HENSOLDT AG

Investor Presentation • Nov 7, 2025

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 November 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

Zeitenwende 2.0 is materializing

HENSOLDT assumptions confirmed

Key orders Sensors

Sustainment contract for German P-8 program Booked in October

~ €130m

P-8 Poseidon Eurofighter tranche 5 TRML-4D

Eurofighter tranche 5

Contract in flow-down

~ €180m

TRML-4D for Ukraine and Switzerland

Contract in flow-down

~ €200m

Key orders Optronics

Ceretron sensors suite, sights and self-protection system

Contract in flow-down

~ €850m

Commander sight, driver sight and thermal imager for gunner sight

Contract in flow-down

~ €100m

Commander and gunner sight, self-protection system

Contract in flow-down

> €300m

Sensor suite for land border security surveillance Algeria

Contract booked in October

~ €80m

Luchs II Leopard 2 Schakal SAGIR II U212A for GER

SERO420/OMS150 Capability enhancement

Contract booked in September

~ €65m

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

New radar production site secures delivery capability

• 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 & synergies

HENSOLDT

Financials

9M 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

Order intake as planned Strong revenue performance Record order backlog

• Strong development in both segments despite slower start in Sensors in the first half of 2025
• Further decrease of pass-through revenue

Revenue Order backlog(1)

• Record order backlog provides excellent visibility
• Book-to-bill ratio at 1.3x per 9M 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

9M 2025 – bottom line as planned

in €m

• Solid margin performance in Optronics segment
• Minor impact on margin driven by product mix in Sensors segment
• Effects on margin from logistical ramp-up continue to dilute

• Cost and revenue synergies from ESG acquisition materialize

• Advanced payments support free cash flow position

• Investment in inventories 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.

9M 2025 – Sensors segment

in €m

Order intake

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

• Strong revenue performance despite slower start in Radar production in the first half of 2025
• Further decrease of pass-through business

Solid order intake Execution on track Positive margin development

Revenue Adj. EBITDA(1)

• Minor impact on margin driven by product mix
• Effects on margin from logistical ramp-up continue 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.

9M 2025 – Optronics segment

in €m

Order intake

• Solid order intake driven by orders for U212A submarine retrofit, ground-based systems and gimbals

• Excellent revenue development of German entity continues
• Site move of ground-based systems successfully concluded

Order intake as planned Strong revenue growth Excellent margin development

Revenue Adj. EBITDA(1)

• Margin improvement follows increased volume

Order intake bridge 9M 2025 to FY 2025

in €m

Guidance 2025 updated

	Previous 2025 guidance	New 2025 guidance
Order intake / Book-to-Bill	~1.2x	1.6x – 1.9x	Increased
Revenue growth(1)	€2,500m - €2,600m	~€2,500m	Specified
Adjusted EBITDA margin(2)	~18%	≥18.0 %	Specified
Adjusted FCF(3)	50% - 60% average conversion on adjusted EBITDA	50% - 60% average conversion on adjusted EBITDA	Unchanged
Net leverage(4)	~1.5x	~1.5x	unchanged
Dividend	30 - 40% of adjusted net income	30 - 40% of adjusted net income	unchanged

⁽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	Record order backlog of €7.1bn provides excellent visibility • Strong revenue development in both segments • Solid margin performance with effects from logistical ramp-up further diluting • Site move of ground-based systems successfully concluded • Guidance 2025 updated
Outlook	Ongoing parliamentary approvals reflected in increased book-to-bill guidance • Further major contracts to be expected in 2025 and 2026 • Ramp-up of air defence radar from 2027 secured • Zeitenwende 2.0 starts to materialize •

Q&A session

Back-up

HENSOLDT content on key armoured vehicles

CERETRON Sensors Suite

BAA IV

(surveillance and reconnaissance sensors)

SETAS

(See Through Armour System)

MUSS L

(self-protection system)

RDF

(Radio Direction Finder)

Luchs 2 Leopard 2 Schakal

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)

Peri RTWL

(commander periscope)

