Upcoming Dividend • May 18
Upcoming dividend of €0.55 per share Eligible shareholders must have bought the stock before 25 May 2026. Payment date: 27 May 2026. Payout ratio is a comfortable 64% and this is well supported by cash flows. Trailing yield: 0.7%. Lower than top quartile of Italian dividend payers (4.5%). Lower than average of industry peers (1.4%). Reported Earnings • May 07
First quarter 2026 earnings released: €0.16 loss per share (vs €0.26 loss in 1Q 2025) First quarter 2026 results: €0.16 loss per share (improved from €0.26 loss in 1Q 2025). Revenue: €496.0m (up 26% from 1Q 2025). Net loss: €19.0m (loss narrowed 37% from 1Q 2025). Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Aerospace & Defense industry in Europe. Buy Or Sell Opportunity • Apr 17
Now 26% undervalued after recent price drop Over the last 90 days, the stock has fallen 21% to €71.84. The fair value is estimated to be €97.07, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 6.9%. For the next 3 years, revenue is forecast to grow by 16% per annum. Earnings are also forecast to grow by 29% per annum over the same time period. Announcement • Apr 09
Hensoldt AG, Annual General Meeting, May 22, 2026 Hensoldt AG, Annual General Meeting, May 22, 2026, at 10:00 W. Europe Standard Time. Declared Dividend • Mar 04
Dividend increased to €0.55 Dividend of €0.55 is 10% higher than last year. Ex-date: 25th May 2026 Payment date: 27th May 2026 Dividend yield will be 0.7%, which is lower than the industry average of 1.6%. Payout Ratios Payout ratio: 47%. Cash payout ratio: 26%. Reported Earnings • Feb 27
Full year 2025 earnings released Full year 2025 results: Revenue: €2.46b (up 9.6% from FY 2024). Net income: €89.0m (down 18% from FY 2024). Profit margin: 3.6% (down from 4.8% in FY 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 16% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Aerospace & Defense industry in Europe. Announcement • Jan 30
Hensoldt Ag Announces Executive Changes HENSOLDT AG has appointed Inka Tews (55) as Chief Human Resources Officer (CHRO) with effect from May 1, 2026. She will be responsible for the global HR organisation, facility management, including corporate security, and sustainability. Tews succeeds Lars Immisch, who is leaving the company at the end of March 2026 for health reasons. Inka Tews has over 25 years of experience in human resources management at international technology companies. Most recently, she was Senior Vice President Human Resources, heading up global HR departments with a focus on business partnering at Infineon Technologies. There, she played a key role in shaping personnel structures for global growth and transformation phases. Her career also includes several years of management experience in North America and in-depth expertise in organisational development and post-merger integration. At the same time, the company bids farewell to Lars Immisch, who stepped down from the Executive Board at the turn of 2025/26. Announcement • Dec 22
Hensoldt AG to Report Q1, 2026 Results on May 06, 2026 Hensoldt AG announced that they will report Q1, 2026 results on May 06, 2026 Announcement • Dec 12
Henoldt, Lufthansa Technik Defense and Bombardier Defense Announce First Aircraft Lands in Germany HENSOLDT, Lufthansa Technik Defense and Bombardier Defense have reached another key milestone in the PEGASUS (Persistent German Airborne Surveillance System) programme: the first aircraft has successfully arrived in Germany. Following its transatlantic flight from Bombardier's facility in Wichita, Kansas, the aircraft has landed at Lufthansa Technek's headquarters in Hamburg last week, where the next major phase of the programme will now begin. Led by national electromagnetic warfare champion HENSOLDT and employing the extensive special mission aircraft capabilities of Lufthansa TechnIK, the German MRO (Maintenance, Repair and Overhaul) specialist, and of Bombardier, the Canadian aircraft manufacturer, the PEGASUS programme will provide the German Armed Forces (Bundeswehr) with a airborne signals intelligence (SIGINT) capability. The arrival of the first aircraft marks the transition from platform design and development in the United States to the mission system integration and certification phase in Germany. HENSOLDT acts as general contractor and holds overall responsibility for the realisation of the PEGASUS weapon system itself as well as the ground station, training facility and data analysis capabilities. Lufthansa Technika Defense serves as prime subcontractor, procuring and modifying the aircraft and integrating the reconnaissance system developed by HENSOLDT. Bombardier Defense provides the high-performance Global 6000 platform and supports the programme with its engineering and flight-testing expertise. New Risk • Dec 07
