The Bremen-based aerospace group OHB SE is positioning itself as a key contender for one of the German military’s most significant defense initiatives. Recent ad-hoc communications confirm ongoing discussions regarding a planned three-way alliance with Airbus and Rheinmetall for the SATCOMBw Stage 4 satellite program. Although the final award decision for this €10 billion project may still be some time away, the company’s latest record figures underscore its expanding growth trajectory.
Robust Order Books Underpin Revised Targets
The company’s core business presents a picture of considerable strength, irrespective of the pending military contract outcome. In 2025, order intake surged by 24%, elevating the firm’s order backlog to over €3.1 billion. This momentum prompted management to raise its medium-term guidance substantially in January.
The updated performance targets are as follows:
* 2026: Total output of €1.4 billion, with an EBITDA margin of 11%.
* 2027: Total output of €1.7 billion, with an EBITDA margin of 12%.
* From 2028 onward: Total output exceeding €2.0 billion.
Further positive developments include the successful first commercial mission of the Ariane 6 rocket in mid-February. Following OHB’s full acquisition of its subsidiary MT Aerospace at the end of 2025, revenues from the production of carrier components now flow entirely into the group’s accounts. A fresh contract from the European Space Agency (ESA) worth €81.2 million for the group’s Italian subsidiary adds to the favorable outlook.
Strategic Consortium Aims for Satellite Constellation
The SATCOMBw Stage 4 program aims to deploy up to 200 satellites in low Earth orbit by 2029, providing the German armed forces with secure, independent, and global communications. To secure a portion of this substantial budget, a potent consortium is taking shape. Consistent reports indicate Airbus is forming an alliance with clearly defined roles: Rheinmetall would handle military system integration, while OHB would be responsible for satellite engineering and manufacturing.
OHB’s strategic preparations for such series production were demonstrated by its acquisition of a facility in Schöneck, Saxony, last October. This site is intended to develop the precise capacities required for constructing large satellite constellations.
Liquidity and the Path Forward
The journey to a final contract award for SATCOMBw remains challenging, with emerging European competition likely to extend the process over several more months. Investors will gain their next concrete data point on Thursday, March 19, when the company publishes its audited consolidated financial statements. Given the significant investments required for its project pipeline, the company’s liquidity position is a key focus. A solid capital base is essential for OHB to manage the substantial upfront costs associated with the envisioned serial production.
