Hensoldt Earnings: We Cut Fair Value Estimate 8% to EUR 92 as German Award Timing Grows Less Certain
Hensoldt’s nine-month revenue rose 21% and adjusted EBITDA grew 33%. The company raised its 2026 sales outlook to about EUR 2.8 billion and expects a 19% adjusted EBITDA margin. The EUR 1.1 billion-plus Pegasus award is now expected in early 2027.