As OHB SE marks a quarter-century as a public company, it finds itself on the cusp of securing what could be its most significant contract ever. The Bremen-based aerospace firm is reportedly positioned within a consortium alongside Airbus Defence and Space and Rheinmetall, competing for a major German Bundeswehr project. The initiative, known as SATCOMBw Stage 4, aims to establish a sovereign satellite communications network independent of U.S. systems, with an estimated total value reaching up to €10 billion.
This ambitious project envisions a constellation of 100 to 200 satellites in low Earth orbit, similar in concept to SpaceX’s Starlink. Within the proposed consortium, OHB’s role would center on satellite manufacturing, while Rheinmetall would handle military systems integration. In a move signaling preparation for potential series production, OHB acquired a facility in Schöneck, Saxony, back in October 2025. The competitive landscape remains fierce, however. Airbus has confirmed its own discussions with the German defense ministry, and a potential merger of the space divisions of Airbus, Thales, and Leonardo could further intensify pressure on the market.
Financial Foundation and Cash Flow Scrutiny
The prospect of this landmark deal is underpinned by robust operational performance. In 2025, OHB’s order intake surged by 24% to approximately €2.1 billion, while its order backlog expanded by an impressive 47% to over €3.1 billion. For the full 2025 fiscal year, management is targeting total output of €1.2 billion with an EBITDA margin of 9%. This follows a revenue increase of 21% reported for the first nine months of the year.
A key focus for analysts ahead of the annual results press conference on March 19 will be whether this top-line growth has translated into stronger cash generation. Given the substantial upfront investments required for the planned satellite serial production, the capital market is paying close attention to the company’s liquidity development.
Should investors sell immediately? Or is it worth buying OHB SE?
Revised Targets and Strategic Projects
During its Capital Market Day in January 2026, OHB outlined raised medium-term growth objectives. The company’s roadmap establishes the following financial milestones:
- 2026: Total output of €1.4 billion, with an EBITDA margin of 11%.
- 2027: Total output of €1.7 billion, with an EBITDA margin of 12%.
- From 2028 onward: Sustained total output exceeding €2 billion.
This growth is expected to be driven by rising budgets from the European Space Agency (ESA), the European Union, and national clients, with the defense market gaining increasing importance. Additional momentum comes from an ESA contract for the RAMSES asteroid mission, valued at €81.2 million (with a total project volume around €150 million), and the Ariane 6 business conducted by its subsidiary, MT Aerospace. Furthermore, Amazon has firmly booked 18 launches with Arianespace—the largest commercial contract in the launch service provider’s history.
The annual figures released on March 19 will provide the first concrete data point to assess progress toward these ambitious goals. Meanwhile, the final decision on the SATCOMBw Stage 4 contract is expected to unfold over several more months. A successful award would represent a structural leap forward for OHB, fundamentally altering its scale and prospects far beyond a typical project win.
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