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Italian stocks, typically moving 7.2% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.4x net interest cover). Share price has been highly volatile over the past 3 months (7.2% average weekly change). Valuation Update With 7 Day Price Move • Nov 24
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to €69.50, the stock trades at a forward P/E ratio of 46x. Average forward P/E is 25x in the Aerospace & Defense industry in Europe. Total returns to shareholders of 92% over the past year. Simply Wall St's valuation model estimates the intrinsic value at €124 per share. Reported Earnings • Nov 09
Third quarter 2025 earnings released: EPS: €0.11 (vs €0.19 loss in 3Q 2024) Third quarter 2025 results: EPS: €0.11 (up from €0.19 loss in 3Q 2024). Revenue: €592.0m (up 12% from 3Q 2024). Net income: €12.0m (up €34.0m from 3Q 2024). Profit margin: 2.0% (up from net loss in 3Q 2024). The move to profitability was driven by higher revenue. Revenue is forecast to grow 17% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Aerospace & Defense industry in Europe. Announcement • Nov 08
Hensoldt AG to Report Fiscal Year 2025 Final Results on Mar 26, 2026 Hensoldt AG announced that they will report fiscal year 2025 final results on Mar 26, 2026 Announcement • Nov 07
Hensoldt AG to Report Fiscal Year 2025 Results on Feb 26, 2026 Hensoldt AG announced that they will report fiscal year 2025 results on Feb 26, 2026 Buy Or Sell Opportunity • Oct 17
Now 23% undervalued after recent price drop Over the last 90 days, the stock has fallen 11% to €92.10. The fair value is estimated to be €119, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has declined by 3.1%. For the next 3 years, revenue is forecast to grow by 17% per annum. Earnings are also forecast to grow by 32% per annum over the same time period. Buy Or Sell Opportunity • Sep 12
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 2.5% to €92.95. The fair value is estimated to be €119, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has declined by 3.1%. For the next 3 years, revenue is forecast to grow by 16% per annum. Earnings are also forecast to grow by 32% per annum over the same time period. Buy Or Sell Opportunity • Aug 03
Now 23% undervalued Over the last 90 days, the stock has risen 28% to €91.50. The fair value is estimated to be €119, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has declined by 3.1%. For the next 3 years, revenue is forecast to grow by 16% per annum. Earnings are also forecast to grow by 32% per annum over the same time period. Reported Earnings • Aug 01
Second quarter 2025 earnings released: €0.10 loss per share (vs €0.081 loss in 2Q 2024) Second quarter 2025 results: €0.10 loss per share (further deteriorated from €0.081 loss in 2Q 2024). Revenue: €549.0m (up 5.6% from 2Q 2024). Net loss: €12.0m (loss widened 20% from 2Q 2024). Revenue is forecast to grow 15% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Aerospace & Defense industry in Europe. Buy Or Sell Opportunity • Jul 01
Now 21% undervalued Over the last 90 days, the stock has risen 47% to €92.10. The fair value is estimated to be €116, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has declined by 5.7%. For the next 3 years, revenue is forecast to grow by 14% per annum. Earnings are also forecast to grow by 29% per annum over the same time period. Announcement • May 29
Hensoldt AG Approves Dividend HENSOLDT AG successfully held its Annual General Meeting on 27 May 2025. The shareholders approved the proposed appropriation of net profit, including the distribution of a dividend of €0.50 per dividend-bearing share. Reported Earnings • May 07
