HENSOLDT with growing revenue and strong order intake in the first half of 2025

• High order intake of EUR 1,405 million in the first half of the year (previous year: EUR 1,359 million)
• New record order backlog of EUR 7,070 million
• Revenue grows to EUR 944 million in the first half of 2025 (previous year: EUR 849 million)
• Adjusted EBITDA rises slightly to EUR 107 million (previous year: EUR 103 million)
• Adjusted EBITDA margin at 11.3% (previous year: 12.2%)
• Outlook for the 2025 financial year confirmed

Taufkirchen, 31 July 2025 – The HENSOLDT Group (“HENSOLDT”) continued its successful development in the first half of 2025 and reaffirmed its strong positioning in the field of defence and security electronics. The security policy environment, which was marked by numerous crises and conflicts, and the resulting increase in defence spending once again led to a high level of order intake. This rose to a total of EUR 1,405 million in the first six months of the current financial year (previous year: EUR 1,359 million).

Revenue increased to EUR 944 million (previous year: EUR 849 million). The strong performance of the optronics business offset the expected slower start in the sensors segment. In addition, there was less pass-through business (revenue with low value added) compared to the previous year. The book-to-bill ratio remained at a high level of 1.5x (previous year: 1.6x). Adjusted EBITDA developed positively and amounted to EUR 107 million in the first half of the year (previous year: EUR 103 million), while the adjusted EBITDA margin declined slightly to 11.3% (previous year: 12.2%). This development reflects the temporary lower productivity in the Sensors segment due to the ramp-up phase of the new logistics centre.

Oliver Dörre, CEO of HENSOLDT, says: "The current security situation makes it clear every day how important it is for Germany and Europe to invest more in their own security. We now expect this political will to increasingly translate into concrete orders – and to arrive in our production halls in very real terms. 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. But it also contains a clear mandate: 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.”

Christian Ladurner, CFO of HENSOLDT, says: “Our solid financial performance confirms our strategic course and enables us to continue investing decisively in our future. With targeted measures such as capacity expansion through automation and outsourcing, the new logistics centre as the key to further production increases, and the new building in Oberkochen, which will enable more efficient and profitable processes, we are laying the foundation for tomorrow's growth today. We are well on track with all key transformation initiatives, creating capacity that will be sustainable until at least 2028. In addition, we are anticipating further developments and, once we have binding planning reliability, we are ready to take further steps."

Seven billion mark exceeded in order backlog

With a volume of EUR 1,405 million, order intake in the first half of the current financial year exceeded the already high level of the same period last year by another 3%, thus showing strong development despite the federal elections and change of government. This increase led to a new record order backlog of EUR 7,070 million (previous year: EUR 6,553 million), which ensures a very high level of visibility. In the Sensors segment, order intake remained at a high level and was particularly influenced by contract extensions for Eurofighter Mk1 radars, the Eurofighter Halcon programme and further orders for TRML-4D radars. In the Optronics segment, order intake was significantly higher than in the same period of the previous year. Orders for the Ground Based Systems product line accounted for the largest share.

Completed refinancing increases financial flexibility

In July 2025, HENSOLDT successfully placed a promissory note loan on the capital market, thereby taking advantage of the new financing opportunities resulting from the refinancing completed in April. Strong investor demand for the promissory note loan led to oversubscription, with the total volume reaching €300 million. With this important building block in its long-term financial strategy, the company was able to secure attractive terms and further diversify its investor base.

Outlook for the 2025 financial year confirmed

HENSOLDT expects business to continue developing positively in the 2025 financial year and confirms its guidance for all relevant key figures. Specifically, the company expects revenues of between EUR 2,500 and 2,600 million and a book-to-bill ratio of 1.2. An adjusted EBITDA margin of approximately 18% is also forecast.

Key figures

The half-year statement for the financial year 2025 is available on the Investor Relations website of HENSOLDT AG. The results for the first nine months of 2025 are expected to be published on 7 November 2025.

About HENSOLDT

HENSOLDT is a leading company in the European defence industry with a global reach. Based in Taufkirchen near Munich, the company develops sensor solutions for defence and security applications. As a system integrator, HENSOLDT offers platform-independent, networked sensors. At the same time, the company is driving forward the development of defence electronics and optronics as a technology leader and investing in new solutions based on software-defined defence. In addition, the company is expanding its range of offers to include new service models and is extending its portfolio of system solutions. In 2024, HENSOLDT achieved a turnover of 2.24 billion euros. Following the acquisition of the ESG Group, the company employs around 9,000 people. HENSOLDT is listed on the Frankfurt Stock Exchange in the MDAX.

www.hensoldt.net

Press contact HENSOLDT

Joachim Schranzhofer  T: +49 (0)89.51518.1823

 M: joachim.schranzhofer@hensoldt.net