Hensoldt Ag Unsp/Adr

Ladies and gentlemen, welcome to the Hensoldt AG H1 Results 2026 Analyst Conference Call. I'm Sergen, the Chorus Call Operator. I would like to remind you that all participants will be in listen-only mode and the conference being recorded. The presentation will be followed by a Q&A session. You can register for questions at any time by pressing star and 1 on your telephone. For operator assistance, please press star and 0. The conference must not be recorded for publication or broadcast. At this time, it's my pleasure to hand over to Nicole Schillinger, Head of Investor Relations. Please go ahead.

Good afternoon and welcome, everyone. Thank you for joining us for our HO1 2026 Bernie's Call. My name is Nicole Schillinger, and I took over as Head of Investor Relations on the 1st of July. I am delighted to have joined such a strong IR team and I'm very pleased to be hosting my first earnings call with you. Joining me on the call are our CEO, Oliver Dorre and our CFO, Christian Ladurner. They will take you through today's presentation and provide an update on our business performance, strategic priorities and financial development. We will then move into the Q&A session at the end of the call. With that, I hand over to you, Oliver.

Thank you very much, Nicole, and a warm welcome to all of our investors and analysts. It's a real pleasure to have you with us today. There are moments when geopolitical decisions translate directly into industrial reality. The NATO summit in Ankara was one of them. The five themes on this slide map onto our business. So let me take them in turn. First, the financial commitment. They confirm a multi-year investment cycle across all our core markets and give us a long-term demand visibility that supports the capacity investments we are already making. Second, the DroneEdge initiative formalizes Counter-US as an alliance priority. That creates additional momentum for capabilities that are already in our portfolio. Nato's technological focus on sensors, radar, and electromagnetic warfare aligns closely with our core technologies. As these become alliance priorities, procurement programs tend to follow. Fourth, digitalization, cloud, and AI. The future battlefield is networked, data-centric, and software enabled. Whoever sees first and decides faster prevails. That is sensors plus software, and it is exactly where Hensoldt is positioned. And fifth, Ukraine's support creates a durable service and upgrade pipeline for systems already in operation. Ukraine is today the largest operator of our TML4D radar worldwide. That is a strong validation of our positioning and the foundation for long-term support business. Ankara, to sum it up, did not change the direction of travel. and Accelerator. The previous slide shows the political frame. This one shows now how our portfolio maps onto the defense architecture that is now emerging. MDO Core is our software backbone for the digitalization of defense. It connects sensors, platforms and defectors with an open software architecture, which is what multi-domain operations require. Platforms matter still, but increasingly the network defies. In missile defense, our position becomes tangible with Freya. Together with Firepoint, we are combining combat proven Ukrainian technologies with our radar expertise. The Ukraine connection is deliberate. We are integrating proven capabilities and with them operational expertise from the battlefield where innovation cycles are measured in weeks rather than years. Electromagnetic warfare and airborne ISR are equally strategic. Pegasus is a flagship European program, and we supply its core sensors and mission system, laying the foundation for the upcoming LUVIS program. That role strengthens European technological sovereignty in a domain where independence has become a strategic necessity. We are deliberately extending this position into space. The war in Ukraine has shown that space-based sensing has become an operational requirement. We are building sovereign MDO core-based sensing capabilities that integrate space into the same real-time picture as the land, air and maritime domains. For a company positioned as leader in sensor and multi-domain integration, that is the next logical step. Together, these positions give us exposure to some of the strategically most relevant defense programs in Europe for the coming decades. Talking about Henselt's strategic relevance, within one week, two federal ministers visited Henselt. Boris Pistorius, Federal Minister of Defense in Oberkochen, Katharina Reiche, Federal Minister for Economic Affairs and Energy in Fürstenfeldburg. Two ministers, one message. Henselt is central to Germany's defense and industrial strategy. In the words of Minister Pistorius, I quote, I'm very glad to have such a reliable partner in Henselt. These visits confirm that our technologies are recognized at the highest political level and that we are ready to deliver at the scale and in the quality Germany needs. That recognition shapes where Germany is placing its bets for the future. CFSM is one of the most significant examples. The combat fighter system nucleus sits at the heart of next generation air combat, one of Europe's highest strategic priorities. Let me be clear on one point up front. Our position in air combat does not depend on the pace of any single program. ESCAS, even without the next generation fighters, continues to represent the long-term European vision and while its future shape is evolving. Germany is advancing solar technologies through CFSM in parallel. We play a central role in both because our technologies sit at the core The architecture either way. Within CFSN, we have been selected to provide the mission sensor system and the initial contract was booked in the first half. CFSN is also the first program where our partnership with Helsing moves from strategic agreement to operational implementation. We are combining software-defined capabilities with advanced mission sensors in future air combat information superiority design. The strategic value therefore goes well beyond the initial contract. It reinforces our leadership in sensors, electromagnetic warfare and system of systems integration, and it positions us in the programs that will shape European air combat capability for years to come. The F-126 termination has drawn some attention, so let me address it directly. The financial impact is not material. The contract value was just over 200 million and more than one-third has already been recognized as revenue. The remaining share, around 130 million, comes out of our order backlog. There is no impact on our short-term or medium guidance. The fundamentals of our naval business are unchanged. Demand for naval sensors and mission systems continues to grow as European navies modernize their fleets over the coming decades. That structural trend remains intact. Our naval business is built around technology families rather than individual programs. The TRF-3D-4D radar family is deployed across multiple vessel classes, including F-125 and K-130 in Germany. And it has been selected by international customers like Brazil for the Tamandare 3 grids. Continuous capacity upgrades benefit the entire family and create value well beyond any single platform or single custom. The recently approved Mikko A200 frigates for the German Navy illustrate the point. They open new opportunities in a market where our technology is already established and competitive. F-126 is a data fault, not a signal about our naval business, Our strategy, our technology roadmap, and our market opportunities remain unchanged. The previous slides showed our strategic position. This one shows how it translates into execution across all our four North Star axes. Deliver at scale. Our electronics production is ramping up significantly. Printed circuit board output has almost tripled Since January, from around 600 to roughly 1,500 populated boards per week. What matters is what the number represents. Our capacity investments are converting directly into industrial output. We are no longer building capacity for future demand. We are delivering into today's demand. Pioneer Software Defined Defense. We have expanded the MBO core ecosystem through four technology partnerships, each contributing a distinct capability. We are building an open ecosystem in which integration is a differentiator. That is the neo system house in practice. Drop with Focus, our partnership with Bacat Electronics gives us a sovereign route into India's defense ecosystem and turns local content requirements into a competitive advantage. In one of the world's most important long-term defense markets, that is a strong foundation for future growth. Lead our team into the future is about ensuring that our organization scales alongside our business. Our leadership team meeting aligns senior leaders around the next phase of execution across the room. As we grow across markets, technologies, and geographies, consistent leadership becomes an operational capability in its own right. Now I hand over to Christian, who will give you an update on our financials.