OHB SE's First-Quarter Results Beat the Noise: EBITDA Up 37%, Backlog at €3.35 Billion as Space Sector Braces for SpaceX's Mega-IPO

OHB Q1 revenue +15% to €279.3M, EBITDA +37%; €3.35B backlog buffers amid SpaceX IPO hype, but Schaeffler entry and rising costs challenge margin consistency.

While broader markets wobbled — the DAX slipping below 25,000 points and fresh tensions in the Middle East weighing on sentiment — OHB SE delivered first-quarter numbers that turned heads. The Bremen-based space company posted a 15% revenue jump to €279.3 million and an even sharper EBITDA climb of 37%, hitting €27.3 million against €20 million a year earlier. The growth is notable not just for the top line, but for what it signals about cost control: OHB is converting rising sales into fatter margins.

That improvement in profitability came without any sudden windfall. The order backlog stood at €3.354 billion — more than three times annual revenue — providing multi-year visibility that few industrial companies can match. And crucially, much of that backlog is tied to long-term ESA missions and institutional contracts that are largely immune to short-term macroeconomic shocks. With oil prices hovering near $96 a barrel and inflation-sensitive sectors under pressure, OHB's public-sector anchoring offers a structural buffer.

The space sector itself is entering a high-profile period. Rocket Lab hit a fresh all-time high above $150 on the Nasdaq, with analysts pointing to further upside. Then there is the looming SpaceX initial public offering, scheduled for June 12, 2026. The company is targeting a valuation of up to $2 trillion and needs to raise $75 billion in what would be the largest IPO in history. The Nasdaq has even introduced a “Fast-Entry Rule” to fast-track SpaceX into key indices. That kind of spectacle tends to lift all boats — at least temporarily — and European players like OHB stand to benefit from renewed investor attention on space assets.

But the spotlight also comes with sharper competition. Schaeffler, best known for automotive and industrial parts, has entered the satellite components business through a partnership with Spire Global. The group is targeting €250 million in sales from that segment by 2030. For OHB, that means a well-capitalized rival muscling into its core territory. The technological edge will need defending, especially as material and personnel costs creep higher.

The Q1 margin performance is encouraging, but the real test is whether OHB can sustain it over the full year. The Creditreform study for 2026 flagged rising default risks among German corporates, even as GDP growth improves modestly to 1.1%. Cyclical headwinds are unlikely to disrupt OHB's project pipeline, but execution risk rises when costs are climbing and the order book is as full as it is.

The convergence of a record SpaceX IPO, surging valuations at Rocket Lab, and new entrants like Schaeffler creates a complex environment. OHB has the backlog and the operational proof points from this quarter. What remains to be seen is whether it can turn that pipeline into consistently higher margins — or whether the weight of a crowded field and rising expenses will cap the upside.