Ohb Se · XETR:OHB
Ohb — Investor Day (May 2026)
119 slides from Ohb's investor day presentation, May 18, 2026
Slide 1: Capital Markets Update
CAPITAL MARKETS UPDATE May 2026
Slide 2: Agenda
AGENDA Presenter Page 1 KEY INVESTMENT HIGHLIGHTS Marco R. Fuchs 3 2 MARKET OVERVIEW Dr. Markus Moeller 16 3 BUSINESS OVERVIEW 29 3.1 SPACE SYSTEMS Chiara Pedersoli & Oliver Salisch 30 3.2 ACCESS TO SPACE Ulrich Scheib & Dr. Stefan Brieschenk 46 3.3 DIGITAL Dr. Arne Gausepohl 61 4 STRATEGY Marco R.
Slide 3: Key Investment Highlights
1 KEY INVESTMENT HIGHLIGHTS Marco R. Fuchs Chief Executive Officer OHB // CAPITAL MARKETS UPDATE // 18 MAY 2026 3
Slide 4: A European Space Champion
A EUROPEAN SPACE CHAMPION EUROPE’S LEADING PURE-PLAY SPACE PRIME WITH OWNER-MANAGED LONG-TERM PERSPECTIVE Scale & Visibility Profitable Growth End-to-End Scale Strong Growth Integrated solutions provider across entire space value chain €1.2bn 21% 2025A Total Operating 2024A-2025A Total Operating Per
Slide 5: With a Strong German Heritage
WITH A STRONG GERMAN HERITAGE CONTINUOUS GROWTH SUPPORTED BY LONG-TERM STRATEGIC HORIZON 1981 Christa Fuchs ownership 2001 IPO led by Marco Fuchs 2023 Partnership with KKR OHB then... OHB today... 20%+ Total Operating Performance CAGR (2001-2025)(a) (a) Based on historical data extracted from the Co
Slide 6: OHB Today: A Scaled Space Company
OHB TODAY: A SCALED SPACE COMPANY 76% 13% 11% Space Systems Access To Space Digital Satellite and spacecraft development, integration Germany’s leading industrial partner to Ariane, Ground systems and satellite operations, with and mission delivery across all domains, orbits provider of Spaceport se
Slide 7: A European Space Champion in the Rapidly Growing Space Economy
A EUROPEAN SPACE CHAMPION IN THE RAPIDLY GROWING SPACE ECONOMY 1 of 3 1 A European Europe’s leading pure-play space prime with Large system integrators Space Champion strong German heritage in Europe for Space Systems 2 Structural Exposure to large end-markets with structural >€100bn / €1.5t Europea
Slide 8: Leveraging Full Value Chain with High End-to-End Integration
A European Space Champion Structural Market Tailwinds Clear Right-to-Win Scaled Operations Attractive Financial Profile LEVERAGING FULL VALUE CHAIN WITH HIGH END-TO-END INTEGRATION Satellites Launch Access Operations Downstream Analytics Satellite and spacecraft design, Launcher structures, Ground i
Slide 9: Space Is Expected to Enter a Long-Cycle Expansion
A European Space Champion Structural Market Tailwinds Clear Right-to-Win Scaled Operations Attractive Financial Profile SPACE IS EXPECTED TO ENTER A LONG-CYCLE EXPANSION 2030+ Commercial Adoption & Frontier Applications 2025-2030 Early lunar logistics, cislunar & frontier European Institutional & De
Slide 10: German Footprint and Institutional Track Record Support Sovereignty-Led Procurement
A European Space Champion Structural Market Tailwinds Clear Right-to-Win Scaled Operations Attractive Financial Profile GERMAN FOOTPRINT AND INSTITUTIONAL TRACK RECORD SUPPORT RELEVANCE IN SOVEREIGNTY-LED PROCUREMENT Key Purchasing Criteria OHB Proof Points Only independent German space €22bn HQ / s
Slide 11: Latest German Defense Planning Targeting Around €180bn by 2030
A European Space Champion Structural Market Tailwinds Clear Right-to-Win Scaled Operations Attractive Financial Profile LATEST GERMAN DEFENSE PLANNING IS TARGETING AROUND €180BN BY 2030 Financial Planning Guidance for German Defense Spending (€bn)(a) 180 159 150 133 108 €35bn 79 67 Germany 2026-2030
Slide 12: OHB's Right-to-Win: Trusted on Mission-Critical Programs
A European Space Champion Structural Market Tailwinds Clear Right-to-Win Scaled Operations Attractive Financial Profile OHB’S RIGHT-TO-WIN: TRUSTED ON MISSION-CRITICAL PROGRAMS BY EUROPE’S KEY INSTITUTIONAL CUSTOMERS High-value, high-complexity programs in critical use cases …OHB’s deep institutiona
Slide 13: A Broad European Footprint with Expanding Capacity
A European Space Champion Structural Market Tailwinds Clear Right-to-Win Scaled Operations Attractive Financial Profile A BROAD EUROPEAN FOOTPRINT WITH CAPACITY EXPANDING TO SUPPORT THE NEXT PHASE OF GROWTH 18 Locations / 11 Countries Additional sites Across key European space hubs Cleanroom product
Slide 14: Leadership Team with Deep Program Execution Experience
A European Space Champion Structural Market Tailwinds Clear Right-to-Win Scaled Operations Attractive Financial Profile LEADERSHIP TEAM WITH DEEP PROGRAM EXECUTION EXPERIENCE Best-in-Class and Committed Management Team… …With Proven and Repeated Execution 30+ 20+ 30+ 15+ ✓ Family-run leadership supp
Slide 15: Growth Story with Resilient Cash Generation
