Hensoldt stock fell 4.46 percent as H1 orders doubled

Published on 10/07/2026 at 13:31 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWS

Hensoldt stock carried a EUR 10.36 billion backlog at June 30, 2026, up 17 percent from year-end 2025. H1 revenue reached EUR 1.167 billion.

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Hensoldt stock fell 4.46 percent to EUR 78.90 on Xetra on October 6, 2026, while the defense electronics group entered the next reporting phase with a EUR 10.36 billion order backlog at June 30. The H1 2026 figures show why order execution, rather than demand alone, is now the central test for the company.

Orders double in H1 2026

According to Boerse Express in its October 2, 2026 report, Hensoldt generated EUR 1.167 billion of revenue in the first half, an increase of 23.6 percent from the prior-year period. Adjusted EBITDA rose 28.5 percent to EUR 137 million, while order intake doubled to EUR 2.812 billion from EUR 1.405 billion.

The backlog reached EUR 10.36 billion, up 17 percent from year-end 2025, according to Investing.com on October 6, 2026. That backlog equals 4.2 times 2025 revenue in the same report, giving investors a measurable demand cushion while production capacity and supply chains determine how quickly orders become sales.

Guidance sets the earnings hurdle

Hensoldt confirmed 2026 revenue guidance of EUR 2.75 billion and an adjusted EBITDA margin of 18.5 to 19.0 percent in the H1 context reported by Boerse Express. The first-half revenue base therefore leaves execution and margin delivery as the key variables for the second half.

Goldman Sachs initiated coverage with a Neutral rating and an EUR 85.00 price target on October 6, 2026, as Investing.com reported. Goldman cited valuation, production and supply-chain risks, even as it forecast 2026 revenue of EUR 2.8 billion and adjusted EBITDA of EUR 530 million.

Consensus stays above Xetra price

The published four-house consensus shows three Buy ratings, one Hold and zero Sell ratings, with a 12-month target of EUR 97.00. Against the EUR 78.90 Xetra price, that target lies 22.9 percent above the reference price, making the November results a concrete checkpoint for whether backlog conversion can support the valuation.

Hensoldt's investor-relations calendar lists the nine-month 2026 quarterly statement for November 5, 2026, according to HENSOLDT. Hensoldt stock was last at EUR 78.90 on Xetra on October 6, 2026, with the company valued at EUR 9.1 billion.