OHB (OHB) Q3 2026 earnings summary

Executive summary

• 9M total operating performance was €946.5m, up 9.6% YoY; adjusted EBITDA rose 23% to €99.7m and adjusted EBIT rose 30% to €66.9m.

• Order backlog reached €3.937bn, up 26% YoY; FY 2026 guidance was confirmed at €1.40bn total operating performance and a 10.5%–11.0% adjusted EBITDA margin.

• IRIS² and Sentinel-3 Next Generation awards totaled ~€1.5bn, supporting long-term revenue visibility amid strong institutional demand.

Financial highlights

• 9M revenue was €912.6m, up 11% YoY; Q3 revenue was €312.5m, up 10%, and Q3 total operating performance was €318.5m, up 6%.

• 9M adjusted EBITDA was €99.7m versus €80.9m and adjusted EBIT was €66.9m versus €51.4m; reported EBITDA was €67.5m and reported EBIT €34.7m, both down YoY.

• 9M net profit declined 22% to €19.1m and EPS fell to €0.96 from €1.20; €26.8m of transaction costs and dilution from the H1 capital increase affected EPS.

• 9M free cash flow was -€240.2m; adjusted free cash flow was -€224m, including a €262m trade working capital outflow driven by customer payment profiles and contract asset build-up.

• Order intake was €1.67bn in 9M, with €2.3bn secured in 2026 as of the presentation; book-to-bill was 1.8x.

Outlook and guidance

• FY 2026 guidance was confirmed at €1.40bn total operating performance and a 10.5%–11.0% adjusted EBITDA margin.

• Mid-term organic targets are total operating performance above €4.0bn and adjusted EBITDA margin of ~13%; RFA and inorganic growth are excluded.

• Cumulative order intake ambition is ~€20bn for 2026–2030: €5.5bn in 2026–2027, €7bn in 2028–2029 and €5.5bn in 2030; the qualified pipeline is ~€20bn.

• Stronger growth is expected from 2028 as IRIS² and potential SATCOMBw and other defense programs contribute; management expects cash-positive adjusted free cash flow at year-end.

• Guidance uses a risk-weighted pipeline, including Project Unicorn; timing depends on pipeline conversion and potential project awards.