A European Space Champion Structural Market Tailwinds Clear Right-to-Win Scaled Operations Attractive Financial Profile GROWTH STORY WITH RESILIENT CASH GENERATION ✓ Long-term growth with limited sensitivity to broader macro cycles ✓ Ageneration track record of sustained profitability, cash and capi
Slide 16: Market Overview
2 MARKET OVERVIEW Dr. Markus Moeller Chief Sales Officer OHB // CAPITAL MARKETS UPDATE // 18 MAY 2026 16
Slide 17: Space Economy Is Becoming a Scalable and Investable Market
Global Space Economy Outlook Institutional & Defense Super-Cycle Long-Term Opportunities & Frontier Applications SPACE ECONOMY IS BECOMING A SCALABLE AND INVESTABLE MARKET Objects Launched to Space Space Infrastructure Is Now Reliable Enough to Scale 2025+ Dependable launch, satellite, ground infras
Slide 18: Space Infrastructure Is Serving Our Critical Needs
Global Space Economy Outlook Institutional & Defense Super-Cycle Long-Term Opportunities & Frontier Applications SPACE INFRASTRUCTURE IS SERVING OUR CRITICAL NEEDS Established Domains Emerging Domains Frontier Growth Domains Navigation Direct-to-Device Connectivity Lunar Economy GPS, precise timing
Slide 19: Market Outlook in Two Phases: Sovereign Ramp-Up Then Global Expansion
Global Space Economy Outlook Institutional & Defense Super-Cycle Long-Term Opportunities & Frontier Applications OUR MARKET OUTLOOK IN TWO PHASES: THE SOVEREIGN RAMP-UP FOLLOWED BY GLOBAL EXPANSION Zoom-in: 2025+ Global Space Next era of Space 2 Phase 2: 2030+ Economy(a) Global, Commercial & ~€1,500
Slide 20: OHB's Footprint Aligned to Europe's Fastest-Growing Demand Pools
Global Space Economy Outlook Institutional & Defense Super-Cycle Long-Term Opportunities & Frontier Applications OHB’S CURRENT FOOTPRINT IS ALIGNED TO EUROPE’S DEMAND POOLS WITH THE FASTEST GROWTH EXPECTATIONS European Addressable Space Market, 2025-2030E OHB Exposure Concentrated in Funded Demand P
Slide 21: ESA, EU and National Budgets Expanding Institutional Space Funding
Global Space Economy Outlook Institutional & Defense Super-Cycle Long-Term Opportunities & Frontier Applications ESA, EU AND NATIONAL BUDGETS ARE EXPANDING EUROPE’S INSTITUTIONAL SPACE FUNDING BACKDROP €22bn €131bn €35bn ESA 2026-2028 EU MFF 2028-2034 Germany 2026-2030 MC25 Budget Defense & Space Mi
Slide 22: ESA Funding Is Concentrated in OHB-Aligned Domains
Global Space Economy Outlook Institutional & Defense Super-Cycle Long-Term Opportunities & Frontier Applications ESA FUNDING IS CONCENTRATED IN OHB-ALIGNED DOMAINS €22.3bn €5.1bn MC25 Budget / ESA 2026-2028 Germany is the #1 contributor Space Scientific Earth Human & robotic Connectivity & Navigatio
Slide 23: EU Funding Proposals Point to Step-Change in Space and Defense Spending
Global Space Economy Outlook Institutional & Defense Super-Cycle Long-Term Opportunities & Frontier Applications EU FUNDING PROPOSALS POINT TO A BROADER STEP-CHANGE IN EUROPEAN SPACE AND DEFENSE SPENDING Announced Budget Increase by Domain 2021-2027 Priorities 2028-2034 Trends in €bn Space GALILEO /
Slide 24: German Footprint Supports Relevance in Sovereignty-Led Procurement
Global Space Economy Outlook Institutional & Defense Super-Cycle Long-Term Opportunities & Frontier Applications GERMAN FOOTPRINT AND INSTITUTIONAL TRACK RECORD SUPPORT RELEVANCE IN SOVEREIGNTY-LED PROCUREMENT Key Purchasing Criteria €35bn HQ / strategic decisions in Germany potential allocation by
Slide 25: Beyond 2030: Long-Term Opportunities and Frontier Applications
Global Space Economy Outlook Institutional & Defense Super-Cycle Long-Term Opportunities & Frontier Applications BEYOND 2030, LONG-TERM OPPORTUNITIES AND FRONTIER APPLICATIONS EXPECTED TO BROADEN THE OPPORTUNITY MIX OHB’s Strategic Growth Pillars Global Space Economy(a) ~€1,500bn International expan
Slide 26: RFA Positions OHB for Europe's Sovereign Launch Demand
Global Space Economy Outlook Institutional & Defense Super-Cycle Long-Term Opportunities & Frontier Applications RFA POSITIONS OHB TO CAPTURE EUROPE’S GROWING NEED FOR SOVEREIGN, RESPONSIVE LAUNCH SEGMENT European Sovereign Launch Demand Expectations, <1,500Kg(a) in €bn ✓ Constellations creating rec
Slide 27: Lunar and Cislunar Applications Forming a New Frontier Growth Market
Global Space Economy Outlook Institutional & Defense Super-Cycle Long-Term Opportunities & Frontier Applications LUNAR AND CISLUNAR APPLICATIONS ARE FORMING A NEW FRONTIER GROWTH MARKET Communications Transportation Robotics Infrastructure Science €25bn Lunar economy by 2035(a) Function Connectivity
Slide 28: LEO Expected to Become the Operating Layer of the Next Era
Global Space Economy Outlook Institutional & Defense Super-Cycle Long-Term Opportunities & Frontier Applications LEO IS EXPECTED TO BECOME THE OPERATING LAYER OF THE NEXT ERA OF SPACE Space Safety Life Extension Commercial LEO Infrastructure Inspection, monitoring and debris Servicing and refueling
Slide 29: Business Overview
3 BUSINESS OVERVIEW OHB // CAPITAL MARKETS UPDATE // 18 MAY 2026 29
