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Germany's defence spending surge boosts Hensoldt orders and industrial real estate
German defence spending is driving a sharp rise in orders for defence contractor Hensoldt AG. In the first half of 2026 the company doubled its order intake to €2.8 billion, bringing its total order backlog to a record €10.4 billion. Revenue rose 23.6 percent to €1.17 billion and adjusted EBITDA increased 28.5 percent to €137 million, giving a margin of 11.8 percent, according to CEO Oliver Dörre.
Economist Moritz Schularick criticised the German government's plan to spend up to €700 billion on defence, calling the allocation inefficient and urging a shift toward unmanned systems such as drones. A study linked to the defence budget expansion projects that EU defence spending could reach 2.9 % of GDP by 2030, creating demand for about 16 million sqm of industrial and logistics space and generating roughly 233 000 defence‑related jobs in production and logistics.
The surge in defence financing is therefore reshaping both the German defence industry and broader industrial‑real‑estate markets.
Entities
Boris Pistorius · Bundeswehr · European defence budgets · German government · Germany · Hensoldt AG · Kiel Institute for World Economics · Moritz Schularick · NATO · Oliver Dörre
Claims
What the coverage asserts, and how many sources carry each claim.
- [● 4 SOURCES] Hensoldt's first‑half order intake doubled to €2.8 billion compared with the same period last year. www.finanznachrichten.de · www.cash.ch · www.finanzen.at · etosmedia.de
- [○ 1 SOURCE] The study estimates around 233 000 defence‑related jobs will be created in production and logistics by 2030. www.it-boltwise.de
- [● 2 SOURCES] The German government plans to spend up to €700 billion on defence. wochentlich.de · www.t-online.de
- [● 2 SOURCES] Economist Moritz Schularick called the defence spending inefficient and urged investment in unmanned systems. wochentlich.de · www.t-online.de
- [○ 1 SOURCE] Study projects European defence spending could rise to 2.9 % of GDP by 2030, creating demand for about 16 million sqm of industrial and logistics space. www.it-boltwise.de
- [● 4 SOURCES] Hensoldt's revenue in the first half rose 23.6 % to €1.17 billion. www.finanznachrichten.de · www.cash.ch · www.finanzen.at · etosmedia.de
- [● 4 SOURCES] Hensoldt's adjusted EBITDA increased 28.5 % to €137 million, giving a margin of 11.8 %. www.finanznachrichten.de · www.cash.ch · www.finanzen.at · etosmedia.de
- [● 4 SOURCES] Hensoldt's total order backlog reached a record €10.4 billion. www.finanznachrichten.de · www.cash.ch · www.finanzen.at · etosmedia.de