HENSOLDT AG ADR (HAGHY) Q3 2025 Earnings Call Transcript

Veronika Zimmermann
Head of Group Reporting & Investor Relations

Good afternoon, everybody, and welcome to Hensoldt’s 9M 2025 Results Call. Thank you all for joining us today. I’m Veronika Endres, Head of Investor Relations at Hensoldt. And with me today is our CFO, Christian Ladurner. Christian will guide you through this presentation today, which will be followed by Q&A. And with that, over to you, Christian.

Christian Ladurner
CFO & Member of Management Board

Yes. Thank you very much, Veronika, and a very warm welcome to all of our investors and analysts following our company. It’s great to have you with us today. I’d like to begin with a quick update of this time line, which you may remember from our recent analyst calls. Since then, our assumptions have further materialized. Right after the adoption of Germany’s 2025 defense budget in September, the parliamentary sessions for procurement approvals gained strong momentum.

By the end of 2025, a total of more than a double — high double-digit number of so-called EUR 25 million approvals will have been passed, many of them with direct Hensoldt involvement. The first tangible evidence was our recent guidance upgrade for the 2025 book-to-bill ratio published 2 weeks ago. While the majority of expected orders is still anticipated to enter our books in 2026, the increased guidance for this year already reflects the early materialization of these strong dynamics.

This