OHB (OHB) Q4 2024 earnings summary

Executive summary

• KKR completed a €77 million equity investment, acquiring a 10% stake at €44/share, with the Fuchs family retaining majority control; a €30 million convertible bond was also invested in Rocket Factory Augsburg AG.

• New shareholder structure: 65.4% Fuchs family, 28.6% KKR, 5.7% free float, 0.3% treasury shares.

• Major transformation program underway to improve operational efficiency, align entities, and drive growth, with international expansion and performance improvement focus.

• Multiple successful satellite launches in 2024, including Galileo, Ariane 6, Arctic Weather, and Hera missions.

• Expansion into new markets with OHB Space U.K. and strong order intake in digital and aerospace segments.

Financial highlights

• Order intake in 2024 reached €1.67 billion, exceeding the plan and up from €920 million in 2023.

• Order backlog rose 36% to €2.38 billion as of December 31, 2024, providing strong visibility for future growth.

• Total revenues for 2024 declined 13% year-over-year to €1.03 billion, due to special effects in 2023 and delayed order intake.

• Operative EBITDA was €53 million, down from €163 million in 2023; adjusted EBITDA rose 28% year-over-year to €111 million, a record operational result.

• Special effects in 2023 included a €-75 million revaluation of financial instruments; 2024 included €38 million provision for SARah program issues and transformation costs.

Outlook and guidance

• Revenue guidance: ~€1.2 billion in 2025, ~€1.4 billion in 2026, ~€1.5 billion in 2027.

• EBITDA margin expected to rise from >9% in 2025 to >12% in 2027; EBIT margin from >6% to >9% over the same period.

• Annual order intake expected to exceed €2 billion, with at least 31% attributed to the defense sector for 2025–2027.

• Order intake for 2025 forecasted at €1.2 billion, with potential upside from new projects and defense initiatives.