HENSOLDT starts financial year 2026 with record order intake and rising profitability

The HENSOLDT Group (“HENSOLDT”) has started the financial year 2026 with strong operational momentum and has noticeably accelerated its growth trajectory. At EUR 1,483 million, order intake was more than double that of the same period last year. The main drivers were orders to equip the Schakal and Puma platforms, as well as contract extensions for Eurofighter Mk1 radars. The order backlog grew by 41% to a new record level of EUR 9,801 million. Revenue rose in both segments to a total of EUR 496 million. This represents a 15% increase in the core business. The exceptionally high book-to-bill ratio of 3.0x reflects not only the impact of major orders but also the structurally increased demand in key European capability areas. Adjusted EBITDA amounted to EUR 44 million, exceeding the previous year’s figure by 46.7%. The decisive factor was the higher revenue volume. As a result, the adjusted EBITDA margin improved from 7.6% to 8.9%. Oliver Dörre, CEO of HENSOLDT, explains: “The new German military strategy makes it clear in black and white that defence capability is being reimagined today – more networked, software-based and with significantly higher expectations on industrial availability. For us, this is not just a strategic signal, but increasingly concrete demand. Our strong first quarter shows how this development is already being reflected in programmes and procurement. At the same time, it is clear that HENSOLDT’s success is based on our ability to deliver cutting-edge technology and to provide it on an industrial scale. We have geared HENSOLDT precisely towards this scalability – and thus see ourselves in a strong position for the coming years.” Christian Ladurner, CFO of HENSOLDT, says: “Our record order book of nearly EUR 10 billion provides excellent visibility and lays the foundation for further growth. In parallel, we have significantly increased our profitability; the Optronics segment in particular – driven by higher volumes – is showing a remarkably strong performance. Through targeted upfront investments, we have anticipated and paved the way for this development. Furthermore, we are strengthening our foundation for the coming years with strategic steps such as the acquisition of Nedinsco. In view of structurally increased demand and a sustained high level of order intake, we confirm our forecast for the 2026 financial year across all relevant key figures.” Optronics with strong growth and significant margin improvement The Optronics segment recorded a significant increase in order intake in the first three months of 2026. This development was driven primarily by major orders in the Ground Based Systems product line. Revenue also rose significantly, with early investments increasingly taking effect. Adjusted EBITDA increased from EUR 1 million in the same period last year to EUR 12 million, while the adjusted EBITDA margin improved from 1.3% to 12.2%. This is mainly attributable to volume effects. Sensors: Solid performance in orders and profitability In the Sensors segment, the increase in order intake was driven by the Radar & Electromagnetic Warfare division, while growth in the core business was the main driver of higher revenue. Adjusted EBITDA grew by 10%, largely due to increased volume. This was offset by temporary pass-through effects as well as increased, planned expenditure on research and development in the Software-defined Defence area. HENSOLDT acquires Nedinsco In March 2026, HENSOLDT signed an agreement to acquire the Dutch optronics specialist Nedinsco, securing critical supply chains through this transaction. Furthermore, the acquisition of Nedinsco strengthens technological capabilities in a strategically relevant segment and supports the further expansion of production capacities. Nedinsco has sites in Venlo and Eindhoven, employs around 140 people and develops and manufactures electro-optical sensor systems, including periscopes, driver vision systems and subsystems for optronic sensor units. Positive outlook for the 2026 financial year confirmed HENSOLDT expects business performance to remain positive for the current year and, given its unchanged conservative planning regarding project milestones and the momentum of its ramp-up, confirms its guidance for all relevant key figures. The company expects revenue of around EUR 2,750 million and a book-to-bill ratio of 1.5x to 2.0x. The adjusted EBITDA margin is expected to be between 18.5% and 19.0%. Continued high levels of investment in European security and defence capabilities continue to drive robust demand for HENSOLDT’s products and solutions.