OHB SE

Earnings Release • Nov 12, 2024

OHE

9-months interim report

OHB SE IN FIGURES

The Group

in EUR 000	Q3/2024	Q3/2023	9M/2024	9M/2023
Revenues	233,106	274,812	691,415	718,558
Total revenues	245,363	280,397	715,811	737,016
EBITDA	28,071	19,989	62,365	64,103
Adjusted EBITDA	31,772	19,989	72,509	64,103
EBIT	18,863	10,924	34,693	36,885
EBT	16,974	7,595	24,849	27,227
Share of OHB SE shareholders in net profit for the year	12,008	5,305	17,367	18,999
Earnings per share (EUR)	0.63	0.30	0.91	1.09
Total assets at September 30	1,477,907	1,107,593	1,477,907	1,107,593
Equity at September 30	443,665	301,160	443,645	301,160
Cash flow from operating activities	35,568	$-10,663$	$-47,735$	$-116,412$
Order backlog at September 30	2,119,858	1,741,574	2,119,858	1,741,574
Employees at September 30	3,656	3,217	3,456	3,217
in EUR 000	9M/2024	6M/2024	9M/2023	6M/2023
Free Cashflow	$-56,011$	$-89,334$	$-128,215$	$-112,309$
Net debt including pension provisions	309,404	326,327	327,450	306,743
Net debt excluding pension provisions	233,373	249,914	256,668	235,368
CapEx	10,261	7,105	13,427	7,721
Own work capitalized (additions)	12,662	4,653	8,240	3,238
Return on Capital Employed (ROCE) in \%	2	5	7	7

LETTER TO THE SHAREHOLDERS

DEAR READERS,

After the Kingdom of Belgium granted the last outstanding approval for foreign direct investments, we were able to announce at the end of August that all the conditions of the voluntary public takeover offer made by Orchid Lux HoldCo S.à r.L, a holding company controlled by investment funds, vehicles and / or accounts advised and managed by various subsidiaries of Kohlberg Kravis Roberts \& Co L.P. ("KKR"), had been met. Since completion of the takeover offer at the beginning of September, KKR holds a minority interest of around $28.6 \%$ in the company. Together with KKR, we will continue to pursue our growth strategy as an independent German family-owned company in order to achieve our goal of becoming the leading full-service provider of space solutions in Europe.

In the SPACE SYSTEMS segment, we celebrated several successful launches in the past quarter: The second for this year in the Galileo program, the one of the Arctic Weather Satellite and the one of the Hera space probe. In conjunction with Hera, OHB Italia S.p.A. was also awarded a contract by the European Space Agency ESA for the management of the Ramses space safety mission. The Ramses probe is intended to observe the asteroid Apophis during its close flyby of Earth in 2029 and thus, like Hera, contribute to protecting the planet from natural hazards from space. In addition, OHB System AG will be developing and building the two research satellites for the tenth "Earth Explorer" mission of the European Space Agency ESA called Harmony. The data generated by the Harmony satellites will help scientists to gain a better understanding of Earth's system and climate change.

For the AEROSPACE segment, the successful maiden flight of the European Ariane 6 launcher on July 9 marked an important milestone. MT Aerospace AG is supplying a significant portion of the overall launcher and, following the successful launch, expects a continuous ramp-up in production volume in the coming years. Shortly thereafter, in August, we had to look with concern to the Scottish SaxaVord Spaceport in August: During one of the last tests, the first stage test with all nine engines, preceeding the first flight of the microlauncher RFA ONE developed by Rocket Factory Augsburg AG (RFA), a fire broke out and the entire first stage went up in flames. No one was injured by the fire, but it resulted in the complete loss of the launcher stage. The other components of the launcher are still ready for the first flight, and work on an improved first stage has already begun. Despite the initial launch now being postponed until next year, we maintain a confident outlook on developments at RFA. We are still convinced that it will pursue its path and contribute to expanding access to space.

By entering into a partnership agreement with Frauscher Sensortechnik GmbH, OHB Teledata GmbH was able to achieve progress in one of the core areas of the strategy for the DIGITAL segment: The internationalization of its rail business beyond Germany.

Based on the high order backlog and the positive business performance after nine months, we assume that the financial position and net assets will continue to develop well.

Bremen, November 12, 2024
The Management Board

OHB SE AT A GLANCE

OHB SE is a European space and technology Group and one of the major independent forces in this industry. With its more than 40 years of experience in the development and implementation of innovative space systems and projects as well as its range of specific space projects, products and services, the OHB Group has positioned itself excellently and is well positioned to compete internationally. The Company has locations in key ESA member countries. These locations allow it to participate in numerous European programs and missions.

SPACE SYSTEMS

In the SPACE SYSTEMS segment, we design, develop and realize complete space systems. Together with you, we conceive and plan the goal of your mission. This means in particular the development and production of near-Earth and geostationary satellites in the application fields of environmental and weather observation, reconnaissance (civil and military), telecommunications and navigation in pursuit of being "greener, safer and more connected". In addition, emphasis is placed on the area of space safety. Payloads and instruments are also key areas of expertise in our portfolio to support you in your endeavors. Within the scope of science and exploration missions, we work on studies and concepts for the exploration of our solar system with a focus on Mars, the Moon and asteroids, bringing together the human characteristics of curiosity and ambition.

AEROSPACE

With the AEROSPACE segment, we reach the implementation of your mission. We enable access to space by developing and manufacturing small launch vehicles and supplying essential components, tanks and structures for large launch vehicles, mainly for the European Ariane program. We support resource-efficient flying with modern system components for the aeronautics industry, in particular engine components from our participation Aerotech Peissenberg.

DIGITAL

In the DIGITAL segment, we ensure the success of your mission. Our telescopes, ground systems and antennas provide the necessary link between the ground infrastructure and the space segment, which is additionally secured by our expertise in the fields of cybersecurity and encryption. With satellite data analysis, additional applications and professional services, we help you to exploit the full potential of your mission.

