HENSOLDT grows significantly in 2022 financial year and stands ready as strong technology partner for the “Zeitenwende”

Feb 23, 2023 7:01 AM

HENSOLDT AG / Key word(s): Preliminary Results
HENSOLDT grows significantly in 2022 financial year and stands ready as strong technology partner for the “Zeitenwende”

23.02.2023 / 07:01 CET/CEST
The issuer is solely responsible for the content of this announcement.

HENSOLDT grows significantly in 2022 financial year and stands ready as strong technology partner for the “Zeitenwende”


  • Order backlog reaches record level of € 5,366 million (+€ 274 million compared to previous year)
  • Revenue increases 16% to € 1,707 million
  • Adjusted EBITDA margin excluding business volume with low share of added value to 20.4%
  • Leverage reduced to 1.2x due to strong cash flow
  • Management Board proposes higher dividend of € 0.30 per share


Taufkirchen, 23 February 2023 – The HENSOLDT Group met or exceeded its target on all key performance indicators in the 2022 financial year. Even before the turning point (Zeitenwende) in German foreign and security policy had time to make a substantial impact on the industry, HENSOLDT once again reported significant growth. At the same time, the company further extended its strategic position as a leading provider of sensor technology and defence electronics. With a strong order intake of € 1,993 million, the order backlog climbed to a record level of € 5,366 million (previous year: € 5,092 million). Revenue grew significantly in 2022 by 16% to € 1,707 million (previous year: € 1,474 million). Adjusted EBITDA rose € 31 million year on year to € 292 million (previous year: € 261 million). The adjusted EBITDA margin excluding business volume with low share of added value likewise increased significantly to 20.4% (previous year: 19.4%).

Thomas Müller, CEO of HENSOLDT AG: “2022 was a momentous year for the global security order as well as for HENSOLDT as a company. For us in the defence industry, the Russian invasion of Ukraine and the resulting Zeitenwende in German and European security policy give us a new role and special responsibility. We must supply the German armed forces and those of our partners comprehensively, reliably and much quicker to prepare them for the new challenges ahead. HENSOLDT is ready to go. This is also underpinned by our strong results last year, with a record order backlog and double-digit growth in revenue and earnings together with a further increase in profitability. The importance of a capable and innovative defence industry is exemplified by our TRML-4D high-performance radar, which we delivered in record time for Ukraine’s air defence. In response to the war in Ukraine, we have once again accelerated the pace of implementation of our technology roadmap. By further digitalizing our sensor systems, continuing the integration of artificial intelligence and developing integrated end-to-end solutions, we are delivering technologies that are more vital than ever to defending our freedom today and tomorrow.”

Christian Ladurner, CFO of HENSOLDT AG: “In 2022, we once again proved that our consistent focus on implementation is paying off. We have forged ahead at speed with complex major projects such as the next-generation Eurofighter radar and the PEGASUS airborne signals intelligence system, and have already translated initial project milestones into revenue and cash flow. We are continuously working on our operational excellence and have a very good handle on macroeconomic risks such as the inflationary trends. All in all, we achieved a very healthy adjusted free cash flow before interest and taxes in 2022. In addition, we significantly reduced our leverage ratio to 1.2x. I am gratified that, as a result of our successful work, we are able to propose – as planned – a significantly higher dividend of € 0.30 per share.”

HENSOLDT and the Zeitenwende

The Russian war of aggression against Ukraine brought the need to actively protect and defend peace and security with capable armed forces and an efficient defence industry back into the political and social spotlight. With its expertise in key technologies, strong market position and dynamic growth over recent years, HENSOLDT is in an excellent position to take on greater responsibility.

In record time, the company delivered to Ukraine the first of an initial four TRML-4D radars for the IRIS-T SLM air defence system in autumn 2022. The radar instantly proved an effective contribution to protecting the Ukrainian population from Russian missile and drone attacks – so much that HENSOLDT already booked in an order for two more TRML-4D radars for Ukraine in early 2023. This high-performance radar can also contribute decisively to the European Sky Shield Initiative, the joint air defence system launched by German Chancellor Olaf Scholz. In order to shorten delivery times to customers, HENSOLDT opted to pre-produce a batch of 30 TRML-4D radars.

HENSOLDT’s ability to support the rapid and comprehensive defence capability upgrade for the German armed forces and their partner forces is based on its international production network and highly qualified workforce. The company has increased its workforce by more than 1,000 employees only in the last three years. Additionally, HENSOLDT significantly expanded its network of strategic partnerships in 2022 – among others with Diehl Defence in the field of ground-based air defence, with THEON SENSORS SA of Greece for the development of night vision systems and with the Israeli company RAFAEL to equip the Eurofighter with electronic warfare capabilities. Most recently, in late 2022, HENSOLDT entered into a strategic alliance with AI specialists 21strategies to drive the development of artificial intelligence for the next generation of defence systems.

CEO Thomas Müller: “We achieved successful growth in 2022 while further strengthening our role as an innovation driver. With a highly targeted and focused approach, HENSOLDT develops mission-critical technologies for the defence systems of the future. In just the same way, we have selected and are vigorously pursuing clear-cut priorities among the projects under the ‘Sondervermögen’ special defence fund and strengthening of the German armed forces. These include digitalization of the land forces and the Eurofighter’s electronic warfare capabilities.”

