OHB SE posts Q3 EBITDA margin above estimates despite sales miss

OHB SE released its third-quarter financials, where sales fell 4% short of analyst forecasts, yet the company's EBITDA margin exceeded expectations by 1%. The German aerospace company reaffirmed its full-year guidance during its earnings presentation. However, the Space Systems division contributed to the sales decline, reporting a 1% year-over-year decrease, despite strong growth in its Access to Space segment.

This segment's margin improved by 130 basis points year-over-year, while the Space Systems margins contracted during the quarter. The company reported a negative free cash flow of €45 million for the quarter, as expected. OHB kept its fiscal 2026 outlook, projecting total operating performance of around €1.4 billion, with an adjusted EBITDA margin between 10.5% and 11.0%, equating to an absolute adjusted EBITDA of approximately €150 million.

The nine-month results lagged slightly behind the top-line growth targets mentioned in the company's guidance. For the mid-term outlook, OHB remains confident in achieving total operating performance exceeding €4 billion, with an adjusted EBITDA margin of about 13%, resulting in absolute adjusted EBITDA surpassing €520 million. The company has not set a specific timeline for reaching these mid-term targets.