OHB (OHB) Q2 2024 earnings summary

Executive summary

• Six-month 2024 revenues were €470.5 million, with EBIT down 39% and net profit after minorities down 61% to €5.4 million.

• Order backlog stood at €1.65 billion as of June 30, 2024, supporting future growth.

• Public takeover offer by KKR/Orchid Lux HoldCo S.à r.l. is progressing, pending final regulatory approvals expected in summer 2024.

• EBITDA for the first half of 2024 was €34.3 million, down 22% year-over-year; adjusted EBITDA was €40.7 million, down 8%.

• Net profit attributable to shareholders was €5.4 million, down from €13.7 million in the prior year period.

Financial highlights

• Revenue for Q2 2024 was €255.2 million, up from €246.6 million in Q2 2023.

• EBITDA margin for the first half was 7.3%, down from 9.7% a year earlier; EBIT margin decreased to 3.4% from 5.7%.

• Earnings per share for the first half were €0.28, compared to €0.79 in the prior year.

• Book-to-bill ratio remains above 1, with order intake on track for €1.5 billion in 2024.

• Cash flow from operating activities improved to €-83.3 million from €-105.7 million year-over-year.

Outlook and guidance

• Order intake for 2024 is expected to reach €1.5 billion, supporting a stable sales target of over €2 billion from 2028 onwards.

• Management expects the financial position and net assets to continue developing well, supported by a high order backlog.

• Growth strategy focuses on new contracts, regional expansion, defense, and digital markets.

• Preparation underway for the 2025 ESA Ministerial Conference and expansion in Central Europe and North America.