Q2 2024 OHB SE Earnings Call Transcript
Key Points
- OHB SE (XTER:OHB) successfully closed the disposal of its 17% share in a joint venture in Mexico, reducing exposure to aero engines.
- The company is on track with its strategy, OHB 2025, and has strengthened its position as an end-to-end space system provider.
- Several satellite launches are scheduled, including the prestigious Hera mission in October, which is crucial for observing the Didymos asteroid.
- The Ariane 6 inauguration flight was a success, marking a significant milestone for MT Aerospace.
- OHB SE (XTER:OHB) is expanding its business in Central Europe and North America, securing new contracts and partnerships.
- The company's adjusted EBITDA showed a weak result of EUR40.7 million, down from EUR44.1 million last year.
- The backlog has not reached the expected up ramp, indicating slower progress in securing new orders.
- The public takeover offer by KKR has not yet closed, with regulatory approval from Belgium still pending.
- OHB SE (XTER:OHB) experienced a challenging second quarter with profitability concerns, as EBITDA was about EUR10 million below the previous year.
- The IRIS² consortium faced setbacks with major partners withdrawing, creating uncertainty around the project.
Yes, good morning from Bremen, good morning from OHB headquarter, to our analyst conference, to Q2, to the six-month results 2024.
So we have here, of course, Kurt Melching, our CFO; Markus Moeller, our CSO, and myself. And Marcel Dietz is running the show. So we welcome you. We hope that you have been able to download our slides and the publication. It was put on our homepage early this morning. As usual, I quickly walk you through the slides and the update and the new developments. And then later, we have plenty of time for a Q&A session.
So looking at the overview, there's a slight change if you look to this. In the middle section of the aerospace department, we have -- a couple of weeks ago, had the closing of the disposal of the selling of the previously 17% share that OHB held in [ATEN], in a joint venture, minority position in a joint venture in Mexico for aero engine parts. That has been sold to the sole customer, the 2GE, and that has been, as I said, signed and closed recently. So that deal is done
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