OHB (OHB) Q2 2025 earnings summary

Executive summary

• Strong first half of 2025 with significant progress toward annual goals, highlighted by a record order backlog of EUR 3,067 million and major contract wins, including a EUR 839 million ESA LISA mission.

• Revenues for the first six months rose 20% year-over-year to EUR 563.5 million, with EBITDA at EUR 42.0 million and EBIT at EUR 22.6 million, both showing significant improvement.

• Net profit after minority interests more than doubled to EUR 11.3 million or EUR 0.59 per share.

• Successful MTG-S1 satellite launch and ongoing commissioning, with additional satellite launches and mission selections progressing well.

• Dividend maintained at EUR 0.60 per share; stable shareholding structure and Supervisory Board reappointments.

Financial highlights

• Total revenues for the first six months increased by 20% to EUR 563.5 million year-over-year.

• EBITDA grew 23% to EUR 42.0 million; adjusted EBITDA up 13% to EUR 45.9 million.

• EBIT increased 43% to EUR 22.6 million; net profit after minorities more than doubled to EUR 11.3 million.

• Earnings per share rose 111% to EUR 0.59.

• Order backlog rose 86% year-over-year to EUR 3,067 million as of June 30, 2025.

Outlook and guidance

• Revenue guidance for 2025 is EUR 1.2 billion, with ambitions to reach EUR 1.5 billion by 2027.

• EBITDA margin expected at 9% for 2025, rising above 10% by 2027; EBIT margin targeted at 6% for 2025 and above 7% by 2027.

• Annual order intake projected to surpass EUR 2 billion, with ambitions to reach EUR 3 billion in 2026.

• Margin expansion anticipated through scale, standardization, and operational improvements, though institutional pricing limits immediate gains.

• Positive business performance and high order backlog support a favorable outlook for financial position and net assets.