OHB (OHB) Q1 2025 earnings summary

Executive summary

• Q1 2025 saw total revenues rise to €242.4 million, up 17% year-over-year, with strong order intake, major contract wins, and expansion into new markets, including the establishment of OHB Space UK in Bristol.

• Strategic contracts included a third CO2M satellite for ESA and a €36 million optical navigation contract, with successful launches and operational milestones in Ariane 6 and new Earth observation products.

• Adjusted EBITDA increased to €22.1 million, while EBIT declined to €9.5 million; net profit attributable to shareholders rose to €5.0 million.

• Order backlog reached €2,314 million at quarter-end, rising to €3 billion in April due to significant new contracts.

• Workforce expanded by 5% to 3,488 employees, supporting growth initiatives.

Financial highlights

• Q1 2025 total revenues were €242.4 million, a 17% increase from Q1 2024, with sales at €228.7 million.

• Adjusted EBITDA rose 10% to €22.1 million; reported EBITDA was €19.1 million, down 1% year-over-year.

• EBIT margin decreased to 3.9% from 4.9% year-over-year.

• Net profit after minorities increased 4% to €5.0 million; EPS up to €0.26.

• Free cash flow was negative at €-106.5 million, reflecting project-related working capital needs.

Outlook and guidance

• Full-year 2025 revenue guidance confirmed at €1.2 billion, with EBITDA margin targets of 9% and EBIT margin of 6%.

• Guidance for 2025–2027 targets annual revenues of €1.2–1.5 billion and EBITDA margin above 9% by 2027.

• Order intake projected to remain above €2 billion annually, supporting sustainable growth.

• Positive business performance and high order backlog support a favorable outlook for financial position and net assets.