OHB Hits All-Time High as Record €3.35 Billion Backlog Opens New Frontiers

Shares soar 6.6% as space group posts 15% revenue growth, 37% EBITDA jump; historic order book and new Moonport venture drive investor confidence.

Shares in OHB SE soared to an all-time high of €343 on Tuesday after the Bremen-based space group delivered first-quarter numbers that blew past market expectations, sending the stock up 6.6% in pre-market trading. The rally underscored investor confidence in a company that now sits on a historic €3.35 billion order book — enough to lock in years of production and make future revenues largely predictable.

Revenue for the three months to March rose 15% to €200.8 million, while adjusted EBITDA jumped 37% to €27.3 million, producing a stable operating margin of 9.7%. CEO Marco Fuchs highlighted the group's robust earnings power as a key buffer for the aggressive expansion plans now taking shape.

Contracts Fuel the Pipeline

The record backlog is anchored by the €250 million EPS-Sterna contract for 20 satellites, alongside mandates from the European Space Agency. OHB has been tapped for the RAMSES planetary defence mission, is developing the 16-satellite Eaglet-II constellation, and continues preparations for the maiden flight of the Ariane 64 rocket. In a further boost, the British subsidiary OHB Space UK secured a multi-million-euro ESA contract for the EnVision Venus probe — barely a year after its founding, it plans to create up to 100 new jobs in Bristol.

Beyond Satellites: Moonport and Defence Talks

The company is also venturing into new territory. The creation of the "European Moonport Company" marks a strategic push into lunar infrastructure, diversifying beyond traditional satellite and launcher programmes. Meanwhile, OHB is in discussions with Rheinmetall about a potential partnership on public procurement projects — a move that could open up defence-related markets and further broaden the group's portfolio.

Analysts have responded positively to the direction, with the consensus forecasting earnings per share of $4.28 for the full year. Management has yet to issue a specific revenue guidance for 2026, but the sheer visibility from the backlog provides a clear financial runway for the quarters ahead.

Next Milestone: Capital Markets Update

All eyes are now on 18 May, when OHB will host a Capital Markets Update. Investors expect the board to lay out the multi-year strategy behind its record order intake, the UK expansion, and the new business lines. With the shares already at a historic peak and the balance sheet carrying all the momentum of a full pipeline, the event could either cement the rally or reveal new hurdles. For now, the space group is flying high on the back of a full order book and a rapidly widening horizon.