OHB SE: Record Backlog Signals Billion-Euro Trajectory

OHB SE's strategic shift to serial satellite production pays off with a record €3.19B order backlog, a €248M new contract, and an upgraded financial outlook targeting over €2B revenue by 2028.

OHB SE has demonstrated in 2025 that its strategic pivot from a bespoke satellite manufacturer to a serial production powerhouse is now fully operational. The Bremen-based aerospace group is delivering across the board, evidenced by a record order backlog, an upgraded financial outlook, and a substantial new contract award.

Financial Performance and Upgraded Outlook

The company’s latest financial results show revenue climbing 21% to €1.25 billion for the past fiscal year. Adjusted EBIT reached €84 million. Perhaps more significant is the state of the order book, which hit a historic peak of €3.19 billion—a substantial increase of approximately €800 million from the prior year. The Space Systems segment alone contributes €2.51 billion to this total.

This robust performance has led management to raise its forecast for 2026 and 2027. The company is now targeting revenue exceeding €2.0 billion by 2028. The momentum is already visible in profitability metrics: the adjusted EBITDA margin for Q4 2025 stood at 11.6%, surpassing the full-year 2026 target of 11% set by the company. Investors can expect the next update with the Q1 2026 figures on May 7.

Serial Production Drives Major Contract Win

A key growth driver is the company's success in industrialized small satellite production. Just one day before its annual results press conference, OHB Sweden secured a follow-on order valued at €248 million. The contract is for 20 small satellites as part of the EUMETSAT Polar System – Sterna (EPS-Sterna).

This award builds directly on the Arctic Weather Satellite, a demonstrator unit that OHB Sweden successfully placed into orbit. That project was notable for its rapid timeline, moving from contract award to launch in just three years. The EPS-Sterna program encompasses three generations of satellites, with six units in each generation. The first launch is scheduled for 2029.

EUMETSAT estimates the economic value of the mission's weather data for Europe at over €30 billion. For OHB, the contract serves as concrete proof that its serial production model for small satellites is commercially viable and competitive.

Strategic Investments and Favorable Market Winds

Behind this growth lies a period of deliberate capacity expansion. OHB has significantly enlarged its manufacturing footprint. This was achieved through the relocated production facilities of OHB Sweden and the acquisition of the former TechniSat plant in Schöneck, which now operates as OHB Vogtland GmbH.

The company is also benefiting from strong structural tailwinds in its core markets. The European Space Agency (ESA) has a budget of €22.3 billion earmarked for the 2026-2028 period. Furthermore, Germany has planned investments totaling €35 billion into military space infrastructure, creating a sustained demand environment for OHB's expertise.