OHB SE: 6-month interim report 2023

• All key figures reach historic highs:
  Total revenues reach EUR 457 million for the first time, EBITDA rises to EUR 44.1 million and EBIT to EUR 26.0 million
• EBIT margin in SPACE SYSTEMS significantly improved compared to previous year (+24 %)
• Order backlog remains at a high level of EUR 1.8 billion
• Guidance for fiscal year 2023 confirmed

Bremen, August 7, 2023. The OHB Group (ISIN: DE0005936124, Prime Standard) generated total revenues of EUR 456.6 million in the first six months, up 3 % on the previous year (EUR 442.8 million). The operating result (EBITDA) increased from EUR 42.8 million in the previous year to EUR 44.1 million. The operating EBITDA margin was unchanged compared to the same period of the previous year and stood at 9.7 %. EBIT improved to EUR 26.0 million in the first six months of the current fiscal year, compared to EUR 25.4 million in the previous year. The corresponding EBIT margin was also unchanged year-on-year at 5.7 %.

The financial result of EUR -6.3 million deteriorated compared to the same period of the previous year, mainly due to higher interest charges (previous year: EUR -1.5 million). Earnings before taxes (EBT) thus decreased by 18 % to EUR 19.6 million after the first six months of 2023 (previous year: EUR 23.9 million). Income taxes of EUR 6.2 million (previous year: EUR 7.5 million) resulted in a consolidated profit for the period of EUR 13.2 million in the reporting period 2023, which was 20 % lower than in the previous year (EUR 16.5 million).

At EUR 355.9 million, the unconsolidated total revenues of the SPACE SYSTEMS division were below the level of the first six months of the previous year (EUR 364.7 million). The increased total revenues nevertheless resulted in an increased operating result (EBITDA) of EUR 33.9 million (previous year: EUR 30.1 million). The segment's EBIT of EUR 21.1 million was also higher than the previous year's figure of EUR 17.4 million. The EBIT margin in relation to the unconsolidated total revenues thus increased from 4.8 % in the previous year to 5.9 % in the reporting period.

At EUR 60.4 million, the unconsolidated total revenues of the AEROSPACE segment in the first six months of fiscal year 2023 were significantly above the previous year's figure of EUR 54.0 million. The operating result (EBITDA) for this segment amounted to EUR 5.4 million and was thus lower than in the previous year (EUR 6.7 million). This resulted in a reduced EBIT of EUR 1.3 million compared to the previous year (EUR 3.2 million). The EBIT margin in relation to the unconsolidated total revenues thus reached 2.1 %, compared to 5.9 % in the previous year.

The unconsolidated total revenues of the DIGITAL reporting segment amounted to EUR 51.6 million in the first six months of fiscal year 2023 (previous year: EUR 48.7 million). The operating result (EBITDA) for this segment fell from EUR 6.1 million in the same period of the previous year to EUR 4.7 million, while EBIT also decreased from EUR 4.9 million to EUR 3.5 million. The EBIT margin in relation to the unconsolidated total revenues reached 6.8 % (previous year: 10.1 %).

The Group's firm order backlog stood at EUR 1,805 million after six months of fiscal year 2023, down from EUR 1,846 million in the previous year. Of this amount, EUR 1,559 million is attributable to the SPACE SYSTEMS segment, EUR 128 million to the AEROSPACE segment and EUR 118 million to the DIGITAL segment. As of June 30, 2023, the OHB Group's total assets stood at EUR 1,154.5 million, up around 7 % from December 31, 2022 (EUR 1,080.7 million). The increase in equity from EUR 293.5 million to EUR 296.3 million resulted in an equity ratio of 25.7 % as of June 30, 2023, down from 27.2 % at year-end on December 31, 2022.

At the end of the reporting period, cash and cash equivalents were below the previous year's level (EUR 47.7 million) at EUR 40.7 million.

The Management Board expects the OHB Group's consolidated total revenues to amount to EUR 1,176 million in 2023, with EBITDA and EBIT reaching EUR 109 million and EUR 70 million, respectively. Given the high order backlog and the positive outlook for the current fiscal year, the Management Board assumes that the financial condition and net assets will continue to develop well.

Key performance indicators at a glance