Hensoldt's Record Order Book and Dividend Hike Get Shareholder Nod, but Analyst 'Sell' and Cash Flow Questions Temper Rally
24.05.2026 - 05:02:11 | boerse-global.de
Hensoldt's annual general meeting on Friday gave management a clean sweep of approvals, but the real test for the German defence electronics group lies in converting a €9.8 billion order backlog into cash without denting margins. Shareholders representing 67.11% of the share capital voted through all resolutions, including a 10% increase in the dividend to €0.55 per share. The stock will trade ex-dividend from Monday, May 25, 2026, with Friday's closing price of €88.00 serving as the reference for the adjustment.
The dividend hike — worth roughly a tenth more than last year's payout — was the headline takeaway from an otherwise routine AGM. CEO Oliver Dörre used the virtual meeting to highlight a turning point in 2025: political promises, he said, have hardened into concrete procurement decisions. That shift is now visible in the numbers. Order intake in the opening quarter doubled to nearly €1.48 billion, while revenue jumped more than 25% to €496 million. The company stuck to its 2026 revenue target of around €2.75 billion, signalling confidence that the growth trajectory will hold.
Behind those top-line figures sits a deep pipeline of specific contracts. Hensoldt is equipping the German army's Puma infantry fighting vehicle and Schakal combat vehicle, expanding Eurofighter Mk1 radars, and supplying TRS-4D marine radars for the F126 frigates — a deal worth over €200 million alone. Digital systems for the Leopard 2A8 tank add further momentum. In Ulm, the company is investing roughly €30 million in high-frequency technology to boost capacity for sensors and drone defence systems. The 9.8-billion-euro order backlog, a new record, provides a multi-year runway but also places heavy demands on execution.
Should investors sell immediately? Or is it worth buying Hensoldt?
Despite the operational strength, not everyone is convinced the stock's recent rally is justified. mwb research maintains a 'sell' rating, arguing that the share price has become overheated after a week that saw Hensoldt climb nearly 19%. The stock ended Friday little changed at €88.00, up just 0.27% on the day, but the weekly gain left it more than 13% above its 50-day moving average. At that level, the shares still trade 23.54% below the 52-week high of €115.10 — a gap that implies upside potential, but one the analyst sees as narrowing fast.
New human resources chief Inka Tews underscored the importance of workforce expansion and adaptability as Hensoldt scales up. The company's ability to hire and retain talent will be critical as it ramps production to meet the flood of orders. Yet investors are also watching the other side of the balance sheet: heavy capital spending is eating into cash, and the market will be looking for signs that free cash flow can keep pace with revenue growth.
The ex-dividend date on Monday will provide an early gauge of sentiment. If the stock recovers the dividend gap quickly, it would suggest the rally retains momentum. If profit-taking sets in after the big weekly gain, the analyst's caution may prove prescient. Either way, Hensoldt has moved from the era of order announcements to the era of operational delivery — and the coming quarters will show whether the record books can become a durable foundation for shareholder returns.
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