As OHB SE showcases its capabilities at this week’s Munich Space Summit, a strategic pivot is coming into sharp focus. For the Bremen-based aerospace group, the defense sector is emerging as a critical growth pillar, complementing its established civilian satellite operations. This shift is underpinned by a record order backlog and the resolution of prolonged speculation regarding the company’s stock market future.
Record Backlog and Strong Financials Set the Stage
The company’s expansion strategy is built on a solid financial foundation, as demonstrated by its recently reported results for the 2025 fiscal year. Revenue surged by 21 percent to approximately €1.25 billion, with adjusted EBIT reaching €84 million, highlighting robust operational growth. A standout performance in the final quarter saw an adjusted EBITDA margin of 11.6 percent, allowing OHB to surpass its own full-year 2026 target ahead of schedule.
A firm order backlog of €3.19 billion represents a historic high for the company. The continued vitality of its civilian business is confirmed by a recent follow-on contract secured by subsidiary OHB Sweden. Valued at €248 million from the European Space Agency (ESA), the award is for the construction of 20 small satellites as part of the EPS-Sterna weather satellite program.
Strategic Moves in the Defense Arena
Capitalizing on this momentum, OHB is actively positioning itself for major public tenders in the security domain. A central focus is the SATCOMBw-Stage-4 project, a multi-billion euro initiative by the German Bundeswehr for military satellite communications. For this bid, the group plans to form a consortium with Rheinmetall, wherein OHB would be responsible for satellite manufacturing and engineering.
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Strategic preparations for potential series production were already made last October with the acquisition of a new manufacturing facility in Schöneck, Saxony. The segment’s substantial market potential is further amplified by Germany’s planned €35 billion investment in military space infrastructure.
Clarified Ownership and Ambitious Targets
Alongside its operational expansion, management has brought clarity to the shareholder structure. CEO Marco Fuchs has definitively ruled out a delisting following the entry of private equity investor KKR. The continued stock exchange listing is intended to bolster confidence among public sector clients and ensure access to capital markets. The Fuchs founding family retains control of 65.4 percent of shares, while KKR holds a 28.6 percent stake.
With ownership clarified and order books full, management is targeting total output of €1.4 billion for the current 2026 fiscal year, with an EBITDA margin around eleven percent. Revenue is projected to climb to €1.7 billion in 2027. The next detailed insight into operational progress will come on May 7, 2026, with the release of the company’s first-quarter results.
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