Record order backlog

HENSOLDT was able to yet again secure significant national and international orders with its high-tech solutions in 2022. Notable among these were a € 270 million long-term service contract for the Eurofighter and an order worth € 175 million for Mk-1 radars under the Eurofighter Halcon programme. Equipping the F126 multi-purpose frigates with four TRS-4D radars boosted order intake by € 168 million, while orders for laser rangefinders for the US M1 Abrams main battle tank added a further € 29 million. An order of particular strategic importance in 2022 was a € 96 million contract in connection with demonstrator phase 1B for the pan-European Future Combat Air System, a billion-euro programme projected for the coming decades.

HENSOLDT’s total order intake in 2022 amounted to € 1,993 million. In the previous year, the milestone order for delivery of the PEGASUS signal-capturing and airborne reconnaissance system worth around € 1.25 billion had bolstered order intake to € 3,171 million. As a result of the continued high order intake, the order backlog reached a record of € 5,366 million at the end of 2022 (previous year: € 5,092 million).

Substantial revenue and earnings growth with high profitability

HENSOLDT once again very successfully translated orders into revenue and earnings in 2022. Revenue increased in the reporting year by 16% to € 1,707 million (previous year: € 1,474 million). At 1.2, the book-to-bill ratio consequently remained at a high level, although the exceptionally large order intake in the 2021 financial year meant that it was down on the previous year (2.2). Group adjusted EBITDA increased in 2022 by € 31 million to € 292 million (previous year: €R 261 million), mainly due to volume effects and a favourable project mix. The adjusted EBITDA margin excluding business volume with low share of added value came to 20.4%, marking a further increase on the previous year’s 19.4%.

Further reduction in leverage

The HENSOLDT Group’s continued strong operating performance is similarly reflected in its cash flows and finances. Adjusted free cash flow before interest and taxes amounted to € 219 million in 2022 (previous year: € 252 million) and thus exceeded expectations – despite ongoing investment in working capital with a view to the onward growth trajectory as well as to ensuring supplies of components. This enabled a further significant reduction in leverage. At the end of 2022, leverage stood at 1.2x (previous year: 1.6x), while net debt was reduced in 2022 by a further € 89 million.

Increased dividend proposal

In view of the successful business performance, the Management Board of HENSOLDT intends to propose to the Supervisory Board and the Annual General Meeting the distribution of a dividend in the amount of € 0.30 per share. This represents a 20% increase on the previous year.

Systematic implementation of sustainability strategy

Notwithstanding the special circumstances of 2022, HENSOLDT continued to systematically implement the Group-wide ESG strategy adopted in the previous year. Under that strategy, HENSOLDT aims to become the industry leader in ESG and, as a key milestone, to achieve carbon neutrality as a company by 2035. The latest ESG rating from Sustainalytics shows that HENSOLDT’s wide-ranging sustainability initiatives are paying off. HENSOLDT once again holds the top position this year, ahead of the global competition in the aerospace and defence industry. It is the only company in the sector to be listed as “low risk” and has been able to further improve on its very positive overall score from the previous year.

Guidance for 2023

HENSOLDT announced an upward revision of its short and medium-term targets in December 2022. For the 2023 financial year, the company expects to see budget increases and initial orders from the German armed forces special defence fund, and therefore predicts accelerated order intake growth and higher core revenue. Specifically, HENSOLDT anticipates moderate growth in order intake coupled with a moderate increase in consolidated revenue for 2023. The book-to-bill ratio is forecast to be between 1.1 and 1.2 and the adjusted EBITDA margin excluding business volume with low share of added value around 19%. HENSOLDT plans to reduce leverage ratio to below 1.0x in the 2023 financial year.

Key financials

€ million FY 2022 FY 2021 Δ Prior year
Revenue 1,707 1,474 +15.8%
Adjusted EBITDA 292 261 +12.0%
Adjusted EBITDA margin
(excluding business volume with low share of added value )
20.4% 19.4% +1.0 %age pt.
Order intake  1,993 3,171 -37.2%
Order backlog  5,366 5,092 +5.4%
Book-to-bill ratio 1.2 2.2 -1.0
Adjusted free cash flow (before taxes and interest) 219 252 -13.2%
Net debt (excluding pensions) 336 425 -20.9%


The preliminary results for the 2022 financial year are available on the HENSOLDT AG Investor Relations website. The audited consolidated financial statements will be published on 22 March 2023. The results for the first quarter 2023 are expected to be published on 9 May 2023.


HENSOLDT is a leading company in the European defence industry with global reach. Based in Taufkirchen near Munich, the company develops complete sensor solutions for defence and security applications. As a technology leader, HENSOLDT drives the development of defence electronics and optronics and is continuously expanding its portfolio based on innovative approaches to data management, robotics and cyber security. With more than 6,500 employees, HENSOLDT achieved a turnover of 1.7 billion euros in 2021. HENSOLDT is listed on the Frankfurt Stock Exchange.



Press contact HENSOLDT

Joachim Schranzhofer  T: +49 (0)89.51518.1823

 M: joachim.schranzhofer@hensoldt.net




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Language: English
Willy-Messerschmitt-Straße 3
82024 Taufkirchen
Phone: 089 515 18 - 0
E-mail: info@hensoldt.net
Internet: www.hensoldt.net
ISIN: DE000HAG0005
Indices: SDAX, TecDAX
Listed: Regulated Market in Frankfurt (Prime Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Hanover, Munich, Stuttgart, Tradegate Exchange
EQS News ID: 1566161

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1566161  23.02.2023 CET/CEST