Hensoldt Nears Dividend Ex-Date with Record Orders and Near-Unanimous AGM Vote, but Analyst Sticks to ‘Sell’

Defence electronics group Hensoldt passes AGM with near-unanimous votes, sets €0.55 dividend ex-date on May 25; stock up 19% but analyst warns of overextension.

Hensoldt shareholders have voted with near-total unity, but the defence electronics group now faces its next test: the dividend ex-date on Monday, 25 May. The stock, which rallied almost 19% in the preceding week, enters the session at €88.00 — a level that looks both technically stretched and fundamentally supported by a booming order book.

AGM delivers near-perfect scorecard

At the annual general meeting held on Saturday, 22 May, 67.11% of the company's share capital was represented — 77.5 million shares. Every management proposal passed with overwhelming support. The appropriation of retained earnings won 99.99% of the valid votes, while the 2025 remuneration report received 92.83% approval. KPMG was reappointed as auditor for fiscal 2026 with 97.66% of votes cast. No item sparked debate.

The dividend of €0.55 per share — a roughly 10% increase on the prior year — was confirmed. It will be paid out from Hensoldt’s tax contribution account (steuerliches Einlagekonto), meaning that for German resident investors, no capital gains tax or solidarity surcharge will be withheld at source. Instead, the payout reduces the tax base cost of the shares. Total distribution amounts to €63.5 million. The payment date is 27 May 2026.

Record orders and first?quarter momentum

The meeting came just weeks after a strong first?quarter showing. Order intake more than doubled year?on?year to €1.483 billion, pushing the backlog to a record €9.8 billion. Revenue reached €496 million, adjusted EBITDA rose to €44 million, and the margin improved to 8.9%. Hensoldt confirmed its full?year guidance for 2026.

Behind those headline numbers lie concrete project wins. The company is equipping the German Navy’s F126 frigates with TRS?4D marine radars, a contract worth over €200 million. Digital systems for the Leopard 2A8 main battle tank and the Puma infantry fighting vehicle add further heft. In Ulm, Hensoldt is investing roughly €30 million to expand high?frequency technology capacity, targeting sensor and drone?defence applications.

Analyst caution amid the rally

Yet not everyone is cheering. Ratings house mwb research maintains a “sell” recommendation, arguing that the share price has become over?extended after the steep weekly surge. The stock currently trades 23% below its 52?week high of €115.10, leaving theoretical upside — but the analyst sees risk of profit?taking, especially once the dividend adjustment is mechanically priced in on Monday.

The 50?day moving average sits €11.60 lower, meaning the stock is 13% above that technical level, a gap that some traders interpret as stretched. How the market digests the ex?dividend gap in early trading will offer a first clue: will buying pressure absorb the adjustment, or will the recent rally pause?

A governance vote with operational weight

The AGM’s near?unanimous backing is more than a procedural formality. It signals board?level confidence in a management team riding the tailwind of surging European defence spending. With a record order pipeline and a dividend that is both higher and tax?efficient for local investors, Hensoldt enters the week straddling two narratives: a fundamentally strong company with a crowded technical position. Monday’s open will show which story wins the day.