Hensoldt AG Stock on 27 November 2025: LUCHS 2 Mega-Contract, Ukraine Radar Deal and a Hot Valuation Debate

Hensoldt AG’s share price is back in focus today, 27 November 2025, as investors digest a near‑€1 billion Bundeswehr contract for the new LUCHS 2 reconnaissance vehicle, fresh radar news linked to Ukraine, and a growing discussion about whether the defence electronics specialist’s stock is now priced for perfection.

Below is a structured overview of what’s moving Hensoldt AG (HAG.DE) today and how the latest headlines tie into the company’s fundamentals and valuation.

Hensoldt share price today: modest rebound after a steep pullback

On Thursday, 27 November 2025, Hensoldt shares on Xetra were trading around the €69–70 mark, up slightly versus Wednesday’s close of €69.00. Real‑time data from MarketScreener shows the stock at about €69.6, a gain of roughly 0.8% on the day by late morning European time. ^[1]

Despite the recent softness, the longer‑term picture is still striking:

Year‑to‑date performance: HAG.DE has delivered a triple‑digit gain of around 100–102% versus the start of 2025, comfortably outpacing the DAX. ^[2]
52‑week range: According to MarketWatch, the share price has traded between roughly €32.80 and €117.70 over the last year, underlining just how volatile the rerating has been. ^[3]
Market capitalisation: At current levels, Hensoldt’s equity is valued at about €8 billion. ^[4]

Yet the stock is well off its recent peak. An analysis published today by Simply Wall St notes that Hensoldt’s share price has pulled back nearly 28% over the last month, even after that huge year‑to‑date run and a five‑year total shareholder return of about 486%. ^[5]

In other words: the defence‑driven growth story is intact, but the market is currently recalibrating how much future upside it is willing to pay for.

New LUCHS 2 mega‑contract dominates today’s news flow

The single biggest catalyst around Hensoldt this week — and the headline that dominates German‑language coverage today — is the LUCHS 2 reconnaissance vehicle contract for the German Army.

Just under €1 billion from GDELS

On 26 November 2025, Hensoldt announced it had received a “high three‑digit million‑euro order” worth just under €1 billion from General Dynamics European Land Systems (GDELS). Over the next seven years, Hensoldt will equip the Bundeswehr’s new Next Generation LUCHS 2 reconnaissance vehicle with advanced sensor suites and the CERETRON mission system. ^[6]

Key points from the official release and follow‑up coverage:

The contract covers development and pre‑series vehicles plus two production batches running through 2032. ^[7]
An initial batch will equip 274 vehicles, with options for additional systems. ^[8]
Hensoldt will not only supply hardware and software but also a full logistics and support package, including training, documentation, spare parts and long‑term system support. ^[9]
The company describes this as the largest single order in this capability area in its history. ^[10]

German defence outlets and financial media picked the story up prominently today, 27 November, framing it as a “milliardenschwerer Auftrag” (billion‑euro‑class order) and a new flagship programme in Hensoldt’s portfolio. ^[11]

CERETRON and MDOcore: software‑defined defence in action

The LUCHS 2 win is more than just a big number; it showcases Hensoldt’s emerging role in software‑defined defence (SDD):

CERETRON, described by Hensoldt as the “brain” of LUCHS 2, fuses data from multiple sensors (day/night optics, laser rangefinders, optional SWIR cameras, acoustic and laser‑warning systems, radio‑direction finding, etc.) into a real‑time tactical picture inside the vehicle. ^[12]
The system uses AI‑supported image processing to automatically detect, classify and track objects, easing crew workload and accelerating decision‑making. ^[13]
CERETRON is designed on a software‑defined, NGVA‑compliant architecture, allowing new functions and algorithms to be added over time without replacing hardware. ^[14]

Hensoldt plans to integrate CERETRON with MDOcore, its multi‑domain software suite that networks sensors and effectors across land, air, sea, cyber and space domains. At its Capital Markets Day in Ulm on 11 November, management highlighted MDOcore and SDD as central to the company’s strategy and long‑term margin expansion. ^[15]

