# Hensoldt raises 2026 revenue forecast to about €2.8 billion The higher forecast implies fourth-quarter revenue about 35% above the third quarter. Published 2026-11-05 by TGOs. Canonical: https://tgos.io/news/2026/11/05/hensoldt-raises-2026-revenue-forecast-to-about-2-8/ Hensoldt raised its 2026 revenue forecast to around €2.8 billion from around €2.75 billion.[1] Reaching the annual forecast implies roughly €937 million in the fourth quarter, about 35% above the third quarter. Hensoldt says deliveries and acceptances are concentrated in the fourth quarter, making its full-year adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) margin usually higher than the nine-month figure.[1] Hensoldt now expects full-year book-to-bill, the ratio of orders to revenue, at the upper end of its previous range of around 1.5x to 2.0x.[1] It expects that outcome even if a pending contract it calls PEGASUS is not awarded until early 2027.[1] It expects further fourth-quarter orders, including in electromagnetic warfare, the naval and land domains and the Eurofighter program, to contribute.[1] A PEGASUS award in 2026 would bring the ratio to around 2.3x, the company forecasts.[1] ## Why it matters The third-quarter adjusted EBITDA margin reached 20.6%, up from 17.6% a year earlier.[1] Hensoldt narrowed its full-year adjusted EBITDA margin outlook to around 19.0% from a range of 18.5% to 19.0%.[1] Chief Financial Officer Christian Ladurner attributed adjusted EBITDA’s faster growth than revenue in the first nine months to economies of scale and disciplined cost management.[1] ## Sources 1. Hensoldt, nine-month 2026 results release, Nov. 5, 2026 2. Hensoldt, first-half 2026 results release, July 31, 2026