The German aerospace and technology group OHB SE finds itself at the center of a high-stakes competition for one of the largest defense contracts in the history of the Bundeswehr. In partnership with Rheinmetall, the Bremen-based company is vying for the SATCOMBw Stage 4 satellite project, a program valued at up to €10 billion. Their rival for the award is the incumbent operator, Airbus Defense and Space. This strategic push coincides with a period of robust operational health for OHB, marked by a 47% surge in its order backlog to over €3.1 billion in 2025.
Financial Momentum and Forward Guidance
OHB’s recent financial reports underscore its growing commercial strength. For the first nine months of 2025, the company posted a 21% increase in total output, reaching €863.5 million. Earnings before interest, taxes, depreciation, and amortization (EBITDA) advanced from €62.4 million to €75.5 million. New order intake saw significant growth of 24%, climbing to approximately €2.1 billion.
Looking ahead, management has set ambitious targets. For the full year 2026, OHB aims for total output of €1.4 billion with an EBITDA margin of 11%. The company’s strategic plan envisions surpassing €2.0 billion in total output by 2028, accompanied by margins exceeding 12%. Over the medium term, OHB is targeting an average annual order intake of around €3 billion.
The Battle for SATCOMBw Stage 4
The SATCOMBw Stage 4 program represents a transformative initiative for Germany’s armed forces. The project involves deploying a network of at least one hundred satellites in low Earth orbit, designed to connect tanks, naval vessels, and soldiers from 2029 onward. This sovereign constellation aims to reduce Germany’s reliance on US-based systems, analogous in function to SpaceX’s Starlink network.
OHB confirmed its ongoing negotiations with Rheinmetall in late January 2026. The consortium has a defined division of labor: Rheinmetall would act as the prime systems integrator for military applications, while OHB would be responsible for satellite manufacturing and engineering. To prepare for potential series production, OHB proactively acquired a manufacturing facility in Schöneck, Saxony, in October 2025.
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Airbus Defense and Space, which operates the existing phases of the SatcomBw program, has also expressed its interest in the new contract. The final award decision is expected to emerge from the ongoing official tender process.
Ariane 6 Provides Commercial Boost
OHB’s core space business is receiving tangible support from Europe’s flagship launch vehicle program. In mid-February 2026, the Ariane 6 rocket successfully completed its inaugural commercial mission, deploying 32 satellites for Amazon’s broadband constellation.
MT Aerospace, a wholly-owned subsidiary of OHB since October 2025, manufactures tank and structural components for the Ariane 6, accounting for a ten percent share of the program’s workload. The full consolidation of MT Aerospace means its revenues now flow entirely into the group’s financial statements. Amazon has firmly booked a total of 18 launches—the largest commercial contract in the history of launch provider Arianespace.
Lunar Ambitions and Strategic Diversification
The company’s vision extends beyond terrestrial and near-Earth projects. OHB has established the European Moonport Company, a venture developed in cooperation with Munich Airport International. This entity is tasked with designing a lunar launch and landing facility, consolidating all of OHB’s moon-related activities. This initiative could potentially lay the groundwork for a future economic ecosystem in space, forming a strategic third pillar for the business.
Pivotal Period Ahead
The coming weeks are critical for OHB. On March 19, 2026, the company will present its audited financial statements for 2025, offering clarity on whether profitability has kept pace with rapid revenue expansion. Concurrently, the impending decision on the SATCOMBw Stage 4 contract holds the power to fundamentally reshape the group’s future. A win would catapult OHB into the ranks of billion-euro defense suppliers and define its strategic trajectory for years to come.
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