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Winner, Winner: The Chicken McNugget Story
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Hensoldt
Hensoldt (HAG) investor relations material
Hensoldt Q2 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2026 earnings summary31 Jul, 2026
Executive summary
Order intake doubled year-over-year to €2,812 million, driving the order backlog above €10 billion and providing strong visibility into the 2030s, with growth across all major KPIs and robust defense demand.
Revenue grew 24% year-over-year to €1,167 million, with core revenue (excluding pass-throughs) up 18% and strong momentum in ground-based systems and air defence.
Adjusted EBITDA increased 29% to €137 million, with margin expansion to 11.8% and profitability outpacing revenue growth, especially in Optronics.
Major contract wins and technology partnerships reinforce a multi-year investment cycle and platform-agnostic growth.
Strategic investments in capacity, technology, and international expansion underpin long-term growth, including the acquisition of Nedinsco Group for €87 million.
Financial highlights
Order intake: €2,812 million (+100% year-over-year); book-to-bill ratio of 2.4x; order backlog over €10 billion, up 46% year-over-year.
Revenue: €1,167 million (+24% year-over-year); core revenue up 18%.
Adjusted EBITDA: €137 million (+29% year-over-year); margin 11.8%.
Adjusted EBIT: €70 million (+43% year-over-year); margin 6.0%.
Adjusted free cash flow: -€136 million, reflecting seasonal patterns, investments, and acquisition outflows.
Group net loss improved to €-13 million from €-44 million in H1 2025.
Outlook and guidance
Full-year 2026 guidance reaffirmed: revenue expected at approximately €2,750 million, adjusted EBITDA margin of 18.5%-19%, and book-to-bill ratio between 1.5x and 2x.
Order intake for FY2026 expected between €4,125 million and €5,500 million.
Cash conversion forecast at around 50%, with leverage targeted at 1.5x and dividend payout of 30%-40% of adjusted net income.
Midterm outlook: annual organic revenue growth of 15%-20%, margin expansion of 50 basis points per year, and cash conversion normalizing to 50%-60%.
Outlook remains unchanged from end of 2025, with confidence in continued positive development.
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Latest events from Hensoldt
- Acquisition of Nedinsco boosts supply chain resilience and supports growth in optronics.HAG
Investor presentation - Order intake more than doubled and revenue rose 26%, driving record backlog and strong outlook.HAGQ1 2026
- Record order intake, strong margins, and robust backlog drive multi-year growth outlook.HAGQ4 2025
- 2030 EUR 6bn revenue target reaffirmed, with software and services driving sustainable growth.HAGCMD 2025
- Record order backlog, strong revenue growth, and improved profitability amid robust defense demand.HAGQ3 2025
- North Star targets €5bn revenue by 2030, driven by innovation, global growth, and digitalization.HAGCMD 2024
- Order intake and revenue surged, guidance raised, and ESG integration advanced despite net loss.HAGQ3 2024
- Record order backlog, strong revenue growth, and improved margins highlight H1 2024.HAGQ2 2024
- Strong order intake and revenue growth, but lower margins and a wider net loss in Q1 2025.HAGQ1 2025
Next Hensoldt earnings date
Q3 20265 Nov, 2026
Hensoldt
Next Hensoldt earnings date
Q3 20265 Nov, 2026
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Frequently asked questions
Hensoldt AG is a Germany-based company specializing in defense and security electronics. The company develops and manufactures advanced sensor systems, avionics, and cybersecurity solutions for military, government, and civilian applications. Its product portfolio includes radar systems, optical sensors, electronic warfare equipment, and surveillance technologies. The company is headquartered in Taufkirchen, Germany, and its shares are listed on the Frankfurt Stock Exchange.