OHB SE Sets Sights on €2 Billion Revenue Target Following Record Year

OHB SE reports record 2025 revenue of €1.25B and a €3.2B order backlog, fueled by defense & space demand. Targets €2B annual sales by 2028.

The German aerospace and technology group OHB SE has unveiled a certified annual report for 2025, revealing record-breaking performance and establishing ambitious growth targets that extend into the next decade. The company, having surpassed the €1 billion revenue milestone, is now charting a course toward €2 billion in annual sales.

Unprecedented Financial and Order Book Strength

OHB's operational achievements in 2025 were marked by significant growth across key metrics. Total revenue climbed by 21% to reach €1.248 billion. New order intake soared to an all-time high of €2.078 billion, propelling the total order backlog to another historic peak of €3.194 billion. Adjusted EBITDA also saw robust growth, increasing to €126 million from €111 million in the prior year.

This surge is largely attributed to heightened demand from both defense and space sectors, which has filled the company's pipeline with an unprecedented volume of work.

Segment Performance: Space Systems Leads the Charge

The Space Systems division holds the lion's share of the backlog, accounting for €2.508 billion. A landmark achievement for this segment in 2025 was being selected as the prime contractor for the European Space Agency's LISA mission. This contract, valued at €839 million, involves the construction of three spacecraft designed to detect gravitational waves from a triangular formation with sides measuring 2.5 million kilometers.

Within the Access to Space segment, series production of flight models 16 through 42 for the Ariane 6 rocket is now underway. Concurrently, OHB has successfully forged new supply partnerships in the commercial U.S. market and the defense industry. The Digital segment also reported a record order intake exceeding €250 million, driven by increasing demand for satellite operations supporting military applications.

Strategic Expansion and a Firm Growth Roadmap

To meet this escalating demand, OHB has proactively expanded its manufacturing footprint. OHB Sweden AB has relocated to a larger production site, and the recently acquired TechniSat facility in Schöneck is being repurposed for the series production of electronic components.

Looking ahead, management has outlined clear financial objectives. The company is targeting revenue of €1.4 billion with an EBITDA margin of 11% for 2026. The goal for 2027 is €1.7 billion in revenue and a 12% margin. From 2028 onward, the leadership is aiming for the €2 billion revenue threshold.

This confidence is underpinned by substantial funding commitments at European and national levels. These include the ESA budget of €22.3 billion for 2026-2028, planned German investments of €35 billion into military space infrastructure, and the proposed EU budget for 2028-2034, which allocates €131 billion for resilience, defense, and space. The company's dividend will remain stable at €0.60 per share. CEO Marco Fuchs has also reaffirmed that a delisting from the stock exchange is not currently planned.

The Pivotal SATCOMBw Contract Decision

A significant near-term opportunity is the ongoing tender process for the German Bundeswehr's SATCOMBw Stage 4 project. With a potential value of up to €10 billion, it represents the largest single contract in OHB's history. The company is bidding as part of a consortium with Rheinmetall and Airbus Defence and Space, with OHB slated to be responsible for satellite manufacturing and engineering.

The final award decision, however, remains pending and is expected to take several more months. The competitive landscape may be intensified by the proposed merger of the space divisions of Airbus, Thales, and Leonardo. A successful bid would dramatically accelerate OHB's growth trajectory, potentially bringing the €2 billion revenue target forward from 2028.