^ Original-Research: OHB SE - from NuWays AG

14.11.2025 / 10:37 CET/CEST Dissemination of a Research, transmitted by EQS News - a service of EQS Group. The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.

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Classification of NuWays AG to OHB SE

Company Name: OHB SE ISIN: DE0005936124

Reason for the research: Update Recommendation: BUY from: 14.11.2025 Target price: EUR 141.00 Target price on sight of: 12 months Last rating change: Analyst: Henry Wendisch / Simon Keller, CFA

Q3 review: firm order intake and robust growth.

Yesterday, OHB released a strong set of Q3 results and a further rising order book amid a upcomingphase of strong newsflow. In detail:

Q3'25 order intake reached EUR 350m, implying a solid 1.2x book-to-bill ratio. In light of large orderwins in H1'25 (EUR 1,249m) as well as in Q4'24 (EUR 584m), the LTM book-to-bill ratio remains high at1.9x.Consequently, the order backlog reached a new all time high at EUR 3,117m (+47% yoy), indicating improving visibility and OHB gaining traction even before any big-ticket defence orders.

Total output grew by 22% yoy in Q3 to EUR 300m (9M: +21% yoy to EUR 864m) driven by growth acrossall segments. The largest segment SPACE SYSTEMS grew by 30% yoy to EUR 233m (9M: +18% yoyto EUR 672m) driven by good progress on navigation satellites (+55% yoy) as well as environmental &weather satellites (+34% yoy). The renamed segment ACCESS TO SPACE (prev. AEROSPACE) also showed excellent growth of 40% yoy to EUR 43m (9M: +22% to EUR 114m), followed by the segment DIGITAL growing by +34% yoy to EUR 36m (9M: +31% yoy to EUR 103m). Holding andconsolidation effects explain the remainder.

Q3 adj. EBITDA arrived 10% yoy higher at EUR 35m (10.1% margin, -1.3pp yoy), due to two maindrivers:

* OHB maintained a strong momentum in personnel efficiency, as total output (ex other op. inc.)per FTE continued to improve (Q3: 15% yoy; 9M: 14% yoy), as the 22% yoy output growth wasdelivered with an only 6% yoy higher headcount and likely a direct result of the ongoing efficiency program. Consequently, personnel expense rose by only 9% yoy to EUR 83m in Q3 (28% ofoutput; -3.2pp yoy).

* On the other hand, a disproportionate 32% yoy increase in material expenses to EUR 163m (54%of output, +4.1pp yoy) weighed on margins. We attribute this to a temporarily higher share of third-party services (eNuW: mostly pass-through revenues from sub-contractors), which naturally come with lower margins and fluctuate throughout the year. This effect was more pronounced in the SPACE SYSTEMS segment, explaining the 8% decline in segment EBITDA.

With a 9M EBITDA of EUR 75.5m (+21% yoy, 8.7% margin), the FY'25 EBITDA margin guidance of ~9% (eNuW: 11%, including a EUR 37.5m provision reversal due to a resolved project interference;adjusted for this: 9.3%) should be well in reach, as it implies a Q4 margin of 9.2%. Meanwhile, next to budget increases likely at ESA and announced by Germany's Ministry of Defence,the EU's 2028-34 Multiannual Financial Framework (MFF) could also see a doubling in spacespending to EUR 40-60bn for 2028-34 vs. EUR 19bn in the current 2021-27 MFF.

Against this backdrop, we reiterate our BUY recommendation with unchanged PT of EUR 141, based on DCF.

You can download the research here: https://eqs-cockpit.com/c/fncls.ssp?u=7fe7220b567a07be460430a732b4bcb2 For additional information visit our website: https://www.nuways-ag.com/research-feed

Contact for questions: NuWays AG - Equity Research Web: www.nuways-ag.com Email: research@nuways-ag.com LinkedIn: https://www.linkedin.com/company/nuwaysag Adresse: Mittelweg 16-17, 20148 Hamburg, Germany ++++++++++ Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte. Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse. ++++++++++

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2230124 14.11.2025 CET/CEST

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Quelle: dpa-Afx