The company’s order backlog exceeded EUR 7 billion for the first time, reaching EUR 7,070 million compared to EUR 6,553 million the year before. The Sensors segment remained robust, driven by contracts for Eurofighter Mk1 radars, the Eurofighter Halcon programme, and TRML-4D radar systems.
The Optronics segment showed a notable rise in order intake, with Ground Based Systems contributing the largest share. The book-to-bill ratio remained strong at 1.5x, ensuring high visibility for future revenues.
“The current security situation makes it clear every day how important it is for Germany and Europe to invest more in their own security,” said Oliver Dörre, CEO of HENSOLDT. “Our renewed increase in order intake underscores this development and shows that we have the right solutions to enable our customers to meet the security requirements of the future.”
Dörre emphasised the company’s commitment to reliability and innovation, adding, “We will do everything in our power to deliver quickly, reliably and with the highest quality. Because true defence capability comes from the consistent expansion of industrial capacity and innovative strength.”
Adjusted EBITDA rose to EUR 107 million from EUR 103 million, though the EBITDA margin slightly decreased to 11.3% due to lower productivity in the ramp-up phase of a new logistics centre. Nonetheless, the optronics business’s strong performance helped offset the slower start in sensors.
CFO Christian Ladurner said: “Our solid financial performance confirms our strategic course and enables us to continue investing decisively in our future.” He noted the importance of key initiatives such as automation, outsourcing, and a new building in Oberkochen in securing long-term growth.
“With targeted measures such as capacity expansion through automation and outsourcing… we are laying the foundation for tomorrow’s growth today,” Ladurner stated. “We are well on track with all key transformation initiatives, creating capacity that will be sustainable until at least 2028.”
In July 2025, HENSOLDT completed a successful placement of a EUR 300 million promissory note loan, building on the refinancing achieved in April. The offering was oversubscribed, enhancing financial flexibility and further diversifying the company’s investor base.
Looking ahead, HENSOLDT has confirmed its full-year guidance for 2025. It expects revenue between EUR 2,500 and 2,600 million, a book-to-bill ratio of 1.2, and an adjusted EBITDA margin of around 18%.
