OHB SE's Record Order Backlog Fuels Ambitious Growth Trajectory

OHB SE's 2025 report shows record €3.2B order backlog and strong financial growth, fueled by European government space investment. The company targets €2B revenue by 2028.

European governments are directing unprecedented funding into space initiatives, and Bremen-based satellite manufacturer OHB SE is securing a significant portion of the resulting contracts. The company's recently published annual report for 2025 provides compelling evidence of its substantial benefit from this geopolitical shift. Bolstered by an all-time high order book, management is now setting its sights on ambitious medium-term objectives.

Unprecedented Order Book Provides Foundation

The most striking indicator of OHB's strength is its long-term visibility. As of December 31, 2025, the firm's firm order backlog reached a record €3.2 billion. This massive reserve is segmented across its core divisions:

• Space Systems: €2.508 billion
• Access to Space: €362 million
• Digital: €324 million

The dominant Space Systems segment is a primary beneficiary of increased state budgets. Major projects, including the ESA's LISA mission and the EPS-Sterna Arctic satellite constellation, are booking production capacity for years to come. This momentum is further supported by the European Space Agency's record budget exceeding €22 billion through 2028, coupled with rising German military expenditures on space-based infrastructure.

Financial Performance Shows Robust Gains

This strategic positioning translated into powerful financial results for the past fiscal year. Total output surged by 21% to approximately €1.25 billion. Profitability also saw marked improvement, with EBITDA climbing from €111.1 million to €125.6 million. These figures demonstrate that the company's drive to industrialize satellite production is yielding results and that margin discipline is being maintained. Shareholders are set to participate in this operational strength through a stable dividend of €0.60 per share.

Market Valuation and Strategic Outlook

Building on this substantial order cushion, OHB's leadership is targeting a revenue leap to over €2 billion by 2028. The market has already priced in these prospects to a large degree. With shares currently trading at €257, the company commands a market capitalization of €4.9 billion. Following strategic investments in recent years, only 4.89% of shares remain in free float, drastically limiting the supply of tradable securities. This scarcity provides underlying support for the current share price and can lead to rapid price appreciations on news of further contract wins.