WAO

(long-range electro-optical target acquisition system)

MUSS 2.0

(self-protection system)

Puma Skyranger

Spexer 2000 MKIII (three antennas per vehicle)

EBIT to net income bridge

in €m

HENSOLDT

Financial Section

Consolidated Income Statement

	First nin	First nine months
in € million	2025	2024
Revenue	1,536	1,377
Cost of sales	-1,258	-1,105
Gross profit	278	272
Selling and distribution expenses	-99	-95
General administrative expenses	-103	-112
Research and development costs	-29	-26
Other operating income	24	13
Other operating expenses	-20	-14
Share of profit / loss from investments accounted for using the equity method	3	3
Other income / expense from investments	-5	-1
Earnings before financial result and income taxes (EBIT)	48	41
Interest income	17	24
Interest expense	-80	-74
Other finance income / costs	-14	2
Financial result	-78	-48
Earnings before income taxes (EBT)	-29	-8
Income taxes	-3	-40
Group profit / loss	-33	-48
thereof attributable to the owners of HENSOLDT AG	-30	-46
thereof attributable to non-controlling interests	-3	-2

Consolidated Statement of Financial Position – Assets

in € million	30 Sep. 2025	31 Dec. 2024
Non-current assets	2,494	2,289
Goodwill	1,117	1,115
Intangible assets	681	667
Property, plant and equipment	227	202
Right-of-use assets	386	249
Investments accounted for using the equity method	7	4
Other investments and non-current other financial investments	42	24
Non-current other financial assets	13	7
Non-current other assets	19	20
Deferred tax assets	3	1
Current assets	2,480	2,407
Non-current other financial investments, current portion		0
Inventories	935	719
Contract assets	508	385
Trade receivables	331	426
Current other financial assets	28	8
Current other assets	155	115
Income tax receivables	19	20
Cash and cash equivalents	504	733
Total assets	4,974	4,696

Consolidated Statement of Financial Position – Equity & Liabilities

in € million	30 Sep. 2025	31 Dec. 2024
Share capital	116	116
Capital reserve	439	474
Other reserves	97	37
Retained earnings	191	245
Equity held by shareholders of HENSOLDT AG	843	872
Non-controlling interests	10	14
Equity, total	853	886
Non-current liabilities	2,090	1,927
Non-current provisions	348	418
Non-current financing liabilities	1,157	1,072
Non-current contract liabilities	_	4
Non-current lease liabilities	391	256
Non-current other financial liabilities	11	13
Non-current other liabilities	11	15
Deferred income	29	27
Deferred tax liabilities	143	123
Current liabilities	2,031	1,883
Current provisions	227	257
Current financing liabilities	15	22
Current contract liabilities	968	776
Current lease liabilities	31	25
Trade payables	509	546
Current other financial liabilities	104	74
Current other liabilities	158	151
Tax liabilities	19	33
Total equity and liabilities	4,974	4,696

Consolidated Statement of Cash Flows (1/2)

	First nine months
in € million	2025	2024
Group profit / loss	-33	-48
Depreciation, amortisation and impairments of non-current assets	130	109
Impairments (+) / reversals of impairments (-) of inventories, trade receivables and contract assets	-0	6
Share of profits in investments accounted for using the equity method	-3	-3
Financial expenses (net)	54	41
Other non-cash expense / income	2	-0
Change in
Provisions	-15	-7
Inventories	-224	-187
Contract balances	66	-47
Trade receivables	99	17
Trade payables	-37	47
Other assets and liabilities	-23	-58
Interest paid	-56	-48
Interest received	7	17
Income tax expense (+) / income (-)	3	40
Income tax payments (-) / refunds (+)	-26	-17
Cash flows from operating activities	-55	-138
Acquisition / addition of intangible assets and property, plant and equipment	-134	-131
Proceeds from sale of intangible assets and property, plant and equipment	1	2
Payments for investments in non-consolidated affiliates, joint ventures, associates, other investments and other non-current financial assets	-24	-1
Proceeds from disposals of non-consolidated affiliates, joint ventures, associates, other investments and non-current financial assets	_	-3
Acquisition of subsidiaries net of cash acquired	-5	-543
Other	-0	-0
Cash flows from investing activities	-162	-676

