Q2 delivered margin expansion on more moderate growth, while the contracts underpinning the investment case are still ahead. Guidance was confirmed on both lines, and the balance sheet is now in a net cash position, leaving OHB well positioned ahead of the major award cycle. Growth slowed to +9% yoy in Q2 from +15% in Q1 and the guidance implies a re-acceleration to 13% yoy in H2 to reach the target. This would imply that H2 contributes 55% of the full-year figure, in line with the 2025 seasonality.
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