OHB stock slips after strong 9M growth and lower net profit
Published on 11/12/2026 at 12:32 | Editorial responsibility: Rafael Müller, Editor-in-Chief AD HOC NEWSStrong Growth Meets Lower Net Profit
- OHB increased nine-month total operating performance by 10% and adjusted EBITDA by 23% year on year.
- Net profit declined 22%, while the order backlog rose to EUR 3.937 billion.
- Management confirmed its 2026 outlook and cited major IRIS2 and Sentinel-3 contracts as sources of long-term visibility.
OHB reported stronger operating performance in the first nine months of 2026, but net profit fell year on year. The results were published on Thursday, November 12, in OHB's official results announcement. OHB stock traded at EUR 201.00 on Lang & Schwarz at 12:30 CET on Thursday, November 12, 4.96% below the Xetra close of Wednesday, November 11.
Operating Earnings Move Higher
Total operating performance reached EUR 946.5 million in the nine-month period, up 10% from EUR 863.5 million a year earlier. Revenue increased 11% to EUR 912.6 million from EUR 820.8 million.
Adjusted EBITDA rose 23% to EUR 99.7 million from EUR 80.9 million, while adjusted EBIT advanced 30% to EUR 66.9 million from EUR 51.4 million. The quarterly figures also improved: Q3 revenue was EUR 312.5 million, compared with EUR 283.9 million in the prior-year quarter, and adjusted EBITDA increased to EUR 39.3 million from EUR 35.0 million.
The bottom line moved in the opposite direction. Earnings before taxes declined to EUR 28.1 million from EUR 36.8 million in the first nine months of 2025. Net profit fell to EUR 19.1 million from EUR 24.4 million, while earnings per share decreased to EUR 0.96 from EUR 1.20.
Backlog Supports Long-Term Visibility
OHB's order backlog stood at EUR 3.937 billion at the end of the period, up from EUR 3.117 billion a year earlier. The SPACE SYSTEMS segment accounted for EUR 3.202 billion, followed by ACCESS TO SPACE with EUR 456 million and DIGITAL with EUR 279 million.
The company highlighted its contract to develop and build all 18 satellite platforms for the IRIS2 medium-Earth-orbit segment. The contract is worth just under EUR 1 billion and is described by OHB as the largest single contract in its history. A European Space Agency contract for the Sentinel-3 Next Generation Topography mission has a volume of EUR 554 million for the first satellite, with an option for a second.
OHB also cited successful missions involving the SeRANIS and IRIDE programs and a 25% investment in MediaMobil Communication. The investment expands the group's satellite communications offering, while the missions support its position in low-Earth-orbit satellite solutions.
2026 Outlook Remains Confirmed
Management maintained its 2026 guidance for total operating performance of EUR 1.4 billion and an adjusted EBITDA margin between 10.5% and 11.0%. OHB also reiterated its medium-term target of total operating performance above EUR 4.0 billion and an adjusted EBITDA margin of around 13%.
The combination of rising operating earnings, a larger backlog and major satellite awards improves forward revenue visibility. The decline in net profit remains a counterweight for investors because it shows that stronger operating performance has not translated into higher bottom-line earnings so far.
OHB stock at a glance
- Company: OHB SE
- ISIN: DE0005936124
- Ticker: OHB.DE
- Lang & Schwarz price: EUR 201.00 at 12:30 CET on November 12, 2026
- Change versus Xetra: -4.96% versus the EUR 211.50 Xetra close on November 11, 2026
- Nine-month total operating performance: EUR 946.5 million, up 10% year on year
- Nine-month adjusted EBITDA: EUR 99.7 million, up 23% year on year
- Order backlog: EUR 3.937 billion
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