Q2 2026 OHB SE Earnings Call Transcript
Key Points
- OHB SE (WBO:OHB) reported double-digit growth in total operating performance, reaching EUR628 million in H1 2026, with adjusted EBITDA up over 30% to EUR60 million.
- The company's net debt leverage improved significantly to -1.1x following a successful EUR480 million capital increase, strengthening its financial position for future growth.
- OHB SE (WBO:OHB) has a record-high backlog and a strong pipeline of EUR20 billion in new projects, with key contract negotiations ongoing for ESA, EU, and German defense programs.
- The company is expanding internationally, with new facilities in the UK and Czech Republic, and has secured significant contracts like PRISMA 2 and the Sova S mission, showcasing its growing prime contractor capabilities.
- OHB SE (WBO:OHB) confirmed its 2026 guidance of about EUR1.4 billion in total operating performance with a margin of 10.5% to 11%, supported by a strong H1 performance and expected acceleration in H2.
- Order intake in Q2 2026 was lower than expected, with backlog declining sequentially, particularly in Space Systems, due to the lumpy nature of large contracts.
- The first test flight of Rocket Factory Augsburg (RFA) has been delayed again due to tank issues, requiring the rocket to be removed from the pad for inspection, adding uncertainty to the launch timeline.
- Access to space segment margins were softer than anticipated in H1 2026, impacted by ramp-up costs and new hires, though expected to improve in H2.
- The company incurred EUR21 million in transaction-related costs in H1 2026 from the capital increase, and transformation costs are still ongoing, though expected to wind down by next year.
- Trade working capital saw a large outflow in H1 due to seasonality and project mix, with management only targeting positive free cash flow after working capital by year-end, not guaranteeing it.
Good morning to OHB's Q2 results.
I hope you have been able to dial in and download the documents. We're welcoming you here on behalf of the management board.
Jim and I are traveling today and you have Markus and the team in Bremen.
I quickly walk you through the slides and then Markus will briefly take over for the market and Tim will go through the numbers.
Yeah, obviously European champion in the growing space economy is still the program that we are following. I think we have shown in the last weeks quite some good progress in our.
What we call right to win. We have been able to move quite significantly ahead on a number of important programs. We'll talk about that.
And also the scaling of the operations is doing well. And Tim will walk you through, I think, a very strong Q2.
So from that perspective, I think we are in a very good way.
Our business model, obviously very well known for scaling the company in our three divisions. And nothing has
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