September 24-27, 2024
OHB at InnoTrans 2024

At a shared exhibition stand at InnoTrans 2024, the world's leading trade fair for rail transport technology and innovations in the rail sector, OHB Teledata GmbH and OHB Digital Services GmbH presented their solutions for digital track field technology, station signaling and control technology, cyber security and satellite-based monitoring of rail infrastructure.

October 7, 2024

Launch of the Hera space probe

On October 7 at 4:52 p.m. CEST, the asteroid probe Hera, which OHB had completed in a very short period of time, was launched from Cape Canaveral (USA), starting its two-year journey to the double asteroid system Didymos / Dimorphos.

October 14 - 18, 2024
IAC 2024 in Milan

The 75th International Astronautical Congress (IAC) provided OHB with an opportunity to present itself to the international space community and to exchange views with space agencies, partners, customers and representatives from politics, governments and the scientific community.

HOLDING-NEWS

KKR's investment in OHB completed

In the past quarter, the voluntary public takeover offer made by Orchid Lux HoldCo S.à r.l., a holding company controlled by investment funds, vehicles and / or accounts advised and managed by various subsidiaries of Kohlberg Kravis Roberts \& Co L.P. ("KKR"), was successfully completed after all offer conditions had been met.

Together with KKR as a minority investor, OHB will continue to systematically implement its own growth strategy. Demand for privately financed, cost-efficient and flexible space solutions is continuously increasing. OHB is committed to serving this demand and becoming the leading one-stop provider of space solutions for institutional and commercial customers in Europe.

Following the closing, KKR now holds approximately $28.6 \%$ of the company's shares. The Fuchs family has not sold any shares as part of the transaction and continues to hold approximately $65.4 \%$ of the issued shares. OHB thus remains an independent German familyowned company with Marco Fuchs in the role of CEO and the existing management team in place. The remaining approximately $6 \%$ of shares are in free float or held as treasury shares.

OHB continues to plan its delisting from the stock market to facilitate the implementation of its long-term growth strategy as a privately held company.

Shareholder structure OHB SE
as of September 30, 2024 in \%

Total number of shares: 19,214,905
Fuchs Family (12,557,346 shares)
Orchid Lux HoldCo S.à r.l. (5,503,295 shares)
$\square$ Free float (1,091,779 shares)
Treasury shares (62,485 shares)

SPACE SYSTEMS

At EUR 568.1 million, unconsolidated total revenues were above the level of the first nine months of the previous year (EUR 594.7 million). This key figure resulted in an increased operating result (EBITDA) of EUR 63.1 million (previous year: 51.4 million). At EUR 43.4 million, the segment's EBIT was up on the previous year's figure of EUR 32.2 million. The EBIT margin in relation to unconsolidated total revenues thus increased from $5.4 \%$ in the previous year to $7.6 \%$ in the reporting period.

Second pair of Galileo navigation satellites launched

After the last successful launch in April 2024, two further Galileo satellites were successfully launched in September 2024. Consequently, a total of 28 navigation satellites developed, designed and integrated by OHB are currently in orbit at an altitude of around $23,000 \mathrm{~km}$ above Earth.

On behalf of the European Commission, the European Space Agency ESA has awarded several contracts for a total of 34 first-generation satellites to OHB System AG as the main contractor. With Galileo, Europe not only has its own satellite navigation system but also the most precise one in the world today.

The remaining six satellites of the first Galileo generation are supposed to be launched in pairs with the new European Ariane 6 launcher in the years 2025 and 2026, in order to improve Galileo's performance and reliability.

OHB awarded contract for two new

ESA "Earth Explorer" research satellites
The European Space Agency ESA has selected OHB System AG as the main contractor for Harmony, the tenth "Earth Explorer" mission. The contract, amounting to around EUR 280 million, includes managing the industrial consortium as well as developing and constructing two new satellites in the ESA Earth observation program FutureED.

The two satellites are intended to join the Copernicus Sentinel-1D satellite in space and evaluate its radar signals. Both Harmony satellites are carrying a passive synthetic aperture radar (SAR) instrument and a thermal infrared instrument. Harmony is the first mission for which OHB is combining a radar instrument and an optical payload on a satellite - a major technical challenge.

The Harmony mission will provide new scientific information about the interaction between the ocean and the atmosphere, ice dynamics and land deformation, as well as supporting measures to combat climate change. Harmony is thus contributing to a better understanding of the Earth's system and climate change. The data generated by the satellites will later be used, among other things, to develop sea ice models. In addition, the data will close existing gaps in the observation of the temporal changes of glaciers and ice caps and their contribution to changes in sea level. Other applications include land monitoring and disaster and crisis management.

The mission is scheduled to launch in 2029.

European Space Agency ESA selects OHB Italia as prime contractor for the space safety mission Ramses

OHB Italia S.p.A. and the European Space Agency ESA have signed a contract for the consolidation and early implementation phase of Ramses. The mission comes after the Hera mission, also led by OHB, and will observe the asteroid 99942 (Apophis) as it makes a close flyby of Earth on April 13, 2029. Ramses will be the first probe to observe an asteroid approaching Earth and document how it changes under the influence of gravity. The probe will perform a before-and-after analysis of the asteroid's shape, surface, orbit, rotation and orientation. Apophis, a celestial body with a diameter of about 375 m , will pass only $32,000 \mathrm{~km}$ from the Earth's surface and will be visible to the bare eye for millions of people in Europe, Africa and Asia.

To gain further scientific insights, Ramses will work together with NASA's OSIRIS-APEX mission: The combined data from the two space probes will provide valuable information about the composition, internal structure, cohesion, mass, density and porosity of Apophis - crucial aspects for the study and development of strategies for deflecting future potentially dangerous objects and thus protecting the planet.

With the appointment as main contractor for Ramses, OHB Italia is once again demonstrating its ability to execute complex and critical missions with demanding technical requirements and within tight schedules. The mission strengthens the role of OHB Italia and Europe as pioneers in protecting Earth from natural hazards in space and contributes to the development of a global and effective response to potential asteroid threats.

