Hensoldt stock targets 10 billion euros in revenue by 2035
Published on 11/10/2026 at 12:25 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWSGrowth targets sharpened at investor day
- HENSOLDT reaffirmed its 2030 revenue ambition and introduced a longer-term growth ambition.
- Management expects annual revenue growth of 15% to 20% from 2027 and a gradual increase in the adjusted EBITDA margin.
- Full-year 2026 guidance points to higher revenue, a stronger margin and an order backlog of 11.2 billion euros.
HENSOLDT set a longer-term growth ambition at its Capital Markets Day in London on Tuesday, November 10. The defence electronics group said it aims to reach revenue of 10 billion euros by 2035, while reaffirming its ambition of 6 billion euros for 2030. The targets were outlined in the company's Capital Markets Day announcement.
Long-term targets meet strong order visibility
HENSOLDT bases the expansion path on structural defence-market growth, stronger export activity, additional capacity expected by mid-2027, and a broader portfolio in software and services. The company also wants to position itself as a system house combining sensors, software and systems integration.
The group said its order backlog stood at 10.4 billion euros on September 30, 2026, and expects it to reach about 11.2 billion euros by year-end. An unweighted pipeline for 2027 to 2032 amounts to about 110 billion euros, according to the company. These figures give investors a measure of forward demand, although conversion into sales and earnings will depend on production capacity, programme timing and customer acceptance.
2026 guidance moves higher
HENSOLDT expects 2026 revenue of about 2.8 billion euros and an adjusted EBITDA margin of about 19.0%. The company also expects its book-to-bill ratio to reach the upper end of its 1.5x to 2.0x range. The year-end outlook follows stronger nine-month performance, when order intake rose 76.7% to 3.564 billion euros and revenue increased 21.3% to 1.863 billion euros, according to the company's nine-month release carried by EQS News.
Adjusted EBITDA climbed 33.0% to 281 million euros in the first nine months, while the adjusted EBITDA margin improved to 15.1% from 13.7% a year earlier. HENSOLDT said the full-year margin is normally higher because deliveries and customer acceptances are concentrated in the fourth quarter. The company expects adjusted free-cash-flow conversion of about 50% of adjusted EBITDA, while its payout ratio remains at 30% to 40% of adjusted net income.
Share price tracks investor focus
Hensoldt stock traded at 83.77 euros on Lang & Schwarz at 12:19 CET on Tuesday, November 10, 1.17% above the Xetra close of Monday, November 9. The longer-term targets may improve visibility for investors, but the valuation case remains tied to the pace at which the large order book becomes revenue, cash flow and sustainable margin expansion.
HENSOLDT AG at a glance
- Company: HENSOLDT AG
- ISIN: DE000HAG0005
- Ticker: HAG.DE
- Lang & Schwarz price: 83.77 euros at 12:19 CET on November 10, 2026
- Change versus Xetra close: 1.17% above the November 9, 2026 close of 82.80 euros
- Sector: Defence electronics and security technology
European defence shares remain sensitive to government procurement, export approvals and programme execution. See the latest DAX market reports for the broader German equity setting.
HENSOLDT expects to publish its preliminary 2026 results on February 24, 2027. See More news and analyses on Hensoldt stock.
