EQS-News: Capital Markets Day: HENSOLDT makes significant progress in capacity expansion and Software-Defined Defence

Capital Markets Day: HENSOLDT makes significant progress in capacity expansion and Software-Defined Defence
 

• North Star strategy: Progress in industrial scaling and software-based solutions
• Book-to-bill ratio: Forecast for 2025 increased to around 1.6x – 1.9x; significantly faster growth in order intake compared to revenue expected in the medium term
• Revenue growth: Revenue for 2025 specified at around €2.5 billion; 10% annual growth forecast for 2026 and15-20% for the medium term
• Adjusted EBITDA margin: Specified at 18% or higher for 2025; increase of 50 basis points per year expected in the medium term
• Dividend payout: Constant at 30-40% of adjusted net profit

Ulm, 11 November 2025 – The HENSOLDT Group ("HENSOLDT") is holding its 2025 Capital Markets Day today under the title "Delivering North Star – A new era for our business". The focus is on the company’s strategic development from a leading defence electronics manufacturer to an integrated multi-domain solutions provider that combines intelligent sensor technology, software-based systems and industrial scaling. This will enable HENSOLDT to benefit from the rapidly growing European defence environment in the long term.

With its intelligent, software-based and connected solutions, HENSOLDT is strategically positioned to play a central role in both the ramp-up and modernisation of existing capabilities and the development of new, connected system architectures. The company is therefore continuing the strong momentum of recent years and consistently leveraging the security policy “Zeitenwende” in Germany and Europe for growth and innovation.

Oliver Dörre, CEO of HENSOLDT, says: “The market for defence solutions is currently developing extremely dynamically. Germany and other European countries are massively accelerating their procurement activities. Our pipeline clearly shows that the funds provided are already being put to effective use. For HENSOLDT, this opens up great growth opportunities, but also a high degree of responsibility. Our customers expect us to ensure defence and operational readiness in the short term, while developing the capabilities of tomorrow in the medium term. With the expansion of our production capacities already underway and the accelerated development of our new MDOcore architecture, we are building this bridge. We deliver defence systems that are adaptable, networked and upgradeable, and we are shaping a European defence ecosystem based on cooperation, openness and sovereignty.”

Christian Ladurner, CFO of HENSOLDT, says: “We are building a scalable, resilient and efficient operating system to respond to strategic challenges and reliably meet future demand for solutions and services. Our growth is based on the consistent improvement of industrial performance, efficiency and process quality. In doing so, we ensure disciplined capital allocation, thereby maintaining our profitability and cash generation. Our business model, which is unique in the defence industry, gives us a strategic advantage: we scale capabilities and networking opportunities, not platforms. By integrating new programmes with long-term upgrade and service potential, we ensure recurring revenues and high visibility.”

Industrial scaling and operational excellence

Over the past twelve months, HENSOLDT has made substantial progress in industrial scaling, resilience and efficiency across the entire value chain – from development and procurement to production and logistics. The commissioning of new logistics and production centres, the introduction of the “Operations 2.0” initiative, and the implementation of automation and digitalisation modules have significantly increased the company's production and delivery capacities, while further improving process quality. This enables HENSOLDT to reliably meet the increasing demands of national and international programmes and further expand its role as a strategic partner for complex sensor systems and multi-domain solutions.

By 2027, HENSOLDT will begin delivering from a newly built radar production facility, more than tripling its total production capacity compared to 2021. At the same time, the automation of the new logistics centre, the comprehensive introduction of lean production methods and the targeted development of strategic partnerships with suppliers, among other things, are strengthening the company's resilience and forming the basis for future economies of scale. With the "oneSAPnow" programme and a modernised IT infrastructure, HENSOLDT is further expanding its digital backbone. A scalable, data-driven enterprise platform creates uniform end-to-end processes, improves transparency and controllability, and supports long-term growth and operational continuity.

Pioneer in software-defined defence

Over the past year, HENSOLDT has significantly strengthened its position as an integrated provider of software-defined defence (SDD), establishing the organisational framework to bring together software, data and integration expertise within a dedicated unit. With its MDOcore software suite for multi-domain operations, HENSOLDT already has a technologically unique platform that networks sensors, merges data in real time and enables cross-domain decision-making. Initial applications – including the new Luchs 2 reconnaissance vehicle – demonstrate the operational capabilities of this architecture.

HENSOLDT's clear technological leadership in SDD not only opens up access to new, high-margin business areas, but also creates long-term, recurring revenue potential through software licences, upgrades and data-based services. At the same time, MDOcore forms the basis for the next generation of interoperable sensor and combat systems and increases the attractiveness of existing product lines. While the classic product business will remain a key growth driver in the coming years, SDD and multi-domain solutions are paving the way for sustainable technological development and long-term differentiation in the market.

International growth and employer attractiveness

With a targeted international growth strategy, the company focuses on selected markets, partnerships and customer relationships. By prioritising strategic regions and programmes, technological strengths are being systematically expanded, follow-up orders secured and framework agreements with European partners effectively utilised. At the same time, expertise in international key account management and the adaptation of local structures is being strengthened to enable sustainable, profitable growth beyond Germany.

The foundation of any growth strategy are the employees. With over 1,000 new HENSOLDT employees hired since the beginning of the year, targeted development initiatives and the strengthening of leadership skills, HENSOLDT is ensuring the implementation of its transformation programmes and maintaining its innovative strength. The continuous promotion of culture, cooperation and leadership enables rapid implementation and long-term competitiveness. This makes HENSOLDT an attractive employer and a strategic partner that actively shapes technological developments.

Continued financial growth and increased forecast

Due to sustained high demand in the national and European defence market and the significant progress made in its transformation initiatives, HENSOLDT expects to continue its growth course in the future. In the first nine months of 2025, the company recorded strong growth in all key figures: Order intake exceeded €2 billion, revenue surpassed €1.5 billion and adjusted EBITDA reached €211 million – all of which are higher than in the same period last year. The order backlog reached a new record level of €7.1 billion, offering exceptionally high visibility for the coming years.

For 2025 as a whole, HENSOLDT expects a book-to-bill ratio of around 1.6x to 1.9x, with significantly faster growth in order intake compared to revenue expected in the medium term. Revenue is forecast at around €2.5 billion for 2025, with an expected annual growth rate of 10% in 2026 and 15 to 20% in the medium term. The adjusted EBITDA margin is expected to be 18% or higher in 2025, while the company anticipates an annual increase of 50 basis points in the medium term. The dividend payout ratio is expected to be between 30% and 40% of adjusted net profit, both in 2025 and in the medium term. By 2030, HENSOLDT is targeting revenue of €6 billion with an EBITDA margin of at least 20%.

The Capital Markets Day presentation is available on the Investor Relations website of HENSOLDT AG. The preliminary results for the full year 2025 are expected to be published on 26 February 2026.
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 ESG GmbH, the company employs around 9,000 people. HENSOLDT is listed on the Frankfurt Stock Exchange in the MDAX. www.hensoldt.net
Press contact

Joachim Schranzhofer                                               T: +49 (0)89.51518.1823
                                                                                    M: joachim.schranzhofer@hensoldt.net