The company’s revenue rose by 21.3% to €1,377 million, driven by growth in its core business and the successful integration of the ESG Group, which contributed €172 million. Adjusted EBITDA improved by 24.1% to €187 million, with the adjusted EBITDA margin increasing slightly to 13.6%, reflecting strong operational performance and economies of scale.
CEO Oliver Dörre highlighted HENSOLDT’s progress, stating, “The strong first nine months of 2024 underscore the positive development – particularly in the area of operational excellence.” He added that the integration of the ESG Group was completed within 200 days of acquisition, allowing for full operational integration by year-end, which he believes will strengthen HENSOLDT’s role as a reliable partner on both national and international levels.
The company also confirmed a book-to-bill ratio at the upper range of 1.2x, aligning with strong demand from European and NATO member states. “The significant increase in revenues and the rise in adjusted EBITDA underline our operational strength in realising economies of scale in our core business,” commented CFO Christian Ladurner, who also noted satisfaction with strong order intakes that exceeded previous expectations.
HENSOLDT’s order intake was boosted by high demand in the Sensors segment, particularly from contracts for the German Bundeswehr’s short-range air defence system (LVS NNbS) and TRML-4D radars for Ukraine, Latvia, and Slovenia under the European Sky Shield Initiative. In addition, HENSOLDT secured contracts for Australia’s Space Centre to deliver high-performance Air Surveillance Radar – Next Generation systems, along with a 20-year support plan.
The Optronics segment recorded €297 million in orders, slightly lower than the previous year, with key contracts for the Final Focus Metrology system, laser rangefinders for the M1 Abrams tank, and components for the LVS NNbS project. These projects, alongside milestones like the PEGASUS airborne electronic signals intelligence system and the modernization of Norwegian ULA submarines, contributed to the company’s growing order backlog, now totalling €6,513 million.
For the remainder of 2024, HENSOLDT anticipates continued growth, with projected consolidated revenues of €2.3 billion and a modest rise in adjusted EBITDA. The company aims to sustain an EBITDA margin of 18% to 19%, excluding low value-added revenue, benefiting from its solid order pipeline and growing demand for advanced defence solutions across Europe and NATO nations.
Source: HENSOLDT.