First quarter 2025 earnings released: €0.26 loss per share (vs €0.13 loss in 1Q 2024) First quarter 2025 results: €0.26 loss per share (further deteriorated from €0.13 loss in 1Q 2024). Revenue: €395.0m (up 20% from 1Q 2024). Net loss: €30.0m (loss widened 100% from 1Q 2024). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Aerospace & Defense industry in Europe. Announcement • Apr 10
Hensoldt AG, Annual General Meeting, May 27, 2025 Hensoldt AG, Annual General Meeting, May 27, 2025, at 10:00 W. Europe Standard Time. Reported Earnings • Mar 28
Full year 2024 earnings released: EPS: €0.93 (vs €0.53 in FY 2023) Full year 2024 results: EPS: €0.93 (up from €0.53 in FY 2023). Revenue: €2.24b (up 21% from FY 2023). Net income: €108.0m (up 93% from FY 2023). Profit margin: 4.8% (up from 3.0% in FY 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Aerospace & Defense industry in Europe. Buy Or Sell Opportunity • Mar 10
Now 20% undervalued Over the last 90 days, the stock has risen 83% to €62.30. The fair value is estimated to be €78.22, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years. Earnings per share has declined by 22%. For the next 3 years, revenue is forecast to grow by 12% per annum. Earnings are also forecast to grow by 28% per annum over the same time period. Valuation Update With 7 Day Price Move • Mar 06
Investor sentiment improves as stock rises 37% After last week's 37% share price gain to €73.35, the stock trades at a forward P/E ratio of 53x. Average forward P/E is 23x in the Aerospace & Defense industry in Europe. Simply Wall St's valuation model estimates the intrinsic value at €77.44 per share. Announcement • Feb 28
Hensoldt AG announces Annual dividend, payable on May 30, 2025 Hensoldt AG announced Annual dividend of EUR 0.5000 per share payable on May 30, 2025, ex-date on May 28, 2025 and record date on May 29, 2025. Reported Earnings • Feb 27
Full year 2024 earnings released Full year 2024 results: Revenue: €2.24b (up 21% from FY 2023). Net income: €108.0m (up 100% from FY 2023). Profit margin: 4.8% (up from 2.9% in FY 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 11% p.a. on average during the next 3 years, compared to a 10% growth forecast for the Aerospace & Defense industry in Europe. New Risk • Feb 17
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Italian stocks, typically moving 6.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.8x net interest cover). Minor Risks Share price has been volatile over the past 3 months (6.6% average weekly change). Profit margins are more than 30% lower than last year (0.5% net profit margin). Announcement • Dec 10
Hensoldt AG to Report Fiscal Year 2024 Final Results on Mar 27, 2025 Hensoldt AG announced that they will report fiscal year 2024 final results on Mar 27, 2025 Announcement • Nov 06
Hensoldt AG to Report Fiscal Year 2024 Results on Feb 27, 2025 Hensoldt AG announced that they will report fiscal year 2024 results on Feb 27, 2025 New Risk • Sep 06
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Italian stocks, typically moving 5.2% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.5x net interest cover). Minor Risks Share price has been volatile over the past 3 months (5.2% average weekly change). Profit margins are more than 30% lower than last year (2.3% net profit margin). Shareholders have been diluted in the past year (10.0% increase in shares outstanding). Reported Earnings • Jul 28
Second quarter 2024 earnings released: €0.081 loss per share (vs €0.028 profit in 2Q 2023) Second quarter 2024 results: €0.081 loss per share (down from €0.028 profit in 2Q 2023). Revenue: €520.0m (up 34% from 2Q 2023). Net loss: €10.0m (down 433% from profit in 2Q 2023). Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 5.9% growth forecast for the Aerospace & Defense industry in Italy. Announcement • Jul 12
Hensoldt AG Announces Resignation of Celia Pelaz as Member of the Management Board At the End of August 31, 2024 Hensoldt AG announced that Celia Pelaz will resign from her position as a member of the Management Board of the company at the end of August 31, 2024 and leave the company. Celia Pelaz has been a member of the Management Board of Hensoldt since July 1, 2021, initially as Chief Strategy Officer and since April 1, 2024 as Chief Operating Officer. Reported Earnings • May 07