The probe must be launched in April 2028 to arrive at the asteroid in time for the flyby.

OHB System AG selected for the definition phase of the next optical Copernicus Sentinel-3 mission
To gain a better understanding of climate change, the European Space Agency ESA is again relying on OHB's extensive expertise in developing environmental satellites: OHB System AG has been awarded a contract to develop all the relevant requirements for the next optical Sentinel-3 mission (S3NGO).

As the main contractor for the S3NGO study, the company is responsible for developing the design of the mission, satellite platform and AOLCI (Advanced Ocean and Land Colour Imager) instrument. The contract value amounts to EUR 9.5 million and has a term of 2.5 years.

The Sentinel-3 NGO mission will provide an even more accurate view on land and ocean from space, while ensuring long-term data continuity for users. Users include, among others, scientists, government agencies and public institutions, as well as private companies in the agriculture, forestry, fishing, and energy and water industry. The mission is set to be launched in 2034 with the objective of providing data for the following areas in particular: Marine, coastal and inland water environments, water quality, atmospheric pollution management, risk and disaster management, forest monitoring, food security, humanitarian aid, climate and global change, aerosols and atmosphere, and surface temperatures of sea ice.

The new generation of Sentinel-3 satellites will operate with significantly improved performance, which places entirely new demands for the instruments. The AOLCI instrument, a multispectral system with an increased number of bands, will work with a resolution of 150 m , which is twice as high as before, and will cover a very wide swath of $1,400 \mathrm{~km}$. The satellites will also carry a thermal instrument that will measure the temperature of the planet's land and water surfaces.

»Ramses contributes to the development of a global and effective response to potential asteroid threats."

Artic Weather Satellite successfully launched

On August 16, the Artic Weather Satellite (AWS) was aboard of a Falcon 9 launcher from Vandenberg Space Force Base in California, USA. A few hours after launch, the satellite sent the first signals and about a month later its first images.

OHB Sweden AB developed and built the satellite on behalf of the European Space Agency ESA. In order to test new concepts swiftly and cost-effectively, the "New Space" approach was deliberately chosen. The AWS was developed and built in a very short period of time: Only three years passed between the award of the contract and the launch.

Until now, satellite coverage in the Arctic has been inadequate. The large European weather satellites (Meteosat) are positioned in geostationary orbit at $36,000 \mathrm{~km}$ above the equator. These satellites are unable to capture images of areas at higher latitudes near the poles.

The AWS is a prototype for a planned constellation called EPS-Sterna. This is intended to supplement the existing systems so that a constant stream of data on temperature and humidity is available from the Arctic. This is important because improved weather forecasting for the polar regions that are most affected by climate change also leads to improved global weather reports.

The constellation will comprise three generations of six small satellites each and is being developed by the European Space Agency ESA on behalf of the European Organization for the Exploitation of Meteorological Satellites (EUMETSAT). All satellites for EPS-Sterna are to be based on OHB Sweden's proven InnoSat platform.

OHB Sweden acquires new customer for proven InnoSat platform

At the International Astronautical Congress 2024 in Milan at the beginning of October, OHB Sweden and N3O signed a contract for the development, assembly, verification and testing of the first two VHR (Very High Resolution) satellites for the Atlantic Constellation being realized by N30. The two satellites will be jointly developed by both parties and based on OHB Sweden's InnoSat platform. This will be the eighth and ninth time that it will be used. There are currently three satellites based on the platform already in space, with four more still under development.

The satellites will support decision-makers in highly relevant issues, for example in the areas of security and the environment.

»OHB Sweden's InnoSat platform will be used for the eighth and ninth time. «

"Satellite communication is an essential component in ensuring secure and uninterrupted communication."

OHB celebrates successful launch of the Hera mission
On October 7, the Hera asteroid probe was successfully launched from Cape Canaveral Space Force Station in Florida, USA. Hera is now on its way to the double asteroid system Didymos / Dimorphos. The LEOP phase (Launch and Early Orbit Phase) was completed three days later.

In just four years, OHB System AG, as the leader of the industrial consortium, has developed, built and tested the asteroid probe. The tight schedule was one of the greatest challenges of this mission. Around 100 European companies and institutes from 18 ESA member states were involved in the realization of Hera.

On September 26, 2022, for the first time in human history, the trajectory of a celestial body was changed by the impact of a NASA space probe on Dimorphos, the smaller body of the double asteroid system. Hera will study the effects of this impact from close range. For the first time in a European mission, two shoebox-sized CubeSats will be launched by a spacecraft in deep space. They will also help to study the properties of Dimorphos and will land on the asteroid at the end of their mission. In addition, Hera will be able to test new technologies for autonomous navigation and flight control.

Arrival at the double asteroid system is scheduled for October 2026.

OHB tasked with demonstrating the advantages of satellite technology for the automotive industry
OHB System AG has been awarded a contract by the European Space Agency ESA as the main contractor for the "V2X (Vehicle-to-Everything!-Services Demonstration Over Satellite" project. The goal of the project is to demonstrate how uninterrupted communication for passenger cars can be ensured in the future. In addition to managing the project, OHB System is responsible for the system architecture.

The technology and service demonstration mission is designed to show the advantages of combining terrestrial communication networks and satellite communication. Possible test areas include autonomous driving, remote access to the vehicle and emergency breakdown services. In combination with terrestrial networks, the satellite network can also provide coverage in very sparsely populated and even uninhabited areas, where users do not want to compromise on connectivity. This makes satellite communication an essential component in ensuring secure and uninterrupted communication.

The project will now explore the opportunities and prospects for using satellite systems for the automotive industry.

AEROSPACE

At EUR 93.4 million, unconsolidated total revenues in the first nine months of the 2024 fiscal year were above the previous year's figure of EUR 84.9 million. The operating result (EBITDA) for this segment amounted to EUR 6.8 million and was thus lower than in the previous year (EUR 7.4 million). EBIT reached a value of EUR 0.7 million and thus decreased compared to the previous year (EUR 1.4 million). The EBIT margin in relation to the unconsolidated total revenues was $0.8 \%$, compared to $1.6 \%$ in the previous year.

