OHB SE has published its audited financial statements, revealing a year of robust growth and a future brightened by a landmark contract opportunity. The Bremen-based aerospace and technology group has not only surpassed the billion-euro revenue milestone ahead of schedule but is also positioning itself for a potential quantum leap in scale.
Financial Performance and Record Backlog
The company’s financial figures for the past year demonstrate broad-based strength. Total revenue advanced from €1.03 billion to €1.25 billion. Adjusted EBIT saw an increase to €84.0 million, up from €72.0 million, while adjusted EBITDA rose to €125.6 million from €111.1 million.
Perhaps the most significant metric is the surge in the order backlog, which provides crucial visibility for future earnings. This backlog climbed to a record €3.19 billion, a substantial jump from €2.38 billion. The Space Systems segment forms the core of this, accounting for €2.51 billion. Meanwhile, the Digital segment also reported a record intake of over €250 million in new orders, fueled primarily by rising defense sector demand and the expansion of satellite operations services.
Growth Trajectory and Supportive Tailwinds
Bolstered by this strong foundation, OHB has raised its growth outlook for the current year and the following two. This confidence is supported by several key factors: increasing budgets from the European Space Agency (ESA), fresh funding from the EU, and rising national defense expenditures across Europe. The ESA’s record budget of €22.3 billion for the 2026-2028 period, coupled with Germany’s planned €35 billion investment in military space infrastructure, provides a powerful tailwind for the industry and OHB’s operations.
The SATCOMBw Stufe 4 Prize
Running parallel to these results is a pivotal procurement process for the German Bundeswehr’s SATCOMBw Stage 4 satellite project. With an estimated value of up to €10 billion, this represents the single largest potential contract in OHB’s history. The company is positioned within a consortium alongside Rheinmetall and Airbus Defence and Space, with OHB slated to take the lead on satellite manufacturing and engineering.
The outcome remains uncertain, with a final decision expected to take several more months. Furthermore, the announced merger of the space divisions of Airbus, Thales, and Leonardo could create a formidable European competitor for such contracts. The German procurement office, BAAINBw, has declined to comment on the ongoing procedure for security reasons.
In preparation for a potential surge in production requirements, OHB has proactively expanded its manufacturing footprint. The relocation of OHB Sweden AB has increased capacity, while the acquired TechniSat factory in Schöneck—now operating as OHB Vogtland GmbH—is intended to secure the mass production of electronic components.
Stable Ownership and Next Milestones
The company’s ownership structure remains steady. The founding Fuchs family retains a 65.4% stake, with investment firm KKR holding 28.6%. The remaining 5.7% free float is thinly traded. Investors will gain their next insight into the company’s progress with the release of Q1 2026 figures on May 7, 2026, offering an early indicator of whether the growth momentum has carried into the new year.
