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

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.



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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
++++++++++
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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