OHB stock: NuWays sees growth ahead of November 12 results

OHB is approaching its nine-month results with a strong backlog and several potential order catalysts. The company is scheduled to publish its figures and hold an earnings call on Thursday, November 12, according to its Investor Relations calendar.

OHB stock traded at 217.50 euros on Lang & Schwarz at 17:40 CET on Monday, November 2, 2026. That compares with 230.25 euros at 09:41 CET in the latest relevant report, a decline of 5.54 percent since that report; this comparison is separate from the daily Xetra close.

Analyst sees continued growth

NuWays forecasts total output of EUR 347 million for the first nine months, up 16 percent year over year, and EBITDA of EUR 39 million, also up 16 percent. The forecast implies an EBITDA margin of 11.2 percent. The figures are analyst estimates rather than company guidance, according to the NuWays research published through EQS News on October 16.

The research points to a nearly EUR 1 billion IRIS2 order for 18 medium-Earth-orbit satellite platforms secured during the third quarter. NuWays expects initial revenue from the program in the fourth quarter, with annual sales peaking in 2028 and 2029 as development moves into production.

Order pipeline remains the focus

A letter of intent with the European Space Agency for the Sentinel-3 Next Generation Topography mission could lead to potential order intake of about EUR 650 million if it advances to a final contract. NuWays also estimates potential OHB order intake of EUR 5 billion to EUR 7 billion from the SATCOMBw 4 program in the first half of 2027, but the contract value and OHB allocation remain unconfirmed.

NuWays maintained its Buy recommendation and a 12-month target price of EUR 340. The November figures will test how quickly the existing backlog converts into output and earnings, while the recent awards remain forward-looking growth drivers.

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