HENSOLDT : Capital Markets Day 2025 presentation

Delivering North Star:

a new era for our business

+apital Markets Day 2025 llth November 2025

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They are not permitted to be communicated to any third party without the

owner's written consent. © Copyright HENSOLDT AG 2025. All rights reserved.

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

Agenda

Opening remarks

2

Mastering the de1ence supercycle

Delivering our North Star strategy

Financial per1ormance and outlook

1

3

N

Welcome

Co11ee

break

Q&A

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

They are not permitted to be communicated to any third party without the

owner's written consent. © Copyright HENSOLDT AG 2025. All rights reserved. 2

Opening remarks

Oliver Dörre, +EO

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

They are not permitted to be communicated to any third party without the

owner's written consent. © Copyright HENSOLDT AG 2025. All rights reserved.

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

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

+ourse set at +apital Markets Day 202N and ambition updated in spring

Focused growth

Smart and connected sensorsscaled and enhanced products

Diversi1ied services

High value−added services

Multi-domain SolutionsHigher value

chain positioning

Targeted M&A

€6bn

revenue in 2030

Con1irmedambition of €6bn with a clear growth path beyond 2030

Our North Star strategy 2030.

Deliver at scale

Pioneer so1tware-de1ined

de1ence

Grow with 1ocus

lead our team into the 1uture

Scalable, resilient,

and e11icient operations

to respond to future demands

Foundation

Clear right to winin software−defined defence and multi−domain operations with commercially ready products and solutions

Ambition

Increased de1ence spendingpaves the way to capture

signi1icant additional growth

Commitment

Right team composition

to accelerate growth, supported by new attractiveness o1 de1ence

Enabler

Strong progress in executing our strategy

Deliver at scale

Pioneer so1tware-de1ined

de1ence

Grow with 1ocus

lead our team into the 1uture

• Fully operationalised

  new logistics centre

• Move to new Optronics site

  progressing

• Operations 2.0action plan in implementation

• New SDD & digitalisation

  organization established

• Strategic partnerships

  e.g. with Quantum Systems,

  Diehl, etc.

• Commercialised products and solutions(MDO+ore,

  +ERETRON, etc.)

• Six 1ocus regionsidentified and strategies formulated

• Sales organization transformed, key account management established

• Progress in refocussing

  international organization

• launched culture evolution initiatives for 2030+

• Established new leadership

  governance

• Hired > 1,100 new employees

since last +MD

Mastering the de1ence supercycle

Oliver Dörre, +EO

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

They are not permitted to be communicated to any third party without the

owner's written consent. © Copyright HENSOLDT AG 2025. All rights reserved.

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

Rising global tensions and heightened security threats

Russian threat to eastern 1lank

War in Ukraine

A1rican insurgency and civil con1lict

South American tensions

India - Pakistan instability

Chinese threat to Taiwan and South China Sea

Middle East tensions

NATO countries Adversaries Active con1lict Political instability

The de1ence supercycle is becoming reality

leading role in European de1ence

Readiness 2030 initiative

NATO Summit

• New government, re1orm o1 debt brake with 3.5% of CDP for defence spending confirmed

• Orders materializing

  since QN 2025

• lntention to mobilize

  up to €800bn for Readiness 2030 initiative

• €l50bn in Security Action 1or Europe loans allocated

  • +ommitment to 3.U% o1 GDP

  1or core de1ence spending

  • +apability increase across all domains with up to U0 additional brigades(1)

  (l) Source: Reuters

  Germany takes the lead in European de1ence

  
  
  

  Historical and 1orecast de1ence spending (% o1 GDP) De1ence spending CAGRs 202U-2030

  Russian invasion

  5% o√ +rimea

  Russian invasion

  o√ Ukraine

  US strategic reprioritization

  l3.3%

  N%

  8.8%

  3%

  2%

  3.2%

  l%

  0%

  2000 2005 20l0 20l5 2020 2025 2030

  Cermany Europe excl.

