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Hensoldt (HAG) investor relations material

Hensoldt Q2 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q2 2025 earnings summary31 Jul, 2025

Executive summary

  • Order intake in H1 2025 reached €1.5bn, driving order backlog to a record €7bn+, with strong momentum expected to continue.

  • Revenue increased 11% year-over-year to €944m, with growth in both ESG Group activities and Optronics.

  • Strategic transformation advanced, including digitalization, automation, and a partnership with Quantum Systems GmbH.

  • Germany's defense budget set to more than double by 2029, positioning for significant procurement opportunities.

  • Net loss for H1 2025 was €-44m, impacted by non-cash refinancing effects and interest expenses.

Financial highlights

  • H1 2025 group revenue increased 11% to €944m; order intake reached €1,405m.

  • Adjusted EBITDA was €107m (margin 11.3%), with adjusted EBIT at €49m.

  • Adjusted free cash flow was minus €181m, reflecting working capital investments and seasonal effects.

  • Book-to-bill ratio at 1.5x; order backlog exceeded €7bn for the first time.

  • Net income for H1 2025 was -€44m; EPS at €-0.36.

Outlook and guidance

  • FY 2025 revenue guidance of €2.5bn–€2.6bn, with growth likely at the lower end due to transformation initiatives.

  • Adjusted EBITDA margin forecasted at 18–19%; free cash flow conversion targeted at 50–60%.

  • Net leverage expected to remain stable at ~1.5x; dividend payout ratio maintained at 30–40% of adjusted net income.

  • High visibility on additional orders by end of 2025, with first revenues from new programs expected in 2027.

  • Outlook remains unchanged except for improved Optronics order intake expectations.

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Frequently asked questions

Hensoldt AG is a Germany-based company specializing in defense and security electronics. The company develops and manufactures advanced sensor systems, avionics, and cybersecurity solutions for military, government, and civilian applications. Its product portfolio includes radar systems, optical sensors, electronic warfare equipment, and surveillance technologies. The company is headquartered in Taufkirchen, Germany, and its shares are listed on the Frankfurt Stock Exchange.

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