Investor focus is firmly on Bremen-based aerospace and technology group OHB SE as it maneuvers to secure one of the largest defense contracts in recent German history. Confirmed partnership talks and a robust order book are generating significant market interest. The upcoming annual report on March 19, 2026, will be scrutinized for confirmation that the company’s profitability can match its ambitious growth trajectory.
Solid Operational Foundation Supports Ambition
Beyond the buzz of potential defense wins, OHB’s core business continues to deliver solid results. The European Space Agency (ESA) has awarded a contract to OHB’s Italian subsidiary to construct the RAMSES spacecraft for a mission to study the asteroid Apophis. This contract is valued at approximately 81 million euros, with the total project volume, including preparatory work, reaching 150 million euros.
Furthermore, the company is benefiting from the ramp-up of the Ariane 6 rocket program, which completed its first commercial launch for Amazon in February. Following the full consolidation of subsidiary MT Aerospace, revenue from all 18 firmly booked Amazon launches now flows entirely into OHB’s accounts. This operational strength is already evident in key metrics: the firm’s order backlog surged by 47 percent in 2025 to over 3.1 billion euros.
The Multi-Billion Euro Satellite Prize
At the heart of investor speculation is the “SATCOMBw Stage 4” project. The German Bundeswehr plans to establish its own satellite network in low Earth orbit to ensure communication capabilities independent of U.S. systems by 2029. The estimated value of this massive undertaking is up to 10 billion euros.
OHB has officially confirmed discussions with defense giant Rheinmetall regarding a joint bid for this flagship program. The envisioned division of labor would see Rheinmetall act as the systems lead, handling military integration, while OHB would be responsible for satellite manufacturing. To secure the necessary production capacity, OHB acquired a facility in Schöneck back in October 2025. Competition remains fierce, however, with Airbus Defense and Space, as well as a potential consortium of Thales and Leonardo, also vying for the contract.
Key Financial Data and Upcoming Catalyst
| Metric | Value |
|---|---|
| Total Revenue 9M 2025 | 863.5 million EUR (+21%) |
| EBITDA 9M 2025 | 75.5 million EUR |
| Order Backlog 2025 | >3.1 billion EUR (+47%) |
| 2026 Total Revenue Target | 1.4 billion EUR (Margin: 11%) |
| Potential SATCOMBw Volume | Up to 10 billion EUR |
| Next Key Date | March 19, 2026 |
The audited figures released on March 19, 2026, must demonstrate that profitability is keeping pace with rapid expansion. Given the substantial upfront investments required for its ambitious project pipeline, the development of the company’s liquidity position within the annual report is likely to be a decisive indicator for near-term share price direction.
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