Investor focus is sharpening on Bremen-based aerospace and technology group OHB SE, as the company positions itself for a transformative defense partnership and capitalizes on recent successes in its core space business. The potential for a multi-billion euro satellite project and a robust financial performance are driving significant market interest.
Financial Performance and Ambitious Targets Set the Stage
The company’s recent financial metrics underscore a period of substantial growth. For the first nine months of the year, revenue advanced by 21 percent to reach 863.5 million euros. EBITDA also saw a healthy increase, rising to 75.5 million euros. A particularly striking development is the state of the order backlog, which surged by 47 percent to exceed 3.1 billion euros.
During its Capital Market Day, OHB’s management outlined ambitious targets extending to 2028. Propelled by rising budgets from the European Space Agency (ESA) and expansion in the defense sector, the group aims to achieve total output of 1.4 billion euros by 2026. Looking further ahead, the goal for 2028 is to surpass 2.0 billion euros in total performance, accompanied by improving profit margins.
The next key milestone for verification will be the publication of the audited annual financial statements for 2025 on March 19, 2026. This report will serve as a critical check on whether the current operational momentum is translating into sustained profitability and how the company’s liquidity is positioned for upcoming large-scale projects.
Ariane 6 Success Provides Operational Foundation
The company’s traditional space operations are delivering tangible results, providing a solid foundation for growth. A pivotal moment was the successful maiden flight of the Ariane 64 rocket on February 12, which deployed 32 Amazon satellites into orbit.
This achievement is now directly bolstering OHB’s financials. Since October 2025, the company has fully consolidated its subsidiary, MT Aerospace. Consequently, revenues from all 18 firmly booked Amazon launch missions now flow entirely into OHB’s accounts. MT Aerospace supplies critical components such as tank and shell structures, contributing approximately 10 percent of the rocket’s overall value.
Multi-Billion Euro Defense Partnership in Negotiation
A major catalyst for future growth is a confirmed collaboration currently under discussion. OHB has issued an ad-hoc announcement confirming ongoing negotiations with defense giant Rheinmetall AG. The objective is to form a partnership to bid for the German Bundeswehr’s “SATCOMBw Stufe 4” project.
This initiative is of strategic national importance, aiming to establish an independent, secure communications network for the German armed forces using hundreds of satellites in low Earth orbit by 2029. The estimated value of the contract is up to 10 billion euros.
Within the planned consortium, the roles are clearly delineated: Rheinmetall would act as the military systems integrator, while OHB would be responsible for satellite manufacturing and engineering. Demonstrating its serious commitment, OHB acquired a facility in Schöneck, Saxony, in October 2025. The company is already building capacity there for potential series production, targeting a volume in the three-digit unit range.
However, the competition for this prestigious award is not yet decided. Airbus Defense and Space, the incumbent operator of the predecessor systems, is also in discussions with the German Ministry of Defense. The final decision in the ongoing tender process remains pending, setting the stage for a head-to-head contest between OHB and the established market leader.
