Hensoldt announced the ambitious target at its Capital Markets Day in London, reaffirming its goal of reaching €6 billion in revenue by 2030. Hensoldt expects annual revenue growth of 15% to 20% from 2027, with growth exceeding 20% towards the end of the decade. It forecasts an adjusted EBITDA margin of around 19% in 2026, rising by approximately half a percentage point annually to about 21% in 2030.
The expansion plan comes amid a sharp rise in demand and orders. Hensoldt reported a record order backlog of €10.4 billion at the end of September and expects it to reach about €11.2 billion by year-end. Its unweighted potential order pipeline for 2027-2032 stands at around €110 billion, although that figure does not account for the likelihood of winning individual contracts. The company expects order intake to continue growing faster than sales.
The TRML-4D is a mobile air-surveillance and target-acquisition radar used in ground-based air-defence systems. Hensoldt says it has increased production capacity for the radar fivefold over the past three years and intends to double it again over the next two. The company’s product information says the system can track up to 1,500 targets in parallel, including low-flying aircraft and missiles.
Hensoldt is also expanding its wider industrial footprint to meet demand. It has added about 49,000 square metres of facilities since 2023 and plans a further 46,000 square metres from 2027. The additions include an air-defence radar site expected to begin series production in the second quarter of 2027. The company expects its workforce to grow from about 10,600 in 2026 to around 14,000 in 2029.
The expansion reflects a European defence market shaped by rising military spending and efforts to strengthen air-defence capabilities. Hensoldt estimates that its addressable defence-electronics market will grow by about 10% annually to roughly €76 billion by 2031. Its outlook also factors in NATO members’ commitment to spend at least 3.5% of gross domestic product on core defence by 2035, alongside Germany’s plan for defence spending of more than €180 billion in 2030, compared with about €108 billion in 2026, including its special fund.
Recent results indicate the scale of the order growth. In the first nine months of 2026, Hensoldt reported order intake of €3.564 billion and revenue of €1.863 billion. Its order backlog reached €10.367 billion, while the company raised its full-year revenue guidance to around €2.8 billion.
Beyond radar production, Hensoldt is positioning software and services as longer-term growth areas. It expects first customer orders for its MDOcore software suite from 2027 and is discussing prototype projects with three customers. The company says services could account for about a quarter of revenue over time, while exports could rise to around half of sales, with a focus on Europe, India and Canada.
The targets will depend on Hensoldt’s ability to convert its large pipeline and backlog into completed deliveries while expanding production and supply capacity. The company says its planned investment is intended to support that growth while maintaining its dividend policy.
