OHB (OHB) Q3 2024 earnings summary

Executive summary

• Order backlog reached €2.12 billion as of September 30, 2024, up from €1.749 billion at the start of the year, supporting a positive outlook.

• Revenues for the first nine months of 2024 were €715.8 million, down 3% year-over-year.

• Net profit after minorities declined 9% to €17.4 million, with EPS at €0.91, down from €1.09.

• KKR completed a 28.6% minority investment and public takeover, with the Fuchs family retaining 65.4% and joint control of about 94% of shares.

• The company is implementing operational improvement programs with KKR and plans to delist to support long-term private growth.

Financial highlights

• Adjusted EBITDA for the nine months reached a record €72.5 million, up from €64.1 million year-over-year.

• EBIT margin for 9M 2024 was 4.8%, down from 5.0% in 2023.

• Order intake for the year to date is €1.479 billion, with a book-to-bill ratio above one.

• Cash flow from operating activities improved to €-47.7 million from €-116.4 million year-over-year.

• Free cash flow was €-56.0 million, an improvement from €-128.2 million in 9M 2023.

Outlook and guidance

• Order intake target for FY 2024 is confirmed at €1.5 billion, up from €920 million in 2023.

• The company anticipates continued strong order intake and expects 2025 to be a good year for the space industry.

• Strategic plan "OHB 2025" targets total revenues above €1.5 billion, EBIT margin ≥8%, and FCF ≥ net profit.

• No urgency for delisting; the company plans to remain listed through 2025, with future privatization still a goal.

• Upcoming ESA Ministerial Conference and Space Tech Expo in Bremen are expected to influence future programs.