Hensoldt Kicks Off Three-City Roadshow as Record Order Backlog of €9.8bn Fails to Lift Share Above Key Technical Level
Published on 06/22/2026 at 09:14 | Redaktion boerse-global.de
Hensoldt starts the week with a packed investor schedule, but the defence electronics group also faces a technical headwind that underscores the market’s current scepticism. The stock closed Friday at €72.52, having shed nearly a fifth of its value over the past month and slipped below the 200-day moving average. To compound the pressure, the company was removed from the STOXX Europe 600 Optimised Cyclicals index and the industrial goods and services segment on Monday as part of a routine rebalancing. The deletion carries no fundamental rationale, yet it adds a layer of index-driven selling to a chart already under duress.
Management is hitting the road this week to change the narrative. The roadshow kicked off Monday at the Deutsche Bank Defence Conference in London, continues Tuesday in Milan with Mediobanca, and wraps up at the Jefferies conference in Baden-Baden. Early trading saw the stock inch up to around €72, giving the group a market capitalisation of €8.32 billion – a modest vote of confidence that investors are willing to listen.
The operational picture stands in stark contrast to the share price performance. Hensoldt booked new orders worth roughly €1.5 billion in the first quarter, more than double the year-ago level, pushing the total order backlog to €9.8 billion. Revenue in the opening three months reached €496 million, with adjusted EBITDA of €44 million and a corresponding margin of 8.9%. The challenge now is converting that record pipeline into cash flow, a point management addressed in early June by raising its free cash flow expectation to half of operating profit.
Should investors sell immediately? Or is it worth buying Hensoldt?
For the full year, Hensoldt is holding to its revenue target of approximately €2.75 billion and an operating margin of 19%. The intensive roadshow is designed to convince investors that the company can deliver on those numbers after a period of heavy spending on capacity and technology. Hard evidence will come at the end of this month: the half-year report is due on July 31, when the market will see whether the operational momentum has continued through the second quarter.
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