  Cermany

  United States

  Cermany Europe excl. Cermany United States
  
  

  Source: Renaissance Strategic Advisors.

  Strong political commitment drives long-term growth

  
  
  

  In 1uture, the 1ederal government will provide all the 1inancial resources the Bundeswehr needs to become the strongest conventional army

  in Europe.

  Friedrich Merz, chancellor, government statement, lN May 2025

  We will ensure that more money spent on de1ence actually means more security 1or our country and our allies.

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

  Political support

  • long−term financial commitments and accelerated procurement

  • Planning− and Procurement Acceleration law

  • ~l50 €25m procurement parliamentary proposals planned between September 2025 and December 2026

  • New organisational structures in Federal +hancellery, Ministry of Defence and Ministry of Economics highlighting industrial support

  • Cerman framework contracts opened for European allies

Defence market outlook exceeds expectations

Accessible de1ence electronics market growth by region

Speed and scale

of major procurement programs

20.5%

l0.6%

6.6%

9.9%

N.l%

7.6%

Strong electronics density growth

Operational imperative for interconnected sensors

in multi− domain operations

Germany

Europe excl. Germany

+ACR 202NE - 2029E

+ACR 2025E - 2030E

International (1)

Accelerating next

generation capabilities

Source: Renaissance Strategic Advisors (l) lnternational figures do not include Afghanistan, +hina, lran, North Korea, Russia

Enhanced visibility 1rom a record order book and pipeline

Order backlog (€bn) Unweighted pipeline (1) (€bn)

~U0%

~70

31% Ne

8.U

e.U

202NA 2025E

+MD 202N 2025E−2030E

ldentified pipeline for 2026E − 203lE

Source: HENSOlDT AC (l) 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 1rom major German procurement programs

Dimensions o1 German de1ence spending… …with HENSOLDT positioned across all domains

F127

Radar and +2

luchs 2

Data fusion solution

luWES

Airborne electronic warfare

P8 Poseidon

ln−service support

Saw1ish 2 Kni1e1ish

State−of−the−art EW

PEGASUS

+apability expansion

U212CD

Order expansion, new partners

leopard 2A8 2 Puma 2 Schakal

Order expansion and new variants

EF Tranche N & U

Order expansion

1

Increasing scale o1 existing capabilities

2

Upgrades to existing capabilities

3

Development o1 new capabilities

German-led programs 1uel European and international growth

Select German programs and con1irmed customers (1)

leopard 2A8

RCH1UU

10

3

Skyranger

IRIS-T SlM

10

N

N

Customers

per program

2

Eurodrone

10

2

Euro1ighter

N

FCAS

U212CD

Select European

programs and con1irmed customers

Source: HENSOlDT AC (l) total number including Cermany

Schakal

Key orders booked and contract 1low-down imminent

luchs 2

Euro1ighter

TRMl-ND

leopard 22Schakal

P-8 Poseidon

+ERETRON sensors suite, sights and self−protection system in flow−down

Eurofighter re−baselining, Halcon received, tranche 5 expected in QN 2025

TRMl−ND (CBAD and

weapon location) radars

for Ukraine, additional orders expected in QN 2025

+ommander sight, driver sight and thermal imager for gunner sight in contract flow−down

Sustainment contract for Cerman P−8 program, booked in October

~ €8U0m

~ €560m

~ €U00m

> €400m

~ €100m

luchs 2 2 CERETRON: landmark contract signed

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

Contractual options and international demand o11er signi1icant upside potential

Connected sensor suite

Strong SDD relevance

Volume increased

by 3x since program initiation

Strategic market: Counter-UAV capabilities gaining importance

ElTSlON offers seamless integration with existing air defence networks

Multi-sensor and multi-e11ector solution

Own C2 so1tware, continuously upgradable

Integration capabilities, 100% in-house

Customer re1erences Air Force, Federal Police and critical national in1rastructure

Partnerships e.g. with Deutsche Flugsicherung

Deliver at scale

+hristian ladurner, +FO

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

They are not permitted to be communicated to any third party without the

owner's written consent. © Copyright HENSOLDT AG 2025. All rights reserved.

