Shares in Bremen-based aerospace and technology group OHB SE are attracting significant attention as the company stands on the brink of a potential multi-billion euro defense contract. Concurrently, its latest operational figures reveal a business in a strong growth phase.
Strategic Alliance for Landmark Satellite Program
OHB is in confirmed discussions with German defense contractor Rheinmetall regarding a partnership to bid for one of the Bundeswehr’s largest-ever projects: SATCOMBw Stage 4. This planned satellite network, with estimated project costs reaching up to €10 billion, is designed to provide global connectivity for the German armed forces. The envisioned collaboration outlines a clear division of responsibilities, with Rheinmetall acting as the systems integrator for military applications and OHB supplying satellite manufacturing and engineering expertise.
The consortium is expected to face competition from Airbus Defense and Space, which currently operates the predecessor systems, SATCOMBw Stages 2 and 3. Airbus is also reportedly engaged in talks with the German Ministry of Defense.
In preparation for a potential contract award, OHB has proactively expanded its manufacturing footprint. In October 2025, the group acquired a facility in Schöneck, Saxony, to build capacity for the possible series production of satellites, which could run into the hundreds of units for a project of this scale.
Operational Performance Shows Robust Growth
The company’s recent financial performance underscores its positive trajectory. For the first nine months of 2025, OHB reported total output of €863.5 million, representing a substantial 21 percent increase year-on-year. Earnings before interest, taxes, depreciation, and amortization (EBITDA) also rose, climbing from €62.4 million to €75.5 million.
Management has set ambitious targets, forecasting total output of €1.4 billion with an 11 percent EBITDA margin for 2026. By 2028, the goal is to exceed €2.0 billion in output with a margin of over 12 percent. This outlook is supported by rising budgets from the European Space Agency (ESA), the European Union, and national clients, with the defense sector gaining increasing importance. Reflecting this confidence, the company’s market capitalization surged to €4.37 billion in 2026, a remarkable 193 percent gain over the prior year.
Ariane 6 Success Adds Further Momentum
A significant external catalyst arrived on February 12 with the successful inaugural launch of the Ariane 64 rocket. The vehicle carried 32 satellites for Amazon’s broadband network, delivering nearly double the payload of the base variant. OHB benefits from this program through its subsidiary MT Aerospace, which manufactures tank and shell structures for the launcher, accounting for approximately 10 percent of the rocket’s total value.
Amazon has firmly booked 18 Ariane 6 launches, constituting the largest commercial contract in the history of launch provider Arianespace. Since October 2025, OHB has held full ownership of MT Aerospace, meaning all revenues from the production ramp-up now flow entirely into the group’s consolidated results.
Key Financial Disclosure and Contract Decision Ahead
Investors are awaiting two pivotal events. OHB will present its audited consolidated financial statements for 2025 on March 19, 2026. These results will indicate whether the strong operational momentum is translating into improved profitability.
Running in parallel is the ongoing tender process for the SATCOMBw Stage 4 program. The outcome of this competition holds considerable strategic importance for the Bremen-based corporation, with the potential to shape its growth profile for years to come.
