The German aerospace and technology group OHB SE finds itself at a critical juncture, buoyed by a confluence of significant contract opportunities and operational milestones. As the company approaches the publication of its full-year 2025 results, several strategic developments could substantially influence its future trajectory.
Operational Momentum and Financial Targets
OHB has outlined clear medium-term financial objectives. The company is targeting total revenue of €1.4 billion with an EBITDA margin of 11% for 2026. This is projected to grow to €1.7 billion in revenue and a 12% margin by 2027. From 2028 onward, the group anticipates exceeding €2.0 billion in annual revenue. This growth framework is predicated on increasing budgets from the European Space Agency (ESA), the EU, and national clients, with the defense sector gaining particular importance.
Financially, the first nine months of 2025 showed strong progress. Total performance revenue climbed 21% to €863.5 million. EBITDA improved from €62.4 million to €75.5 million. Order intake for 2025 reached approximately €2.1 billion, marking a 24% increase, while the firm order backlog expanded by 47% to over €3.1 billion.
A Defense Mega-Contract on the Horizon
A potentially transformative opportunity lies in the German Bundeswehr’s “SATCOMBw Stage 4” program, a satellite communications initiative valued at up to €10 billion. According to Bloomberg, Airbus Defence and Space is considering a joint bid with Rheinmetall and OHB for this project, one of the largest in the German military’s portfolio.
OHB confirmed ongoing discussions with Rheinmetall regarding public sector tenders in an ad-hoc announcement on January 26, specifically highlighting the SATCOMBw project. The envisioned consortium would see Rheinmetall act as the systems lead for military integration, with OHB responsible for satellite manufacturing and engineering. In preparation for potential serial production, OHB expanded its capacity by acquiring a facility in Schöneck, Saxony, in October 2025.
Competition remains fierce. Airbus Defence and Space, the operator of the existing SATCOMBw Stages 2 and 3, has also confirmed talks with the defense ministry. Furthermore, a planned merger of the space divisions of Airbus, Thales, and Leonardo could intensify market pressure.
Core Business Receives Dual Boost
Separate from defense, OHB’s core space business recently secured a significant ESA-related contract. On February 10, the company’s Italian subsidiary formalized an €81.2 million agreement to develop the RAMSES spacecraft. This mission will study the asteroid Apophis during its close approach to Earth in 2029. Including preparatory measures, the total project volume is around €150 million. The development timeline is notably aggressive, with the spacecraft slated to be launch-ready in just 3.5 years—a significantly compressed schedule compared to typical cycles.
Concurrently, the Ariane 6 program provides additional operational tailwinds. The rocket successfully completed its first commercial mission on February 12, deploying 32 satellites for Amazon’s broadband constellation. OHB’s subsidiary, MT Aerospace, manufactures tanks and structural components, holding a 10% workshare in the overall program. Crucially for consolidation, OHB gained full ownership of MT Aerospace in October 2025, meaning revenues from the production ramp-up are now fully consolidated. Amazon has firmly booked 18 launches, reported as the largest commercial contract in the history of launch provider Arianespace.
Upcoming Catalyst and Strategic Ventures
The immediate focus now shifts to the upcoming annual report. OHB has announced its full-year 2025 results for publication on March 19. This disclosure will provide a comprehensive view of the annual operational performance and the company’s financial positioning for upcoming major projects.
In another strategic move, OHB established the European Moonport Company as a joint venture with Munich Airport International. The venture’s objective is to develop a lunar launch and landing facility, indicating the company’s forward-looking ambitions in new space infrastructure.
The convergence of a robust order backlog, clear growth targets, and potential multi-billion euro defense contracts positions OHB at a potentially pivotal moment, with the imminent annual report serving as the next key validation point for investors.
