations, assumptions and information of management, and are based on information currently available to management. Forward-looking statements can be identified by words such as "anticipates," "intends," "plans," "seeks," "believes," "estimates," "expects" and similar references to future periods.

Any such forward-looking statements involve known and unknown risks which may cause actual results to differ significantly from any future results expressed or implied. While we believe that the assumptions made and the expectations reflected in today's presentation are reasonable, no assurance can be given that such assumptions or expectations will prove to have been correct. The risks and uncertainties which these forward-looking statements may be subject to include (without limitation) future market developments and the impact of global and European social, political and economic events and developments, including the Russian war against the Ukraine as well as defence and security spending by governments, legal restrictions and controls applicable to sales of HENSOLDT's products, including government approval requirements and moratoriums, international conflicts and political developments affecting HENSOLDT, including by way of new export restrictions, trade barriers, or political support for competitors, HENSOLDT's inclusion and participation in major defence projects and platforms and HENSOLDT's competitive situation.

The company assumes no liability whatsoever to update these forward-looking statements or to adjust them to future events or developments.

HENSOLDT's public reports and presentations are available via www.HENSOLDT.net

Strategic topics update

Structural work on new sales and business development setup completed, first key account leads nominated.

to new site in Oberkochen ongoing.

Pioneer Software-Defined Defence

Sven Heursch to join HENSOLDT as new Head of SDD and Digitalization on 1st August 2025.

Lead our team into the future

Leadership Team Meeting aligns the Top 80 leaders and kicks-off cultural evolution program

NATO Summit: 3.5% defence spending target confirmed – expectations met Commitment to strengthening capabilities across all domains

Germany as a frontrunner and strong driver for European sovereignty HENSOLDT has the strategy, products, technologies and operational capacities to play a major role in upcoming German and EU procurement programmes

High visibility on additional orders end of 2025

First orders expected in 2026 with revenue following in 2027

Germany is leading Europe in defence spending Defence budget to more than double by 2029

in €bn

German procurement approach is two-fold: maximize conventional capabilities + drive technology

Friedrich Merz, 14th Mai 2025

Key orders received in H1 2025

Further key orders expected in 2025

Our clear plan for ramping-up capacity is paving the way for future growth

HENSOLDT Financials

H1 2025 – excellent performance in top line

in €m

Order intake

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

• Strong development of Optronics business offset slower start in Sensors segment
• Further decrease of pass-through revenue

Revenue Order backlog(1)

• New record order backlog provides excellent visibility
• Book-to-bill ratio at 1.5x per H1 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

H1 2025 – bottom line as planned

in €m

• Margin reflects product mix as well as temporarily lower productivity in Sensors segment due to ramp up of new logistics centre as expected
• Effects on margin from logistical ramp-up start to dilute
• Cost and revenue synergies from ESG acquisition materialize
• Free cash flow follows seasonal profile
  • Investment in working capital as planned

(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 adjusted for special items as well as M&A activities. The free cash flow is defined as sum of the cash flows from operating and investing activities as reported in the Consolidated Statement of Cash Flow.

H1 2025 – Sensors segment

in €m

Order intake

• Order intake driven by Eurofighter Re-baselining, Eurofighter Halcon and TRML-4D radars for Ukraine

• Solid revenue performance despite slower start in Radar production
• Further decrease of pass-through business

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 on margin from logistical ramp-up start to dilute
• Cost and revenue synergies from ESG acquisition materialize

(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.

H1 2025 – Optronics segment

in €m

Order intake

• Solid order intake driven by orders for ground-based systems and self-protection 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 and lower OPEX
• Initiated measures in South African business continue to show 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.

Refinancing successfully completed

"Zeitenwende" enables access to more flexible financing instruments

• Successful placement of promissory note loan in July
• Volume of €300m secured:
  • − Strong oversubscription by broad investor base
  • − Attractive conditions at the lower end of the marketing range
• Final milestone in HENSOLDT's strategic refinancing

FY2025 net leverage of ~1.5x confirmed

Strengthening of long-term capital structure

Improvement of cost structure with optimised margin ratchet

Release of fundamental securities from previous LBO structure

Diversification of conservative funding structure

FY 2025 fully on track: Guidance confirmed

	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) Pass through share of total revenue is expected to be in the low-single digit percentage range between 20 25 and 2026E. (2) Adjusted EBITDA margin excluding certain special items relating to transaction costs, OneSAPnow-related special items and other special items. (3) Adjusted Free Cash Flow is defined as free cash flow excluding certain special items as well as M&A activities. (4) Net leverage including lease liabilities, excluding pensions and liabilities from the agreement for payment services.