Slide 30: 3.1 Space Systems
3.1 SPACE SYSTEMS Chiara Pedersoli Head of SPACE SYSTEMS Germany Oliver Salisch Head of SPACE SYSTEMS International / M&A OHB // CAPITAL MARKETS UPDATE // 18 MAY 2026 30
Slide 31: Space Systems at a Glance
Overview Offering Innovation Outlook SPACE SYSTEMS AT A GLANCE Key Facts Key Highlights €2,508m / 27% €983m / 19% Order backlog 2025A / Total Operating Performance YoY growth 2025A 2025A / YoY growth 2025A ✓ Leading European independent powerhouse for complex missions ✓ 45 years of heritage built on
Slide 32: End-to-End Capabilities from Mission Design to Subsystems
Overview Offering Innovation Outlook END-TO-END CAPABILITIES FROM MISSION DESIGN TO SUBSYSTEMS End-to-End Missions Satellites Subsystems and Equipment One of three European A premier European prime contractor Specialized developer for payload large system integrators for satellites for sovereign con
Slide 33: Specialization at International Sites
Overview Offering Innovation Outlook STRONG SPACE SYSTEMS OFFERING THROUGH SPECIALIZATION AT INTERNATIONAL SITES OHB Italy OHB Space UK Antwerp Space OHB Sweden OHB Austria OHB Czechspace Luxspace OHB Hellas End-to-end End-to-end End-to-end mission prime mission prime mission prime ESA Budget €3.5bn
Slide 34: OHB's Capabilities Cover the Majority of a Satellite's Value
Overview Offering Innovation Outlook OHB’S CAPABILITIES COVER THE MAJORITY OF A SATELLITE’S VALUE Payload Telemetry, Tracking and Command Enabling of communication, telemetry data collection, position tracking and operations Instruments accomplishing satellite’s mission objectives, e.g. scientific r
Slide 35: OHB's Missions Cover a Wide Range of Applications
Overview Offering Innovation Outlook OHB’S MISSIONS COVER A WIDE RANGE OF APPLICATIONS ACROSS MARKETS Environmental & Science & Telecommunications & Reconnaissance & Weather Satellites Exploration(b) Navigation Satellites Space Security 33%(a) 28%(a) 25%(a) 14%(a) Earth Observation Weather Observati
Slide 36: OHB's Presence Spans All Orbits and Beyond
Overview Offering Innovation Outlook OHB’S PRESENCE SPANS ACROSS ALL ORBITS AND BEYOND Main Applications LISA Observe & Navigate Heinrich Hertz Orbit Altitude Connect Protect Discover & Position LEO ~200- 2,000km ✓ ✓ ✓ ✓ PRISMA SARah SAR-Lupe Galileo MEO ~2,000- 32,000km ✓ MTG-I MTG-S LEO-PNT LEO En
Slide 37: Heinrich Hertz
Overview Offering Innovation Outlook HEINRICH HERTZ OHB // CAPITAL MARKETS UPDATE // 18 MAY 2026 37
Slide 38: SAR-Lupe
Overview Offering Innovation Outlook SAR-LUPE OHB // CAPITAL MARKETS UPDATE // 18 MAY 2026 38
Slide 39: PLATO
Overview Offering Innovation Outlook PLATO Copyright: ESA OHB // CAPITAL MARKETS UPDATE // 18 MAY 2026 39
Slide 40: LISA
Overview Offering Innovation Outlook LISA OHB // CAPITAL MARKETS UPDATE // 18 MAY 2026 40
Slide 41: Continuous Innovation Has Expanded Mission Breadth
Overview Offering Innovation Outlook CONTINUOUS INNOVATION HAS EXPANDED OHB’S MISSION BREADTH 2025 2024 2023 LISA / L-class Positioned for Next Growth RAMSES Eaglet 2 Phase €839m Science Prime €140m Relevance across future critical domains: Science, Exploration, Infrastructure 2021 2018 2018 2020 Ar
Slide 42: Decades of Successful Project Execution
Overview Offering Innovation Outlook DECADES OF VERY SUCCESSFUL PROJECT EXECUTION WITH STRONG HERITAGE 2 - 15 years Preparation Development Production & Operations Contract award Manufacturing, Launch & Feasibility Concept Assembly, RfPs / Bidding Design Early Commissioning Operations Disposal Study
Slide 43: Deep Dive: Galileo
Overview Offering Innovation Outlook DEEP DIVE: GALILEO Prime Contractor System AG Customer Role OHB Entity Providing the world's most Europe’s Own precise positioning, GPS Alternative navigation & timing data €1.3bn 34 satellites across Aggregated 3 batches since 2010 Contract Volume Contract for C
Slide 44: Ready for Next Generation Satellites
Overview Offering Innovation Outlook OHB IS READY FOR NEXT GENERATION SATELLITES AND FURTHER END-TO-END APPLICATIONS Next Generation Satellites Digital Payload Advanced Avionics for Space AI for Space Software-defined satellites with Digital payloads enabling end-to- Next-gen space avionics to AI-dr
Slide 45: Strong Pipeline of Upcoming Opportunities
Overview Offering Innovation Outlook STRONG PIPELINE OF ATTRACTIVE UPCOMING OPPORTUNITIES Sentinel Prisma2 IRIS2 SATCOMBw4 Earth Observation Satellites Hyperspectral Earth Observation Secure Satellite Communication Germany’s Sovereignty Project Backbone for EU Copernicus Italian-led system for envir
Slide 46: 3.2 Access to Space
3.2 ACCESS TO SPACE Ulrich Scheib Head of ACCESS TO SPACE Dr. Stefan Brieschenk Chief Operating Officer of RFA OHB // CAPITAL MARKETS UPDATE // 18 MAY 2026 46
Slide 47: Critical Contributor to Europe's Sovereign Access to Space
