The Bremen-based aerospace group OHB SE is positioning itself for what could be a transformative defense contract. In partnership with Rheinmetall, the company is competing for the German Bundeswehr’s massive SATCOMBw satellite project. While its core operations are already gaining momentum from the ramp-up of the Ariane 6 program, securing this defense deal would fundamentally alter the scale and scope of the entire enterprise.
Financial Foundation and Operational Momentum
OHB’s financial health provides a solid platform for its ambitious pursuits. The company’s firm order backlog surged by 47% in 2025, reaching over €3.1 billion. Operational performance in the first nine months of the last fiscal year showed a 21% increase in total output to €863.5 million, with EBITDA rising to €75.5 million. Management’s guidance for the current 2026 fiscal year projects total output of €1.4 billion and an EBITDA margin of 11%.
A significant operational milestone was achieved on February 12th with the inaugural flight of the Ariane 64, which successfully deployed 32 Amazon satellites into orbit. Crucially, the full consolidation of subsidiary MT Aerospace since October 2025 means the revenues from the 18 firmly booked Amazon launch orders will now flow entirely into OHB’s own accounts.
The €10 Billion Strategic Prize
The centerpiece of OHB’s strategic ambition is the SATCOMBw Stage 4 project, a Bundeswehr initiative with an estimated value of up to €10 billion. The program aims to establish an independent German communications network using hundreds of satellites in low Earth orbit, reducing reliance on US systems. Within the bidding consortium, Rheinmetall would act as the systems integrator for military applications, while OHB would be responsible for satellite manufacturing and engineering.
Victory is not assured. The primary competitor is Airbus Defense and Space, which currently manages the predecessor stages of the SATCOMBw system and has also confirmed talks with the German Ministry of Defense. For OHB, winning this contract would mark a pivotal evolution from a space specialist to a major systems supplier within the defense industry.
Preparing for Scale
In anticipation of the high-volume production required for such a project, OHB has proactively expanded its industrial capacity. In October of last year, the group acquired a facility in Schöneck, Saxony, which provides the necessary infrastructure for serial satellite manufacturing.
Investors are now looking ahead to March 19, 2026, when OHB will present its audited financial statements for 2025. This report will be scrutinized for margin development relative to sales growth. However, the long-term investment thesis for the company’s shares is widely seen as hinging on the outcome of the procurement battle with Airbus—a decision that will determine whether OHB ascends to a new league in terms of revenue and strategic importance.
