Hensoldt’s €9.8 Billion Backlog Extends Revenue Runway into 2030s as Dividend Ex-Date and Analyst ‘Sell’ Rating Temper Rally

Defense electronics specialist posts record backlog, 25% revenue growth, and raised dividend as Europe’s structural demand for networked sensors and software-defined systems accelerates.

Hensoldt’s bulging order book is serving as a powerful reminder of the structural demand shift in European defense. With a record backlog of roughly €9.8 billion at the end of the first quarter, the defense electronics specialist has revenue visibility that stretches well into the 2030s — a cushion most industrial peers can only envy.

CEO Oliver Dörre used last week’s annual general meeting to frame that performance not as a lucky break but as the payoff from years of strategic groundwork. The numbers back him up. Order intake doubled in the first three months of the year to €1.48 billion, while revenue climbed 25% to €496 million. Adjusted EBITDA surged by almost 47% to €44 million, underscoring the improving margin trajectory.

Management reiterated its full-year 2026 guidance: revenue of around €2.75 billion, an EBITDA margin between 18.5% and 19.0%, and a book-to-bill ratio of 1.5x to 2.0x. The company sees itself playing a central role in Europe’s rising demand for networked sensors and software-defined defense systems.

The AGM, attended by 67.11% of share capital, approved all resolutions with overwhelming majorities, including a dividend increase to €0.55 per share — a 10% hike from the prior year. That cash distribution turns the stock ex-dividend on Monday, May 25, with payment scheduled for Wednesday, May 27. The €0.55 will be deducted from the closing price of €88.00, meaning the shares will open lower on a purely arithmetic basis.

That technical adjustment comes after a week in which the stock rallied nearly 19%, leaving it more than 13% above its 50-day moving average of €77.72. The shares have also reclaimed their 200-day line at €83.81, now trading 4.99% above that level — a positive signal for chart watchers. The next resistance zone lies around €92, and a hold above €88 would keep that target in play.

Not everyone is buying the momentum, however. Analysts at mwb research recently reiterated a “sell” rating, arguing the rapid advance has left the stock overheated. The 52-week high of €115.10 is still roughly 24% above current levels, suggesting headroom exists but that a pullback after such a sharp climb is a real risk.

Underpinning the operational story are specific large-scale contracts. Hensoldt is equipping Germany’s F126 frigates with TRS-4D Marine radars in a deal worth more than €200 million. Digital systems for Leopard 2A8 and Puma armored vehicles are also rolling off production lines. In Ulm, the company is pouring around €30 million into high-frequency technology to expand capacity for sensors and drone defense — a segment whose urgency has only grown amid the war in Ukraine.

The immediate market test comes on Monday, when the ex-dividend adjustment will test whether the bullish momentum can absorb the mechanical drag. Subsequent catalysts include the operational delivery of major programs such as the Eurofighter radar Mk1 and the Schakal and Puma platforms, each of which could provide fresh narrative fuel if execution remains on track.