Capital Markets Day: HENSOLDT confirms revenue ambition of 6 billion euros for 2030 and aims for 10 billion euros in 2035

Capital Markets Day: HENSOLDT confirms revenue ambition of 6 billion euros for 2030 and aims for 10 billion euros in 2035
 

• Ambition 2035: aiming for revenue of 10 billion euros; revenue ambition of 6 billion euros for 2030 confirmed
• Medium-term targets refined: annual revenue growth of 15% to 20% expected from 2027; adjusted EBITDA margin to rise by around 50 basis points per year from around 19% to around 21% by 2030
• Order intake: still expected to grow significantly faster than revenue; unweighted pipeline for 2027 to 2032 at around 110 billion euros
• Capacity expansion: sustained step change in capacity secured by mid-2027, further significant expansion planned to 2029
• Software-Defined Defence: first customer orders for MDOcore expected from 2027

London, 10 November 2026 – The HENSOLDT Group (“HENSOLDT”) is presenting tangible progress in implementing its corporate strategy at its Capital Markets Day in London and is setting out its growth ambition to 2035. Under the title “Delivering today. Sustaining growth beyond 2035”, the Management Board is showing how the company is accelerating the conversion of its record order backlog of 10.4 billion euros (as of 30 September 2026) into revenue and is already preparing for the programmes that will drive further revenue growth in the 2030s. Overall, HENSOLDT is reaffirming its revenue ambition of 6 billion euros for 2030 and, for the first time, setting out an ambition of 10 billion euros for 2035.

This growth ambition is based on structurally growing demand that is set to last for at least a decade. NATO member states have committed to spending at least 3.5% of their gross domestic product on core defence by 2035. In Germany, defence spending is rising over the long term as well: the federal government’s financial plan provides for more than 180 billion euros in 2030, compared with around 108 billion euros in the current year, including the special fund. In addition, the Bundeswehr Planning and Procurement Acceleration Act applies until the end of 2035. The company expects the addressable market for defence electronics to grow by around 10% per year to around 76 billion euros by 2031.

Oliver Dörre, CEO of HENSOLDT, says: “Our Capital Markets Day stands for two concrete commitments. We deliver today what our customers have ordered: on time and to the quality they expect. In addition, we will achieve revenue of 10 billion euros in 2035 and secure our growth beyond that. Decisions on many of the programmes that will shape our business in the 2030s will be taken soon. The platforms that will emerge from them will need sensors, software and service for decades. As a Neo-System House, we combine our expertise with that of our partners, creating integrated solutions that give our customers unique operational capabilities across different platforms and domains.”

Christian Ladurner, CFO of HENSOLDT, adds: “Our order intake continues to grow faster than revenue. Since this year, however, we have been converting our order backlog into revenue at an increasing pace, and our earnings are growing faster than revenue. Our refined medium-term targets build on this. We now expect growth of 15% to 20% per year as early as 2027 and 2028, and of more than 20% towards the end of the decade. The margin will continue to rise from a higher base. Our percentage targets remain the same, but they start from a higher base and therefore mean more revenue and more earnings in absolute terms. To achieve this growth, we are scaling our entire production system step by step, in a targeted way and at an increasing pace. For key products such as the TRML-4D, we have increased our capacity fivefold over the past three years and will double it again over the next two. Our financial strength allows us to fund this expansion while maintaining our dividend policy.”

Five drivers on the path to 10 billion euros

HENSOLDT bases the path from 6 billion euros in revenue in 2030 to 10 billion euros in 2035 on five drivers: the structural growth of the defence markets, particularly in exports, a step change in capacity secured by mid-2027, the focused further development of its portfolio with new sources of value creation in software and service, its positioning as a Neo-System House that combines sensors, software and systems integration, and financial strength that funds this growth.

Growth areas include air defence, follow-on orders in programmes that have already been introduced, new large-scale programmes, particularly in mission aircraft, and next-generation platforms. The service business is another factor: it grows with every system delivered and is expected to account for around 25% of revenue in the long term.