Key takeaways

Achievements	Order backlog exceeded €7bn for the first time • • Strong order intake and solid revenue performance Record order backlog provides excellent visibility • Guidance 2025 confirmed
Outlook	• Germany is taking on European leadership in defence with budget to double by 2029 Strong alignment with NATO force goals and SDD strategy • • HENSOLDT is well positioned for upcoming German and EU procurement programs • Higher visibility on additional orders by end of 2025

Q&A session

Back-up

EBIT to net income bridge in €m

HENSOLDT Financial Section

Consolidated Income Statement

	First half-year
in € million	2025	2024(1)
Revenue	944	849
Cost of sales	-790	-688
Gross profit	155	161
Selling and distribution expenses	-67	-62
General administrative expenses	-68	-74
Research and development costs	-17	-17
Other operating income	16	8
Together we make Other operating expenses	-13	-10
Share of profit / loss from investments accounted for using the equity method	2	–
the difference for a Other income / expense from investments	-3	-1
Earnings before financial result and income taxes (EBIT)	6	5
safer tomorrow. Interest income	11	28
Interest expense	-59	-45
Other finance income / costs	-15	4
Financial result	-62	-13
Earnings before income taxes (EBT)	-56	-8
Income taxes	12	-18
Group profit / loss	-44	-26
thereof attributable to the owners of HENSOLDT AG	-42	-24
thereof attributable to non-controlling interests	-2	-1

(1) Adjustment of previous year's figures.

Consolidated Statement of Financial Position – Assets

in € million	30 June 2025	31 Dec. 2024
Non-current assets	2,472	2,289
Goodwill	1,117	1,115
Intangible assets	676	667
Property, plant and equipment	212	202
Right-of-use assets	390	249
Investments accounted for using the equity method	6	4
Other investments and non-current other financial investments	45	24
Non-current other financial assets	7	7
Together we make Non-current other assets	19	20
Deferred tax assets	1	1
the difference for a Current assets	2,177	2,407
Non-current other financial investments, current portion	0	0
safer tomorrow. Inventories	872	719
Contract assets	455	385
Trade receivables	333	426
Current other financial assets	9	8
Current other assets	161	115
Income tax receivables	20	20
Cash and cash equivalents	325	733
Total assets	4,649	4,696

Consolidated Statement of Financial Position – Equity & Liabilities

in € million	30 June 2025	31 Dec. 2024
Share capital	116	116
Capital reserve	439	474
Other reserves	102	37
Retained earnings	179	245
Equity held by shareholders of HENSOLDT AG	836	872
Non-controlling interests	11	14
Equity, total	847	886
Non-current liabilities	1,770	1,927
Together we make Non-current provisions	332	418
Non-current financing liabilities	853	1,072
the difference for a Non-current contract liabilities	–	4
Non-current lease liabilities	394	256
Non-current other financial liabilities	14	13
safer tomorrow. Non-current other liabilities	11	15
Deferred income	31	27
Deferred tax liabilities	135	123
Current liabilities	2,032	1,883
Current provisions	219	257
Current financing liabilities	163	22
Current contract liabilities	794	776
Current lease liabilities	30	25
Trade payables	569	546
Current other financial liabilities	72	74
Current other liabilities	149	151
Tax liabilities	36	33
Total equity and liabilities	4,649	4,696

This document and its content is the property of HENSOLDT AG. It shall not be communicated to any third party without the owner's written consent. © Copyright HENSOLDT AG 2025. All rights reserved. 2525

Consolidated Statement of Cash Flows (1/2)

	First half-year
in € million	2025	2024(1)
Group profit / loss	-44	-26
Depreciation, amortisation and impairments of non-current assets	83	71
Impairments (+) / reversals of impairments (-) of inventories, trade receivables and contract assets	-1	-1
Share of profits in investments accounted for using the equity method	-2	–
Financial expenses (net)	41	11
Other non-cash expense / income	4	-2
Change in
Together we make Provisions	-29	-31
Inventories	-159	-116
the difference for a Contract balances	-55	-75
Trade receivables	93	111
Trade payables	23	7
safer tomorrow. Other assets and liabilities	-52	-92
Interest paid	-38	-27
Interest received	6	13
Income tax expense (+) / income (-)	-12	18
Income tax payments (-) / refunds (+)	-4	-11
Cash flows from operating activities	-145	-151
Acquisition / addition of intangible assets and property, plant and equipment	-82	-75
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	-24	-2
Proceeds from disposals of non-consolidated affiliates, joint ventures, associates, other investments and non-current financial assets	–	-1
Acquisition of subsidiaries net of cash acquired	–	-543
Other	-0	-0
Cash flows from investing activities	-107	-620

(1) Adjustment of previous year's figures.

