Company Reports

Hensoldt is a defense-focused electronics firm, structurally positioned in radar, electronic warfare, optronics, and multidomain integration—segments that are among the fastest-growing in European defense. NATO members have committed to spending 3.5% of gross domestic product on core defense, while Germany has accelerated defense procurement. Europe is closing urgent capability gaps across aircraft, land vehicles, and naval fleets through electronics and sensor upgrades, supporting Hensoldt’s midterm growth. Future programs will embed an even larger share of electronics and software, increasing the firm's long-term strategic relevance.

HENSOLDT’s first-half revenue increased 24% to EUR 1.17 billion and adjusted EBITDA rose 29% to EUR 137 million. Order intake doubled to EUR 2.81 billion, lifting backlog to EUR 10.36 billion. 2026 guidance was maintained.

Hensholdt shares have fallen around 15% since Germany cancelled the F126 frigate program, despite the company retaining exposure to several of Germany's highest-priority modernization programs.

Hensoldt is a defense-focused electronics firm, structurally positioned in radar, electronic warfare, optronics, and multidomain integration—segments that are among the fastest-growing in European defense. NATO members have committed to spending 3.5% of gross domestic product on core defense, while Germany has accelerated defense procurement. Europe is closing urgent capability gaps across aircraft, land vehicles, and naval fleets through electronics and sensor upgrades, supporting Hensoldt’s midterm growth. Future programs will embed an even larger share of electronics and software, increasing the firm's long-term strategic relevance.

Hensoldt reported order intake of nearly EUR 1.5 billion, revenue growth of around 25% to just under EUR 500 million (core revenue up 15%), and adjusted EBITDA of EUR 44 million, corresponding to an adjusted EBITDA margin of 8.9%.

Hensoldt reported full-year 2025 preliminary results with order intake of EUR 4.7 billion (book-to-bill 1.9 times), revenue of EUR 2.5 billion, adjusted EBITDA of EUR 452 million (18.4% margin), and free cash flow of EUR 347 million.

During Hensoldt's capital markets day 2025, management reaffirmed the company’s EUR 6 billion revenue ambition for 2030 with a cash flow conversion of 50% and outlined substantial operational initiatives designed to execute this long-term target.

Hensoldt is a defense-focused electronics company, structurally positioned in radar, electronic warfare, optronics, and multi-domain integration—segments that are among the fastest-growing in European defense. With geopolitical tensions rising, NATO set an unprecedented target of 3.5% of GDP in core defense. Europe is closing urgent capability gaps on current aircraft, land vehicles, and naval fleets through electronics and sensor upgrades, supporting Hensoldt’s midterm growth. Future programs will embed an even larger share of electronics, increasing the company’s long-term strategic relevance.

Group orders rose 8.6% to EUR 2.0 billion, driven by Eurofighter and TRML-4D radar demand, while revenue grew 11.5% to EUR 1.5 billion on strong Sensors momentum and Optronics recovery. Adjusted EBITDA rose 12.6% to EUR 211 million, reflecting scale benefits despite higher strategic investment.

Hensoldt is well-positioned to benefit from Europe’s structural rearmament, Germany's sovereignty priorities, and its unique positioning in radar, electronic warfare, optronics, and multi-domain integration.

Hensoldt is a defense-focused electronics company, structurally positioned in radar, electronic warfare, optronics, and multi-domain integration—segments that are among the fastest-growing in European defense. With geopolitical tensions rising, NATO set an unprecedented target of 3.5% of GDP in core defense. Europe is closing urgent capability gaps on current aircraft, land vehicles, and naval fleets through electronics and sensor upgrades, supporting Hensoldt’s midterm growth. Future programs will embed an even larger share of electronics, increasing the company’s long-term strategic relevance.