First quarter 2024 earnings released: €0.13 loss per share (vs €0.19 loss in 1Q 2023) First quarter 2024 results: €0.13 loss per share (improved from €0.19 loss in 1Q 2023). Revenue: €329.0m (down 2.7% from 1Q 2023). Net loss: €15.0m (loss narrowed 25% from 1Q 2023). Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 5.8% growth forecast for the Aerospace & Defense industry in Italy. Announcement • Apr 04
Hensoldt AG (XTRA:5UH) completed the acquisition of ESG Elektroniksystem- und Logistik-GmbH from an investment vehicle managed by Armira Beteiligungen GmbH & Co. KG. Hensoldt AG (XTRA:5UH) signed a definitive agreement to acquire ESG Elektroniksystem- und Logistik-GmbH from an investment vehicle managed by Armira Beteiligungen GmbH & Co. KG for an enterprise value of €675 million on December 5, 2023. HENSOLDT is acquiring 100% of ESG for an enterprise value of €675 million plus an earn-out of up to €55 million based on specific performance targets to December 31, 2024. HENSOLDT intends to finance the acquisition through a capital increase from authorized capital of up to 10% of the current share capital and new debt in the amount of approximately €450 million. The Federal Republic of Germany, indirectly acting through Kreditanstalt für Wiederaufbau (KfW), holding 25.1% of the shares in HENSOLDT, intends to participate in the potential capital increase pro rata to its shareholding quota. The transaction has full support of HENSOLDTs two key shareholders the Federal Republic of Germany and Leonardo S.p.A. The acquisition is expected to be completed in H1 2024, subject to certain conditions, including obtaining necessary regulatory approvals. As of February 8, 2024, the Bundeskartellamt, a German Regulator has approved the takeover by Hensoldt. Management Board and Supervisory Board of HENSOLDT have unanimously approved the acquisition.
HENSOLDT is advised by Deutsche Bank AG as financial advisor and Gleiss Lutz and Hengeler Mueller as legal advisor. Thomas Ingenhoven, Thomas Kleinheisterkamp, Thomas Möller and Tristram Gargent of Milbank LLP acted as legal advisor to Hensoldt and advised on the financing of the acquisition of ESG. Ernst & Young Gmbh WirtschaftsprÜFungsgesellschaft acted as financial advisor and due diligence provider to Armira Partners GmbH & Co KG. Ralf Morshäuser, Patrick Mossler, Vanessa Rendtorff, Stefan Mayer, Marcus Reischl, Andreas Neun, Jacob von Andreae, Eva Koch, Matthias Werner, Steffen Krieger and Manuel Klar of Gleiss Lutz acted as legal advisor to Hensoldt AG.
Hensoldt AG (XTRA:5UH) completed the acquisition of ESG Elektroniksystem- und Logistik-GmbH from an investment vehicle managed by Armira Beteiligungen GmbH & Co. KG on April 3, 2024. Announcement • Mar 25
Hensoldt AG to Report Q3, 2024 Results on Nov 06, 2024 Hensoldt AG announced that they will report Q3, 2024 results on Nov 06, 2024 Announcement • Feb 23
Hensoldt AG to Report Q1, 2024 Results on May 07, 2024 Hensoldt AG announced that they will report Q1, 2024 results on May 07, 2024 Announcement • Dec 06
Hensoldt AG (XTRA:5UH) signed a definitive agreement to acquire ESG Elektroniksystem- und Logistik-GmbH from an investment vehicle managed by Armira Beteiligungen GmbH & Co. KG. Hensoldt AG (XTRA:5UH) signed a definitive agreement to acquire ESG Elektroniksystem- und Logistik-GmbH from an investment vehicle managed by Armira Beteiligungen GmbH & Co. KG on December 5, 2023. HENSOLDT is acquiring 100% of ESG for an enterprise value of EUR 675 million plus an earn-out of up to EUR 55 million based on specific performance targets to 31 December 2024. HENSOLDT intends to finance the acquisition through a capital increase from authorized capital of up to 10% of the current share capital and new debt in the amount of approximately EUR 450 million. The Federal Republic of Germany, indirectly acting through Kreditanstalt für Wiederaufbau (KfW), holding 25.1% of the shares in HENSOLDT, intends to participate in the potential capital increase pro rata to its shareholding quota. The transaction has full support of HENSOLDTs two key shareholders the Federal Republic of Germany and Leonardo S.p.A. The acquisition is expected to be completed in H1 2024, subject to certain conditions, including obtaining necessary regulatory approvals. HENSOLDT is advised by Deutsche Bank AG as financial advisor and Gleiss Lutz and Hengeler Mueller as legal advisor. 
