OHB’s UK Arm Lands Venus Testing Contract Amid Earnings Leap and Soaring Order Pipeline

OHB SE's British unit to integrate and test EnVision spacecraft for ESA's Venus mission; company's order backlog hits €3.35B, stock up 480% in 12 months.

OHB SE’s British unit is poised to take a direct hand in Europe’s next flagship mission to Venus, even as the German space and defence group reports surging earnings and a record order book that has pushed its shares to an all?time high. The contract, awarded by Thales Alenia Space to OHB Space UK, covers the integration and comprehensive testing of the EnVision spacecraft. Valued at roughly €24 million, the work is modest in scale but strategically central to one of the European Space Agency’s most ambitious scientific projects.

EnVision is designed to map the geology and atmosphere of Venus in unprecedented detail, helping scientists understand why Earth’s neighbour evolved so differently. The prime contract for the mission was signed in February 2025 and totals €367 million. Under the newly awarded package, OHB Space UK will ensure that the spacecraft’s systems perform reliably in the harsh environment of deep space. The probe is scheduled to launch atop an Ariane 64 rocket in November 2031, reach Venus after a 15?month cruise, and conduct at least four years of scientific operations.

The Venus award dovetails with a broader financial upturn at the parent company. In the first quarter of 2026, OHB’s total performance climbed 15% year?on?year to €279.3 million. Its order backlog swelled by 45% to a record €3.35 billion, while adjusted EBIT jumped 63% to €16.8 million. That translated into a profit margin of 6.0%, up from 4.3% a year earlier, and net earnings per share more than quintupled to €0.52 from €0.20.

The surge in orders has been fuelled by a series of large wins beyond the Venus mission. OHB Sweden secured the largest single contract in that unit’s history — €248 million for the EPS?Sterna micro?satellite constellation, building on the Arctic?Weather?Satellite prototype launched in 2024. OHB Italia, meanwhile, won an €81 million ESA contract for the Ramses mission, a planetary?defence project. Together, these awards underscore OHB’s expanding footprint in scientific and Earth?observation programmes.

At the market, the financial performance has electrified investors. OHB’s stock hit a new all?time high of €486.50 this week, bringing its 12?month gain to roughly 480%. The rally stands out in a defence?and?space sector where most peers are struggling to translate operational progress into share?price support. KKR, via the Orchid Lux Holding, retains a 28.6% stake, while the free float is a thin 5.7% — a structure that can amplify both gains and volatility.

The long?term nature of space contracts provides a counterpoint to the short?term noise of equity markets. OHB’s recent orders, including the Venus work, will be executed over years, not weeks. The company also benefits from a supportive political backdrop: the European Union is negotiating a budget for 2028?2034 that could allocate up to €131 billion to defence, security and space programmes. Such multi?year funding cycles are a natural fit for OHB’s business model.

Upcoming events may sharpen the growth narrative. A capital markets update is scheduled for 18 May, followed by the annual general meeting on 8 June. Both will offer a chance to update guidance for the full year and to detail how the bulging order pipeline will translate into revenue and cash flow. For now, OHB’s combination of near?term earnings momentum and long?dated mission contracts gives it a profile that few European aerospace peers can match.