Hensoldt's Record €10.4 Billion Backlog Draws Buy and Hold Calls Alike
Published on 11/06/2026 at 15:02 | Editorial boerse-global.de
Hensoldt's stock slipped 0.1% on Wednesday to close at €80.84, a muted reaction to a set of nine-month figures that both Jefferies and JPMorgan agreed beat expectations. The flat finish owed less to Hensoldt's own report than to a sector-wide drag: a downgrade at Rheinmetall, reported by dpa-AFX, weighed on European defence names through the session.
The numbers themselves told a more upbeat story. Order intake for the first nine months of 2026 reached €3,564 million, up 76.7% year on year, lifting the order backlog to a record €10,367 million. Reuters reported that Eurofighter radars and targeting systems for the Puma and Schakal platforms drove the intake.
Revenue climbed 21.3% to €1,863 million, while adjusted EBITDA advanced 33.0% to €281 million — a pace that outpaced sales growth and, for Jefferies analyst Ben Brown, cleared consensus on both lines. JPMorgan's David H. Perry likewise called revenue and EBITDA better than expected.
Should investors sell immediately? Or is it worth buying Hensoldt?
Two Houses, Two Verdicts
The brokerages nonetheless landed in different places. Jefferies kept its "Buy" rating and a €98 price target, with Brown arguing that the upgraded 2026 revenue guidance looks conservative. JPMorgan stayed at "Neutral" with an unchanged €100 target.
Hensoldt now guides to roughly €2,800 million in revenue for 2026 and an adjusted EBITDA margin of about 19.0%. By media accounts, the analyst consensus for revenue had stood above €2.9 billion — meaning the company's own upgraded target still sits below where the street had been.
The Margin Is the Yardstick
What matters most in the report is the relationship between the two growth rates. Adjusted EBITDA expanding at 33.0% against revenue growth of 21.3% suggests the new business is arriving at healthy margins rather than being bought with price concessions. The record backlog provides the runway; how profitably Hensoldt converts it into revenue is the test that will define the investment case from here.
The company's next confirmed appointment is its Capital Markets Day in London on 10 November, where management will have a fresh audience for that argument.
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