OHB (OHB) Q2 2026 earnings summary

Executive summary

• Achieved double-digit growth in total operating performance (+11%) and a 31% increase in adjusted EBITDA year-over-year for H1 2026.

• Record order backlog of EUR 3.3 billion as of June 30, 2026, supporting long-term growth visibility.

• Completed a capital increase raising EUR 484 million, strengthening the balance sheet and funding industrialization, M&A, and next-generation space programs.

• Confirmed full-year 2026 guidance, with strong order intake and a robust project pipeline; majority of 2026 orders expected in H2.

• Advanced internationalization strategy with significant contracts and facility expansions in the UK, Czech Republic, and Italy.

Financial highlights

• Total operating performance reached EUR 628 million in H1 2026, up 11% year-over-year.

• Adjusted EBITDA rose to EUR 60.4 million (+31% YoY), with a margin of 9.7%.

• Adjusted EBIT increased to EUR 38.9 million (+46% YoY); reported EBIT was EUR 14.8 million.

• Net leverage ratio improved to -1.1x, and equity ratio rose to 43.3%.

• Workforce increased to 4,094 employees (+15% YoY), mainly in operational roles.

Outlook and guidance

• FY 2026 guidance confirmed: total operating performance expected at EUR 1.4 billion, adjusted EBITDA margin 10.5–11.0%.

• Mid-term targets: total operating performance above EUR 4.0 billion and adjusted EBITDA margin around 13%.

• Growth driven by record backlog, strong pipeline, and ongoing defense and space super-cycle.

• Order intake expected to peak in H2 2026, with major ESA and EU contracts in final negotiations.

• Defense order intake to ramp up from 2027 onward.