HENSOLDT continues growth trajectory with significant revenue growth in core business in the third quarter of 2023


  • Revenue at EUR 1,136 million; mainly driven by significant revenue growth of 15.0% in core business
  • Adjusted EBITDA improves by 19.6% to EUR 151 million
  • Adjusted EBITDA margin rises to 13.3%
  • Order intake of EUR 1,281 million
  • Robust order backlog of EUR 5,472 million
  • Guidance confirmed for the 2023 financial year

Taufkirchen, November 9, 2023 – The HENSOLDT Group ("HENSOLDT") continued its positive business development in the first nine months of the 2023 financial year. During this period, the company's revenues increased to EUR 1,136 million (previous year: EUR 1,100 million). Driven primarily by significant revenue growth of 15.0% in the core business, adjusted EBITDA increased by 19.6% to EUR 151 million (previous year: EUR 126 million), while the adjusted EBITDA margin improved to 13.3% (previous year: 11.5%).

HENSOLDT yet again achieved a strong order intake of EUR 1,281 million (previous year: EUR 1,377 million). The main drivers for this were orders for TRML-4D radars and for equipping the PUMA and Leopard 2 platforms. The previous year’s high figure included several key orders for the Eurofighter (service contract C3 and Halcon program) and for equipping the F126 multi-purpose frigate.

Thomas Müller, CEO of the HENSOLDT Group, says: “The sharp rise in geopolitical tensions and conflicts has created a global polycrisis that is shaking our understanding of a rule-based world order. In the face of general uncertainty, the need and demand for electronic defence and security solutions to neutralise a wide range of air, sea, land, space and cyber space threats are increasing. In the first nine months of 2023, we have once again demonstrated that our strategic position is ideal to provide our customers with innovative, high-end defence and security solutions in these challenging times. The significant growth in our core business is a strong signal: our customers trust our reliability, innovative strength, and expertise – and above all our unwavering commitment to contribute to a safer tomorrow. We have created the necessary capacities for this in recent months and are ready to deliver.”

Christian Ladurner, CFO of the HENSOLDT Group, says: "Our solid, high-growth business performance in the first nine months of 2023 is further evidence of the successful execution of our strategy, underpinned by strong EBITDA growth and significant revenue growth in our core business. In an increasingly challenging global geopolitical environment, we will continue to provide the right solutions to meet the increasing demand for security with our innovative defence and security technologies. We are confident that we will achieve our ambitious growth targets for 2023.”

Strong order intake and significantly higher revenue in core business

Order intake in the first nine months of 2023 was again at a high level, reaching EUR 1,281 million. In the Sensors segment, this was driven primarily by orders for TRML-4D radars to support Ukraine and the Bundeswehr, including the Multifunction Self Protection System for the Bundeswehr’s PUMA infantry fighting vehicle. In the Optronics segment, the first nine months of 2023 were dominated by orders for the PUMA and Leopard 2 platforms and an order for the Norwegian Ula-class submarines.

Continued positive development in revenue, profitability and free cash flow

Compared to the previous year, revenues of the HENSOLDT Group increased by 3.2% to EUR 1,136 million in the first nine months of 2023 (previous year: EUR 1,100 million). This led to significant revenue growth of 15.0% in the core business. At the same time, revenue from pass-through business was significantly below the previous year's figure. Adjusted EBITDA rose by 19.6% to EUR 151 million (previous year: EUR 126 million). The strong increase in adjusted EBITDA mainly resulted from an increased revenue volume, driven primarily by the core business, and a slower increase in costs in relation to the increase of revenues. At 13.3%, the adjusted EBITDA margin exceeded the prior-year level of 11.5%. Adjusted free cash flow before interest and taxes of EUR -126 million was below the level of the prior-year period and mainly reflected the investments in working capital to cope with the planned volume of business in the fourth quarter of 2023 (previous year: EUR -49 million).

Guidance confirmed for 2023 financial year

In view of the positive business development in the first nine months of 2023, HENSOLDT confirms its short- and medium-term forecast and expects moderate organic revenue growth to around EUR 1,850 million for the 2023 financial year, in particular due to the unchanged high order backlog. With the traditionally strong fourth quarter and a number of orders expected both in domestic and international markets, the company expects a moderate year-on-year increase in order intake.

Key Financials

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Q3 2022

Q3 2023




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Adjusted free cash flow (before taxes and interest)



The results for the first nine months of the 2023 financial year are available on the HENSOLDT AG Investor Relations website. The Capital Markets Day (CMD) will be held in Ulm on November 22, 2023. The preliminary results for the 2023 full year are expected to be published on 23.02.2024.



HENSOLDT is a leading company in the European defence industry with global reach. Based in Taufkirchen near Munich, the company develops complete sensor solutions for defence and security applications. As a technology leader, HENSOLDT drives the development of defence electronics and optronics and is continuously expanding its portfolio based on innovative approaches to data fusion, artificial intelligence and cyber security. With more than 6,500 employees, HENSOLDT achieved a turnover of EUR 1.7 billion in 2022. HENSOLDT is listed in the MDAX on the Frankfurt Stock Exchange.

HENSOLDT Press Contact

Joachim Schranzhofer                                              
T: +49 (0)89 51518 1823
M: joachim.schranzhofer@hensoldt.net

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