Bremen-based aerospace and technology group OHB SE is positioning itself for a transformative leap, with a pivotal defense contract and robust commercial performance setting the stage for significant expansion. The company is locked in a high-stakes competition for a German Bundeswehr satellite project valued at up to €10 billion, a deal that could redefine its market standing.
Financial Targets Revised Upwards
Management confidence was underscored at a recent Capital Markets Day, where OHB presented upgraded financial targets. For the current 2026 fiscal year, the group is now aiming for total output of €1.4 billion with an EBITDA margin of 11%. Looking further ahead, the ambition is to grow total output to over €2.0 billion by 2028.
This optimism is grounded in a strong operational performance. In the first nine months of the 2025 fiscal year, total output already climbed 21% to €863.5 million. The company’s operating result (EBITDA) also showed positive momentum, rising to €75.5 million.
The €10 Billion Defense Prize: SATCOMBw Stage 4
At the heart of OHB’s growth strategy is the “SATCOMBw Stage 4” project. The German armed forces plan to deploy a satellite constellation of at least one hundred units to globally network its forces starting in 2029. This represents a technological shift, moving away from a handful of large geostationary satellites toward a network model similar to SpaceX’s Starlink.
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OHB has formally entered negotiations to partner with defense giant Rheinmetall for this bid. The proposed division of labor is clear: Rheinmetall would act as the systems integrator for military applications, while OHB would be responsible for satellite manufacturing. To demonstrate serious intent and prepare for serial production, OHB acquired a facility in Schöneck in October 2025. However, the contract is not assured, as competitor Airbus Defense and Space is also in discussions with the German Ministry of Defense.
Commercial Space Provides Tangible Momentum
Separate from its defense ambitions, OHB’s civil business is delivering concrete results. The Ariane 6 launch vehicle, which successfully completed its first commercial flight on February 12, is a key contributor. That mission deployed 32 satellites for Amazon into orbit.
OHB benefits directly from the ramp-up of the Ariane 6 program, in which it holds a 10% workshare. Its subsidiary, MT Aerospace—fully consolidated since October 2025—manufactures tanks and structural components for the rocket. The broader Amazon contract, encompassing 18 total launches, represents the largest commercial deal in the history of launch provider Arianespace. Revenues from this program now flow entirely into OHB’s consolidated financial statements.
A Defining Period Ahead
The next critical date for investors is March 19, when the company holds its annual results press conference. Here, the executive board must demonstrate that its elevated margin targets are being realized. Should OHB also secure the SATCOMBw project award in this environment, it would decisively transcend its current scale as a mid-tier aerospace specialist.
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