OHB SE
OHB builds satellites, scientific instruments and launcher components, and provides ground systems for space missions.
Overview
European tech stocks in Q3 2026
Chipmaking equipment, maritime robots, satellites, cybersecurity and RNA editing. Five developments that offer a closer look at the businesses behind European tech stocks.
Latest results
Jan–Jun 2026 · Reported in EUR
Latest financial publication
H1 2026 results
Investment Thesis
A larger space programme needs a better cash landing
European Tech Equities analysis ·
European space ambitions create work for an established builder
OHB SE can turn European demand for scientific, communications and security missions into contracts for satellites, components and ground systems. Its appeal rests on engineering experience and the ability to deliver complex programmes. Winning the contract is only the beginning of the financial case, because development costs and payment milestones can absorb cash for years before a mission is complete.
The workload is visible, the margin is thinner
OHB reported a €3.30 billion order backlog at June and H1 revenue of €600.1 million, up from €537.0 million. Operating profit nevertheless fell to €14.8 million from €22.2 million. The report identifies €24.0 million of special items within its EBITDA reconciliation, including transaction costs. Backlog supports future activity, but the profit decline shows why its size alone cannot establish the return on that work.
Programme commitments must become funded missions
ESA members committed more than €22 billion at their 2025 Ministerial meeting. Globally, ESA estimates the upstream space economy at about €75 billion in 2025. That upstream category is closer to OHB’s work than the much larger satellite-services economy. OHB’s February 2026 Ramses contract is concrete evidence of access to an ESA programme. Future growth still depends on winning its share of individual European and international tenders.
The stronger cash balance came with new shares
Cash reached €526.9 million at June, but operating activities used €194.5 million in H1 and the cash-flow statement records €481.6 million of equity-issue proceeds. The financing increases delivery capacity; it does not mean existing contracts are already generating cash. The important test is whether programme receipts catch up with development and production spending without repeated calls on shareholders.
Measure returns on the larger capital base
A defensible valuation needs expected programme profit, cash timing and the enlarged share count. It should allow for cost overruns and delays before treating backlog as future earnings. OHB becomes more compelling if the new capital supports profitable deliveries and recurring ground services. It becomes less compelling if revenue expands but each new programme requires another large injection of shareholder money.
What would weaken the case
- Fixed-price or technically difficult programmes cost more to deliver than their contract values allow.
- Milestone payments arrive late, keeping operating cash flow negative despite reported profit.
- Competition or changes in public procurement reduce OHB’s share of the programmes driving European spending.
Sources
Financials
The business in numbers
Latest
Income statement
Cash flow
Balance sheet
Sources and details
Additional figures
- Order book
- EUR 3,304mJun 30, 2026
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
H1 2025 · H1 2026 report pp. 28, 32; comparative income statement and operating cash flow
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
IFRS. Revenue is sales, excluding the inventory changes, own work capitalised and other operating income included in OHB’s total operating performance. Profit and EBITDA use unadjusted figures; net profit is attributable to OHB shareholders. H1 2026 adjusted EBITDA excludes €24.019m of special items, including €21.425m of transaction costs. Cash increased following €481.616m of share-issue proceeds in financing cash flow, while operations used €194.520m. Debt includes current/non-current financial liabilities and leases. Investment payments combine physical, intangible and financial assets; a separate cash-capex figure and cash-after-investment calculation are not shown. Missing comparative balance-sheet figures remain blank.
Annual
Income statement
Cash flow
Balance sheet
Sources and details
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
FY 2024 · Annual report printed pp. 40, 42–44; 2024 comparatives; unadjusted EBIT and EBITDA
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
IFRS. Revenue is sales, excluding the inventory changes, own work capitalised and other operating income included in OHB’s total operating performance. Profit and EBITDA use unadjusted figures; net profit is attributable to OHB shareholders. H1 2026 adjusted EBITDA excludes €24.019m of special items, including €21.425m of transaction costs. Cash increased following €481.616m of share-issue proceeds in financing cash flow, while operations used €194.520m. Debt includes current/non-current financial liabilities and leases. Investment payments combine physical, intangible and financial assets; a separate cash-capex figure and cash-after-investment calculation are not shown. Missing comparative balance-sheet figures remain blank.
Half-year
Income statement
Cash flow
Balance sheet
Sources and details
Each statement retains its reporting period. Charts use comparable periods and a shared accounting basis; a dash means the figure has not been verified on European Tech Equities.
H1 2025 · H1 2026 report pp. 28, 32; comparative income statement and operating cash flow
Calculated: margins = profit ÷ revenue; free cash flow = operating cash flow less capital expenditure; net debt = debt less cash; liabilities = assets less equity. The company-specific notes explain what debt includes. Negative net debt represents net cash. Quarterly flows cover each individual quarter; balance sheet figures are at period end.
IFRS. Revenue is sales, excluding the inventory changes, own work capitalised and other operating income included in OHB’s total operating performance. Profit and EBITDA use unadjusted figures; net profit is attributable to OHB shareholders. H1 2026 adjusted EBITDA excludes €24.019m of special items, including €21.425m of transaction costs. Cash increased following €481.616m of share-issue proceeds in financing cash flow, while operations used €194.520m. Debt includes current/non-current financial liabilities and leases. Investment payments combine physical, intangible and financial assets; a separate cash-capex figure and cash-after-investment calculation are not shown. Missing comparative balance-sheet figures remain blank.
Performance
About these figures
Dates link to the original reports. Bars compare the same period a year earlier, on a consistent accounting basis. Arrows show whether the number rose or fell, not whether it is good or bad for the business.
Research & updates
European tech stocks in Q3 2026
Chipmaking equipment, maritime robots, satellites, cybersecurity and RNA editing. Five developments that offer a closer look at the businesses behind European tech stocks.
OHB gewinnt Vertrag über EUR 554 Mio. für neuen Copernicus Sentinel-3 Topographie Satelliten
OHB und Astroscale unterzeichnen Vereinbarung zur Stärkung der internationalen Zusammenarbeit bei Weltraumsicherheit und In-Orbit-Services
Stärkung der Fähigkeiten im Bereich Satellitenkommunikation: OHB beteiligt sich an MediaMobil
Neue Maßstäbe für Tests von Raketentriebwerken: Projekt Eu-BEST erfolgreich abgeschlossen
Auf dem Weg zu einer europäischen Mond-Infrastruktur: ESA beauftragt OHB mit OASIS-Studien
Company publications
OHB six-month interim report 2026
OHB 2025 annual report
Interviews
Interviews are coming soon
No interviews with OHB SE have been published yet.
Sources
Sources & data dates
Financial figures link to the company’s publications and retain their reporting period. Share prices have their own closing dates.
H1 2026 · Published Aug 6, 2026 · Checked Sep 10, 2026
FY 2025 · Published Mar 19, 2026 · Checked Sep 10, 2026
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