Hensoldt Sets Dividend and Eyes First-Quarter Milestone

Hensoldt AGM to vote on €0.55/share dividend after robust 2025. Order intake surged to €4.71B, with Q1 2026 results due May 6. Company reaffirms 2026 guidance.

Shareholders of German defense electronics specialist Hensoldt have a clear financial calendar to follow this spring, headlined by a proposed dividend increase and a key quarterly report. The company has officially called its virtual Annual General Meeting for May 22, 2026, where investors will vote on a payout of €0.55 per share. This represents a 10% increase over the previous year's distribution, with the total sum amounting to approximately €63.5 million.

The higher dividend follows a robust 2025 financial performance that exceeded management's initial expectations. The company's order intake surged to €4.71 billion, a significant jump from €2.90 billion the year before. This resulted in a book-to-bill ratio of 1.9x, indicating a well-filled order book for long-term production planning. Adjusted EBITDA climbed to €452 million, translating to a margin of 18.4%.

Growth was particularly strong in the Optronics segment, where order intake nearly doubled to €1.585 billion, driven by contracts for the Luchs 2 and Leopard 2 platforms. The Sensors unit also performed well, with revenue rising 8% to around €2.06 billion, supported by Eurofighter and air defense radar programs.

Before the shareholder meeting, the market's focus will shift to operational performance. Hensoldt is scheduled to release its first-quarter 2026 figures on May 6. Analysts will scrutinize the implementation of announced capacity expansions in radar production and the integration progress of new software solutions. These developments are seen as critical for supporting the market's expectation for full-year earnings of €1.81 per share.

The company's management has reaffirmed its annual guidance, targeting revenue of approximately €2.75 billion and an adjusted EBITDA margin between 18.5% and 19%. Currently trading around €82, the stock has gained 27.50% over the past twelve months but remains notably below its 52-week high of €115.10. The solid fundamental data and full order backlog are viewed as factors that could help close this gap over the medium term.

The dividend payment is planned for May 27, 2026, contingent on shareholder approval at the AGM. The record date for eligibility is April 30, 2026. Analyst sentiment remains broadly positive, with an average price target near €93. JPMorgan maintains a more conservative stance with a target of €85 and a "Neutral" rating.