Consolidated Statement of Cash Flows (2/2)

	First nine months
in € million	2025	2024
Cash flows from operating activities	-55	-138
Cash flows from investing activities	-162	-676
Repayment from financing liabilities to banks	-220	_
Proceeds from financing liabilities to banks	300	450
Transaction costs paid from refinancing	-5	-2
Change in other financing liabilities	-8	-5
Payment of lease liabilities	-25	-20
Dividend payments	-58	-46
Transaction costs paid on issue of equity	_	-1
Other	-0	-0
Cash flows from financing activities	-17	376
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	2	_
Net changes in cash and cash equivalents	-229	-442
Cash and cash equivalents
Cash and cash equivalents on 1 January	733	802
Cash and cash equivalents on 30 September	504	360

Order intake, segment revenue and adjusted EBITDA

		First nine months
in € million	2025	2024
Order intake	2,017	1,856
Sensors	1,703	1,603
Optronics	328	297
Elimination/Transversal/Others	-15	-44
in € million
Segment revenue	1,536	1,377
Sensors	1,317	1,205
Optronics	232	182
Elimination/Transversal/Others	-14	-10
in € million
Adjusted EBITDA	211	187
Sensors	199	194
Optronics	12	-7
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 nine months
in € million	2025	2024
EBIT	48	41
(+) Depreciation	51	45
(+) Amortisation	79	64
EBITDA	179	150
(+) Effects on earnings from purchase price allocations	0	0
(+) Transaction costs	0	3
(+) OneSAPnow-related special items	15	6
(+) Other special items	17	28
Adjusted EBITDA	211	187

First nine months EBIT adjustments
in € million	2025	2024
EBIT	48	41
(+) Effect on earnings from purchase price allocations	33	32
thereof intangible assets	32	31
thereof property, plant and equipment	0	0
thereof inventories	0	0
(+) Transaction costs	0	3
(+) OneSAPnow-related special items	16	7
(+) Other special items	25	29
Adjusted EBIT	122	111

Reconciliation of reported to adjusted FCF

		First nine months
in € million	2025	2024
Cash flows from operating activities	-55	-138
Cash flows from investing activities	-162	-676
Free cash flow	-218	-814
(+) Transaction costs	0	11
(+) OneSAPnow-related special items	36	28
(+) M&A-activities1	28	574
(+) Other special items	34	44
Adjusted free cash flow	-119	-157
Cash flows from financing activities	-17	376

⁽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 other non-current financial assets", "Proceeds from disposals of non-consolidated affiliates, joint ventures, associates, other investments and non-current financial assets", "Acquisition of subsidiaries less acquired cash and cash equivalents" as well as "Other cash flows from investing activities" as reported in the Consolidated Statement of Cash Flows. In addition, a compensation obligation paid in connection with the acquisition of the ESG Group is recognised in operating cash flow in the first nine months 2024.

Q3 Financial Overview HENSOLDT Group

	Third quarter
in € million	2025	2024
Order intake	611	497
Book-to-bill ratio(1)	1.0x	0.9x
Revenue	591	528
Adjusted EBIT(2)	73	59
Adjusted EBITDA(3)	104	84
Adjusted EBITDA margin	17.6 %	15.9 %
Adjusted free cash flow(4)	62	-12

⁽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 nine months
in € million	2025	2024
Group profit / loss	-33	-48
(+) Effects on earnings from purchase price allocations	33	32
(+) Transaction costs	0	3
(+) OneSAPnow-related special items	16	7
(+) Other special items	35	29
Adjusted net income pre-tax adjustment	51	23
(+) Tax adjustments(1)	-24	-19
Adjusted net income	27	4

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

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

Special items are driven by

• Move to new site Oberkochen
• S4HANA implementation

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

Special items are driven by

• Move to new site Oberkochen
• S4HANA implementation

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

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