Hensoldt gets off to a strong start in 2026: orders, sales and EBITDA increase

A good start! Strong Growth for the Hensoldt Group

2026-05-06 Source: dpa 3 min Reading Time

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The armaments company Hensoldt has started the 2026 financial year with a strong operational tailwind. Growth in the Group is picking up significantly.

The tailwind that the armaments specialist Hensoldt is currently experiencing is also reflected in the flags.(Source: Hensoldt) — The tailwind that the armaments specialist Hensoldt is currently experiencing is also reflected in the flags.
(Source: Hensoldt)

At 1,483 million euros, incoming orders for the Hensoldt Group were reportedly more than twice as high as in the same period of the previous year. The main drivers were orders to equip the platforms for the Schakal and Puma military vehicles as well as contract extensions for Mk1 radar systems, which are used in the Eurofighter. The order backlog thus grew by 41 percent to a new record value of 9,801 million euros, the company is pleased to report. As far as turnover is concerned, this rose in both segments to a total of 496 million, which represents an increase of 15 percent in the core business. The exceptionally high book-to-bill (3.0×) reflects not only major order effects, but also the structurally increased demand in central European areas of expertise. Hensoldt's adjusted EBITDA amounted to 44 million, exceeding the previous year's figure by a whopping 46.7 percent.

The higher sales volume was the decisive factor - logical! As a result, the adjusted EBITDA margin improved from 7.6 percent to 8.9 percent. According to CEO Oliver Dörre, the new German military strategy now shows in black and white that defence capabilities are being rethought today. It is becoming more networked, more software-based and is also characterised by higher demands on industrial availability. But Hensoldt can meet these demands.

The Hensoldt Optronics sector is booming strongly

The Optronics segment achieved a significant increase in orders in the first three months of 2026, according to the report. This development was primarily dominated by major orders in the Ground Based Systems product line. Sales also rose significantly, with the investments made early on having an increasing impact. The sub-division's adjusted EBITDA rose from one million euros in the same period of the previous year to 12 million euros. The adjusted EBITDA margin improved from 1.3 percent to 12.2 percent. According to Hensoldt, this is mainly due to volume effects.

Stable development in the area of sensors

In the Sensors segment, Hensoldt's Radar & Electromagnetic Warfare division was also responsible for the increase in incoming orders, while growth in the core business was primarily responsible for the higher turnover, as was reported. The adjusted EBITDA shows growth of ten percent, which is primarily due to the increased volume, as Hensoldt explains. This was offset by temporary "pass-through" effects and increased (but planned) expenditure on research and development in the Software Defined Defence segment.

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