Successful first launch of Ariane 6

The successful maiden flight of the European Ariane 6 launcher on July 9, 2024 marks a milestone in the history of MT Aerospace AG: As the largest German supplier, the company is responsible for the development, design and production of the metallic structural components of Ariane 6. The production of the tank and structural components for the upper and main stages represents a significant share of production and amounts to around $10 \%$ of the work on the entire launcher. The company is thus making a significant contribution to ensuring Europe's independent access to space.

In addition, MT Aerospace is largely responsible for several innovations to improve performance and reduce the cost of the European launcher. These include new manufacturing technologies such as the introduction of shot peening using Al processes to reshape components and the use of aluminum-lithium as a material for the new launcher.

The company is well prepared for the upcoming ramp-up: The components for the flight model that has been launched were already delivered in 2020, and the 13th flight model will be delivered at the end of this year. For MT Aerospace, the successful launch of Ariane 6 means a continuous increase in production volume over the next few years.

MT Aerospace contracted to define a demo mission for fuel transfers in space

The European Space Agency ESA has selected MT Aerospace AG for the first phase of the InSPoC-2 (In-Space-Proof-ofConcept) project. The goal of the study is to demonstrate refilling and storage options for cryogenic fuel in space. Together with other partners, including OHB System AG, the company will define a demonstration mission for cryogenic fuel transfer in space.

The storage of cryogenic fuel in space and in-orbit refueling are fundamental to implementing refueling scenarios in space. Fuel depots in space could in the future enable the exploration of more distant planets, asteroids and moons, as well as long-term missions to remote regions of the solar system.

First flight of RFA ONE postponed after unsuccessful S1 stage test

On August 19, Rocket Factory Augsburg AG (RFA) planned to conduct a hot-fire test of the first stage with all nine Helix engines over a total burn time of 35 seconds. After an anomaly in the oxygen turbo pump of one of the engines, a fire broke out, which the fire extinguishing systems at the launch site were not sized for. As the fire spread to other engines, it severely damaged the stage's frame structure, which led to the loss of the entire stage.

The stage collapsed in such a way that no significant damage was caused to the ground infrastructure. It requires only minor repairs, limited to the support and utility systems directly connected to the stage. The upper and orbital stages, as well as the payload fairing, remain ready for flight.

Based on the data obtained, RFA immediately began work on an improved first stage and the next iteration of the Helix engine: The first stage that caught fire was the first stage built by RFA - the second model currently under construction in Augsburg already implements over 100 improvements, mostly related to fuel supply and distribution, as well as pressurization systems. These will help to sustain major engine damage on the launch pad or in flight without the loss of the stage. In addition, adjustments are being made to the launch pad, which mainly affect the fire extinguishing systems.

The first flight of the microlauncher RFA ONE is now scheduled for 2025.

MT Aerospace drives expansion in the defense sector

MT Aerospace AG has signed a framework agreement with a well-known defense contractor in the naval sector. This forms the basis for long-term cooperation between the two parties and defines the essential legal framework for all future projects.

In addition, a multi-year call-off contract was signed with a defense contractor, with the first order being placed at the same time. This company, which has been a customer of MT Aerospace for many years, has now awarded the company a contract for a new product, which will lead to a significant increase in MT Aerospace's production volumes.

Both contracts are indicative of the strategic growth achieved by MT Aerospace in the defense sector, which is now playing a crucial role in the company's transition.

Successful CDR completion confirms mass savings achieved by using composite structures

In September, MT Aerospace AG successfully completed the CDR (Critical Design Review) for COSTELAS, a CFRP lightweight structure for future launch vehicles. The objectives were fully confirmed: Among other things, a mass saving of 200 kg was achieved using innovatively manufactured composite structures at the same cost as a metallic structure, while the maturity of the material, process and design was also confirmed.

With these test results, MT Aerospace has already laid the foundations for entering CFRP product development for launch vehicles as part of the European Space Agency's "Future Launcher Preparatory Programme". In addition to engineering activities, the development of robust manufacturing processes and technologies ready for series production is now being further advanced.

»Second model of the first rocket stage of RFA ONE already implements over 100 improvements.«

DIGITAL

Unconsolidated total revenues amounted to EUR 78.8 million in the first nine months of the 2024 fiscal year (previous year: EUR 79.3 million). The operating result (EBITDA) for this segment fell from EUR 5.0 million in the same period of the previous year to EUR 3.4 million, while EBIT decreased from EUR 3.1 million to EUR 1.6 million. The EBIT margin in relation to unconsolidated total revenues reached $2.0 \%$ (previous year: $4.0 \%$ ).

Successful completion of a project for the automatic calculation of emergency landing sites for drones
The research project "Environmentally friendly and safe medical drone transport in urban areas", funded by the Bavarian Ministry of Economic Affairs, Regional Development and Energy, was aimed at developing a safe drone transport for medical purposes between hospitals in Munich. As a project partner, GEOSYSTEMS GmbH developed a methodology for automatically calculating emergency landing areas of different qualities based on digital, true-to-scale aerial photographs. The results were demonstrated in a virtual drone flight.

»Demonstrator for multidimensional reconnaissance aims to make technology for obtaining information from distributed sensors available."

OHB Digital Connect tasked with implementing two projects for BAAINBw
OHB Digital Connect GmbH will implement two projects as the main contractor on behalf of the Federal Office of Bundeswehr Equipment, Information Technology and In-Service Support (BAAINBw). A technology demonstrator for multidimensional reconnaissance and a concept study for the development of operational concepts for reconnaissance using (partially) automated procedures.

The technology demonstrator is the direct successor of a previously completed study on the same topic. Its goal is to demonstrate the functionality of the sensor systems designed in this context by means of flight campaigns and to make the technology for obtaining information from distributed sensors available.

