Germany's Hensoldt H1 revenue rises 24%, order intake doubles

Hensoldt AG

31/07/2026 05:40

Overview
German defence tech firm's H1 revenue rose 24% yr/yr, driven by core business growth
Order intake doubled and order backlog hit record high, supported by European procurement contracts
Adjusted EBITDA rose 28.5% yr/yr; company confirmed full-year 2026 outlook

Outlook
Hensoldt expects 2026 revenue of around €2.75 bln
Company forecasts 2026 adjusted EBITDA margin between 18.5% and 19.0%
Co sees 2026 book-to-bill ratio between 1.5x and 2.0x

Result Drivers
EUROPEAN DEFENCE CONTRACTS - Co said doubling of order intake was driven by procurement contracts from Germany and other European countries
SEGMENT GROWTH - Revenue growth was mainly driven by the core business, with strong performance in the Optronics segment and also in the Sensors segment
MAJOR MILITARY CONTRACTS - Optronics segment order intake rose sharply due to contracts for digital optronics on Puma and Schakal vehicles

Company press release: ID:nEQ1CN0rfa

Key Details
Metric
Beat/Miss
Actual
Consensus Estimate
H1 Revenue
 
EUR 1.17 bln
 
H1 Adjusted EBITDA
 
EUR 137 mln
 
H1 Adjusted EBITDA Margin
 
11.80%
 
H1 Adjusted Free Cash Flow
 
-EUR 136 mln
 
H1 Order Backlog
 
EUR 10.36 bln
 
H1 Orders
 
EUR 2.81 bln
 

Analyst Coverage
The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 9 "strong buy" or "buy", 6 "hold" and 1 "sell" or "strong sell"
The average consensus recommendation for the aerospace & defense peer group is "buy"
Wall Street's median 12-month price target for Hensoldt AG is €90.00, about 7.2% above its July 30 closing price of €83.98
The stock recently traded at 39 times the next 12-month earnings vs. a P/E of 36 three months ago

Reuters Recommended Reads
July 31 - Hensoldt backs 2026 targets as order intake doubles, backlog tops 10 bln euros
July 30 - Britain's BAE Systems lifts 2026 outlook as defence orders soar
July 30 - Rheinmetall scores naval modernisation order after Germany scrapped F126 project

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)