Bremen-based aerospace and technology group OHB SE finds itself at a pivotal juncture, with strategic defense negotiations and a ramp-up in launch vehicle production setting the stage for significant growth. The company’s forthcoming annual results on March 19 are anticipated against a backdrop of these major developments.
Strategic Alliance for Major Defense Project
OHB is in discussions with German defense contractor Rheinmetall regarding a potential consortium bid for one of the nation’s largest defense initiatives: SATCOMBw Stage 4. This project involves a constellation of 100 to 200 low-Earth-orbit satellites designed to globally network armored vehicles, naval vessels, and infantry units, aiming to bolster Germany’s strategic independence from U.S. systems.
A clear division of responsibilities is envisioned, with Rheinmetall leading military systems integration and OHB handling satellite manufacturing and engineering. In preparation for potential serial production, OHB acquired a facility in Schöneck, Saxony, in October 2025.
The consortium faces competition, notably from Airbus Defense and Space, which currently operates the preceding SATCOMBw 2 and 3 stages and is also engaged in talks with the German Ministry of Defense.
Operational Momentum from Ariane 6
The company’s operational performance is receiving a substantial boost from the Ariane 6 rocket program. The successful maiden flight of the Ariane 64 variant on February 12 represented a key industrial milestone, deploying 32 satellites for Amazon into orbit with nearly double the payload capacity of the base model.
OHB’s involvement comes through its subsidiary, MT Aerospace, which manufactures tank and shell structures, accounting for approximately 10% of the rocket’s total value. Critically, OHB completed the full acquisition of MT Aerospace in October 2025, meaning all earnings from the increased production rate will now flow entirely into the group’s consolidated results. Amazon has firmly booked a total of 18 Ariane launches.
Financial Performance and Ambitious Targets
OHB’s financial foundations appear robust. In the first nine months of 2025, the group reported total output of €863.5 million, a 21% increase year-over-year. EBITDA rose from €62.4 million to €75.5 million, while the firm order backlog surged by 47% to over €3.1 billion.
The group has set ambitious medium-term goals: targeting total output of €1.4 billion with an 11% EBITDA margin in 2026, rising to €1.7 billion and a 12% margin in 2027. By 2028, total output is projected to exceed €2.0 billion. This growth is expected to be driven by increasing budgets from the European Space Agency (ESA), the EU, and national defense clients. The company’s mid-term ambition is to achieve an average annual order intake of around €3 billion.
In a forward-looking move, OHB has also established the European Moonport Company, a joint venture with Munich Airport International, tasked with developing a lunar launch and landing facility.
As the market awaits the audited group financial statements for 2025 on March 19, investor attention is likely to remain focused on progress in the SATCOMBw tender process and the continued production ascent of the Ariane 6 program.
