OHB SE: Strategic Moves and Major Contracts Shape Growth Trajectory

OHB SE eyes major growth from Ariane 6 production and a potential €10B defense satellite consortium with Rheinmetall. The 2025 results will be a key progress check.

OHB SE is positioning itself for significant growth in the coming years, driven by two powerful catalysts: a potential strategic partnership for a major defense contract and strong operational momentum from the Ariane 6 program. The focus for investors is shifting from headlines to execution—specifically, whether current discussions and capacity expansions will translate into firm, profitable orders. The company’s certified annual results for 2025, due in two weeks, will provide a crucial update on this progress.

Operational Momentum from Ariane 6 and Full Consolidation

The operational business is receiving a substantial boost from the Ariane 6 launch vehicle. A key milestone was reached on February 12 with the successful inaugural flight of the Ariane 64 variant, which deployed 32 satellites for Amazon's broadband constellation. This version offers nearly double the payload capacity of the base model.

OHB’s involvement comes through its subsidiary, MT Aerospace, a supplier of central components including tank and shell structures. The company contributes approximately 10% of the rocket's total value. The February launch also initiated the fulfillment of the largest commercial contract in the history of launch provider Arianespace, comprising 18 firm launches booked by Amazon.

A critical financial development occurred in October 2025, when OHB gained full ownership of MT Aerospace. This consolidation means all revenues from the ramp-up in production now flow entirely into the group’s financial statements.

Pursuit of a Multi-Billion Euro Defense Consortium

In a separate strategic development, OHB confirmed in late January that it is in talks with Rheinmetall AG regarding a partnership for public sector tenders. The target is "SATCOMBw Stage 4," a project to construct a constellation of 100 to 200 satellites in low Earth orbit for the German Bundeswehr. This system would mark a shift from reliance on a few geostationary satellites to a resilient network of many units, conceptually similar to systems like Starlink.

Within a potential consortium, the roles are clearly defined: Rheinmetall would act as the systems integrator handling military integration, while OHB would be responsible for satellite manufacturing and engineering. The estimated project volume reaches up to €10 billion, with the network slated for implementation by 2029.

The competition, however, remains open. Airbus Defence and Space, the operator of the existing SATCOMBw Stages 2 and 3, has also confirmed discussions with the German Ministry of Defence.

In preparation for potential serial production, OHB has proactively expanded its capacity. In October 2025, the group acquired a facility in Schöneck, Saxony, to enable larger-scale manufacturing.

Financial Targets and the Upcoming Report

OHB’s recent financial performance shows positive momentum. In the first nine months of 2025, total output rose to €863.5 million, a 21% increase year-over-year. EBITDA for the same period advanced from €62.4 million to €75.5 million.

The company has raised its outlook for 2026 and 2027, citing organic growth across all segments supported by rising budgets from the ESA, the EU, and national customers. The targets are for total output of €1.4 billion with an 11% EBITDA margin in 2026, scaling up to €1.7 billion with a 12% margin in 2027. Medium-term ambitions include achieving an average order intake of around €3 billion.

Investors will gain the next factual checkpoint on March 19, when OHB’s management presents and discusses the certified 2025 annual results in a financial report conference. This disclosure will reveal how much of the current strategic and operational dynamism is already reflected in the hard numbers.