Original-Research: OHB SE (von NuWays AG): BUY

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Original-Research: OHB SE - from NuWays AG

07.08.2026 / 09:00 CET/CEST

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Classification of NuWays AG to OHB SE

Company Name: OHB SE

ISIN: DE0005936124

Reason for the research: Update

Recommendation: BUY

Target price: EUR 340

Target price on sight of: 12 months

Last rating change:

Analyst: Simon Keller

Positioned for the award cycle

Q2 delivered margin expansion on more moderate growth, while the contracts

underpinning the investment case are still ahead. Guidance was confirmed on

both lines, and the balance sheet is now in a net cash position, leaving OHB

well positioned ahead of the major award cycle.

Growth slowed to +9% yoy in Q2 from +15% in Q1 and the guidance implies a

re-acceleration to 13% yoy in H2 to reach the target. This would imply that

H2 contributes 55% of the full-year figure, in line with the 2025

seasonality.

Adj. EBITDA rose 27% yoy to EUR 33m, reflecting a 1.4pp yoy margin improvement

to 9.5%. By contrast, the FY margin target implies a broadly stable yoy

margin in H2. Reported Q2 EBITDA of EUR 10.6m includes EUR 22.4m of one-off

costs, almost entirely related to the EUR 21.4m transaction costs of the

capital increase. These were higher than expected, explaining our EPS

estimate cut.

The only operational setback was the delay to RFA's maiden flight. Following

the first pressurisation of the flight vehicle in late July, RFA identified

an issue and de-stacked the rocket. The maiden flight remains expected for

this year. RFA is accounted for at equity and therefore sits outside

guidance; our valuation includes it only as a EUR 145m financial asset.

Q2 order intake of c. EUR 299m, equivalent to a 0.9x book-to-bill, should mark

the trough ahead of an H2 acceleration. The first evidence for this came

with PRISMA Second Generation, at EUR 82m one of the larger recent awards. The

repeat mandate after the first OHB-built hyperspectral satellite launched in

2019 illustrates the recurring nature of institutional space programmes.

The most strategically important near-term opportunity is IRIS², in our

view. OHB is a core industrial partner and appears to be finalising the

contract in the EU constellation's 18-satellite MEO segment. The expected

signing in H2 would underpin OHB's central role in the EU's third flagship

space programme (alongside Galileo and Copernicus) and provide long-term

visibility through the constellation's deployment towards 2030.

Several ESA awards are also approaching. One next-generation Sentinel

contract is in final negotiations, as is Clearspace-1, an ESA mission led by

OHB to capture and deorbit the Proba-1 satellite. The implementation phase

of OpSTAR, a demonstrator mission using optical links for satellite

navigation, is expected later this year.

The award cycle should broaden further from 2027, backed by ESA's EUR 22bn

MC25 budget, Germany's EUR 35bn military space investment through 2030 and the

proposed EUR 131bn EU space and defence envelope for 2028-34. German defence

awards should begin in 2027, led by SATCOMBw4, a c. EUR 10bn programme with an

estimated OHB workshare of 30-50% (eNuW). SBMD and SPOCK 2 form the other

major pillars of this defence cycle.

BUY, PT EUR 340, based on DCF.

You can download the research here:

https://nwr.eqs-cockpit.com/fncls2.ssx?fn=redirect&u=175bcf0a802b2e3a334877ad8edfa4b6

For additional information visit our website:

https://www.nuways-ag.com/research

Contact for questions:

NuWays AG - Equity Research

Web: www.nuways-ag.com

Email: research@nuways-ag.com

LinkedIn: https://www.linkedin.com/company/nuwaysag

Adresse: Mittelweg 16-17, 20148 Hamburg, Germany

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Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss

bestimmter Börsengeschäfte.

Offenlegung möglicher Interessenkonflikte nach § 85 WpHG beim oben

analysierten Unternehmen befindet sich in der vollständigen Analyse.

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2379048 07.08.2026 CET/CEST

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