HENSOLDT AG HENSOLDT doubles order intake in the first half of 2026 – revenue and earnings rise significantly

HENSOLDT doubles order intake in the first half of 2026 – revenue and earnings rise significantly
 

• Order intake doubled to 2,812 million euros (previous year: 1,405 million euros)
• Order backlog reaches a record high of 10,356 million euros (previous year: 7,070 million euros)
• Revenue rises to 1,167 million euros (previous year: 944 million euros)
• Adjusted EBITDA grows significantly to 137 million euros (previous year: 107 million euros)
• Adjusted EBITDA margin improves to 11.8% (previous year: 11.3%)
• Outlook for the 2026 financial year fully confirmed

Taufkirchen, 31 July 2026 – The HENSOLDT Group (“HENSOLDT”) achieved order intake of 2,812 million euros in the first half of 2026 – double the figure for the same period last year (1,405 million euros). This was driven by procurement contracts from the Federal Republic of Germany and other European countries. The order backlog thus exceeded the 10 billion euros mark for the first time. Revenue rose by 23.6% to 1,167 million euros in the first half of 2026 (previous year: 944 million euros). The main driver was the significant growth in the core business, which performed well particularly in the Optronics segment, but also in the Sensors segment. As a result of the sharp rise in order intake, the book-to-bill ratio increased to 2.4x (previous year: 1.5x).
Adjusted EBITDA reached 137 million euros, 28.5% higher than in the same period of the previous year (107 million euros). The key factor in both segments was the significant rise in revenue volume in the core business, which is reflected in an improved adjusted EBITDA margin of 11.8% (previous year: 11.3%). Adjusted free cash flow improved compared with the same period last year to -136 million euros (previous year: -181 million euros). This was primarily driven by positive cash inflows from advance payments received. Adjusted free cash flow is typically at its lowest level for the defence industry at this time of year – due to upfront investments required to meet the contractual project milestones planned for the fourth quarter.
Oliver Dörre, CEO of HENSOLDT, says: “The political decisions to increase defence spending are now being reflected in our order book. It is now down to industrial execution to determine how quickly these translate into real capabilities. For HENSOLDT, this entails a clear responsibility – we must demonstrate that we can not only deliver technology that gives our armed forces a genuine advantage but also have the capacity to supply it in the required quantities and at high speed. This is precisely where we are currently focusing all our industrial efforts. At the same time, we are working on the next stage of the: networked, software-defined solutions, as modern defence capabilities increasingly depend on how well individual systems work together.”
Christian Ladurner, CFO of HENSOLDT, says: “The high level of new orders confirms the confidence in our solutions. However, this is not the end goal for us. What will continue to be decisive is how reliably and profitably we convert our order book into revenue and earnings. This is precisely what our investments are focused on: we are systematically expanding our manufacturing and logistics capacities without compromising our margin discipline. The record-high order book gives us the long-term visibility that we consistently use to plan ahead and anticipate future developments. We are therefore confident that we will continue to deliver to our usual high standards in the second half of the year and beyond – with financial discipline and operational reliability.”
Both segments show growth in order intake, revenue and profitability
In the Sensors segment, order intake rose by 57.6% to 1,979 million euros1. The main drivers were contract extensions for Eurofighter Mk1 radars, orders for the Knifefish electronic attack system and further orders for TRML-4D radars. Revenue rose by 16.9% to 955 million euros, also benefiting from pass-through revenue from the major projects Eurofighter Mk1 radar and PEGASUS. Adjusted EBITDA grew by 7.5% to 113 million euros, driven by increased revenue volumes in the core business.
In the first half of 2026, the Optronics segment recorded an exceptionally strong rise in order intake to 971 million euros1 (previous year: 164 million euros). This development was driven primarily by major contracts to equip the Puma infantry fighting vehicle and the Schakal wheeled infantry fighting vehicle with digital optronics. Revenue rose by 63.2% to 219 million euros, driven primarily by the Ground Based Systems product line. Adjusted EBITDA improved significantly to 24 million euros (previous year: 1 million euros); the adjusted EBITDA margin rose from 1.0% to 10.9%, mainly driven by volume effects.
Outlook for Fiscal Year 2026 confirmed
HENSOLDT confirms its forecast for the 2026 financial year. The company expects group revenue of around 2,750 million euros and a book-to-bill ratio of between 1.5x and 2.0x. In addition, an adjusted EBITDA margin of between 18.5% and 19.0% is forecast. For adjusted free cash flow, a cash conversion rate of around 50 per cent of the adjusted EBITDA is still expected. The adjusted EBITDA margin for the full year is typically significantly higher than the half-year figure, as deliveries and acceptances are concentrated in the second half of the year and, in particular, the fourth quarter.
Key figures
 

Millions of euros	H1 2026	H1 2025	Change
Order intake	2,812	1,405	100.1%
Order backlog	10,356	7,070	46.5%
Revenue	1,167	944	23.6%
Book-to-bill ratio	2.4 x	1.5 x	0.9 x
Adjusted EBITDA	137	107	28.5%
Adjusted EBITDA margin	11.8%	11.3%	0.5 pp
Adjusted free cash flow	-136	-181	45

The semi-annual report for the 2026 financial year is available on the HENSOLDT AG Investor Relations website. The results for the first nine months of 2026 are expected to be published on 5 November 2026.
About HENSOLDT
HENSOLDT is a leading European high-tech company in the defence and security industry, based in Taufkirchen near Munich. The company develops sensor solutions, electronics and software for the air, land, sea, cyber and space domains, helping armed forces worldwide to detect threats early and make informed operational decisions.
Building on decades of experience in mission-critical sensor technology, HENSOLDT combines radar, optronics, electronics and cyber expertise with data-driven software and artificial intelligence. The aim is to integrate and analyse sensor data from different platforms and domains and merge it into a reliable situational picture.
HENSOLDT has thus evolved from a traditional sensor supplier to a new-generation system integrator – a ‘neo-system house’ that enables networked, Software-Defined Defence capabilities and supports information superiority in missions.
In the 2025 financial year, HENSOLDT achieved a turnover of €2.46 billion with around 9,500 employees. The company is listed on the Frankfurt Stock Exchange in the MDAX.
Further information: www.hensoldt.net
Press contact
Joachim Schranzhofer                                               T: +49 (0)89 51518 1823
                                                                                   M: joachim.schranzhofer@hensoldt.net