Consolidated Statement of Cash Flows (2/2)

		First half-year
in € million	2025	2024
Cash flows from operating activities	-145	-151
Cash flows from investing activities	-107	-620
Repayment from financing liabilities to banks	-70	–
Proceeds from financing liabilities to banks	–	450
Transaction costs paid from refinancing	-5	-2
Change in other financing liabilities	-11	-19
Payment of lease liabilities	-17	-15
Together we make Dividend payments	-58	-46
Transaction costs paid on issue of equity	–	-1
the difference for a Other	–	-0
Cash flows from financing activities	-160	366
safer tomorrow. Effects of changes in exchange rates on cash and cash equivalents	4	-2
Net changes in cash and cash equivalents	-408	-408
Cash and cash equivalents
Cash and cash equivalents on 1 January	733	802
Cash and cash equivalents on 30 June	325	395

Order intake, segment revenue and adjusted EBITDA

	First half-year
in € million	2025	2024
Order intake	1,405	1,359
Sensors	1,256	1,253
Optronics	164	139
Elimination/Transversal/Others	-14	-33

in € million

Together we make Segment revenue	944	849
Sensors	817	744
the difference for a Optronics	134	108
Elimination/Transversal/Others	-7	-3
safer tomorrow. in € million

in € million

Adjusted EBITDA	107	103
Sensors	105	117
Optronics	1	-14
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 half-year
in € million	2025	2024
EBIT1	6	5
(+) Depreciation	37	30
(+) Amortisation1	47	41
EBITDA	89	76
(+) Effects on earnings from purchase price allocations	0	–
(+) Transaction costs	0	2
(+) OneSAPnow-related special items	7	6
(+) Other special items	10	19
Adjusted EBITDA	107	103

EBIT adjustments	First half-year
in € million	2025	2024
EBIT1	6	5
(+) Effect on earnings from purchase price allocations1	22	19
thereof intangible assets1	22	19
thereof property, plant and equipment	0	0
thereof inventories	0	0
(+) Transaction costs	0	2
(+) OneSAPnow-related special items	8	6
(+) Other special items	13	19
Adjusted EBIT	49	52

(1) Adjustment of previous year's figures.

Reconciliation of reported to adjusted FCF

	First half-year
in € million	2025	2024
Cash flows from operating activities	-145	-151
Cash flows from investing activities	-107	-620
Free cash flow	-252	-772
(+) Transaction costs	0	11
(+) OneSAPnow-related special items	24	18
(+) M&A-activities1	24	574
(+) Other special items	23	24
Adjusted free cash flow	-181	-145
Cash flows from financing activities	-160	366

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

Q2 Financial Overview HENSOLDT Group

	Second quarter
in € million	2025	2024
Order intake	704	694
Book-to-bill ratio(1)	1.3x	1.3x
Revenue	549	520
Adjusted EBIT(2)	45	41
Adjusted EBITDA(3)	77	70
Adjusted EBITDA margin	13.9 %	13.4 %
Adjusted free cash flow(4)	-74	-64

(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 relating 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 costs, 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 defined as the sum of the cash flows from operating and investing activities as reported in the consolidated statement of cash flows.

Reconciliation of reported to adjusted net income

	First half-year
in € million	2025	2024(2)
Group profit / loss	-44	-26
(+) Effects on earnings from purchase price allocations	22	19
(+) Transaction costs	0	2
(+) OneSAPnow-related special items	8	6
(+) Other special items	24	19
Adjusted net income pre-tax adjustment	9	21
(+) Tax adjustments(1)	-15	-13
Adjusted net income	-6	9

(1) Includes tax adjustments for effects on earnings from purchase price allocations, OneSAPnow-related special items as well as other special items. (2) Adjustment of previous year's figures.

Special items

in € million	H1 2025	2025	mid-term
Effect on earnings from purchase price allocations	-22	~(44)	~(33)
EBIT adjustments	-22	~(44)	~(33)

in € million	H1 2025	2025	mid-term
Special items (Transaction Cost, One SAPnow related items, Other special items)	-21	-45 to -55	significant ramp-down
EBIT adjustments	-21	-45 to -55	significant ramp-down

in € million	H1 2025	2025	mid-term
Special items (Transaction Cost, One SAPnow related items, Other special items)	-17	-35 to -45	significant ramp-down
EBITDA adjustments	-17	-35 to -45	significant ramp-down

in € million	H1 2025	2025	mid-term
Special items (Transaction Cost, One SAPnow related items, Other special items)	-47	-60 to -80	significant ramp-down
FCF adjustments	-47	-60 to -80	significant ramp-down

Special items are driven by

• Move to new site Oberkochen
• S4HANA implementation

Special items are driven by

• Move to new site Oberkochen
• S4HANA implementation

Special items are driven by

• Move to new site Oberkochen
• S4HANA implementation

Upcoming IR events

IR Contacts

• Contact: Veronika Endres Tim Schmid
• Phone: +49 89 51518 2057 +49 89 51518 2625
• Email: investorrelations@hensoldt.net
• Internet: www.hensoldt.net

Contact HENSOLDT share Reports

• Type of share: Bearer shares
• Stock Exchange: Frankfurt Stock Exchange

• Security reference number: ISIN DE000HAG0005

• Financial Reports: https://investors.hensoldt.net

• Annual Report: https://annualreport.hensoldt.net
• Sustainability Report: www.hensoldt.net

It shall not be communicated to any third party without the owner's written consent. © Copyright HENSOLDT AG 2025. All rights reserved. 36 This document and its content is the property of HENSOLDT AG. It shall not be communicated to any third party without the owner's written consent. © Copyright HENSOLDT AG 2025. All rights reserved.