The technological innovation of the demonstrator lies in the interconnection of many different types of sensors and cameras on different flight platforms in combination with automated and AI-supported image evaluation. This makes it possible to compensate for the weaknesses of individual sensors and platforms, while maximizing their strengths. Satellites provide a broad overview, and the data they generate is automatically forwarded to other sensors on aircraft and drones that can capture further details. This significantly reduces the need for human interaction from the moment the first images are taken to the final, conclusive data product, and comprehensive situational overviews are available more quickly.

The recently launched project is scheduled for completion in 2027. The results will be available for applications in reconnaissance and Earth observation systems.

The concept study focuses on the use of modern methods for gathering information, from the evaluation of sensor data to the assessment of the analysis results. In the future, these should enable accelerated processes and improved results. Possible image processing methods are to be augmented with artificial intelligence in order to create physical, functional and impact analyses. The goal is to develop an initial system concept for optimizing situation analyses and thus to automate and accelerate impact assessment.

OHB Digital Services assumes key role in the OCEANIDS project

The OCEANIDS project is addressing challenges in marine spatial planning and climate adaptation. OHB Digital Services GmbH will play a crucial role in this: In close collaboration with over 20 project partners, the company is developing the innovative, cloud-based OCEANIDS platform. It will provide access to risk assessments and decision-making tools to help ports, municipalities and cities adapt to the effects of climate change in Europe's coastal regions.

OHB is responsible for providing key platform functions. As such, OHB Digital Services is developing a scalable and cloudbased software solution for processing complex and diverse data sets. In addition, the company is handling the target group-oriented visualization of the data and the integration of Earth observation services that will support users in monitoring and analyzing the data.

GEOSYSTEMS' geo-IT solution helps to monitor forests

For effective forest management and monitoring, state forestry administrations rely on a comprehensive and continuously growing pool of data from a wide variety of sources, such as satellite and aerial images. However, the amount of data and the heterogeneity of the data types pose a significant challenge when it comes to using the available information quickly and comprehensively - especially with limited human resources. Geo-digitization offers an efficient solution here.

GEOSYSTEMS GmbH has developed an integrated system for the state-owned enterprise Sachsenforst that automatically combines data from different sources. With GEOSYSTEMS' solutions, data can be managed locally at the customer's site or in the cloud and prepared for different user groups according to their individual needs. Centralized data management and cross-departmental analysis make the entire process transparent, ensuring a comprehensible and verifiable result - a significant step towards sustainably healthy and productive forests.

OHB Teledata and Frauscher Sensortechnik sign partnership agreement
At InnoTrans, the leading trade fair for rail transport technology in Berlin, OHB Teledata GmbH signed a cooperation agreement with Austria-based Frauscher Sensortechnik GmbH. The expansion of OHB Teledata's rail business beyond Germany's borders is a key element of the DIGITAL segment's strategy.

The cooperation is intended to advance the digital transformation of European rail systems in line with the EULYNX standard. EULYNX is an association of 15 European railway infrastructure operators that jointly develop and provide harmonized industry standards for modular signaling technology. This makes components and interfaces easier to exchange, regardless of the manufacturer and device generation, and increases rail safety when traction units are used across national borders.

The specific aim of the partnership agreement is to develop control elements that allow the linking of external railway facilities via open networks while simultaneously complying with the EULYNX standard requirements with respect to security and communications interfaces. OHB Teledata will contribute its own expertise to ensure protection against manipulation and unauthorized access: With the increasing digitalization and network integration of operational technology (OT), the risk of cyber attacks is also growing, which means that the topic of OT security has become much more important in recent years. OHB Teledata addresses this threat with the products of the cyberOHBguard series, which enable encrypted data transmission between external railway systems and the central control centers necessary for their operation.

»The expansion of OHB Teledata's rail business beyond Germany's borders is a key element of the DIGITAL segment's strategy.

INTERIM GROUP MANAGEMENT REPORT

Generally speaking, the OHB Group's total revenues are heavily dependent on performance milestones and delivery dates in the respective projects and therefore follow a non-linear pattern as planned. The figure amounted to EUR 715.8 million after nine months, down on the previous year (EUR 737.0 million).

The operating result (EBITDA) changed to EUR 62.4 million (previous year: EUR 64.1 million). The operating EBITDA margin thus stood at $8.7 \%$ in the reporting period, as in the same period of the previous year. At EUR 34.7 million, EBIT after the first nine months of the current fiscal year was down compared with the previous year (EUR 36.9 million). The corresponding EBIT margin decreased year-on-year from $5.0 \%$ to $4.8 \%$.

The financial result of EUR - 9.8 million deteriorated compared to the same period of the previous year (EUR - 9.7 million). Earnings before taxes (EBT) changed to EUR 24.8 million after the first nine months of fiscal year 2024 (previous year: EUR 27.2 million). Income taxes of EUR 7.6 million (previous year: EUR 8.7 million) resulted in a consolidated net profit of EUR 17.2 million (previous year: EUR 18.2 million) in the current reporting period.

Cash flow, which is regularly highly volatile even during the course of the year, is characteristic of OHB's business model but is sufficiently easy to plan. After the first nine months of the year, the cash flow from operating activities was up on the previous year (EUR - 116.4 million), at EUR - 47.7 million. The cash flow for investing activities of EUR - 8.3 million increased compared to the same period of the previous year (EUR - 11.8 million) and is still dominated by investments in intangible assets. Cash flow from financing activities of

EUR -60.7 million was lower than in the same period of the previous year (EUR 46.7 million). Cash and cash equivalents at the end of the reporting period amounted to EUR 23.4 million (previous year: EUR 25.3 million).

The Group's firm order backlog stood at EUR 2,120 million after nine months of fiscal year 2024, down from EUR 1,749 million as of December 31, 2023. Of this amount, EUR 1,783 million is attributable to the SPACE SYSTEMS segment, EUR 203 million to the AEROSPACE segment and EUR 134 million to the DIGITAL segment. As of September 30, 2024, the OHB Group's total assets of EUR 1,477.9 million were $10 \%$ higher than the level as of December 31, 2023 (EUR 1,340.1 million). The increase in equity from EUR 438.0 million to EUR 443.6 million was disproportionate to the increase in total assets and resulted in an equity ratio of $30.0 \%$ as of September 30, 2024, compared to $32.7 \%$ at the end of the year on December 31, 2023.

