Discount 130 2027/06: Basiswert OHB Technology

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Original-Research: OHB SE - from NuWays AG

13.11.2026 / 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

Q3 review: no change to the bigger picture; chg.

OHB's Q3 showed further margin improvement ahead of the larger programme

ramp-up. Meanwhile, output growth moderated to 6% yoy from 11% in H1. With

IRIS² and Sentinel contracts secured, attention should increasingly turn to

their contribution in 2027 and the next major defence awards. In detail:

Margin progression remains encouraging. Q3 total operating performance

increased 6% yoy to EUR 319m (eCons: EUR 331m). Adj. EBITDA rose 12% yoy to EUR

39.3m (eCons: EUR 39.0m), lifting the margin by 0.7pp to 12.3% (implied eCons:

11.8%). The company benefited from higher Ariane 6 activity, stronger demand

from US launcher customers and defence components. Earlier staffing and

machinery investments are now supporting higher production volumes,

illustrating the potential for operating leverage as activity scales.

Higher one-off costs weigh on reported earnings. Reported Q3 EBITDA amounted

to EUR 31.1m (eCons: EUR 36.7m), after EUR 8.2m of special items. Nine-month

adjustments totalled EUR 32.2m, including EUR 26.8m of transaction costs.

One-off costs should decline noticeably over the coming years as

transformation expenses gradually phase out and the costs related to the

capital increase do not recur (eNuW).

Q4 should benefit from higher project activity and deliveries. Confirmed

guidance of c. EUR 1.4bn in total operating performance and a 10.5-11.0% adj.

EBITDA margin implies Q4 output of c. EUR 454m (+18% yoy) and adj. EBITDA of EUR

47-54m. Planned project progress and subcontractor deliveries, including

supplies deferred from Q3, support our view that guidance is well within

reach.

Secured programmes strengthen visibility beyond 2026. September's order

backlog increased 26% yoy to EUR 3.94bn, equivalent to 2.8x guided FY26

output, including the nearly EUR 1bn IRIS² award. The subsequent EUR 554m

Sentinel-3 Next Generation Topography contract for the first satellite adds

to this base, with an option for a second satellite providing further

potential.

Growth should build through 2027 and 2028. The initial contribution from

IRIS² and prospective defence contracts should build progressively through

2027 as development and production activity ramp up. FY27e output is

expected at EUR 1,803m (+27% yoy, broadly in line with consensus), with adj.

EBITDA of EUR 214m, implying a margin of 11.9%. Output growth is seen to then

accelerate to 34% in FY28e, with the adj. EBITDA margin reaching 12.7%

(eNuW).

2027 remains an important year for defence awards. OHB targets cumulative

order intake of EUR 5.5bn for 2026/27, excluding SATCOMBw 4, with EUR 2.3bn

already secured this year. SATCOMBw 4 remains the largest potential catalyst,

with anticipated OHB order intake of EUR 5-7bn in H1 2027 (eNuW), adding to

the existing order ambition.

Action: We lower FY26e estimates for slightly softer growth and higher

one-off costs, and FY27e for a more gradual programme ramp-up. FY28

operating estimates remain unchanged.

BUY, PT unchanged at EUR 340, based on DCF.

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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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2434226 13.11.2026 CET/CEST

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