Hensoldt stock enters capital markets day after guidance raise

HENSOLDT stock enters the week of the company’s Capital Markets Day after the defense electronics group reported stronger nine-month results and refined its 2026 outlook upward on Thursday, November 5. The company’s release said higher deliveries, especially in radar and optronics, supported the improvement.

Hensoldt stock traded at 80.21 euros on Lang & Schwarz at 12:32 CET on Monday, November 9, 2026. Investors can follow the real-time quote of Hensoldt stock.

Orders strengthen business visibility

For the first nine months of 2026, order intake rose 76.7 percent to 3,564 million euros from 2,017 million euros a year earlier. The company said the Eurofighter program, the Schakal wheeled infantry fighting vehicle and the Puma infantry fighting vehicle made major contributions. The order backlog reached a record 10,367 million euros, up 46.1 percent from 7,096 million euros.

Revenue increased 21.3 percent to 1,863 million euros from 1,536 million euros. The book-to-bill ratio improved to 1.9 times from 1.3 times, pointing to stronger order coverage for future sales. HENSOLDT said core revenue excluding pass-through business grew 17.7 percent, with air defense and services among the main drivers.

Profitability improves across segments

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 climbed 45.4 percent to 177 million euros. In the third quarter alone, the adjusted EBITDA margin reached 20.6 percent, compared with 17.6 percent a year earlier.

The Sensors segment increased nine-month revenue 15.5 percent to 1,522 million euros, helped by deliveries of TRML-4D air-defense systems and higher service activity. Optronics revenue advanced 52.4 percent to 354 million euros, while adjusted EBITDA rose to 45 million euros from 12 million euros. Reuters highlighted the faster growth in Optronics and the contribution from higher radar deliveries.

Adjusted free cash flow remained negative at minus 104 million euros, although it improved from minus 119 million euros. HENSOLDT attributed the position mainly to the timing of project milestones and said higher advance payments offset increased investment in technology and capacity. Third-quarter adjusted free cash flow was positive at 32 million euros.

Higher targets set up London event

HENSOLDT now expects 2026 revenue of around 2,800 million euros, compared with around 2,750 million euros previously. The company also refined its adjusted EBITDA margin target to around 19.0 percent from a previous range of 18.5 percent to 19.0 percent. It expects the book-to-bill ratio at the upper end of the former 1.5 to 2.0 times range, even if the PEGASUS contract is awarded only in early 2027.

Management maintained medium-term targets, a net leverage target of around 1.5 times and a dividend payout range of 30 to 40 percent of adjusted net income. CEO Oliver Dörre said HENSOLDT was increasing production and delivery capacity, while CFO Christian Ladurner pointed to economies of scale and cost discipline as drivers of margin expansion.

The Capital Markets Day takes place in London on Tuesday, November 10. Investors are likely to assess how quickly HENSOLDT can convert its record backlog into revenue and cash flow, alongside its plans to develop from a sensor specialist into a broader systems provider. Preliminary 2026 results are scheduled for February 24, 2027.

The DAX provides the broader German market context for defense and industrial shares.

More news and analyses on Hensoldt stock remain available ahead of the investor event.