OHB SE: A Spaceflight Success Story Confronts Earthly Delays

OHB's MT Aerospace secures long-term role on NASA's SLS after Orion success, but a major German defense satellite project faces regulatory delay, testing growth momentum.

The safe splashdown of NASA's Orion capsule in the Pacific Ocean on April 10th marked more than a historic crewed lunar flyby. For German aerospace group OHB SE, it was a resounding validation of its engineering prowess. The company’s subsidiary, MT Aerospace, manufactured the critical aluminum segments for the massive cryogenic hydrogen tank of the Space Launch System (SLS) rocket, components that held nearly 900 tons of propellant. This success cements MT Aerospace's status as a Gold-level partner to Boeing and secures its role on all future SLS flights, providing a stable, long-term revenue stream from the U.S. space program.

This technological triumph arrives as OHB's financials show robust momentum. Following the full consolidation of MT Aerospace in October 2025, the subsidiary's revenues now flow directly into the group's accounts. In 2025, total performance surged 21% to approximately €1.25 billion, while adjusted operating profit climbed to €84 million. The order backlog hit a record €3.19 billion, with new orders jumping 24% year-over-year to around €2.1 billion. Management is targeting €1.4 billion in revenue for 2026 with an EBITDA margin of 11%, and aims to surpass the €2 billion mark by 2028.

Yet, a significant hurdle on Earth threatens to slow the company's ascent. A major defense contract, the SATCOMBw Stage 4 project for the German Bundeswehr, is currently under review by the Federal Cartel Office. OHB and Rheinmetall Digital filed their joint venture for the project in mid-March. This planned satellite network, involving over 100 units with an estimated total value of €8 to €10 billion, is seen as a key growth driver. Within the consortium, which also includes Airbus, OHB is responsible for satellite construction. Analysts at NuWays estimate OHB's potential revenue share from the project at €2.7 to €3.3 billion.

The regulatory uncertainty has already impacted investor sentiment, with OHB's share price temporarily shedding more than nine percent. The cartel office's review is expected to delay the lucrative bidding process by several months, casting doubt on when the project will begin contributing to revenue. This creates a stark contrast between the flawless execution in space and the complex procedural challenges on the ground.

All eyes are now on OHB's upcoming quarterly report on May 7th, 2026. The figures will offer the first concrete evidence of whether the company is on track to meet its elevated annual targets and how the full integration of MT Aerospace is translating to the bottom line. While speculation about a potential delisting has been firmly dismissed by management, who view the stock market listing as crucial for transparency with major clients, the immediate future hinges on navigating this earthly regulatory delay. The company's ability to convert its stellar operational performance and record backlog into sustained growth will be tested in the coming months.