OHB's Half-Year Scorecard: Record Backlog Meets a Market That's Already Moved On

OHB's H1 2026 shows record order book and strong EBITDA, but share price remains 63% below peak. Analysts split on valuation.

The arithmetic of OHB's 2026 story is straightforward on the operating side: half-year output climbed to €628 million, adjusted EBITDA reached €60 million, and the order book hit an all-time high of €3.304 billion. The harder question is whether the share price, still nursing a 63% wound from its May peak, has already priced in the good news.

The Bremen-based space and defense contractor published its interim figures on August 6, showing total performance up 11% from the €564 million recorded in the same period last year. Adjusted EBITDA rose 31% year-on-year. Management used the occasion to reaffirm its full-year guidance of roughly €1.4 billion in total output at an adjusted EBITDA margin between 10.5% and 11%.

That guidance confirmation lands against a backdrop of a substantially fortified balance sheet. A capital increase worth €484 million gross closed in early July, with around 1.6 million new shares issued. The resulting shareholder structure was confirmed at the start of August: the Fuchs family retains its majority at approximately 60.3%, private equity firm KKR has taken a roughly 19.7% stake through its Orchid Lux HoldCo vehicle, and free float stands at about 20%.

Proceeds from the raise are earmarked for manufacturing capacity expansion, potential acquisitions, and investments in launch vehicles and future programs. The half-year figures provide the first tangible evidence that the operational engine is keeping pace with the influx of capital.

Orders Span the Continent

The financial report was accompanied by operational news from beyond Germany. Late July brought confirmation that OHB Italia will develop the second generation of the PRISMA hyperspectral Earth observation mission for the Italian space agency ASI, a project running through the end of 2031. The win underscores that the order pipeline is not a single-country affair but is spreading across multiple European sites.

Political tailwinds are also building. On July 24, OHB and the European Spaceport Company welcomed defense minister Boris Pistorius's plans to expand launch capabilities for rockets in Germany. For a company deliberately channeling capital into launch vehicle programs, such state-level infrastructure backing carries significance beyond individual contract awards.

Yet that political support is drawing new competitors into the fold. Rocket Lab established a German subsidiary on August 7, with plans to create conditions for satellite and component manufacturing in the country. The sovereignty push that has benefited OHB is now attracting international rivals to its home market.

Analysts Split on Valuation

The analyst community has been recalibrating since early August. Jefferies initiated coverage on August 5 with a Buy rating and a €280 price target, while Goldman Sachs and NuWays staked out positions ranging from €250 to €360. NuWays reaffirmed its buy recommendation on August 7, immediately following the interim results.

The spread reflects genuine disagreement about how much of OHB's growth story is already reflected in the price. Goldman's neutral stance at €250 stems from a view that the long-term growth potential in the European space sector is largely priced in. Jefferies, by contrast, sees an attractive valuation relative to European defense-sector peers.

The stock currently trades at €257.00, roughly 12% below its 50-day average of €293.25 but marginally above the 200-day average of €251.13. Over twelve months, the shares are still up 267%, with a 120% gain since the start of the year. The gap to the May peak of €688.00 — a 63% drawdown — tells its own story about how far market expectations have been trimmed since spring.

The clustering of analyst targets between €250 and €280 around the current price level suggests the market has largely absorbed the fundamental strength evidenced by the record backlog and confirmed guidance. The operative question for investors is no longer whether OHB delivers operationally — the interim report appears to settle that — but whether the valuation, after a dramatic rally and subsequent correction, still offers room to run or has found its equilibrium.