Order intake rose by 62% year on year to EUR 4,710 million, compared with EUR 2,904 million in 2024. As a result, the order backlog increased by one third to EUR 8,833 million, up from EUR 6,644 million the previous year.
Revenue increased by nearly 10% to EUR 2,455 million, compared with EUR 2,240 million in 2024. The book-to-bill ratio rose to 1.9x, underlining what the company described as structurally accelerating demand and providing a basis for further growth.
Adjusted EBITDA increased to EUR 452 million from EUR 405 million in the previous year. This corresponded to an adjusted EBITDA margin of 18.4%, exceeding the company’s forecast of 18% or higher.
Adjusted free cash flow reached EUR 347 million, surpassing guidance, supported by continued positive operating performance and advance payments received. Net leverage remained unchanged at 1.6x, reflecting increased liquidity offset by higher lease liabilities linked to capacity expansion.
Oliver Dörre, CEO of Hensoldt, said: “The geopolitical situation is forcing Europe to sustainably strengthen its defence capabilities. We are seeing this not only in rising defence budgets, but also in accelerated and concrete procurement decisions since the last half-year. Germany has played a key role and was a major driver of our order intake momentum in 2025. Our intelligent and connected sensor, radar and optronics solutions address precisely the needs currently evident on the battlefield: quickly available and scalable capabilities. With our expertise in software-defined defence, we combine hardware, data and software into integrated, cross-domain system solutions. This makes us a unique partner for armed forces that need to strengthen their capabilities in the short term and modernise them in the long term.”
Christian Ladurner, CFO of Hensoldt, added: “Record order intake and a significant increase in our order backlog provide us with a high degree of planning certainty. At the same time, we have demonstrated that we can increase growth profitably. The EBITDA margin is above our forecast, and the free cash flow underscores the company’s operational performance. We are consistently investing in capacity and processes to reliably meet the increased demand. With targeted ramp-up measures, we are laying the foundation for converting our order backlog into revenue as planned and for securing our growth path in the long term.”
In the Sensors segment, order intake reached EUR 3,143 million, driven by air defence radars, the Eurofighter programme, PEGASUS and P8 Poseidon. Revenue in the segment rose by 8% to EUR 2,058 million, despite a slower start to radar production in the first half of 2025, while adjusted EBITDA amounted to EUR 394 million with a margin of 19.2%.
The Optronics segment more than doubled its order intake to EUR 1,585 million, primarily due to orders for the Luchs 2 and Leopard 2 platforms. Revenue increased by 20% to EUR 419 million, and adjusted EBITDA rose by over 140% to EUR 58 million, resulting in an EBITDA margin of 13.8%.
In light of the positive performance, the Management Board intends to propose a dividend of EUR 0.55 per share, representing a 10% increase on the previous year. For 2026, Hensoldt expects revenue of around EUR 2,750 million, a book-to-bill ratio of 1.5x to 2.0x, an adjusted EBITDA margin of 18.5% to 19%, adjusted free cash flow at around 40% of adjusted EBITDA, and net leverage of approximately 1.5x.