Deliver at Scale: More capacity for the order backlog

HENSOLDT has secured a sustained step change in capacity by mid-2027, with further significant expansion planned to 2029. Since 2023, the company has expanded its infrastructure by around 49,000 square metres. From 2027, a further 46,000 square metres will be added, including an additional air defence radar site, which will begin series production in the second quarter of 2027, and a service centre for optronics. At the same time, HENSOLDT has increased efficiency and quality in production, made its supply chain more resilient and reduced its vertical integration.

Pioneer Software-Defined Defence: Software as an additional source of revenue

The MDOcore software suite has made the leap from concept to market. Following the live demonstration at ILA in June 2026, a prototype was tested in a NATO exercise. HENSOLDT is currently negotiating with three customers on prototypes and expects the first customer orders from 2027. Elements of MDOcore and Software-Defined Defence are already part of ongoing programmes, for example PEGASUS and the Luchs 2 reconnaissance vehicle. Software complements revenue from sensors in three ways: through licences, through customer-specific adaptation and systems integration, and through service across the entire lifecycle.

Grow with Focus: Germany as the centre of international business

Germany is the central hub of HENSOLDT’s international business. In 2025, just over 30% of Group revenue came from exports from Germany. The company is continuing to expand this role. The focus outside Germany is on the rest of Europe, India and Canada in particular. To this end, a newly structured global sales organisation will continue its work under the new leadership of Viktoria Stürmer-Kuchelmeister from 1 January 2027. Significantly stronger support from the German government for government-to-government business provides further growth momentum. In the long term, around half of revenue is to be generated from customers outside Germany.

Lead our Team into the Future: Workforce grows with demand

The number of employees is set to rise from around 10,600 this year to around 14,000 in 2029, in line with the growing order backlog. Of the people hired in 2026, 83% work in direct functions such as production, development and service. This year, HENSOLDT has already received more than 100,000 applications. With the gradual build-up of a Software Factory and the new Software Development Center in Leinfelden near Stuttgart, HENSOLDT is also strengthening its software expertise.

Guidance for 2026 and medium-term targets

For 2026, as announced on 5 November, HENSOLDT expects revenue of around 2.8 billion euros, an adjusted EBITDA margin of around 19.0% and a book-to-bill ratio at the upper end of the range of around 1.5x to 2.0x. By the end of the year, the company expects an order backlog of around 11.2 billion euros.

HENSOLDT is refining its targets for the medium term. Order intake is still expected to grow significantly faster than revenue. HENSOLDT puts the unweighted pipeline for the years 2027 to 2032 at around 110 billion euros. The company now expects annual revenue growth of 15% to 20% as early as 2027 and 2028. The adjusted EBITDA margin is set to rise by around 50 basis points per year from around 19% in 2026 and reach around 21% in 2030. For adjusted free cash flow, a cash conversion rate of around 50% of adjusted EBITDA still applies; net leverage is set to continue to fall. The payout ratio remains at 30% to 40% of adjusted net income. HENSOLDT already has headroom of around 1 billion euros for acquisitions, with net leverage capped at 2.5x at the end of the financial year. Capital expenditure peaks in 2026 at around 5.5% of revenue and is expected to be around 4% to 4.5% in the medium term.

The presentation for the Capital Markets Day is available on the HENSOLDT AG Investor Relations website. The preliminary results for the full year 2026 are expected to be published on 24 February 2027.

About HENSOLDT

HENSOLDT is a leading European high-tech company in the defence and security sector, headquartered in Taufkirchen near Munich. For decades, the name HENSOLDT has stood for mission-critical sensor technology, optronics and electronics that have proven themselves in real-world operations across all domains – land, air, sea, cyber and space. Today, this technological depth forms the foundation for a strategic transformation: from a sensor solutions provider to a Neo-System House and a driving force behind Software-Defined Defence, transforming data into operational superiority.
In 2025, the company generated revenue of 2.46 billion euros. It currently employs around 10,600 staff. HENSOLDT is listed on the Frankfurt Stock Exchange in the MDAX.
Further information:www.hensoldt.net 

Press contact at HENSOLDT

Joachim Schranzhofer                                               T: +49 (0)89 51518 1823
                                                                                    M: joachim.schranzhofer@hensoldt.net