Hensoldt stock trades at EUR 75.62 as H1 orders double

Published on 09/28/2026 at 17:32 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Hensoldt stock logged EUR 2.812 billion of H1 2026 order intake, up from EUR 1.405 billion. Revenue rose 23.6 percent to EUR 1.167 billion.

Großes Radarsystem von Hensoldt AG bei Sonnenuntergang auf Berghügel — Hensoldt AG Radarsystem auf Hügel bei Sonnenuntergang fotografiert, ISIN DE000HAG0005 Rüstungselektronik Deutschland, Illustration mit AI erstellt.

Hensoldt (ISIN DE000HAG0005) was trading at EUR 75.62 on Xetra on September 28, 2026, at 5:13 p.m. CEST, down 0.32 percent from the prior close. The core operating signal remains the first-half order surge, with order intake doubling year over year to EUR 2.812 billion, as Janes reported on September 17, 2026.

Orders double in H1 2026

The comparison is unusually clear: Hensoldt recorded EUR 2.812 billion of order intake in H1 2026, versus EUR 1.405 billion in H1 2025. The order backlog reached EUR 10.4 billion, up from EUR 7.1 billion, while the book-to-bill ratio improved to 2.4 from 1.5, according to Janes.

Revenue increased 23.6 percent to EUR 1.167 billion, while adjusted EBITDA rose 28.5 percent to EUR 137 million. The adjusted EBITDA margin reached 11.8 percent, compared with 11.3 percent in the prior-year period, Borse Express reported on September 17, 2026.

Cash conversion remains central

The quality test is cash generation. Adjusted free cash flow improved to negative EUR 136 million in H1 2026 from negative EUR 181 million in H1 2025, but remained below zero, according to Janes. Hensoldt's investor-relations page lists the 2026 revenue objective at EUR 2.750 billion and the next quarterly statement for November 5, 2026, keeping execution and cash conversion on the market agenda.

Analyst views add a valuation counterweight to the order momentum. MWB Research kept a Sell rating and a EUR 62.00 price target, as Borse Express reported on September 18, 2026; the target is EUR 13.62 below the September 28 trading price.

Stock stays below yearly high

Hensoldt stock was trading at EUR 75.62 on Xetra on September 28, 2026, with a session range of EUR 75.42 to EUR 77.02 and a market capitalization of EUR 8.7 billion. The 52-week range of EUR 63.18 to EUR 117.70 places the share well below its yearly high, while the operating figures show that order growth and cash conversion are pulling in different directions.