The shares of European aerospace and technology group OHB SE are in focus following two significant developments that together paint a promising picture for its future, provided its financial performance aligns with its burgeoning order book.
Financial Targets and Growth Trajectory
Today, OHB SE published its certified annual financial statements for 2025. The management anticipates total revenue of €1.2 billion for the year, with an EBITDA margin of nine percent. A key metric for investors is the substantial growth in orders: new order intake surged by 24 percent to approximately €2.1 billion, while the firm order backlog jumped an impressive 47 percent to over €3.1 billion.
The capital market is scrutinizing the company’s liquidity position. Significant upfront investments have pressured cash flow ahead of the full billing cycle for major contracts. These investments include the acquisition of a production facility in Schöneck in October 2025 and the complete takeover of MT Aerospace. MT Aerospace, now fully consolidated in the group accounts since October 2025, manufactures tanks and structural components for the Ariane 6 launcher.
Looking ahead, OHB has raised its medium-term growth objectives. The company is targeting total revenue of €1.4 billion with an 11% EBITDA margin for 2026, scaling up to €1.7 billion and a 12% margin by 2027.
Should investors sell immediately? Or is it worth buying OHB SE?
Major Arctic Satellite Constellation Contract
Adding immediate momentum, OHB’s Swedish subsidiary has secured a landmark contract from the European Space Agency (ESA) and EUMETSAT. The EPS-Sterna project involves building 20 small satellites for an Earth observation constellation dedicated to gathering weather data from polar regions, which are beyond the reach of geostationary satellites. The contract is valued at €248 million.
The first launch is scheduled for 2029. The constellation is planned for two renewal cycles and is designed to operate until at least 2042. This award was heavily influenced by the successful demonstration of the Arctic Weather Satellite, a precursor also built by OHB Sweden. That demonstrator was delivered from contract to orbit in just three years, and its data is already being integrated into operational forecast models at the European Centre for Medium-Range Weather Forecasts—a decisive vote of confidence.
Strategic Implications for Future Defense Tenders
Beyond its direct financial contribution, the EPS-Sterna contract carries substantial strategic weight. It validates OHB’s “New Space” approach—characterized by speed, cost-efficiency, and industrial scalability—for major institutional clients like ESA and EUMETSAT. This proven competency is seen as crucial for OHB’s ambitions in upcoming large-scale defense programs.
Most notably, this refers to SATCOMBw Stage 4, a German Bundeswehr satellite communications initiative with an estimated volume of at least €10 billion. For this project, OHB is planning a consortium with Airbus Defence and Space and Rheinmetall, aiming to establish an initial operational capability by 2029. The financial results released today provide the first concrete evidence of whether OHB’s operational foundation can support this ambitious growth path.
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