Hensoldt’s Order Book Hits €9.8 Billion as First Helsing Deliveries Begin
Published on 07/28/2026 at 13:21 | Redaktion boerse-global.de
Hensoldt is navigating a period of mixed signals. The defence electronics group saw its shares climb 2.78 percent to €85.16 on Tuesday, breaking through the €82.02 resistance level that had capped the stock in recent weeks. The move extends a rally that has already added more than 21 percent over the past 30 trading sessions, with the shares closing at €82.86 on Monday — a gain of 4.49 percent on that session alone.
The technical breakout comes as the company delivers on a strategic partnership that is now yielding its first concrete orders. Hensoldt announced on 27 July that it has shipped three CAIRAS missile warning systems to Helsing, the Munich-based AI defence start-up, for integration into the CA-1 Europa unmanned combat aircraft. The systems form part of a broader self-protection suite called AMPS-MR, which combines CAIRAS with the Kalætron radar warning receiver and a countermeasure dispenser. According to Hensoldt, this marks the first time the AMPS family has been deployed on an unmanned platform.
Christina Canitz, head of Hensoldt’s Optronics division, framed the delivery as a strategic inflection point. Self-protection has historically been the domain of manned aircraft, she noted, but is now becoming a prerequisite for autonomous systems that must survive and make decisions independently on the battlefield.
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Helsing, for its part, confirmed that the CA-1 Europa programme remains on schedule. The V-tail structure is already complete, all major wing components are finished, and the preliminary design review for the fly-by-wire system has been successfully concluded. First flights of the attack variant, designated CA-1KA, are planned for early 2027. The two companies are also expanding their cooperation: the CA-1 Electronic Attack variant, unveiled at the ILA Berlin air show in June, will carry an escort support jammer supplied by Hensoldt, with the existing memorandum of understanding being broadened to accommodate the new work.
These developments sit against a backdrop of a swelling order book. Hensoldt’s order backlog stood at €9.8 billion at the end of March, a 41 percent increase year-on-year, even after the company lost a roughly €200 million contract linked to the F126 frigate programme. First-quarter revenue rose 25 percent to €496 million, with 15 percent organic growth in the core business. Management has maintained its full-year guidance despite the frigate setback, and investors are now looking toward the half-year results for a clearer picture of how the company intends to absorb that loss operationally.
The stock’s technical picture remains nuanced. The Chaikin Money Flow indicator sits at 0.21, signalling positive capital inflows, but the relative strength index has climbed to 67.6 — uncomfortably close to overbought territory. The 30-day annualised volatility stands at roughly 55 percent, suggesting that sharp swings are likely to persist. Above the current level, resistance is stacked tightly between €83.40 and €85.36. To the downside, the 200-day moving average at €78.66 offers a first line of defence, with stronger support between €69.48 and €71.00.
From the October 2025 high of €115.10, the stock remains roughly 26 percent below that peak, leaving theoretical recovery potential intact if the improving sentiment across the defence sector continues to lift the entire group. Whether Tuesday’s breakout marks the beginning of a genuine trend change, however, will probably be decided when the half-year numbers land — and with them, a proper reckoning of how Hensoldt’s operational momentum measures up against the headwinds it faces.
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