Eurofighter radars boosted Hensoldt's orders in 2023

Credit: REUTERS/LEONHARD SIMON

By Paolo Laudani and Andrey Sychev

Feb 23 (Reuters) - German defence electronics maker Hensoldt HAGG.DE reported a 5% increase in annual orders on Friday, with TRML-4D and Eurofighter radars driving revenue in 2023.

Hensoldt's TRML-4D radars are an integral part of the German Iris-T air defence system supplied to Ukraine while the Eurofighter is the flagship European fighter jet.

The defence electronics specialist posted a preliminary order intake of 2.09 billion euros ($2.26 billion) in 2023 and revenue of 1.85 billion euros, broadly in line with a company-provided consensus.

European arms manufacturers have reported accelerating profits and soaring order intakes as geopolitical tensions drive the largest increase in defence investments in decades.

Swedish defence contractor Saab SAABb.ST earlier in February reported an 8% rise in fourth-quarter operating profit and lifted growth targets based on increased military spending.

Hensoldt CEO Thomas Mueller said in a statement that the firm, which makes the lion's share of its sales in Europe, has proven to be a "reliable partner" for governments and international alliances like NATO "in times of geopolitical tensions and uncertainty".

The partly state-owned company forecast revenue of around 2 billion euros for 2024, while analysts polled by LSEG are expecting 2.2 billion, and significantly faster growth in order intake.

($1 = 0.9247 euros)

(Reporting by Paolo Laudani and Andrey Sychev in Gdansk; Editing by Kirsten Donovan)

((paolo.laudani@thomsonreuters.com; andrey.sychev@thomsonreuters.com))

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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