For investors, the LUCHS 2 contract does three important things:

Adds multi‑year revenue visibility — deliveries and support stretch to 2032. ^[16]
Validates the SDD strategy, putting CERETRON and MDOcore at the heart of a major Bundeswehr programme. ^[17]
Expands the installed base of Hensoldt software and sensors, which can support recurring revenue from upgrades, licences and services over the life of the fleet. ^[18]

Fresh Ukraine radar news adds to the international story

Alongside the Bundeswehr contract, Hensoldt is also back in the spotlight for its role in European air defence.

A report dated 27 November 2025 from Ukrainian defence outlet Militarnyi states that Hensoldt will produce new TRML‑4D and SPEXER radars for Ukraine, including systems built around SPEXER 2000 modules. ^[19]

Details such as unit numbers and contract value have not been fully disclosed in accessible sources, but the move fits a wider pattern:

In its 9‑month 2025 update, Hensoldt cited further TRML‑4D and SPEXER radar orders as an important driver of order intake in its Sensors segment. ^[20]
At the Capital Markets Day, management said radar production capacity will be more than tripled by 2027 compared with 2021, underlining expectations of sustained demand. ^[21]

For shareholders, the Ukraine radar story reinforces Hensoldt’s positioning as a key European sensor supplier in high‑priority air‑defence programmes, both for NATO partners and export markets.

PMRExpo 2025 and the software‑defined defence narrative

Another thread in today’s coverage is Hensoldt’s visibility at PMRExpo 2025, the leading European trade fair for secure communications taking place in Cologne from 25 to 27 November 2025. ^[22]

In the new “PMRExpo meets Wehrtechnik” symposium, Colonel (Reserve) Sven Heursch, Hensoldt’s Head of Software Defined Defence & Digitalisation, is listed as a keynote speaker on “Cross‑domain Information Dominance as a Key Lever for Effective Drone Operations.” ^[23]

Simply Wall St’s valuation piece published today explicitly links this PMRExpo messaging with investor sentiment:

The article notes that Hensoldt “caught the spotlight at PMRExpo 2025” as executives outlined the company’s push into software‑centric, data‑driven defence systems — a theme increasingly central to how the market values the stock. ^[24]

This dovetails with Hensoldt’s “North Star” strategy update from Capital Markets Day, where management positioned the company as evolving from a pure hardware supplier into an integrated multi‑domain solutions provider built around software, networking and industrial scaling. ^[25]

Fundamentals: record backlog, upgraded guidance and strong 9‑month results

Behind today’s headlines sits a robust set of underlying numbers.

In its 9‑month 2025 trading update (published on 7 November), Hensoldt reported: ^[26]

Order intake: €2,017 million (up from €1,856 million a year earlier)
Order backlog: €7,096 million (up from €6,513 million)
Revenue: €1,536 million (up from €1,377 million)
Adjusted EBITDA: €211 million, with margin nudging up to 13.7% (vs 13.6%)

Management emphasised that Germany’s and Europe’s intensifying defence spending — sometimes referred to as a “Zeitenwende 2.0” — is now visible not only in order books but also in production sites, giving Hensoldt a long pipeline of work and strong visibility. ^[27]

Alongside the results, Hensoldt tightened and upgraded guidance:

Book‑to‑bill: Now expected at 1.6x–1.9x for 2025 (previously around 1.2x). ^[28]
Revenue 2025: Specified at ~€2.5 billion. ^[29]
Adjusted EBITDA margin 2025: Set at 18% or higher, with management targeting an additional 50 bps margin expansion per year in the medium term. ^[30]
2030 targets: Revenue of €6 billion and an EBITDA margin of at least 20%. ^[31]

On the capital‑allocation side, Hensoldt continues to target a dividend payout of 30–40% of adjusted net profit, and has steadily increased the dividend from €0.13 per share in 2021 to €0.50 in 2025. ^[32]

Ownership is relatively diversified: a previous analysis estimated that retail investors hold around 27% of Hensoldt’s shares, with the remainder largely in the hands of institutions and strategic investors. ^[33]

Valuation: growth premium meets profit‑taking

With the fundamentals and order book strengthening, the core debate around Hensoldt today is valuation.

