OHB's Top Line Keeps Climbing, but Cash and Profit Tell a Different Story
Published on 11/12/2026 at 20:10 | Editorial boerse-global.de
OHB SE delivered a familiar mix for investors on Wednesday: robust revenue growth, a confirmed full-year outlook, and a bottom line heading the wrong way. The Munich-based space and technology group reported a 10% rise in total output for the first nine months of 2026, yet net profit fell sharply and free cash flow turned negative in the third quarter — a combination that sent the shares down 6.5% on the day.
The stock reaction came despite management reaffirming its 2026 targets. OHB still expects total output of around EUR 1.4 billion for the year, with an adjusted EBITDA margin of 10.5% to 11.0%.
Revenue growth outpaces earnings
Total output for the nine-month period reached EUR 946.459 million, up 10% year on year. Adjusted EBITDA climbed 23% to EUR 99.679 million, a sign that operating leverage is improving at the top of the income statement.
The third quarter alone showed the same pattern. Revenue came in at EUR 312 million, compared with EUR 284 million a year earlier, while adjusted EBITDA rose to EUR 39.3 million from EUR 35 million.
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Net profit, however, moved in the opposite direction. It fell to EUR 19.137 million from EUR 24.384 million in the prior-year period. Earnings per share dropped from EUR 1.20 to EUR 0.96, a decline of 20%.
Cash burn draws analyst scrutiny
JPMorgan analyst David Perry flagged two weak spots in the quarterly report. Adjusted operating profit for the third quarter landed 7% below the analyst consensus, and adjusted free cash flow also missed expectations. Reuters put the quarter's free cash flow at minus EUR 45 million, meaning the company consumed cash during the period.
On a brighter note, the adjusted EBITDA margin in the third quarter beat consensus by 1%, according to Reuters.
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The diverging signals — double-digit top-line growth and a confirmed guidance range on one side, a shrinking net result and negative cash generation on the other — explain why the market treated the update as a disappointment rather than a reassurance. For now, OHB's order-driven growth story remains intact on paper; converting it into profit and cash is the task still outstanding.
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