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Hensoldt AG remains a strong buy, driven by record H1 orders, a a robust backlog, and visible capacity conversion into deliveries. H1 2026 order intake doubled to EUR 2.81B, backlog reached EUR 10.36B, and revenue grew 24%, supporting multi-year growth visibility. Despite the F126 program termination, a diversified pipeline in air defense, electronic warfare, and optronics underpins the investment case.

German sensor and radar maker Hensoldt reaffirmed its 2026 targets on Friday after first-half order intake more than doubled and backlog ​topped 10 billion euros for the first time, helping ease ‌investor concerns over the loss of major naval contracts.

The Netherlands has signed German defence firm Hensoldt as ​its main supplier to upgrade ‌its electronic warfare capabilities, the Dutch defence ministry said on Thursday.

Hensoldt AG is upgraded to strong buy, driven by robust Q1 growth and multi-year defense demand tailwinds. Q1 backlog surged 41% to €9.8B, with order intake doubling and revenues up 26%, highlighting accelerating operational scale. 2026 guidance is reaffirmed: €2.75B sales, 18.5%-19% EBITDA margin, and strong free cash flow conversion, supporting a multi-year growth trajectory.