EMPLOYEE DEVELOPMENT

The OHB Group's workforce increased by 164 from 3,292 employees as of December 31, 2023 to 3,456 employees as of September 30, 2024. The headcount figure for "Rest of the world" comprises 38 persons employed in Chile and 52 persons employed in French Guiana.

RESEARCH AND DEVELOPMENT

Research and development expenses increased to EUR 17.9 million in the first nine months of 2024 (previous year: EUR 12.3 million).

INVESTMENTS

At EUR 10.3 million, investments in non-current assets in the first nine months of 2024 were below the level of the previous year (EUR 13.4 million).

OPPORTUNITIES AND RISKS REPORT

In the annual report for 2023, the opportunities and risks report provides detailed information on opportunities and risks that could influence the success of the business. There were no significant changes in the OHB Group's opportunity and risk profile in the current reporting period.

Number of employees by segment

as of September 30, 2024

Total number of employees: 3,456

• SPACE SYSTEMS
• AEROSPACE
• DIGITAL
• Holding

OUTLOOK FOR THE GROUP IN 2024

Based on the high order backlog and the positive business performance after nine months, we assume that the financial position and net assets will continue to develop well.

Number of employees by region

as of September 30, 2024

Total number of employees: 3,456

Germany
Europe excluding Germany
Rest of the world

I. CONSOLIDATED INCOME STATEMENT

in EUR 000	Q3/2024	Q3/2023	9M/2024	9M/2023
Revenues	233,106	274,812	691,415	718,558
Increase/Reduction in inventories of finished goods and work in progress	2,181	1,568	4,492	4,309
Other own work capitalized	8,409	5,002	13,062	8,240
Other operating income	1,647	$-985$	6,842	5,909
Total revenues	245,343	280,397	715,811	737,016
Cost of materials	122,839	175,137	372,144	418,671
Personnel costs	75,904	70,950	222,063	206,645
Impairment expense/income	6	5	27	14
Other operating expenses	18,523	14,316	59,212	47,583
Earnings before depreciation and amortization (EBITDA)*	28,071	19,989	62,365	64,104
Adjusted earnings before depreciation and amortization (adjusted EBITDA)*	31,772	19,989	72,509	64,104
Depreciation and amortization of property, plant and equipment, intangible assets and right-of-use assets	9,208	9,065	27,672	27,218
Earnings before interest and tax (EBIT)**	18,863	10,924	34,693	36,886
Interest and similar income	931	500	1,985	1,417
Interest and other borrowing costs	2,029	4,818	10,775	11,306
Currency translation losses/gains	$-791$	989	$-1,054$	99
Share of profit of associates	0	0	0	0
Net income from investments	0	0	0	132
Net finance expense	$-1,889$	$-3,329$	$-9,844$	$-9,658$
Earnings before tax (EBT)***	16,974	7,595	24,849	27,227
Income taxes	5,250	2,525	7,615	8,738
Net profit/loss from continuing operations	11,724	5,070	17,234	18,489
Net profit/loss from discontinued operations	0	0	0	$-250$
Consolidated net profit for the year	11,724	5,070	17,234	18,239
Share of OHB SE shareholders in net profit for the year	12,008	5,305	17,367	18,999
Minority interests	$-284$	$-235$	$-133$	$-760$
Average number of shares (in units)	19,152,420	17,362,224	19,152,389	1,736,211
Earnings per share (basic, EUR)	0.63	0.30	0.91	1.09
Earnings per share (diluted, EUR)	0.63	0.30	0.91	1.09

• EBITDA = Earnings before Interest, Taxes, Depreciation and Amortization
  ** EBIT = Earnings before Interest and Taxes
  *** EBT = Earnings before Taxes

II. CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

in EUR 000	Q3/2024	Q3/2023	9M/2024	9M/2023
Consolidated net profit for the year	11,724	5,070	17,234	18,239
Remeasurement of defined benefit pension plans	0	0	0	0
Remeasurement of defined benefit pension plans of associates	0	0	0	0
Net gains/losses from the measurement of financial assets through other comprehensive income (equity instruments)	0	0	0	0
Items that will not be recycled to profit and loss	0	0	0	0
Foreign currency translation differences	40	$-154$	$-52$	$-133$
Foreign currency translation differences of associates	0	0	0	0
Cash flow hedges	0	0	0	0
Cash flow hedges of associates	0	0	0	0
Items that may be subsequently recycled to profit and loss	40	$-154$	$-52$	$-133$
Other comprehensive income after tax	40	$-154$	$-52$	$-133$
Comprehensive income	11,764	4,916	17,182	18,106
Attributable to:
Equity holders of OHB SE	12,047	5,151	17,315	18,866
Non-controlling interests	$-283$	$-235$	$-133$	$-760$

III. CONSOLIDATED BALANCE SHEET

in EUR 000	September 30, 2024	December 31, 2023
ASSETS
Goodwill	12,260	12,260
Other intangible assets	136,238	132,658
Right-of-use assets under leases	37,408	39,178
Property, plant and equipment	103,257	105,506
Shares in associates	126,588	126,589
Other financial assets	19,905	19,416
Other non-current receivables and financial assets	30,568	25,863
Deferred tax assets	14,269	14,523
Non-current assets	480,493	475,993
Inventories	33,436	31,351
Trade receivables	160,482	102,509
Contract assets	745,151	554,106
Income tax receivables	11,353	6,334
Other financial and non-financial assets	23,573	28,649
Securities	10	10
Cash and cash equivalents	23,409	141,126
Current assets	997,414	864,085
Total assets	$1,477,907$	$1,340,078$