Premium multiples

MarketScreener data and Simply Wall St’s analysis highlight that: ^[34]

Hensoldt trades at around 61–64x 2025 earnings,
versus ~42x on 2026 estimates,
and still above average multiples for both European peers and the broader aerospace & defence sector.

Simply Wall St notes that one widely followed narrative on its platform pegs Hensoldt’s fair value at about €98.69 per share, roughly 30% above a recent price point near €69, and therefore labels the stock “undervalued” relative to that model. However, the same narrative flags risks if elevated defence budgets and growth assumptions do not fully materialise, given how much optimism is already priced into long‑term forecasts. ^[35]

Technical indicators and volatility

On the technical side, StockInvest’s AI‑driven analysis (updated 26 November) currently tags Hensoldt as a “Sell candidate” after a notable short‑term downtrend:

The stock has fallen about 16–17% over the last 10 trading days, even though it edged higher on the most recent session.
Daily price swings around 4–5% underscore that the share is considered high‑volatility. ^[36]

That combination — long‑term fundamental momentum plus short‑term technical pressure and an elevated valuation — helps explain why investors are now more finely balancing impressive order growth against the risk of future disappointments.

Strategic context: Germany’s defence super‑cycle

The macro backdrop remains a crucial part of the Hensoldt story.

Germany has embarked on a multi‑decade defence procurement programme, with plans to invest hundreds of billions of euros in equipment across land, air and naval domains through 2041, including substantial budgets earmarked for vehicles, munitions and electronic systems. ^[37]

Programmes like LUCHS 2 sit squarely within this context: they are part of a broader modernisation and re‑equipment drive for the German Army, replacing older reconnaissance platforms and embedding digital sensor, communications and command‑and‑control capabilities from the outset. ^[38]

For a company built around sensors, electronic warfare, radars and software‑defined mission systems, this environment supports the visibility and growth assumptions that management laid out at its Capital Markets Day earlier this month. ^[39]

What today’s developments could mean for Hensoldt shareholders

Putting the pieces together, here’s how today’s news flow on 27 November 2025 lines up for Hensoldt AG:

LUCHS 2 mega‑contract:
- Adds nearly €1 billion in long‑duration revenue, deepening Hensoldt’s role in Bundeswehr modernisation and anchoring its SDD strategy in a flagship land programme. ^[40]
Ukraine radar contract reports:
- Reinforce Hensoldt’s relevance in European air‑defence and export markets, especially around TRML‑4D and SPEXER systems that already underpin a large chunk of the Sensors segment’s growth. ^[41]
PMRExpo and Capital Markets Day messaging:
- Signal a deliberate push to shift the business mix towards software, data and integration, with MDOcore and CERETRON as key building blocks — and management explicitly targeting higher margins and recurring revenues as the model scales. ^[42]
Fundamentals vs valuation:
- Record backlog, upgraded guidance and double‑digit revenue growth underpin the long‑term bull case. ^[43]
- At the same time, lofty earnings multiples, a recent 28% pullback, and mixed technical signals show that expectations are high and the share price may remain volatile as new orders and margins are weighed against already‑impressive performance. ^[44]

For readers following HAG.DE, today is less about a dramatic move in the share price and more about confirmation: confirmation that Hensoldt is winning major programmes in its home market, expanding internationally in radar, and pushing hard into software‑defined, multi‑domain solutions — but also confirmation that the market is actively debating how much of that future is already reflected in the stock.

References

Hensoldt AG Stock on 27 November 2025: LUCHS 2 Mega-Contract, Ukraine Radar Deal and a Hot Valuation Debate

Hensoldt share price today: modest rebound after a steep pullback