CRITICAL CONTRIBUTOR TO EUROPE’S SOVEREIGN ACCESS TO SPACE Launch Service ✓ Sovereign Access to Space has become a strategic priority for Europe and US(a) European Spaceport Company Unique set of Access to Space Launch Vehicle ✓ capabilities increases relevance for the European space & launch ecosys
Slide 48: 3.2.1 MT Aerospace
3.2.1 MT AEROSPACE (MT-A) Ulrich Scheib Head of ACCESS TO SPACE OHB // CAPITAL MARKETS UPDATE // 18 MAY 2026 48
Slide 49: MT Aerospace at a Glance
Overview Offering Heritage Outlook ACCESS TO SPACE: MT AEROSPACE AT A GLANCE Key Facts(a) Key Highlights €362m / 48% €163m / 19% Order backlog 2025A / Total Operating Performance ✓ Strategic positioning in European launch autonomy YoY growth 2025A 2025A / YoY growth 2025A ✓ Sustainable positioning i
Slide 50: MT-A Offers a Wide Range of Solutions
Overview Offering Heritage Outlook OHB’S MT-A OFFERS A WIDE RANGE OF SOLUTIONS Space Defense ~85%(a) ~15%(a) Launcher Spacecraft Missiles Air / Sea Structures Structures Structures Structures Tanks Tanks Tanks Tanks Engine Components System Launch Containers Energy Storage Systems (a) % of Access to
Slide 51: Continuous Innovation Has Expanded Coverage
Overview Offering Heritage Outlook CONTINUOUS INNOVATION HAS EXPANDED OHB’S COVERAGE Expansion: Expansion: Expansion: Expansion with Expansion: Next-Gen Large Ariane 5 US Inst. Ariane 6 US Commercial RFA Launch Expansion: Satellite Expansion: Expansion: Expansion: Launcher; Legacy Market Contract Ma
Slide 52: Short-Term Growth via Industrial Scaling
Overview Offering Heritage Outlook SHORT-TERM GROWTH VIA INDUSTRIAL SCALING AND EXECUTION OF EXISTING PROGRAMS AND CONTRACTS Space Defense European Launcher (Ariane 6) US Launcher (e.g., Artemis, SLS) Missiles Highlight ▪ >10% workshare since 2014 ▪ Industrial partner for SLS launches, ▪ Supplier to
Slide 53: Mid-Term Growth via Next Generation Programs
Overview Offering Heritage Outlook MID-TERM GROWTH VIA NEXT GENERATION PROGRAMS AND EXTENSION OF CAPABILITIES Space Defense Next-Gen European European Spaceport In-Space Hypersonic Missiles and Large Launcher Company Operations Next-Gen Air Defense ▪ Development of next-gen ▪ Maritime & land launch
Slide 54: 3.2.2 RFA
3.2.2 RFA Dr. Stefan Brieschenk Chief Operating Officer of RFA OHB // CAPITAL MARKETS UPDATE // 18 MAY 2026 54
Slide 55: Rocket Factory Augsburg at a Glance
Overview Offering Outlook ROCKET FACTORY AUGSBURG AT A GLANCE Key Facts Key Highlights 2018 65% ✓ Disruptive and cost-effective end-to-end launch services Founded Owned by OHB(a) ✓ Leveraging OHB industrialization track record and existing industries outside the aerospace sector €190m+ Potential fun
Slide 56: RFA ONE Launch Vehicle and Helix Engine
Overview Offering Outlook RFA ONE LAUNCH VEHICLE AND STAGED-COMBUSTION HELIX ENGINE Helix Engine Helix Sea-Level (SL) Second Stage Orbital Third Stage + 9x SL Helix Engines Helix Engine Helix Vacuum + First Stage 1x VAC Helix Engine ✓ 1 of 3 commercial players with an in-house staged-combustion engi
Slide 57: RFA ONE Industrial Depth and Launch-Readiness Progress
Overview Offering Outlook RFA ONE IS BACKED BY INDUSTRIAL DEPTH AND VISIBLE LAUNCH-READINESS PROGRESS RFA Helix engine tests in Kiruna, 2025 – April 2026 RFA ONE launch vehicle in the SaxaVord integration hall – S1/S2 integrated, April 2026 New RFA facility established in 2021 with >500m2 of manufac
Slide 58: RFA TWO Scaling to Heavy-Lift Launch Vehicle
Overview Offering Outlook RFA TWO IS EXPECTED TO SCALE RFA ONE TECHNOLOGY TO A HEAVY-LIFT LAUNCH VEHICLE Vehicle RFA ONE Block 1 RFA ONE Block 2 RFA TWO Expected Timeline 2026 2028 Beyond mid-term 1st launch attempt 100m 45m 36m Stage-1 reusable: Reusability Expendable Fully reusable Return to launc
Slide 59: Continued Development of Helix Engine
Overview Offering Outlook CONTINUED DEVELOPMENT OF HELIX STAGED-COMBUSTION ENGINE Engine Helix 1 Helix 2 Helix X Expected Timeline 2026 2028 Beyond mid-term x2 x5 Thrust 10 ton 20 ton 100 ton x1.1 x4.5 Mass 200kg 210kg 900kg Development ▪ Developed under ELC ▪ Successfully qualified and ▪ In concept
Slide 60: RFA's Clear Roadmap for Rapid Scaling
Overview Offering Outlook RFA‘S CLEAR ROADMAP FOR RAPID SCALING Planned number of launch attempts per year Additional demand from defense Demand from ELC 25 RFA ONE RFA ONE RFA ONE Block 1 and 2 Block 1 and 2 Block 2 RFA ONE RFA ONE Block 1 Block 1 6 4 1 2 2026 2027 2028 2029 Midterm Test Flight Per
Slide 61: 3.3 Digital
3.3 DIGITAL Dr. Arne Gausepohl Head of DIGITAL OHB // CAPITAL MARKETS UPDATE // 18 MAY 2026 61
Slide 62: Digital at a Glance
Overview Offering Heritage Outlook DIGITAL AT A GLANCE Key Facts Key Highlights €324m / 90% €146m / 20% Order backlog 2025A / Total Operating Performance ✓ Positioning in fastest growing space economy segment(a) YoY growth 2025A 2025A / YoY growth 2025A ✓ Building relevance across entire value chain
