Hensoldt (HAG) CMD 2026 summary

Growth ambitions and market opportunity

• Reaffirmed the €6bn revenue ambition for 2030 and set a new €10bn ambition for 2035; the Neo-System House model integrates sensors, software and systems across open, platform-independent architectures.

• Addressable defence electronics market is projected to grow from €46bn in 2026 to €76bn in 2031, at ~10% annually; MDOcore upside is excluded.

• Ex-U.S. air defence market is expected to expand from €9bn annually to €25bn by 2031; addressable sensors and tactical C2 rise from €2bn to €6bn.

• Record backlog reached €10.4bn at 30 September 2026, with year-end backlog expected at ~€11.2bn; unweighted pipeline rose 57% to €110bn, including LuWES prospects with expected order intake above €3bn following an RFP.

• Eight growth engines span air defence, services, follow-on and next-generation programmes, software, exports, partnerships and M&A; 91% of planned 2027 revenue is covered by backlog and expected recurring and new business.

Delivering at scale

• TRML-4D capacity increased >5x versus 2022 and is targeted to exceed 10x by 2029; planned annual output includes ~35 TRML-4D radars, ~1,000 SPEXER units and ~500 commander sights.

• TRML-4D first-pass yield improved from ~60% in 2025 to ~90%, with 95% targeted for 2027; weekly printed-circuit-board output rose from 500 to 1,500, targeting 2,000 in 2027.

• Footprint expanded by 49,000 sq m since 2023, with another 46,000 sq m planned from 2027; new radar production is scheduled for Q2 2027 and the optronics service facility for Q3 2027.

• Delivery resilience plans include scaling staff at key sites, long-term supplier partnerships, diversified critical-material sourcing, higher inventories and the Nedinsco acquisition.

• Supplier on-time delivery target is >95% for key products; >90% of Tier 1 suppliers are European and German.

Software and services

• MDOcore moved from demonstration and testing to prototype development; an MVP is targeted by year-end, with initial customer orders expected from 2027. Prototype sales are under discussion with customers in Germany, Singapore and India; IBM Germany signed a commercial framework agreement.

• Software monetisation covers licences, customer adaptation and integration, and lifecycle services; MDOcore is an open, modular backbone connecting sensors and mission systems, with elements already in PEGASUS and Luchs 2.

• Service & Training is 16% of revenue, targeted to reach 20% mid-term and 25% long term through the installed base, training, software monetisation and new service models.

• Software-Defined Defence revenue target is 8% in 2030; software-based activity represents 30%-40% of total value creation.