OHB SE: A Space Triumph and a Grounded Defense Deal

OHB's tech powers NASA's Orion splashdown, but a major German military satellite contract faces regulatory and political challenges. The firm's record backlog supports growth targets.

The successful splashdown of NASA's Orion capsule in the Pacific Ocean marks a stellar achievement for German space technology firm OHB SE. Its subsidiary, MT Aerospace, supplied critical structural components, including precisely manufactured tank segments, for the core stage of the SLS rocket that powered the historic Artemis II mission. This flawless performance serves as a powerful reference for securing future contracts with the U.S. space agency.

Yet back on Earth, a significant regulatory challenge clouds the horizon. The German Federal Cartel Office is currently reviewing a planned joint venture between OHB and Rheinmetall Digital. At stake is the SATCOMBw Stage 4 project, a highly secure satellite communications network for the German armed forces with an estimated total value between eight and ten billion euros. OHB's role would be satellite construction, with analysts from NuWays estimating its potential revenue share at 2.7 to 3.3 billion euros.

This massive defense initiative is also facing political headwinds. A coalition of 23 young defense startups has launched a fierce attack on the mega-consortium involving OHB, Rheinmetall, and Airbus. They accuse the large alliance of deliberately shutting out competition and have submitted a position paper to the federal government demanding a guaranteed quota of at least 20% of the contract volume for agile mid-sized companies.

Operationally, OHB's fundamentals remain robust. The company ended the first quarter with a record order backlog of 3.2 billion euros, providing solid support for its medium-term goal of surpassing two billion euros in annual revenue by 2028. For the full year 2025, sales climbed 21 percent to 1.25 billion euros, with adjusted operating profit reaching 84 million euros.

Management is targeting total output of 1.4 billion euros for the current fiscal year, with an EBITDA margin of approximately 11 percent. The upcoming release of first-quarter figures on May 7, 2026, will be a key date for investors, offering concrete evidence of whether this ambitious trajectory remains intact.

Beyond operational performance, the company must also demonstrate strong results to offset selling pressure from minority shareholder KKR, which is divesting part of its stake. The confluence of a landmark space success and a critical, delayed defense contract defines a pivotal moment for the Bremen-based group.