Slide 63: Expansion Along the Value Chain into Ground Solutions
Overview Offering Heritage Outlook CONTINUED EXPANSION ALONG THE VALUE CHAIN INTO GROUND SOLUTIONS AND SERVICES COMPLEMENT OHB'S PORTFOLIO Space Systems Access to Space Digital Antennas Control Centers Data Centers Cyber Security Applications OHB // CAPITAL MARKETS UPDATE // 18 MAY 2026 63
Slide 64: Leveraging Growth Markets Within Our Three Segments
Overview Offering Heritage Outlook LEVERAGING GROWTH MARKETS WITHIN OUR THREE SEGMENTS Ground Solutions Geospatial Analytics Cyber Security 75%(a) 15%(a) 10%(a) Ground Segments Data Management IT Security Satellite Operations Data Acquisition Operational Technology Security Telescopes & Antennas AI
Slide 65: Customer Embeddedness and Cross-Sell Potential
Overview Offering Heritage Outlook BENEFITING FROM DEEP CUSTOMER EMBEDDEDNESS WITH OPERATIONS AND ATTRACTIVE CROSS-SELL POTENTIAL Preparation Development Operations Contract award Increasing share of services business Manufacturing, Launch & Feasibility Concept Design Integration & Early Commissioni
Slide 66: The Defense Super-Cycle Opportunity
Overview Offering Heritage Outlook THE DEFENSE SUPER-CYCLE OPPORTUNITY Highly Automated & Decentralized Constellation Management Sovereign Connect to Space Mobile Ground Stations ▪ New space capabilities require major ground infrastructure and Control Centers investment ▪ Mobile, resilient systems e
Slide 67: The Data Opportunity
Overview Offering Heritage Outlook THE DATA OPPORTUNITY Megatrends: Phase 2: Commercial Uptake • Commercial demand follows dual-use Security, Defense & Geopolitical Instability infrastructure and operations • Designed to enable scale beyond Phase 1: Institutional and Defense program-driven procureme
Slide 68: The AI Opportunity
Overview Offering Heritage Outlook THE AI OPPORTUNITY AI Superresolution Efficient cloud-based data analytics Automated workflows with agentic AI Advanced super-resolution algorithms and visualization and chat-based user interfaces for getting more analytics from less image Source: 11.05.2026, Senti
Slide 69: Strategy
4 STRATEGY Marco R. Fuchs Chief Executive Officer OHB // CAPITAL MARKETS UPDATE // 18 MAY 2026 69
Slide 70: OHB Strategy: Deliver Long-Term Sustainable Growth
OHB STRATEGY: DELIVER LONG-TERM SUSTAINABLE GROWTH Win Execute Expand ▪ ESA pipeline ▪ Industrialization ▪ RFA ▪ EU pipeline ▪ International expansion ▪ Lunar exploration ▪ German defense ▪ Partnerships ▪ LEO economy opportunity OHB // CAPITAL MARKETS UPDATE // 18 MAY 2026 70
Slide 71: Clear Right to Win Across Increasing ESA and EU Budgets
Win Execute Expand OHB HAS A CLEAR RIGHT TO WIN ACROSS THE INCREASING ESA AND EU BUDGETS €22bn €131bn MC25 Budget / ESA 2026-2028 EU MFF 2028-2034 Space & Defense(a) Domains Earth Navigation Human & Space Space Science Connectivity, Space Defense Defense Observation Robotic Transportation Safety Sec
Slide 72: Strong Defense Heritage Positions OHB for German Opportunities
Win Execute Expand STRONG DEFENSE HERITAGE POSITIONS OHB IDEALLY FOR UPCOMING OPPORTUNITIES IN GERMANY €35bn German Military Opportunity Space-Based SATCOMBw4 Early Warning Germany’s Sovereignty Project for Germany’s Space-Based Key Independent Communications Early Warning Opportunities for OHB Bund
Slide 73: Multi-Domain Missile Defense Solutions
Win Execute Expand OHB OFFERS MULTI-DOMAIN MISSILE DEFENSE SOLUTIONS INCLUDING SPACE- AND GROUND-BASED SYSTEMS OHB solutions Missile defense systems against ballistic, hypersonic and anti-satellite threats Missile defense at OHB includes both ground-based components and the space segment: ODIN’S EYE
Slide 74: Significant Investments in European Production Facilities
Win Execute Expand SIGNIFICANT INVESTMENTS IN EXISTING EUROPEAN PRODUCTION FACILITIES AND NEW HIGH-OUTPUT FACILITY FOR CONSTELLATION PROGRAMS IN GERMANY Existing Production Facilities New High-Output Facility 2025 2025 2027 2027 2027 Sweden completion Germany acquisition Italy completion UK completi
Slide 75: Expanding European Presence and Overseas Initiatives
Win Execute Expand EXPANDING EUROPEAN PRESENCE IN TOP-GROWTH MARKETS AND SELECT OVERSEAS INITIATIVES Expansion in Europe Growth Overseas Current presence Planned future presence 0.3 North America x 2026-2028 ESA budget in €bn Sweden Scaling with major space companies EPS-Sterna satellite constellati
Slide 76: Track Record of Attracting and Retaining Talent
Win Execute Expand OHB’S TRACK RECORD OF SUCCESSFULLY ATTRACTING AND RETAINING HIGHLY QUALIFIED TALENT SETS THE FOUNDATION FOR FUTURE GROWTH OHB is successfully expanding its …training and retaining a …and attracting highly qualified personnel engineering base… young talent base… from the broader Eu
Slide 77: Value Accretive M&A Strategy
