A standout performance in the final quarter of 2025 has seen aerospace and technology group OHB SE achieve a key financial milestone well ahead of its own timeline. The company reported an adjusted EBITDA margin of 11.6% for Q4, surpassing its full-year target for 2026. In response to this strong showing, analysts at NuWays AG have raised their price target for the stock.
Financial Performance and Analyst Outlook
OHB’s full-year revenue advanced from €1.03 billion to €1.25 billion in 2025. Adjusted earnings figures also showed solid growth, with EBITDA climbing from €111.1 million to €125.6 million and EBIT improving from €72.0 million to €84.0 million. A particularly notable highlight is the firm’s order backlog, which hit a record €3.19 billion, a significant increase from €2.38 billion the previous year. The Space Systems division alone contributes €2.51 billion to this total.
NuWays has revised its price objective upward to €272 from €260, maintaining its “Buy” recommendation. Looking ahead to 2026, the research firm anticipates revenue of approximately €1.4 billion, representing growth of about 15%. Its forecast for an EBITDA margin of 10.7% is seen as incorporating a deliberate buffer for potential quarterly volatility.
Strategic Contracts and Future Pipeline
Shortly before releasing its annual figures, OHB secured the EPS-Sterna contract, valued at €248 million for the construction of 20 small satellites. This award underscores the company’s successful transition from executing individual missions to the serial production of satellite constellations—a capability likely to be crucial in future tender processes.
The most significant opportunity on the horizon is the German Bundeswehr’s SATCOMBw 4 project. Reports indicate that Airbus, OHB, and Rheinmetall are planning a joint consortium to bid for this low Earth orbit (LEO) communications network. The project, encompassing over 100 satellites, could carry a total contract value between €8 and €10 billion. While Airbus’s involvement may reduce OHB’s potential share of the work, it substantially increases the consortium’s chances of winning the bid. NuWays considers a one-third share for the consortium to be realistic, which could translate into cumulative order intake of €2.7 to €3.3 billion for OHB.
Investors can expect the next key update with the release of Q1 2026 results on May 7. The majority of further large contract awards are anticipated in the second half of the year.
