German defence electronics group Hensoldt reported a sharp rise in orders and profits for the first nine months of 2026 on 5 November and lifted its full-year outlook, as European governments keep spending heavily on air defence. Order intake jumped 76.7% to €3.564 billion, pushing the order backlog to a record €10.367 billion. Revenue rose 21.3% to €1.863 billion and adjusted earnings before interest, tax, depreciation and amortisation climbed 33% to €281 million.

Optronics leads the surge

Optronics was the fastest-growing part of the business. Order intake there more than tripled, up 252.7% to €1.157 billion, driven by sights and self-protection systems for the Schakal and Puma infantry fighting vehicles, while segment revenue rose 52.4% to €354 million. In Sensors, order intake increased 54.5% to €2.631 billion, supported by Eurofighter radar work and orders for TRML-4D air-defence radars, and revenue grew 15.5% to €1.522 billion. The book-to-bill ratio, which compares new orders with sales, stood at 1.9 times, up from 1.3 a year earlier.

Guidance raised

Hensoldt raised its 2026 revenue guidance to around €2.8 billion from around €2.75 billion and refined its adjusted earnings margin target to about 19%. Chief executive Oliver Dörre said structurally high defence spending in Germany and Europe continued to fill the order book and was now feeding through into revenue. Adjusted free cash flow remained negative at €104 million after nine months, although the third quarter alone produced a €32 million inflow. The company holds its Capital Markets Day in London on 10 November.

[Source: HENSOLDT company release (EQS) via ad-hoc-news](https://www.ad-hoc-news.de/boerse/news/corporate-news/hensoldt-increases-adjusted-ebitda-by-33-prozent-and-refines-guidance-for-2026-upwards/70460988) | [Source: ad-hoc-news](https://www.ad-hoc-news.de/boerse/news/corporate-news/hensoldt-stock-gains-after-stronger-nine-month-results/70465494)