Win Execute Expand VALUE ACCRETIVE M&A STRATEGY TO ACCELERATE GROWTH Geographical Digital Platform Technology Securing Expansion Strengthening Expansion Supply Chain OHB // CAPITAL MARKETS UPDATE // 18 MAY 2026 77
Slide 78: New Partnerships to Accelerate Growth
Win Execute Expand NEW PARTNERSHIPS TO ACCELERATE GROWTH Apr 2025 Jan 2026 May 2026 Post-ISS decommissioning SATCOMBw4 VORTEX ▪ Next-gen private space station ▪ Telecoms satellite constellation ▪ Partnership proposes VORTEX post-ISS decommissioning for Bundeswehr multipurpose spaceplane to ESA ▪ OHB
Slide 79: The RFA Opportunity for OHB
Win Execute Expand THE RFA OPPORTUNITY FOR OHB Industrialize RFA ONE In the space industry, 1st launch attempts carry ▪ Inaugural launch attempt planned in 2026 significant technical risk (typically, less than 30% of first launches of new ▪ Serial production planned from 2028 onwards vehicles are su
Slide 80: The Lunar Economy Opportunity for OHB
Win Execute Expand THE LUNAR ECONOMY OPPORTUNITY FOR OHB Argonaut: Robotic Lunar Lunar European Lander Missions Infrastructure Europe’s End-to-End Lunar Leveraging Germany’s Robotics Building the Infrastructure for Transport Capability Industrial Base Europe’s Lunar Presence Independent European lun
Slide 81: The LEO Economy Opportunity for OHB
Win Execute Expand THE LEO ECONOMY OPPORTUNITY FOR OHB Companion Refueling Next-Gen Vortex Satellites Opportunity Space Stations Two concrete missions: Pilot in-space refueling & Partnership with Axiom for Partnership with Dassault Schild und Schwert propellant depot as strategic private space stati
Slide 82: OHB Uniquely Positioned to Capture Global Space Demand
OHB IS UNIQUELY POSITIONED TO CAPTURE GLOBAL SPACE DEMAND THROUGH A BLEND OF AGILITY, SCALE AND TECHNOLOGICAL RELEVANCE Unique positioning at intersection of heritage and ✓ execution agility ✓ Successful track record of continued technology disruption ✓ Technology-agnostic integrator combining best-
Slide 83: Governance & ESG
5 GOVERNANCE & ESG Daniela Schmidt Chief Legal Officer OHB // CAPITAL MARKETS UPDATE // 18 MAY 2026 83
Slide 84: Management Board and Executive Committee Structure
MANAGEMENT BOARD AND EXECUTIVE COMMITTEE STRUCTURE STRONG AND DIVERSE EXECUTIVE COMMITTEE WITH COMPLEMENTARY SKILLS AND SIGNIFICANT INDUSTRY EXPERIENCE …with proven and Experienced and committed management team… repeated execution Family-anchored ownership, led by founding-family CEO Management Boar
Slide 85: Management Board Compensation System
MANAGEMENT BOARD COMPENSATION SYSTEM DESIGNED TO PROMOTE FULL ALIGNMENT WITH SHAREHOLDER INTERESTS Remuneration packages Long-term incentives planned from 2027 subject to approvals Historical(a) Base Salary • Fixed salary including fringe benefits and pension allowance • Management Board 40-50% 50-6
Slide 86: Supervisory Board Structure
SUPERVISORY BOARD STRUCTURE EXPERIENCED SUPERVISORY BOARD ENSURING STRATEGIC OVERSIGHT Independent Independent Independent Fuchs Family Representative(b) KKR Representative(c) Excellent Space Industry Expertise Deep Financial Board Members Markets Acumen Robert Ingo Dr. Hans Raimund Dr. Theodor Weth
Slide 87: Shaping a Sustainable Space Environment
SHAPING A SUSTAINABLE SPACE ENVIRONMENT IN A FUTURE IN WHICH SPACE IS BECOMING AN INCREASINGLY IMPORTANT SHARED RESOURCE, WE WANT TO CONTRIBUTE TO ITS RESPONSIBLE USE Clear ESG focus Achievements until 2025 Ambitions & targets Group-wide Decarbonization Strategy to support Deliver measurable Scope 1
Slide 88: Financials
▪ ibdroot\projects\IBD-LN\overarm2026\993513_1\03 Deal Documents\03 Analyst Presentation\03 Financial Section\Orbit_CMD_AP_Financial Section_Draft_v95.pptx 6 FINANCIALS Dr. Tim Tecklenburg Chief Financial Officer OHB // CAPITAL MARKETS UPDATE // 18 MAY 2026 88
Slide 89: Strong Financial Foundation with Potential for Shareholder Returns
▪ ibdroot\projects\IBD-LN\overarm2026\993513_1\03 Deal Documents\03 Analyst Presentation\03 Financial Section\Orbit_AP_Financial Section_Draft_v167.pptx OHB OFFERS A STRONG FINANCIAL FOUNDATION WITH POTENTIAL FOR ATTRACTIVE SHAREHOLDER RETURNS ▪ Record order backlog and long-term government / instit
Slide 90: OHB Financial Snapshot at a Glance
▪ ibdroot\projects\IBD-LN\overarm2026\993513_1\03 Deal Documents\03 Analyst Presentation\03 Financial Section\Orbit_AP_Financial Section_Draft_v167.pptx OHB FINANCIAL SNAPSHOT AT A GLANCE Summary Financials Commentary (€m, unless otherwise indicated) 2023A 2024A 2025A ▪ Record high backlog providing
Slide 91: Strong Order Intake Momentum
▪ ibdroot\projects\IBD-LN\overarm2026\993513_1\03 Deal Documents\03 Analyst Presentation\03 Financial Section\Orbit_AP_Financial Section_Draft_v167.pptx STRONG ORDER INTAKE MOMENTUM: EVEN BEFORE ENTERING THE NEW SUPER-CYCLE Order Intake Order Backlog Pipeline(b) Commentary in €m Order intake Book-to
