German HENSOLDT AG, a partner of Ukrainian Fire Point in the pan-European anti-ballistic shield project Freyja, doubled its volume of new orders in the first half of 2026 and, for the first time in the company's history, pushed its order book beyond the €10 billion mark. This is stated in the company's financial report, reports UNN.
The volume of new orders for January-June amounted to €2.812 billion compared to €1.405 billion a year earlier, i.e. growth of 100.1%. The total order book reached a record €10.356 billion (+46.5% - ed.). The book-to-bill ratio, which reflects the ratio of new orders to revenue, rose to 2.4x from 1.5x last year. This means the company is taking on twice as many orders as it can fulfill. Revenue for the half-year increased by 23.6% — to €1.167 billion.
The main growth drivers for the company are procurement orders from the German government and other European states.
"Political decisions to increase defense spending are now materializing in our order book. Now it is industrial implementation that determines how quickly real capabilities will emerge from this. For HENSOLDT, this means a clear responsibility: we must show that we are capable not only of delivering technology that gives our armed forces a real advantage, but also have the capacity to produce it in the required quantity and at high speed," said HENSOLDT CEO Oliver Dörre.
The company's CFO Christian Ladurner emphasized that the high volume of orders confirms trust in HENSOLDT's solutions.
"The record order book gives us long-term visibility, which we consistently use to plan and act proactively. We are purposefully expanding production and logistics capacities without losing margin discipline," Ladurner noted.
Both segments — in positive territory
In the Sensors segment, which includes the TRML-4D radars, new orders grew by 57.6% — to €1.979 billion. Drivers were the expansion of contracts for Eurofighter Mk1 radars, orders for the Knifefish electronic attack system, and new procurements of TRML-4D. Segment revenue increased by 16.9% — to €955 million.
In the Optronics segment, orders grew almost sixfold — from €164 million to €971 million, mainly due to large contracts for equipping Puma infantry fighting vehicles and Schakal wheeled combat vehicles with digital optoelectronic equipment. Revenue here added 63.2%, and adjusted EBITDA jumped from €1 million to €24 million.
The company fully confirmed its forecast for 2026: revenue of about €2.75 billion, book-to-bill in the range of 1.5–2.0x, and an adjusted EBITDA margin of 18.5–19.0%. HENSOLDT plans to publish its nine-month results on November 5.
It is HENSOLDT that is the German technology partner of the Ukrainian anti-ballistic shield project. On June 16, 2026, on the sidelines of the Eurosatory-2026 exhibition in Paris, the German company and the Ukrainian long-range weapons manufacturer Fire Point signed a memorandum of understanding on the joint integration of components into the Freyja ground-based missile defense system, wrote UNN.
A key role in Freyja will be played by the multifunctional TRML-4D radar, capable of simultaneously detecting and tracking over 1,500 air targets at a range of up to 250 km. Also mentioned is the SPEXER 2000 3D MkIII low-altitude radar.
"Cooperation with Fire Point on the FREYJA project is an important step towards a scalable European contribution to ballistic missile defense. Ukraine has shown how quickly innovation can emerge under real operational pressure. Our task is to combine this speed with proven sensor technology, industrial scalability, and system integration," emphasized Oliver Dörre during the signing of the memorandum.
On July 13, speaking before the start of the Anti-Ballistic Coalition meeting, President Volodymyr Zelensky thanked the companies that joined the work on FREYJA, and named among them HENSOLDT together with Fire Point, Thales, Diehl Defence, Saab, Kongsberg Defence & Aerospace, Weibel, Leonardo, MBDA, Eurosam, Safran and Destinus.
"Everyone present here is part of what we need to create this system. I am grateful to the companies for their willingness to work together," the President stated.
As reported by UNN, according to co-founder and chief designer of Fire Point Denys Shtilerman, the involvement of European governments, in particular the German one, significantly accelerated the implementation of FREYJA. Provided that bureaucratic procedures in partner countries move quickly, the first FP-7.X interceptor missiles could be ready by the end of 2026.
"Something has changed: our government and many other European governments, in particular the German one, have joined the initiative. If all European governments start acting quickly, we could have interceptors by the end of this year," Shtilerman said.
At the same time, to complete a full-fledged system, components from European partners are still needed, in particular a real-time data transmission channel from the radar to the missile and a command center. Fire Point plans to carry out the first interception of a ballistic target by the Freyja system by the end of 2027.