Revenue rose 23.6% to €1.17 billion during the six months ended June. Adjusted EBITDA increased 28.5% to €137 million.
The adjusted EBITDA margin improved to 11.8% from 11.3% a year earlier. HENSOLDT’s book-to-bill ratio climbed to 2.4 from 1.5.
The ratio showed that new orders were more than twice recognised revenue. HENSOLDT said demand increased across both its Sensors and Optronics businesses.
“The political decisions to increase defence spending are now being reflected in our order book,” Chief Executive Oliver Dörre said. “It is now down to industrial execution to determine how quickly these translate into real capabilities.”
HENSOLDT is expanding manufacturing and logistics capacity to support faster deliveries. The company is also developing networked and software-defined defence systems.
Adjusted free cash flow improved to a negative €136 million from a negative €181 million. HENSOLDT attributed the improvement mainly to advance payments from customers.
The company said first-half cash flow is usually its weakest during the year. Upfront investment supports deliveries and customer acceptances concentrated in the fourth quarter.
Sensors order intake increased 57.6% to €1.98 billion. Demand included Eurofighter Mk1 radar extensions, Knifefish electronic attack systems and additional TRML-4D radars.
Sensors revenue rose 16.9% to €955 million. Adjusted EBITDA increased 7.5% to €113 million.
Optronics order intake reached €971 million, compared with €164 million a year earlier. Major awards covered digital optronics for Puma and Schakal infantry fighting vehicles.
Optronics revenue increased 63.2% to €219 million. Adjusted EBITDA reached €24 million, up from €1 million.
“The high level of new orders confirms the confidence in our solutions,” Chief Financial Officer Christian Ladurner said. “However, this is not the end goal for us.”
“What will continue to be decisive is how reliably and profitably we convert our order book into revenue and earnings,” Ladurner said. “This is precisely what our investments are focused on: we are systematically expanding our manufacturing and logistics capacities without compromising our margin discipline.”
HENSOLDT maintained its full-year revenue forecast of about €2.75 billion. It also retained its expected book-to-bill ratio of between 1.5 and 2.0.
The company continues to forecast an adjusted EBITDA margin of 18.5% to 19%. Adjusted free cash flow is expected to equal about 50% of adjusted EBITDA.
