Hensoldt (HAGG.DE): Nice beat, especially at EBIT adj; FY guidance confirmed. 2x BtB bodes well for future growth

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31 Jul 2026 02:03:12 ET │ 11 pages

Hensoldt (HAGG.DE)

Nice beat, especially at EBIT adj; FY guidance confirmed. 2x BtB bodes

well for future growth

CITI'S TAKE

Q2 results: Orders €1,329m (8-9% ahead of consensuses), BtB ~2x,

Sales €671m (3-4% ahead), EBITDA €93m (2% ahead of company

compiled consensus, 2% behind Visible Alpha), EBIT adj €70m (10%

ahead VA) and FCF outflow ( €41m), considerably less than expectations,

helped by customer advances with the orders - details see Figure 1 below.

FY guidance confirmed (BtB 1.5-2x, sales €2,750m, 18.5-19% EBITDA and

50% cash conversion of EBITDA to FCF ). Analyst call at 3pm CET, 2pm

UK.

Implications — The continued strong orders should reassure that the orders

required for the strong growth to the end of the decade is, indeed, materialising and

the quarterly results were better than expected. We feel confirming FY guidance

should be seen as consistent and predictable - with a large Q4 there is still much to

do, but the H1 results make that easier. We would expect the shares to be up

slightly, although macro will likely be a greater influence.

Buy

Price (30 Jul 26 17:30)

Target price

Expected share price return

Expected dividend yield

Expected total return

Market Cap

Charles J ArmitageAC

Hensoldt (EUR)

Year to 31 Dec

2024A

2025A

2026E

2027E

2028E

Sales (€M)

2,240.0

2,455.2

2,746.3

3,194.1

3,839.5

Net Income (€M)

167.7

170.2

217.4

285.2

381.6

Diluted EPS (€)

1.45

1.47

1.87

2.46

3.29

Diluted EPS (Old) (€)

1.45

1.47

1.87

2.46

3.29

PE (x)

58.1

57.2

44.8

34.2

25.5

EV/EBITDA (x)

25.1

22.9

19.5

15.9

12.4

DPS (€)

0.51

0.55

0.66

0.86

1.15

Net Div Yield (%)

0.6

0.7

0.8

1.0

1.4