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

Original-Research: OHB SE - from NuWays AG

14.11.2025 / 10:37 CET/CEST
Dissemination of a Research, transmitted by EQS News - a service of EQS Group.
The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.

---

Classification of NuWays AG to OHB SE

Company Name:	OHB SE
ISIN:	DE0005936124
Reason for the research:	Update
Recommendation:	BUY
from:	14.11.2025
Target price:	EUR 141.00
Target price on sight of:	12 months
Last rating change:
Analyst:	Henry Wendisch / Simon Keller, CFA

Q3 review: firm order intake and robust growth.

Yesterday, OHB released a strong set of Q3 results and a further rising order book amid a upcomingphase of strong newsflow. In detail:

Q3'25 order intake reached € 350m, implying a solid 1.2x book-to-bill ratio. In light of large orderwins in H1'25 (€ 1,249m) as well as in Q4'24 (€ 584m), the LTM

book-to-bill ratio remains high at1.9x.Consequently, the order backlog reached a new all time high at € 3,117m (+47% yoy), indicating improving visibility and OHB gaining traction even before any big-ticket defence orders.

Total output grew by 22% yoy in Q3 to € 300m (9M: +21% yoy to € 864m) driven by growth acrossall segments. The largest segment SPACE SYSTEMS grew by 30%
yoy to € 233m (9M: +18% yoyto € 672m) driven by good progress on navigation satellites (+55% yoy) as well as environmental &weather satellites (+34% yoy). The renamed segment ACCESS TO SPACE (prev. AEROSPACE) also showed excellent growth of 40% yoy to € 43m (9M: +22% to € 114m), followed by the segment DIGITAL growing by +34% yoy to € 36m (9M: +31% yoy to € 103m). Holding andconsolidation effects explain the remainder.

Q3 adj. EBITDA arrived 10% yoy higher at € 35m (10.1% margin, -1.3pp yoy), due to two maindrivers:

• OHB maintained a strong momentum in personnel efficiency, as total output (ex other op. inc.)per FTE continued to improve (Q3: 15% yoy; 9M: 14% yoy), as the 22% yoy output growth wasdelivered with an only 6% yoy higher headcount and likely a direct result of the ongoing efficiency program. Consequently, personnel expense rose by only 9% yoy to € 83m in Q3 (28% ofoutput; -3.2pp yoy).
• On the other hand, a disproportionate 32% yoy increase in material expenses to € 163m (54%of output, +4.1pp yoy) weighed on margins. We attribute this to a temporarily higher share of third-party services (eNuW: mostly pass-through revenues from sub-contractors), which naturally come with lower margins and fluctuate throughout the year. This effect was more pronounced in the SPACE SYSTEMS segment, explaining the 8% decline in segment EBITDA.

With a 9M EBITDA of € 75.5m (+21% yoy, 8.7% margin), the FY'25 EBITDA margin guidance of ~9% (eNuW: 11%, including a € 37.5m provision reversal due to a resolved project interference;adjusted for this: 9.3%) should be well in reach, as it implies a Q4 margin of 9.2%. Meanwhile, next to budget increases likely at ESA and announced by Germany's Ministry of Defence,the EU's 2028-34 Multiannual Financial Framework (MFF) could also see a doubling in spacespending to € 40-60bn for 2028-34 vs. € 19bn in the current 2021-27 MFF.

Against this backdrop, we reiterate our BUY recommendation with unchanged PT of € 141, based on DCF.

You can download the research here: 251114ohb
For additional information visit our website: https://www.nuways-ag.com/research-feed

Contact for questions:
NuWays AG - Equity Research
Web: www.nuways-ag.com
Email: [e-mail]
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 Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse.
++++++++++

---

The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
View original content: EQS News

---

2230124 14.11.2025 CET/CEST