Hensoldt stock gains on stronger orders and higher 2026 outlook

HENSOLDT reported stronger growth and profitability for the first nine months of 2026 and raised parts of its full-year outlook. In its announcement published on Thursday, November 5, the company said order intake, revenue and adjusted EBITDA all advanced substantially from the prior-year period. The figures and guidance were released by HENSOLDT Investor Relations.

Orders strengthen the growth base

Order intake rose 76.7 percent to 3.564 billion euros from 2.017 billion euros a year earlier. The order backlog reached a record 10.367 billion euros, up from 7.096 billion euros. The book-to-bill ratio improved to 1.9 times from 1.3 times, giving the defense electronics group a larger base of contracted work.

HENSOLDT said the largest order contributions came from the Eurofighter program and contracts for the Schakal and Puma infantry fighting vehicles. In the Sensors segment, order intake increased 54.5 percent to 2.631 billion euros, supported by Eurofighter radar programs, Knifefish prototypes and additional TRML-4D radar orders.

Profitability improves across segments

Group revenue grew 21.3 percent to 1.863 billion euros from 1.536 billion euros. Core business revenue excluding pass-through revenue increased 17.7 percent, with air defense and the service business providing important momentum.

Adjusted EBITDA rose 33.0 percent to 281 million euros from 211 million euros. The adjusted EBITDA margin widened to 15.1 percent from 13.7 percent, while adjusted EBIT increased 45.4 percent to 177 million euros. HENSOLDT attributed the earnings improvement mainly to higher core-business volumes, scale effects and cost discipline.

Optronics delivered particularly strong growth. Segment revenue increased 52.4 percent to 354 million euros, while adjusted EBITDA rose to 45 million euros from 12 million euros. The segment's order intake more than tripled to 1.157 billion euros, driven mainly by major orders for sights and self-protection systems for the Schakal and Puma platforms.

Guidance moves higher for 2026

HENSOLDT now expects full-year revenue of around 2.8 billion euros, compared with previous guidance of around 2.75 billion euros. The company also expects its book-to-bill ratio to reach the upper end of the previous 1.5 to 2.0 times range, even if the PEGASUS contract is awarded only in early 2027. The adjusted EBITDA margin target was refined from a range of 18.5 to 19.0 percent to around 19.0 percent.

Adjusted free cash flow was negative at 104 million euros after nine months, an improvement from negative 119 million euros a year earlier. HENSOLDT said milestone payments in defense projects are concentrated in the fourth quarter; adjusted free cash flow was positive at 32 million euros in the third quarter.

Chief Executive Oliver Dörre said the company's capacity investments were enabling it to produce and deliver more systems. Chief Financial Officer Christian Ladner said the record order book provides planning certainty for targeted technology and capacity expansion.

The Hensoldt stock traded at 81.79 euros on Lang & Schwarz at 12:11 CET on Thursday, November 5, 2026. Investors can follow the real-time quote of Hensoldt stock.

Germany's DAX remains the relevant domestic market reference for investors following the DAX.

The next scheduled company event is HENSOLDT's Capital Markets Day in London on November 10, 2026. Preliminary full-year 2026 results are expected on February 24, 2027. More news and analyses on Hensoldt stock.