Slide 92: Long-Term Total Operating Performance
▪ ibdroot\projects\IBD-LN\overarm2026\993513_1\03 Deal Documents\03 Analyst Presentation\03 Financial Section\Orbit_AP_Financial Section_Draft_v167.pptx LONG-TERM TOTAL OPERATING PERFORMANCE: BACKLOG CONVERSION DRIVES ACCELERATING PERFORMANCE MOMENTUM Total Operating Performance Commentary in €m Spa
Slide 93: Topline Split: Space and Defense
▪ ibdroot\projects\IBD-LN\overarm2026\993513_1\03 Deal Documents\03 Analyst Presentation\03 Financial Section\Orbit_AP_Financial Section_Draft_v167.pptx TOPLINE SPLIT: WELL-POSITIONED FOR GLOBAL GROWTH IN SPACE & DEFENSE ALIKE Revenue Total Operating Performance Total Operating Performance Pipeline
Slide 94: Segment Financials
▪ ibdroot\projects\IBD-LN\overarm2026\993513_1\03 Deal Documents\03 Analyst Presentation\03 Financial Section\Orbit_AP_Financial Section_Draft_v167.pptx SEGMENT FINANCIALS: HIGH END-TO-END INTEGRATION DRIVES RESILIENCE OF GROUP FINANCIAL PROFILE WITH SIGNIFICANT UPSIDES IN ALL SEGMENTS Space Systems
Slide 95: High Profitability in Space: Margin Expansion
▪ ibdroot\projects\IBD-LN\overarm2026\993513_1\03 Deal Documents\03 Analyst Presentation\03 Financial Section\Orbit_AP_Financial Section_Draft_v167.pptx HIGH PROFITABILITY IN SPACE: STRONG TRACK RECORD OF MARGIN EXPANSION Adj. EBITDA and Adj. EBIT Commentary in €m Adj. EBIT Adj. EBITDA % Margin(a) ▪
Slide 96: Cash Flow: Strong Adjusted Free Cash Flow Generation
▪ ibdroot\projects\IBD-LN\overarm2026\993513_1\03 Deal Documents\03 Analyst Presentation\03 Financial Section\Orbit_AP_Financial Section_Draft_v167.pptx CASH FLOW: STRONG ADJUSTED FREE CASH FLOW GENERATION Adjusted Free Cash Flow Commentary €m 2023A 2024A 2025A Rep. EBITDA 162 53 115 ▪ Cumulative Ad
Slide 97: Capex: OHB Benefits from a Capex-Light Profile
▪ ibdroot\projects\IBD-LN\overarm2026\993513_1\03 Deal Documents\03 Analyst Presentation\03 Financial Section\Orbit_AP_Financial Section_Draft_v167.pptx CAPEX: OHB BENEFITS FROM A CAPEX-LIGHT PROFILE Capital Expenditure Commentary ▪ L3Y average capex of ~1.9% of total €m Capex 24 15 24 operating per
Slide 98: Robust Financial Position Underpinning Strategic Flexibility
▪ ibdroot\projects\IBD-LN\overarm2026\993513_1\03 Deal Documents\03 Analyst Presentation\03 Financial Section\Orbit_AP_Financial Section_Draft_v167.pptx ROBUST FINANCIAL POSITION UNDERPINNING STRATEGIC FLEXIBILITY Net Indebtedness and Net Leverage Commentary 0,8x ▪ Moderate and well-controlled lever
Slide 99: Q1 2026 Trading Update
▪ ibdroot\projects\IBD-LN\overarm2026\993513_1\03 Deal Documents\03 Analyst Presentation\03 Financial Section\Orbit_AP_Financial Section_Draft_v167.pptx Q1 2026 TRADING UPDATE Summary Financials Commentary in €m Q1 2025A Q1 2026A Total operating +15% ▪ Across the board, 2026 was off to a performance
Slide 100: Financial Outlook: Growth Ambitions with Potential Upside
▪ ibdroot\projects\IBD-LN\overarm2026\993513_1\03 Deal Documents\03 Analyst Presentation\03 Financial Section\Orbit_AP_Financial Section_Draft_v167.pptx FINANCIAL OUTLOOK: GROWTH AMBITIONS WITH POTENTIAL FURTHER UPSIDE NOT YET REFLECTED IN GUIDANCE 2026E and Strategic Mid-Term Targets ▪ Record order
Slide 101: High Visibility on Future Performance
▪ ibdroot\projects\IBD-LN\overarm2026\993513_1\03 Deal Documents\03 Analyst Presentation\03 Financial Section\Orbit_AP_Financial Section_Draft_v167.pptx HIGH VISIBILITY ON FUTURE PERFORMANCE High Performance Visibility Supported by Long-term Institutional Programs Project A >€1,300m Institutional Pr
Slide 102: Highly Visible Profitability Drivers
▪ ibdroot\projects\IBD-LN\overarm2026\993513_1\03 Deal Documents\03 Analyst Presentation\03 Financial Section\Orbit_AP_Financial Section_Draft_v167.pptx HIGHLY VISIBLE PROFITABILITY DRIVERS Adj. EBITDA Margin Commentary ▪ Scale benefits from significantly ~300bps increased volume in the near-term at
Slide 103: Continuously Improving Cash Conversion Targeted
▪ ibdroot\projects\IBD-LN\overarm2026\993513_1\03 Deal Documents\03 Analyst Presentation\03 Financial Section\Orbit_AP_Financial Section_Draft_v167.pptx CONTINUOUSLY IMPROVING CASH CONVERSION TARGETED Maintenance capex % of total operating performance ▪ Maintenance capex planned to approximately mov
Slide 104: Capital Requirements – Key Investment Areas
▪ ibdroot\projects\IBD-LN\overarm2026\993513_1\03 Deal Documents\03 Analyst Presentation\03 Financial Section\Orbit_AP_Financial Section_Draft_v167.pptx CAPITAL REQUIREMENTS – OUR KEY INVESTMENT AREAS Indicative Investment Area Split Investment Area Description ▪ Significant investments in productio
Slide 105: Growth-Balanced Capital Allocation Framework
▪ ibdroot\projects\IBD-LN\overarm2026\993513_1\03 Deal Documents\03 Analyst Presentation\03 Financial Section\Orbit_AP_Financial Section_Draft_v167.pptx GROWTH-BALANCED CAPITAL ALLOCATION FRAMEWORK Organic Growth M&A Opportunities Shareholder Returns ▪ Organic investment to support ▪ Selective M&A a
