Hensoldt (HAG) Investor presentation summary

Acquisition overview

• Acquisition of Nedinsco, a Dutch optronics specialist, closed, adding strong engineering and international platform reach.

• Nedinsco operates from Venlo and Eindhoven with around 140 employees, supplying major land and naval platforms.

• Product offerings include driver vision, gun cameras, periscopes, and semicon inspection tools.

Strategic rationale and integration

• Nedinsco secures the supply chain and expands production capacity, supporting sustained growth.

• Acquisition enables portfolio and technology expansion in the optronics mid-market and opens new OEM relationships.

• Strengthens geographical presence in the Netherlands and enhances rapid prototyping and R&D capabilities.

• Nedinsco will be integrated into the Optronics segment, maintaining a lean structure and gradual process alignment.

Financial terms and impact

• 100% of Nedinsco acquired for a high double-digit EUR million enterprise value; FY 2026E EV/EBITDA multiple in low- to mid-teens.

• FY 2026E revenue in lower double-digit EUR million, Adj. EBITDA in mid-single digit EUR million; revenue CAGR -20% from FY 2026 to FY 2028.

• Cash conversion around 50%; acquisition financed through existing cash.

• Minimal top and bottom-line impact expected due to significant business consolidation.