HENSOLDT Revenue 2025: €2 Billion and Europe’s Defense Electronics Leader
HENSOLDT AG reported revenues of approximately €2.1 billion in 2023, cementing its position as Europe’s leading pure-play defense electronics company. Since spinning off from BAE Systems in 2017, HENSOLDT’s revenue has grown roughly 80 percent — driven primarily by the post-2022 surge in NATO defense spending.
Revenue by Segment
Three main segments shape HENSOLDT’s revenue profile. Sensors and radar systems account for 55–60 percent, covering air traffic control radars, military surveillance radars, and air defense systems like the TRML-4D. Electronic warfare and SIGINT contributes around 25 percent — the Kalaetron family and PEGASUS lead this segment. Optronics and other systems make up the remainder, anchored by the ARGOS-II and Oberkochen-based military telescope lines.
EBITDA and Margins
Adjusted EBITDA reached approximately €330 million in 2023, translating to a margin of 16–17 percent — above Raytheon (12–13%) and Thales (11–13%) on a comparable basis. HENSOLDT’s balance sheet remains disciplined, supported by the 2020 Frankfurt IPO proceeds and subsequent German government partial stake monetization.
Order Backlog: Visibility Into Growth
HENSOLDT’s backlog approached €5 billion at end-2023 — roughly 2.3 years of revenue coverage. Bundeswehr modernization programs (Eurofighter radar upgrades, EW system replacements, unmanned system integration) continue filling the pipeline, alongside NATO partner procurements.
Sources
HENSOLDT AG Annual Report 2023 · Frankfurt Stock Exchange · German Defense Industry Association (BDSV)