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

Scaling sensors and systems:

longer cycle o1 sustainable growth outper1orms initial complexity

Solutions

Plat1orm agnosticism

Complexity

Design

li1e cycle

Business model

Hardware−

centric

No

low

Mature

One−offs

Short−term

Software−

HENSOlDT position

Pioneer software− defined 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

defined

Tes

High

lnnovative

Multi−year

programs

long−term

Source: HENSOlDT AC

Delivering on our Operations 2.0 objectives

Scalability		Resilience		E11iciency
Re−engineering Productivity enhancement Footprint expansion		People Supply chain lT backbone		Operational excellence +apital discipline

Foundation laid 1or a step-change in production capacity to 2030 and beyond

B

A

Operating capacity

Operations 2.0Additional capacity to deliver 2030 and beyond

Current expansion planSufficient capacity to deliver through 2028

202N 2025 2026 2027 2028 2029 2030 203l 2032 2033 203N 2035

A

Expanding our industrial 1ootprint with new and modernized sites

202N: Wetzlar

202U: logistics Centre

202e: Oberkochen

• 2.900 m2 production area

• In1antry sights

• 30.000 m2 logistic area

• Transversal logistics

• N0.000 m2 total area

• Vehicle optronics

Source: HENSOlDT AC.

B

Operations 2.0 - our mission to scale

"

"We are building a scalable, resilient and e11icient Operations System to respond to strategic challenges

and to satis1y 1uture demand in products and services.

B

Sensors

Achieving the next level o1 industrial scale

+apacity increase for selected key products

Optronics

TRMl-ND

SPEXER

Sights 1or armoured vehicles

.1.8x

.N.0x

.N.Ux

.8.Ux

.e.3x

.2.1x

202l 2025 Operations

2.0

202l 2025 Operations

2.0

202l 2025 Operations

2.0

Sufficient capacity until 202e, new facilities in place 2027 Sufficient capacity until 202722028, new facilities in evaluation

Production capacity MRO/Spares/Upgrades

Source: HENSOlDT AC

Expansion and redundancy strengthen delivery resilience

Footprint as o1 2023

Footprint in 2027

.3.Nx sqm increase

Footprint 2028 and beyond

Partners2

M&A

Ground-based Systems

logistics centre 2

Further site expansions to be evaluated

Ulm

New site,

Wetzlar

Air de1ence radar production site

legacy Site Wetzlar

Other

Germany

legacy site Oberkochen

New site Oberkochen

Other Germany

UK,

France, SA

logistics centre

Additional Site Extension and relocation to new stie

Deep-dive: New air de1ence radar production site

• Rapid capacity expansion to deliver on rising demand

• Focus on the series production of air defence radars

• Production of TRMl−ND and SPEXER radars from 2027 onwards

• lnvestment of a mid−double−digit million−euro amount

• +ombining resilience with synergies

Strengthening our supply chain 1or 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 per1ormance

• Strategic supplier relations

• Focus on supplier quality

  Increase supply chain resilience

• N−tier governance for critical raw materials

• Strategic stocks

• Ceopolitical resilience

  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 202U

  
  
  

  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 TemplateEnd of 2025

  Embedding resilience

  • lncreased resilience and flexibility

  • lmproved customer service

  • Higher efficiency and compliance

    Hybrid approach to continue roll-out

  • Rollout strategy calibrated

  • Production expansion prioritized

  • S/NHANA upgrades sequenced

#oneSAPnow and a robust IT backbone drive industrial expansion

Completed

Ongoing

Next

Build o11site backup

Expand high-availability systems

Build disaster recovery capacity

Build new data center