The HENSOLDT Group has continued its growth trajectory in the first half of 2025, demonstrating its strong positioning in the defence and security electronics sector. Amid ongoing geopolitical instability and increased defence spending, the company achieved a high order intake of €1,405 million, surpassing the previous year’s result of €1,359 million.
Solid Revenue Growth and Operational Performance
HENSOLDT’s revenue rose to €944 million, up from €849 million in H1 2024. This increase was driven by strong performance in the Optronics segment, which offset a slower start in the Sensors segment. The company noted a reduction in pass-through business compared to the prior year.
The book-to-bill ratio remained robust at 1.5x (previous year: 1.6x), while adjusted EBITDA improved slightly to €107 million, despite a temporary margin decrease to 11.3% due to productivity impacts from the ramp-up of a new logistics centre.
CEO Commentary
Oliver Dörre, CEO of HENSOLDT, stated:
“The current security situation highlights the urgent need for Europe and Germany to invest in defence. Our growing order intake demonstrates that our solutions meet future security demands. We are committed to delivering quickly, reliably, and with the highest quality—because true defence capability stems from industrial strength and innovation.”
CFO Commentary
Christian Ladurner, CFO of HENSOLDT, added:
“Our financial results validate our strategic path. Investments in automation, a new logistics centre, and expansion in Oberkochen are preparing us for sustained future growth. All transformation initiatives are on track, and we stand ready to scale further when conditions allow.”
New Record in Order Backlog
Order intake rose 3% year-on-year, bringing the order backlog to a record €7,070 million (H1 2024: €6,553 million), providing high revenue visibility. Key contributors included:
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Sensors: Contract extensions for Eurofighter Mk1 radars, Eurofighter Halcon programme, and TRML-4D radar orders.
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Optronics: Significant growth, particularly in the Ground Based Systems product line.
Strengthened Financial Flexibility
In July 2025, HENSOLDT placed a €300 million promissory note loan, building on the successful refinancing completed in April. Strong investor demand led to oversubscription, enabling favourable terms and a diversified investor base—reinforcing HENSOLDT’s long-term financial strategy.
2025 Outlook Confirmed
HENSOLDT maintains its guidance for the full 2025 financial year, expecting:
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Revenue: €2,500–2,600 million
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Book-to-bill ratio: 1.2
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Adjusted EBITDA margin: ~18%
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