OHB SE: Record Order Backlog Signals Robust Growth Trajectory

OHB SE hits record €3.19B order backlog, secures major ESA contract, and eyes a multi-billion euro German defense satellite project, setting ambitious 2026-2028 revenue targets.

The Munich Space Summit concluded today, providing a significant boost to OHB SE. The German aerospace and technology group is navigating a period of exceptional momentum, supported by a record order book, a freshly signed European Space Agency (ESA) contract, and the prospect of a multi-billion euro defense project.

Unprecedented Order Intake and Financial Targets

OHB's secured order backlog has reached a historic peak of €3.19 billion. A book-to-bill ratio exceeding 1.5 underscores that new contract wins are substantially outpacing the rate at which existing orders are fulfilled. This strong foundation was recently reinforced by a €248 million ESA contract awarded to OHB's Swedish subsidiary for the construction of 20 new weather satellites.

Management has set clear financial objectives, targeting revenues of €1.4 billion with an EBITDA margin of 11% for 2026. The goals for 2027 are €1.7 billion in revenue and a 12% margin, with the aim of surpassing the €2 billion revenue mark from 2028 onward. Investors will gain an early indicator of whether the momentum from a record 2025 is continuing when the Bremen-based company releases its Q1 figures on May 7.

Strategic Defense Opportunity on the Horizon

A major potential catalyst lies in the SATCOMBw Stage 4 project, a planned initiative for the German Bundeswehr's military satellite communications. Reports indicate that Airbus, OHB, and Rheinmetall are considering forming a consortium to develop a Low Earth Orbit (LEO) network comprising more than 100 satellites. The total project volume could reach between eight and ten billion euros.

While the timing and outcome of any contract award remain uncertain, the macro-environment is favorable. Germany has outlined plans to invest €35 billion in military space infrastructure, and the ESA has increased its budget for the 2026-2028 period to €22.3 billion.

Ariane 6 Provides Stable Production Pipeline

Beyond defense, the company benefits from the steady serial production of the Ariane 6 launcher. Its subsidiary, MT Aerospace—fully consolidated since October 2025—manufactures tanks and structural components, accounting for a ten percent workshare of the overall program. The stability of this revenue stream is secured by Amazon's firm booking of 18 launches, the largest commercial contract in the history of launch service provider Arianespace. This guarantees MT Aerospace a predictable workload for several years.

The confluence of these factors—a record backlog, strategic growth in defense and institutional contracts, and stable commercial launch production—paints a picture of a company operating with strong tailwinds across its core business segments.