OHB SE Charts Independent Course Amid Industry Consolidation

European aerospace firm OHB posts strong 2025 results with 21% output growth and a record €3.19B order book, driven by small satellites, as it charts independent growth path.

Presenting its annual results, European aerospace group OHB SE has reported record financial figures and a substantial order backlog. The company's strong performance, highlighted by a significant jump in profit, serves as a robust argument for maintaining its independence. This comes at a time when major competitors are merging their space divisions, reshaping the competitive landscape.

Financial Performance and Shareholder Returns

For the 2025 fiscal year, OHB achieved a 21% increase in total output, reaching €1.25 billion. The company's operating result, measured by EBITDA, also saw a clear improvement, rising from €111 million to €126 million. Demonstrating confidence in its financial stability, the management has proposed a consistent dividend of €0.60 per share. This strategy reflects a balanced approach, rewarding shareholders while continuing to fund essential investments in future space projects without compromising a solid equity ratio.

Record Order Book Driven by Small Satellite Segment

A key indicator of future performance, the company's order book, surged by 34% to a new record high of €3.19 billion. A major contributor to this growth is a recent contract secured by OHB's Swedish subsidiary. Valued at €248 million, the agreement with EUMETSAT involves the construction of 20 small satellites for the EPS-Sterna program. This project provides long-term revenue visibility and production capacity utilization, with deliveries scheduled to commence in 2029.

Strategic Positioning Against Larger Rivals

Bolstered by this strong foundation, OHB's management has outlined ambitious growth targets. For the current 2026 financial year, the company aims to increase revenue to €1.4 billion, targeting an EBITDA margin of 11%. Further intermediate goals include €1.7 billion in revenue for 2027, with plans to sustainably exceed the €2 billion annual output mark from 2028 onward.

These targets are set against a backdrop of significant industry consolidation. European giants Airbus, Thales, and Leonardo are advancing the merger of their space activities, a move expected to intensify competitive pressure for future contracts from agencies like the ESA or for defense projects. In response, OHB is strategically positioning itself not as a direct competitor in scale, but as a nimble specialist in the small satellite domain and a crucial partner for complex scientific missions, such as the LISA project.