in EUR 000	September 30, 2024	December 31, 2023
EQUITY AND LIABILITIES
Subscribed capital	19,215	19,215
Share premium	89,376	89,376
Retained earnings	521	521
Unrealized gains and losses recognized in equity	$-10,728$	$-10,676$
Treasury stock	$-1,423$	$-1,431$
Consolidated net profit	317,884	312,008
Equity net of minority interests	414,845	409,013
Non-controlling interests	28,800	29,009
Equity	443,645	438,022
Provisions for retirement benefits and similar obligations	76,031	76,972
Non-current other provisions	1,027	1,806
Non-current financial liabilities	71,835	71,694
Non-current lease liabilities	26,788	30,464
Non-current contract liabilities	40,053	7,990
Deferred tax liabilities	86,719	74,010
Non-current liabilities	302,453	262,936
Current provisions	71,087	39,444
Current financial liabilities	184,947	216,649
Current lease liabilities	11,828	10,392
Trade payables	90,255	113,647
Current contract liabilities	285,057	180,820
Income tax liabilities	653	7,110
Financial and non-financial other liabilities	87,982	71,058
Current liabilities	731,809	639,120
Total equity and liabilities	1,477,907	1,340,078

IV. CONSOLIDATED CASH FLOW STATEMENT

in EUR 000	$9 M / 2024$	$9 M / 2023$
EBIT	34,693	36,885
Income taxes paid	$-6,128$	206
Other non-cash expenses ( + )/income ( - )	8	$-377$
Depreciation and amortization of property, plant and equipment, intangible assets and right-of-use assets	27,672	27,218
Changes in retirement benefit provisions	$-2,642$	$-2,776$
Profit ( - )/loss ( + ) from the disposal of assets	1,238	$-685$
Gross cash flow	56,861	60,671
Increase ( - )/decrease ( + ) in own work capitalized	$-12,462$	$-8,240$
Increase ( - )/decrease ( + ) in inventories	$-2,085$	$-11,727$
Increase ( - )/decrease ( + ) in receivables and other assets	$-248,725$	$-109,529$
Increase ( + )/decrease ( - ) in liabilities and provisions	24,397	$-41,771$
Increase ( + )/decrease ( - ) in contract liabilities	136,299	$-5,616$
Cash inflow/outflow from operating activities	$-47,735$	$-116,612$
Payments made for investments in intangible assets, property, plant and equipment and other financial assets	$-10,261$	$-13,427$
Payments received from the disposal of assets	0	75
Payments made for the acquisition of consolidated companies	0	0
Interest received	1,985	1,549
Cash inflow/outflow from investing activities	$-8,276$	$-11,803$
Dividends distributed	$-11,491$	$-10,417$
Payment made for the settlement of financial liabilities	$-40,159$	$-6,667$
Payment made for the settlement of lease liabilities	$-9,258$	$-7,936$
Payments received from new loans	8,598	80,994
Dividend distributed to non-controlling interests	$-76$	$-25$
Interest paid	$-8,295$	$-9,286$
Cash generated by/used in financing activities	$-60,681$	46,663
Changes to cash and cash equivalents recognized in the cash flow statement	$-116,692$	$-81,552$
Exchange-rate-induced change in cash and cash equivalents	$-1,025$	712
Cash and cash equivalents at the beginning of the period	141,126	106,110
Cash and cash equivalents at the end of the period	23,409	25,270

V. CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

in EUR 000	Sub- scribed capital	Share premium	Retained earnings	Unrealized gains and losses recognized in equity	Consolidated net profit	Treasury stock	Equity net of minority interests	Non- control- ling interests	Total equity
Balance on Jan. 1, 2023*	17,468	15,993	521	$-6,989$	241,913	$-3,241$	265,665	24,712	290,377
Dividend payment	0	0	0	0	$-10,417$	0	$-10,417$	0	$-10,417$
Consolidated comprehensive income	0	0	0	$-133$	18,998	0	18,865	$-759$	18,106
Dividend distributed to non-controlling interests	0	0	0	0	0	0	0	$-25$	$-25$
Share-based payments	0	0	0	0	0	28	28	0	28
Balance on Sep. 30, 2023*	17,468	15,993	521	$-7,122$	250,494	$-3,213$	274,141	23,928	298,069
Balance on Dec. 31, 2023	19,215	89,376	521	$-10,676$	312,008	$-1,431$	409,013	29,009	438,022
Dividend payment	0	0	0	0	$-11,491$	0	$-11,491$	0	$-11,491$
Consolidated comprehensive income	0	0	0	$-52$	17,367	0	17,315	$-134$	17,181
Dividend distributed to non-controlling interests	0	0	0	0	0	0	0	$-75$	$-75$
Share-based payments	0	0	0	0	0	8	8	0	8
Balance on Sep. 30, 2024	19,215	89,376	521	$-10,728$	317,884	$-1,423$	414,845	28,800	443,645

[^0]
[^0]: * Retroactively adjusted

	SPACE SYSTEMS		AEROSPACE		DIGITAL
in EUR 000	9M/2024	9M/2023	9M/2024	9M/2023	9M/2024	9M/2023
Revenues	545,721	577,930	89,548	79,722	76,666	78,095
of which internal sales	1,331	2,860	1,195	599	17,994	13,730
Total revenues	568,106	594,658	93,395	84,940	78,764	79,310
Cost of materials and services purchased	316,814	367,442	43,496	36,657	25,497	25,650
EBITDA	63,146	51,385	6,753	7,445	3,374	4,987
Adjusted EBITDA	64,615	51,385	6,753	7,445	3,374	4,987
Depreciation and amortization	19,727	19,217	6,016	6,055	1,818	1,841
EBIT	43,418	32,168	738	1,390	1,556	3,146
EBIT margin	$7.6 \%$	$5.4 \%$	$0.8 \%$	$1.6 \%$	$2.0 \%$	$4.0 \%$
Own value creation	326,049	268,972	93,598	84,786	67,879	61,954
EBIT margin on own value creation	$13.3 \%$	$12.0 \%$	$0.8 \%$	$1.6 \%$	$2.3 \%$	$5.1 \%$

VI. NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS

GENERAL PRINCIPLES

OHB SE is a listed stock corporation domiciled in Germany. These consolidated interim financial statements of OHB SE and its subsidiaries ("Group") for the first nine months of fiscal year 2024 were approved for publication by resolution of the Management Board dated November 11, 2024.

