The aerospace and technology group OHB SE has achieved a significant milestone, exceeding its full-year profitability goal during the final quarter of 2025. This early accomplishment, reported before the start of 2026, was driven by a robust EBITDA margin of 11.6% in Q4. Concurrently, the company stands on the brink of a transformative contract within the SATCOMBw-4 consortium, which could fundamentally reshape its growth trajectory.
Exceptional Order Book and Financial Performance
OHB closed 2025 with a record order backlog, which surged to €3.19 billion from €2.38 billion. The majority of this, €2.51 billion, is attributed to its Space Systems division. Financially, the company demonstrated strong growth: annual revenue increased to €1.25 billion from €1.03 billion. Adjusted EBITDA reached €125.6 million, while adjusted EBIT came in at €84.0 million.
In response to these results, the analysis firm NuWays promptly revised its assessment. It reaffirmed its “Buy” recommendation and raised the price target to €272 from €260. Looking ahead to 2026, NuWays forecasts revenue of approximately €1.4 billion and an EBITDA margin of 10.7%, a figure it describes as conservatively calculated to account for potential quarterly volatility.
Defense Segment Holds Major Growth Potential
Currently representing about 10% of group revenue, the defense business is identified by NuWays analysts as the primary lever for future expansion. They suggest that if military contracts scale up over the coming two years, an EBITDA margin exceeding 12% becomes a realistic prospect for OHB.
The most concrete opportunity stems from the German Bundeswehr’s SATCOMBw 4 project. Reports indicate that Airbus, OHB, and Rheinmetall are planning a joint consortium to build a Low Earth Orbit (LEO) communications network comprising over 100 satellites. The total contract value is estimated between €8 and €10 billion. While OHB’s share of the work would be moderated by Airbus’s lead role, the consortium approach significantly boosts the likelihood of winning the award. NuWays estimates a realistic one-third share for OHB, which would translate into cumulative order intake of €2.7 to €3.3 billion. In a related move, OHB announced a merger control procedure for a joint venture with Rheinmetall Digital GmbH on March 20.
Medium-Term Ambitions and Upcoming Catalyst
OHB has set ambitious medium-term targets, aiming for revenue of €1.7 billion and a 12% EBITDA margin by 2027. The company expects to surpass the €2 billion revenue mark from 2028 onward. This growth is expected to be supported by the European Space Agency’s budget of €22.3 billion through 2028 and rising European defense expenditures.
Investors will get an early indication of whether the strong margin performance in Q4 2025 is sustainable when the company releases its Q1 2026 figures on May 7.