HENSOLDT AG, the Taufkirchen-based European defence and security technology group, reported that its order intake doubled to €2,812 million in the first half of 2026, up from €1,405 million a year earlier. The company said revenue rose 23.6% to €1,167 million and adjusted EBITDA grew 28.5% to €137 million. HENSOLDT confirmed its full-year 2026 outlook, giving investors a clearer view of momentum in the European defence sector.

Key Points

  • HENSOLDT AG (0A5S), listed on the Frankfurt Stock Exchange in the MDAX
  • Order intake doubled to €2,812 million in H1 2026 from €1,405 million
  • Order backlog reached a record €10,356 million; revenue rose 23.6% to €1,167 million
  • Full-year 2026 guidance confirmed; nine-month results expected 5 November 2026

Order Intake Doubles to €2,812m and Backlog Exceeds €10bn

According to the announcement, HENSOLDT achieved order intake of €2,812 million in the first half of 2026, exactly double the €1,405 million recorded in the same period last year. The company attributed this to procurement contracts from the Federal Republic of Germany and other European countries. As a result, the order backlog exceeded €10 billion for the first time, reaching a record €10,356 million compared with €7,070 million a year earlier. The book-to-bill ratio rose to 2.4x from 1.5x. CEO Oliver Dörre said political decisions to increase defence spending are now being reflected in the order book, adding that industrial execution will determine how quickly these translate into real capabilities.

Revenue Rises 23.6% While Adjusted EBITDA Margin Improves

The announcement states that revenue rose 23.6% to €1,167 million, up from €944 million, driven by growth in the core business, particularly in the Optronics segment but also in Sensors. Adjusted EBITDA reached €137 million, 28.5% higher than the €107 million reported a year earlier, with the adjusted EBITDA margin improving to 11.8% from 11.3%. Adjusted free cash flow improved to -€136 million from -€181 million, primarily driven by positive cash inflows from advance payments received. The company noted that adjusted free cash flow is typically at its lowest level for the defence industry at this time of year, reflecting upfront investments required to meet fourth-quarter project milestones.

Sensors and Optronics Segments Both Report Growth

In the Sensors segment, order intake rose 57.6% to €1,979 million, driven by contract extensions for Eurofighter Mk1 radars, orders for the Knifefish electronic attack system and further TRML-4D radar orders. Segment revenue rose 16.9% to €955 million and adjusted EBITDA grew 7.5% to €113 million. The Optronics segment recorded order intake of €971 million, up from €164 million, driven by major contracts to equip the Puma and Schakal infantry fighting vehicles with digital optronics. Optronics revenue rose 63.2% to €219 million, with adjusted EBITDA improving to €24 million from €1 million and the margin rising from 1.0% to 10.9%.

Full-Year 2026 Guidance Confirmed by Management

HENSOLDT confirmed its forecast for the 2026 financial year, expecting group revenue of around €2,750 million and a book-to-bill ratio of between 1.5x and 2.0x. The company forecasts an adjusted EBITDA margin of between 18.5% and 19.0%, and a cash conversion rate of around 50% of adjusted EBITDA. CFO Christian Ladurner said the priority is converting the order book reliably and profitably into revenue and earnings while expanding manufacturing and logistics capacities. The company noted that full-year margins are typically significantly higher than half-year figures, as deliveries and acceptances concentrate in the fourth quarter. Nine-month results are expected on 5 November 2026.