As NASA’s Artemis II capsule prepares for its Pacific splashdown tomorrow, the German aerospace contractor OHB SE finds itself navigating a pivotal moment. The company, a key supplier for the mission, is caught between celebrating a historic spaceflight achievement and addressing investor concerns over a major regulatory review on Earth.
The Orion spacecraft is scheduled to land off the coast of San Diego on April 10 at approximately 20:07 EDT. This concludes a record-breaking journey where the crew surpassed the 56-year-old distance record set by Apollo 13, reaching 252,756 miles from Earth. OHB’s subsidiary, MT Aerospace, supplied critical components for the mission, including the end caps for the fuel tanks on NASA’s Space Launch System (SLS) rocket. A flawless performance in deep space is seen as a vital credential for securing future contracts with the U.S. space agency.
Financially, OHB’s foundations appear solid. The company reported a 21 percent increase in total output to EUR 1.25 billion for the 2025 fiscal year. Its adjusted operating result reached EUR 84 million. The order backlog hit a historic high of EUR 3.19 billion, supported by a 24 percent surge in order intake to approximately EUR 2.1 billion.
Building on this momentum, management outlined ambitious mid-term targets during its Capital Market Day in January 2026. The company is targeting total output of EUR 1.4 billion for the current year, rising to EUR 1.7 billion in 2027, with the goal of surpassing the EUR 2 billion mark from 2028 onward.
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Despite these strong operational figures, OHB’s share price recently faced pressure, declining by more than nine percent at one point. The primary cause is an ongoing examination by Germany’s Federal Cartel Office. The regulators are scrutinizing a planned joint venture between OHB and Rheinmetall Digital related to the SATCOMBw Stage 4 project, a secure communications network for the German Bundeswehr.
This defense initiative has an estimated total volume of between eight and ten billion euros, with OHB slated to be responsible for satellite construction. The uncertainty surrounding the final regulatory approval and the project’s precise timeline has weighed on investor sentiment. The outcome of this antitrust review is expected to be a significant driver for the stock in the near term.
Investors will get their next look at the company’s operational health on May 7, 2026, when OHB releases its first-quarter report. This update will indicate whether the growth pace from the record 2025 year has been maintained and if the EUR 1.4 billion annual target remains on track.
Beyond Artemis, MT Aerospace reinforces its market position as Germany’s largest supplier for the Ariane 6 program, holding over ten percent of the work packages. Looking ahead, Airbus has confirmed that follow-up modules for the Orion program are in development, with the ESM-3 set to test rendezvous and docking capabilities in 2027.
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