Shares of Bremen-based aerospace group OHB SE surged to record levels as the first quarter of 2026 concluded. This upward movement is underpinned by more than general market optimism; a multi-billion euro defense collaboration with Rheinmetall provides a concrete operational foundation for the rally.
Operational Strength and Record Backlog
The company’s operational health is demonstrated by its financial metrics. By the end of March 2026, OHB’s order backlog had reached a historic high of €3.19 billion. The Space Systems segment alone contributed €2.51 billion to this total. For the 2025 fiscal year, the group reported total output of €1.247 billion, representing growth of approximately 21 percent year-over-year. Earnings before interest and taxes (EBIT) rose to €84 million.
Management has set a target for total revenue to exceed €2.0 billion by 2028. This forecast is supported by high visibility into future cash flows from major projects, including the LISA mission and the European Space Agency’s EPS-Sterna program. A recent demonstration of the business model’s technical scalability was the activation of Eaglet-II satellites for Italy’s IRIDE program.
Strategic Satellite Constellation for German Armed Forces
Central to the positive sentiment is the “SATCOMBw Stage 4” initiative—a sovereign German satellite communications network that OHB aims to develop and operate jointly with Rheinmetall. The total project volume is estimated between €8 and €10 billion. The plan involves a constellation of roughly 100 satellites, scheduled to be operational by 2029.
Within this partnership, OHB contributes its expertise in satellite manufacturing and system leadership, while Rheinmetall handles platform integration and ensuring compatibility with Bundeswehr requirements. The strategic objective is to reduce dependency on foreign providers for tactical communication solutions.
Trading between €263.50 and €266.50 on Tuesday, the stock’s elevated valuation is viewed by market analysts as justified, given the robust order situation. This assessment, however, is contingent upon the successful and timely execution of these large-scale projects.