The German defence electronics company said its order backlog increased by 41% to a record EUR 9.801 billion. Revenue rose across both business segments to EUR 496 million, representing a 15% increase in the core business.
Adjusted EBITDA increased by 46.7% to EUR 44 million. The adjusted EBITDA margin improved from 7.6% to 8.9%, mainly due to higher revenue volumes.
Oliver Dörre, chief executive of Hensoldt, said the company was benefiting from changes in European defence priorities. “The new German military strategy makes it clear in black and white that defence capability is being reimagined today – more networked, software-based and with significantly higher expectations on industrial availability,” he said.
“For us, this is not just a strategic signal, but increasingly concrete demand,” Dörre added. “Our strong first quarter shows how this development is already being reflected in programmes and procurement.”
He said the company’s strategy was focused on scalable industrial production. “At the same time, it is clear that Hensoldt’s success is based on our ability to deliver cutting-edge technology and to provide it on an industrial scale,” Dörre said.
“We have geared Hensoldt precisely towards this scalability – and thus see ourselves in a strong position for the coming years,” he added. The company linked growing demand to increased European investment in defence and security capabilities.
The Optronics segment recorded significant growth in both order intake and revenue during the quarter. Adjusted EBITDA in the segment increased from EUR 1 million in the same period last year to EUR 12 million, while the EBITDA margin rose from 1.3% to 12.2%.
Hensoldt said the improvement was mainly driven by higher production volumes and major orders in its Ground Based Systems product line. The company added that earlier investments were beginning to support operational growth.
In the Sensors segment, order intake growth was led by the Radar & Electromagnetic Warfare division. Revenue growth in the segment was primarily linked to expansion in the company’s core business activities.
Adjusted EBITDA in Sensors increased by 10%. Hensoldt said profitability was partly affected by planned research and development spending in the software-defined defence area.
In March 2026, the company signed an agreement to acquire Dutch optronics specialist Nedinsco. Hensoldt said the acquisition would strengthen critical supply chains and expand technological capabilities in electro-optical sensor systems.
Nedinsco employs around 140 people and operates sites in Venlo and Eindhoven. The company develops and manufactures systems including periscopes, driver vision equipment and subsystems for optronic sensors.
Christian Ladurner, chief financial officer of Hensoldt, said the company’s order position provided strong visibility for future growth. “Our record order book of nearly EUR 10 billion provides excellent visibility and lays the foundation for further growth,” he said.
“In parallel, we have significantly increased our profitability; the Optronics segment in particular – driven by higher volumes – is showing a remarkably strong performance,” Ladurner added. He said targeted investments and the acquisition of Nedinsco would strengthen the company’s long-term position.
“Furthermore, we are strengthening our foundation for the coming years with strategic steps such as the acquisition of Nedinsco,” he said. “In view of structurally increased demand and a sustained high level of order intake, we confirm our forecast for the 2026 financial year across all relevant key figures.”
Hensoldt confirmed its full-year guidance for 2026. The company expects revenue of around EUR 2.75 billion, a book-to-bill ratio between 1.5x and 2.0x, and an adjusted EBITDA margin of between 18.5% and 19.0%.
