OHB SE Poised for Major Defense Contract as Operational Momentum Builds

OHB consortium bids for €10B SATCOMBw defense contract. Company reports 24% order growth, record €3.1B backlog, and raises 2027 targets.

The German aerospace group OHB SE could be on the verge of a transformative defense contract. According to reports from Bloomberg, a consortium comprising Airbus Defence and Space, Rheinmetall, and OHB is preparing a joint bid to construct a sovereign satellite communications system for the German armed forces, known as SATCOMBw Stage 4. This strategic project, designed to establish independence from U.S. systems, carries an estimated value of up to €10 billion.

Operational Performance Sets Strong Foundation

Separate from this potential mega-deal, OHB's existing business is demonstrating robust growth. The company's order intake surged by 24% in 2025 to approximately €2.1 billion. Meanwhile, its firm order backlog expanded by an impressive 47%, reaching a record high of over €3.1 billion.

During its 2026 Capital Market Day, management upgraded its medium-term financial targets. For the current year, OHB is aiming for total output of €1.4 billion with an EBITDA margin of 11%. The goal for 2027 is €1.7 billion in output and a 12% margin. From 2028 onward, the company targets exceeding €2.0 billion in annual output.

Recent project milestones further underscore this momentum. The Ariane 6 rocket successfully completed its first commercial mission on February 12. OHB's subsidiary, MT Aerospace, which holds a 10% workshare in the program, is now fully consolidated following its acquisition in October 2025. This includes benefits from 18 firmly booked launch contracts with Amazon. In a separate development, OHB's Italian subsidiary secured an €81.2 million contract from the European Space Agency in February for the RAMSES asteroid mission, a project with a total value of around €150 million.

Consortium Strategy and Competitive Landscape

Within the proposed three-company alliance for the SATCOMBw project, a clear division of labor is envisioned. OHB would be responsible for satellite manufacturing and engineering, while Rheinmetall would act as the systems integrator for military applications. OHB's commitment is evidenced by its strategic acquisition of a production facility in Schöneck, Saxony, in October 2025, specifically to enable the necessary series production.

The planned constellation is expected to comprise 100 to 200 satellites in low Earth orbit, a scale comparable to systems like Starlink. OHB had already confirmed talks with Rheinmetall in an ad-hoc announcement at the end of January.

Competition for the contract, however, is significant. Airbus Defence and Space, the operator of the preceding Stages 2 and 3, is also in discussions with the German defense ministry. Furthermore, the planned merger of the space divisions of Airbus, Thales, and Leonardo is set to create another formidable European competitor.

Upcoming Financials as a Key Indicator

The next significant event for investors will be OHB's annual results presentation on March 19, where the audited group financial statements for 2025 will be released. This report will provide critical insight into whether the company's operational dynamism has translated into solid profitability and how its liquidity position stands ahead of potential large-scale projects.

While the final decision on the SATCOMBw Stage 4 contract is expected to take several more months, the March figures will serve as an important check on the financial health underpinning OHB's ambitious growth trajectory.