HENSOLDT AG, the Munich-headquartered European defence electronics group listed on the Frankfurt Stock Exchange, used its Capital Markets Day in London on 10 November 2026 to confirm a revenue ambition of 6 billion euros for 2030 and set out a new ambition of 10 billion euros for 2035. The company refined its medium-term financial targets, projecting annual revenue growth of 15% to 20% from 2027 and an adjusted EBITDA margin rising to around 21% by 2030. Investors are closely watching the group's ability to convert its record order backlog of 10.4 billion euros, as of 30 September 2026, into accelerating revenue over the coming years.

Key Points

  • HENSOLDT AG (0A5S), listed on the Frankfurt Stock Exchange in the MDAX and TecDAX indices
  • Revenue ambition of 6 billion euros for 2030 confirmed; 10 billion euros ambition for 2035 announced for the first time
  • Annual revenue growth of 15%–20% expected from 2027; adjusted EBITDA margin to reach approximately 21% by 2030; 2026 revenue guidance of approximately 2.8 billion euros
  • Investors may be watching first customer orders for the MDOcore software suite, expected from 2027, and progress on capacity expansion secured by mid-2027

HENSOLDT's €110 Billion Pipeline and Accelerating Order Backlog Conversion

At the heart of HENSOLDT's growth case is an unweighted pipeline for 2027 to 2032 valued at around 110 billion euros, with order intake still expected to grow significantly faster than revenue. The company reported a record order backlog of 10.4 billion euros as of 30 September 2026 and expects this to reach approximately 11.2 billion euros by year-end. For 2026, HENSOLDT has guided for revenue of around 2.8 billion euros, an adjusted EBITDA margin of approximately 19.0%, and a book-to-bill ratio at the upper end of the range of approximately 1.5x to 2.0x. The adjusted EBITDA margin is targeted to rise by around 50 basis points per year, reaching approximately 21% by 2030.

Capacity Expansion and TRML-4D Radar Production Scaling

HENSOLDT has secured a sustained step change in manufacturing capacity by mid-2027, with further significant expansion planned through to 2029. Since 2023, the company has expanded its infrastructure by around 49,000 square metres, with a further 46,000 square metres to be added from 2027, including an additional air defence radar site entering series production in the second quarter of 2027. The CFO noted that capacity for the TRML-4D radar system has been increased fivefold over the past three years, with a further doubling planned over the next two years. Capital expenditure is expected to peak at around 5.5% of revenue in 2026 before falling to approximately 4% to 4.5% in the medium term.

MDOcore Software Suite Advances Towards First Customer Orders in 2027

HENSOLDT's MDOcore software suite, the centrepiece of its Software-Defined Defence strategy, has progressed from concept to market following a live demonstration at ILA in June 2026 and a subsequent prototype test in a NATO exercise. The company is currently in negotiations with three customers on prototypes and expects the first customer orders from 2027. Software is expected to generate revenue through licences, customer-specific adaptation, systems integration, and lifecycle service, with the service business overall targeted to account for around 25% of group revenue in the long term.

Workforce Expansion and International Sales Restructuring Under New Leadership

HENSOLDT plans to grow its workforce from approximately 10,600 currently to around 14,000 by 2029. The company received more than 100,000 applications in 2026, with 83% of new hires placed in direct functions such as production, development, and service. A newly structured global sales organisation will operate from 1 January 2027 under the leadership of Viktoria Stürmer-Kuchelmeister, targeting growth in Europe, India, and Canada. In 2025, just over 30% of group revenue came from exports from Germany; in the long term, the company aims for approximately half of revenue to come from customers outside Germany. Preliminary full-year 2026 results are expected on 24 February 2027.