The upcoming days represent a significant moment for Bremen-based aerospace group OHB SE. All eyes are on the company’s certified annual financial report for 2025, scheduled for release on March 19. Investors are keenly awaiting confirmation that operational performance aligns with the ambitious growth targets management has set.
Adding to the strategic stakes, a recent media report has fueled market speculation. According to the information, OHB, alongside Airbus Defence and Space and Rheinmetall, is planning a joint consortium to bid for the German Bundeswehr’s massive SATCOMBw Stage 4 project. With an estimated value of at least €10 billion, this initiative would stand as the largest satellite program in the history of the German armed forces.
Operational Momentum Builds a Strong Foundation
Regardless of the eventual outcome of the SATCOMBw competition, OHB’s underlying business has shown notable acceleration. In 2025, the company secured new orders worth approximately €2.1 billion, marking a 24% increase. More impressively, its total order backlog surged by 47% to over €3.1 billion, providing substantial visibility for future revenue.
This momentum was reflected in updated guidance presented during the Capital Market Day in January 2026. The management team raised its mid-term targets, now projecting total output of €1.4 billion with an EBITDA margin of 11% for 2026. The goal for 2027 is set at €1.7 billion, with OHB aiming to break the €2 billion threshold from 2028 onward. This confidence is partly driven by rising budgets from the European Space Agency (ESA) and the EU, coupled with expansion in the defense sector.
Further bolstering its financial profile, the full acquisition of MT Aerospace at the end of 2025 means revenue from Ariane 6 component manufacturing is now fully consolidated. In a separate development, OHB’s Italian subsidiary secured an €81.2 million ESA contract in February for the RAMSES asteroid mission.
The SATCOMBw 4 Ambition: A National Constellation
The SATCOMBw Stage 4 project envisions a secure, sovereign communications network for the Bundeswehr. The plan involves deploying several hundred satellites in Low Earth Orbit, a architecture conceptually similar to SpaceX’s Starlink but intended to remain under complete national control. An initial operational capability is targeted for 2029.
Reports suggest a clear division of labor within the potential consortium: Rheinmetall would lead military system integration, while OHB would be responsible for engineering and satellite manufacturing. The seriousness of OHB’s preparation is underscored by its acquisition of a facility in Schöneck, Saxony, in October 2025. Given the project’s tight schedule, partners may need to invest in production capacity even before a final contract is awarded.
A potential complication exists, however. Airbus currently operates the existing SATCOMBw Stages 2 and 3. Furthermore, the announced merger of the space divisions of Airbus, Thales, and Leonardo could create a formidable European competitor. The German procurement office, BAAINBw, has declined to comment on the tender for security reasons.
March 19: A Litmus Test for Execution
The forthcoming annual report will serve as a crucial indicator. Analysts will scrutinize whether the record-high order backlog is already translating into improved profitability margins. The report will also reveal the solidity of the company’s liquidity position, a key factor for funding potential large-scale projects like SATCOMBw 4 that may require upfront investment.
For the 2025 fiscal year, management had previously guided for total output of €1.2 billion and an EBITDA margin of 9%. Meeting or exceeding these expectations would provide a robust foundation, particularly as the company contemplates the billion-euro investments that participation in SATCOMBw 4 might necessitate, even prior to a formal contract decision.
