HENSOLDT Targets €10 Billion Revenue by 2035 as It Expands Production

At its Capital Markets Day in London on November 10, 2026, HENSOLDT AG reaffirmed its €6 billion revenue ambition for 2030 and set a new €10 billion ambition for 2035. The company said it is working to convert a record €10.4 billion order backlog, reported as of September 30, 2026, into revenue while preparing for programs expected to shape its business in the 2030s. CEO Oliver Dörre said: “Decisions on many of the programmes that will shape our business in the 2030s will be taken soon.” For procurement teams, that points to a supplier positioning for sustained growth, but the company’s targets remain ambitions rather than government commitments or guaranteed contract outcomes.

The company’s planning context includes expected increases in defense spending and demand for defense electronics. HENSOLDT cited NATO member states’ commitment to spend at least 3.5% of GDP on core defense by 2035. It also referred to the German federal government’s financial plan, which provides for more than €180 billion in defense spending in 2030, compared with around €108 billion in the current year, including the special fund. The company said the addressable market for defense electronics could grow by around 10% annually to approximately €76 billion by 2031. These figures describe the market conditions and policy context HENSOLDT uses to support its outlook; they do not establish funding for any particular acquisition.

Capacity is a central procurement consideration. HENSOLDT reported that a sustained step change in production capacity is to be secured by mid-2027, with further significant expansion planned through 2029. Its stated medium-term expectations include annual revenue growth of 15% to 20% from 2027 and an adjusted EBITDA margin rising by around 50 basis points per year, from approximately 19% to approximately 21% by 2030. The company also expects order intake to grow significantly faster than revenue. Government buyers, primes, and integrators may therefore monitor manufacturing throughput, delivery schedules, and supplier dependencies as programs move from planning to execution.

HENSOLDT cited an approximately €110 billion unweighted pipeline for 2027–2032. That figure should not be treated as awarded work, funded requirements, or assured future sales: it is a forward-looking pipeline estimate. This distinction matters for contractors assessing teaming opportunities, suppliers considering investment, and agencies developing acquisition schedules. The company said first customer orders for its MDOcore software are expected from 2027; the supplied material also notes prototype discussions involving three customers. Those discussions indicate customer engagement, not executed awards. Procurement stakeholders should validate program status, qualification needs, and schedule assumptions directly as opportunities mature.

• Revenue ambitions: HENSOLDT reaffirmed €6 billion for 2030 and set a €10 billion ambition for 2035.
• Order backlog: The company reported a record €10.4 billion as of September 30, 2026; backlog is distinct from pipeline.
• Pipeline caution: The approximately €110 billion 2027–2032 pipeline is unweighted and is not a measure of awarded or guaranteed demand.
• Capacity timing: HENSOLDT plans a sustained capacity step change by mid-2027 and further significant expansion through 2029.
• Growth expectations: Annual revenue growth of 15% to 20% is expected from 2027; adjusted EBITDA margin is targeted to rise from around 19% to around 21% by 2030.
• Defense-electronics market: HENSOLDT estimates the addressable market could reach around €76 billion by 2031, growing approximately 10% per year.
• German spending context: The cited federal financial plan provides for more than €180 billion in defense spending in 2030, versus around €108 billion in the current year, including the special fund.
• NATO context: Member states have committed to spending at least 3.5% of GDP on core defense by 2035, according to the company’s presentation.
• Software opportunity: First MDOcore customer orders are expected from 2027; prototype discussions with three customers are not contract awards.
• Planning implication: Track production ramp milestones and program decisions, while distinguishing corporate outlooks from funded procurement requirements.