OHB SE's interim consolidated financial statements include the following companies in fully consolidated form:

• OHB System AG, Bremen, Germany
• OHB Italia S.p.A., Milan, Italy
• OHB Sweden AB, Stockholm, Sweden
• Antwerp Space N.V., Antwerp, Belgium
• LuxSpace S.à r.l., Betzdorf, Luxembourg
• OHB Czechspace s.r.o., Brno, Czech Republic
• MT Aerospace Holding GmbH, Bremen, Germany
• MT Aerospace AG, Augsburg, Germany
• MT Aerospace Grundstücks GmbH \& Co. KG, Augsburg, Germany
• MT Management Service GmbH, Augsburg, Germany
• MT Aerospace Guyana S.A.S., Kourou, French Guiana
• OHB Digital Connect GmbH, Bremen, Germany
• OHB Digital Services GmbH, Bremen, Germany
• OHB Teledata GmbH, Bremen, Germany
• OHB Information Technology Services GmbH, Bremen, Germany
• OHB Orbital Access GmbH, Bremen, Germany
• ORBCOMM Deutschland Satellitenkommunikation AG, Bremen, Germany
• GEOSYSTEMS Gesellschaft für Vertrieb und Installation von Fernerkundungs- und Geoinformationssystemen mbH , Gilching, Germany
• OHB Chile SpA, Viña del Mar, Chile
• OHB Austria GmbH, Graz, Austria

The results of affiliated companies which are not fully consolidated are not taken into account during the year.

Reconciliation				Total
Holding		Consolidation
9M/2024	9M/2023	9M/2024	9M/2023	9M/2024	9M/2023
0	0	$-20,520$	$-17,189$	691,415	718,558
0	0	$-20,520$	$-17,189$	0	0
13,213	13,319	$-37,667$	$-35,211$	715,811	737,016
68	46	$-13,731$	$-11,124$	372,144	418,671
$-10,908$	286	0	0	62,365	64,103
$-2,233$	286	0	0	72,509	64,103
111	105	0	0	27,672	27,218
$-11,019$	181	0	0	34,693	36,885
				$4.8 \%$	$5.0 \%$
				487,526	415,712
				$7.1 \%$	$8.9 \%$

Sales by product group

in EUR 000	9M/2024	9M/2023
SPACE SYSTEMS
Reconnaissance and space security	111,917	102,969
Environmental and weather satellites	142,647	160,520
Telecommunications and navigation satellites	89,928	67,162
Science and exploration (and other)	199,928	244,420
AEROSPACE
Launch vehicle components	69,073	66,194
Tanks and structures, special manufacturing processes and hydrogen technologies (and miscellaneous)	27,084	20,628
DIGITAL
Railroad infrastructure, cybersecurity and encryption	6,630	7,555
Telescopes, satellite operations and ground systems	36,343	41,094
Satellite data analytics, applications and professional services (and other)	7,865	8,016
Total	691,415	718,558

Sales by geographic region

in EUR 000	9M/2024	9M/2023
Germany	224,888	314,984
Rest of Europe	435,153	374,349
Rest of the world	31,374	29,225
Total	691,415	718,558

BASIS AND METHODS

These unaudited interim consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) and the related Interpretations issued by the International Accounting Standards Board (IASB) applicable to interim financial reporting, as adopted by the European Union, and the additional requirements of German commercial law pursuant to Section 315a (1) of the Handelsgesetzbuch (German Commercial Code, "HGB"). Accordingly, these interim financial statements do not include all the information and notes required by IFRS for consolidated financial statements at the end of the fiscal year. In the opinion of the Management Board, the accompanying unaudited interim consolidated financial statements include all adjustments considered necessary for a fair presentation of results for interim periods. The results for the period ended September 30, 2024 are not necessarily indicative of future results. The preparation of consolidated financial statements for interim reporting in accordance with IAS 34 "Interim Financial Reporting" requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. Actual amounts may differ from these estimates.

A tax rate of approximately $32 \%$ is used for income taxes. No significant changes have been made to the basis of estimates compared to the annual report 2023. A detailed description of the accounting policies is published in the notes to the consolidated financial statements of the annual report 2023.

AUDITOR'S REVIEW

The interim report was neither audited in accordance with Section 317 HGB nor reviewed by an auditor.

RESPONSIBILITY OF THE STATUTORY REPRESENTATIVE

To the best of our knowledge, and in accordance with the applicable reporting principles, the interim consolidated financial statements give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group, and the interim management report of the Group includes a fair review of the development and performance of the business and the position of the Group, together with a description of the principal opportunities and risks associated with the expected development of the Group for the remaining months of the fiscal year.

Bremen, November 11, 2024
The Management Board

[Events are scheduled in virtual format, unless otherwise indicated]

Event	Date
9-month report / Analyst conference	November 12, 2024
Capital Market Day, Bremen	January 23, 2025
Annual report 2024 / Analyst conference	March 20, 2025
3-month report / Analyst conference	May 8, 2025
Annual General Meeting	May 27, 2025
6-month report / Analyst conference	August 7, 2025
9-month report / Analyst conference	November 13, 2025

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OHB SE

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OHB SE
Manfred-Fuchs-Platz 2-4
28359 Bremen
Germany
Phone: +49 (0)421 20208
Email: info@ohb.de
Text and content: OHB SE
Concept \& Design: HGB Hamburger Geschäftsberichte GmbH \& Co. KG, Hamburg
Images: ESA - S. Corvaja; ESA-Science Office; SpaceX; iStock; all other images OHB

CONTACT INFORMATION

OHB SE

Manfred-Fuchs-Platz 2-4
28359 Bremen
Germany
Phone: +49 (0)421 20206426
Email: ir@ohb.de

Marco Fuchs

Chief Executive Officer

Marcel Dietz

Investor Relations