Hensoldt AG: Hensoldt at Eurosatory

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Hensoldt AG: Hensoldt at Eurosatory

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Hensoldt AG

Hensoldt at Eurosatory

Reiterate Rating: BUY | PO: 92.50 EUR | Price: 72.08 EUR

Showcasing software defined defence 18 June 2026

We hosted an investor meeting with Hensoldt CFO Christian Ladurner at Eurosatory Equity

yesterday. Hensoldt demonstrated its CERETRON product, a platform-agnostic sensor

solution for land vehicles that connects sensors, soldiers, and weapons to deliver full Benjamin Heelan >> Research Analyst

battlefield visibility. Together with MDOCore (its multi-domain architecture), this forms Merrill Lynch (DIFC)

the backbone of Hensoldt’s strategic pivot towards software-defined defence. We +44benjamin.heelan@bofa.com20 7996 5723

reiterate our Buy rating, underpinned by Hensoldt’s long-cycle growth runway, and David Holmes, CFA >>

continue to view the company as a key beneficiary of the step-up in air defence Research Analyst

MLI (UK)

investment across Germany and Europe. +44 20 7995 1077

david.a.holmes@bofa.com

Ongoing strength in order momentum Lorenzo Di Patrizi >>

Research Analyst

Hensoldt highlighted continued strength in order momentum, particularly across its radar MLI (UK)

platforms. TRML-4D, its flagship air defence radar, is seeing strong demand from +44 20 7995 7626

lorenzo.dipatrizi@bofa.com

Eastern Europe and the Middle East. Production capacity is expected to ramp from c.15

units in 2026 to c.40 by 2028. Demand for Spexer, primarily deployed in C-UAS

applications, is also accelerating given the increased prominence of drone threats in

recent conflicts. Capacity is expected to scale rapidly to c.1,000 units by 2028/29. Stock Data

TRML-4D currently represents c.10–15% of group revenues, which we expect to increase Price 72.08 EUR

meaningfully over the coming years.