OHB SE Shows Marginal Progress in Q3 Amid Program Ramp-Up

OHB SE's Q3 results reveal a consistent advancement in margins despite moderated output growth. While output increased by 6% year-on-year, margins improved due to stronger demand from Ariane 6 activities and US launchers. The company's EBITDA rose by 12% year-on-year, showcasing a potential for operating leverage. However, one-off costs weighed heavily on reported earnings.

Q4 projections are optimistic, with expected higher project activity and deliveries. Confirmed guidance points towards constructive growth, underpinned by an 18% year-on-year anticipated output increase in Q4.

Looking beyond 2026, secured contracts such as IRIS² and Sentinel are predicted to enhance visibility, with significant contributions expected in 2027 and 2028. The firm's growth strategy aims to capitalize on the expanding order backlog, currently at €3.94 billion, to fuel future expansion.