Slide 106: Investment Highlights Drive a Highly Attractive Financial Profile
▪ ibdroot\projects\IBD-LN\overarm2026\993513_1\03 Deal Documents\03 Analyst Presentation\03 Financial Section\Orbit_AP_Financial Section_Draft_v167.pptx OHB’S INVESTMENT HIGHLIGHTS DRIVE A HIGHLY ATTRACTIVE FINANCIAL PROFILE 1 European €3.4bn Record-level order backlog driving high visibility on fut
Slide 107: Q&A
▪ ibdroot\projects\IBD-LN\overarm2026\993513_1\03 Deal Documents\03 Analyst Presentation\03 Financial Section\Orbit_CMD_AP_Financial Section_Draft_v69.pptx 7 Q&A OHB // CAPITAL MARKETS UPDATE // 18 MAY 2026 107
Slide 108: Appendix
▪ ibdroot\projects\IBD-LN\overarm2026\993513_1\03 Deal Documents\03 Analyst Presentation\03 Financial Section\Orbit_CMD_AP_Financial Section_Draft_v69.pptx 8 APPENDIX OHB // CAPITAL MARKETS UPDATE // 18 MAY 2026 108
Slide 109: Deep Dive: EPS-Sterna
DEEP DIVE: EPS-STERNA Prime Contractor SWEDEN Customer Role OHB Entity Precision Delivering critical data also Weather from latitudes geostationary Intelligence systems cannot cover AWS prototype: 3 years from Proven New contract to orbit, on time, Space Execution on budget Sweden’s AWS prototype AW
Slide 110: Critical Contributor to Europe's Independent Access to Launch
OHB IS A CRITICAL CONTRIBUTOR TO EUROPE’S INDEPENDENT ACCESS TO LAUNCH Ariane 6 Industrialization LLPM LOX Tank: Domes, Scalable production & high-tech Cylinder Panels ULPM: lean manufacturing LH2 & LOX Bare Tank LLPM Inter-Tank System, Inter Tank Structure Structure, Vinci Heat Shield Advanced auto
Slide 111: RFA History of Innovation
RFA HISTORY OF INNOVATION ENABLED BY DECADES OF SPACE ENGINEERING KNOW-HOW FROM OHB 2023 2025 Helix engine 2021 Integrated S2 test acceptance tests €30m convertible 2020 Entire engine successfully tested with bond investment from KKR Secured public funding staged-combustion 2018 Phoenix engine succe
Slide 112: Acceleration of the Business After Separation of OHB Digital
ACCELERATION OF THE BUSINESS AND STRONG TRACK RECORD AFTER SEPARATION OF OHB DIGITAL Largest strategic Turnkey science Entered First-ever Ground Solutions downstream project telescope EU rail market LEOP-as-a-service Substantial defense cross-sell opportunities 2024 2026 2026 Tomorrow cb Geospatial
Slide 113: Evolution of Capabilities to End-to-End Ground Segment Champion
SYSTEMATIC EVOLUTION OF OUR CAPABILITIES PORTFOLIO TO BECOME AN END-TO-END GROUND SEGMENT CHAMPION IN DIGITAL Overall System Network Prime capability Emerging capability Ground Station Systems Satellite Control Systems User Ground Systems Operations as a Service 2020 Launch & Control Comms In-Orbit
Slide 114: Strong Pipeline of Upcoming Opportunities for Digital
STRONG PIPELINE OF ATTRACTIVE UPCOMING OPPORTUNITIES FOR DIGITAL Near-Term Transformative Opportunities Mid-Term Strategic Initiatives SATCOMBw4 IRIS² Secure Connectivity SBMD1 Data Management Data Resell & Analytics ▪ Germany’s secure ▪ EU sovereign multi- ▪ Germany’s space-based ▪ Secure data ▪ Gr
Slide 115: New High-Output Facility for Constellation Programs
NEW HIGH-OUTPUT FACILITY FOR CONSTELLATION PROGRAMS FOR DUAL-USE TECHNOLOGY IN GERMANY Smart Factory for Space Scalable production and high-tech lean manufacturing Advanced automation to accelerate series production Modular layout and tacted production flow Innovation and advanced industrialization:
Slide 116: AI-Assisted Systems Engineering to Reduce Time to Market
AI-ASSISTED SYSTEMS ENGINEERING TO REDUCE TIME TO MARKET Engineering Use Cases Implementation Status 1 Industrial foundation model for Space Engineering: ✓ Partnership with Siemens established ▪ Cooperation between OHB and Siemens ✓ Use cases identified ▪ Build and train specialized AI models for en
Slide 117: Glossary
▪ ibdroot\projects\IBD-LN\overarm2026\993513_1\03 Deal Documents\03 Analyst Presentation\03 Financial Section\Orbit_AP_Financial Section_Draft_v159.pptx GLOSSARY Item Definition Item Definition AIT Assembly, Integration, and Test LH2 Liquid Hydrogen AWS Arctic Weather Satellite LLM Large Language Mo
Slide 118: Glossary (Cont'd)
▪ ibdroot\projects\IBD-LN\overarm2026\993513_1\03 Deal Documents\03 Analyst Presentation\03 Financial Section\Orbit_AP_Financial Section_Draft_v162.pptx GLOSSARY (CONT’D) Item Definition Order backlog Total value of contracted but not yet executed orders as of the reporting date Order intake Total v
Slide 119: Disclaimer
DISCLAIMER This presentation has been prepared for information and background purposes only. It does not constitute or form part of, and should not be construed as, an offer of, a solicitation of an offer to buy, or an invitation to subscribe for, underwrite or otherwise acquire, any securities of O