OHB SE
Overview
Vertically integrated European space prime contractor. OHB designs, builds, integrates, tests and operates satellites for ESA, EUMETSAT, the EU, national governments and commercial customers. Revenue is recognized on long-cycle institutional programs in three segments — SPACE SYSTEMS (the dominant unit, satellites/instruments), DIGITAL (mission operations, geo-data, defense IT) and AEROSPACE (rocket structures, MTM Antarctic exploration). Bookings are dominated by multi-year cost-plus and fixed-price ESA/EU contracts.
Moat: Europe's largest independent satellite manufacturer and the only family-controlled tier-1 European space prime, behind Airbus Defence & Space and Thales Alenia Space in scale but ahead of every other independent. Sole-source heritage on Galileo (prime for 34 first-generation satellites), Hera (planetary defense), JUICE platform contributions and the Heinrich Hertz GEO demonstrator gives OHB a workshare floor on every flagship ESA mission. Bremen consolidates manufacturing, MGSE, AIT facilities and a dedicated cleanroom complex used by no other German prime.
Business
Primary customers
- Government: European Space Agency (ESA)
- Government: EUMETSAT
- Government: European Union (EUSPA / Galileo)
- Defense: German Aerospace Center (DLR) and Bundeswehr
- Commercial: Commercial GEO/LEO operators (SmallGEO platform)
Sectors
Satellite Manufacturing · Space Systems · Earth Observation · Navigation · Deep Space / Science
Key Products
- Galileo FOC satellitesoperational
First-generation Galileo navigation satellites (OHB has delivered 30+ of 34 contracted, with FOC FM31/32 launched Dec 2025)
First flight: 2011
- Heraoperational
ESA planetary defense spacecraft launched Oct 2024, Didymos/Dimorphos arrival Oct 2026 — characterizes the DART impact
First flight: 2024-10-07
- JUICE platform contributionsoperational
OHB-built power and structure subsystems on ESA Jupiter Icy Moons Explorer; en route to Jupiter, arrival 2031
First flight: 2023-04-14
- EPS-Sternadevelopment
20-satellite EUMETSAT polar weather smallsat constellation (€248M ESA contract, 2025)
- Harmonydevelopment
Two ESA Earth Explorer 10 satellites for solid-Earth and ocean dynamics (€280M+ contract, 2024)
- RAMSESdevelopment
ESA spacecraft to rendezvous with asteroid Apophis during its 2029 Earth flyby
- Heinrich Hertz / SmallGEOoperational
Telecom demonstration GEO satellite and OHB's reusable small-GEO communications platform
First flight: 2023-07-06
Government Contracts
| Agency | Program | Amount | Year | Source |
|---|---|---|---|---|
| ESA / EUMETSAT | EPS-Sterna polar weather constellation (20 small satellites) | €248M | 2025 | |
| ESA | Harmony Earth Explorer (2 satellites) | €280M+ | 2024 | |
| ESA | RAMSES Apophis asteroid rendezvous spacecraft | €81M | 2026 | |
| ESA / EU | Galileo navigation constellation (prime for 34 first-generation satellites) | Multi-billion euro cumulative | 2010-2025 |
Near-term Catalysts
- Oct 2026
Hera arrival at the Didymos binary asteroid system
Highest-visibility ESA science milestone of the decade; OHB is prime contractor and proximity-operations integrator, validating deep-space capability.
- 2026-04
FY2025 full-year results (revenue ~€1.2B, EBITDA margin ~9%)
Confirms turnaround thesis after the FY2024 transformation-charge dip; converts +47% backlog growth into profitable revenue.
- 2026
Capital Market Day 2026
Management to refresh medium-term margin and growth targets — likely first formal IRIS² and German military-space workshare disclosures.
- 2026-2027
Galileo Second Generation (G2G) workshare allocation
OHB and Airbus split G2G prime contracts (~€1.5B combined); incremental wins extend the franchise to 2030s.
Top Risks
- Concentration risk: ESA, EU and EUMETSAT account for the bulk of revenue — political budget cycles or program rephasing hit OHB directly.
- Project execution risk on fixed-price space contracts — FY2024 EBIT collapsed to €14.1M after a project-related risk provision and a Group-wide transformation charge.
- Competition from larger primes (Airbus DS, Thales Alenia Space) on flagship contracts and from agile NewSpace primes (Isar, RFA, ICEYE) on smaller satellites.
- Family-controlled governance (Fuchs family >65% of shares) reduces public float and limits institutional liquidity, and any block sale could pressure the share price.
- FX and supply-chain exposure on long-cycle programs priced in euros against dollar-denominated launch and component costs.
- Defense-budget timing: German Bundeswehr / EU strategic compass spending is rising but procurement awards are lumpy and politically contested.
Recent Milestones
- 2025-12-15
Two more Galileo FOC satellites launched (FM31/FM32) — OHB has now delivered 30 of the 34 first-generation Galileo satellites it builds as prime
- 2025-11-15
9M 2025 revenue €863.5M (+21% YoY), EBITDA €75.5M, firm order backlog €3.1B (+47%)
- 2025-06-15
ESA awards OHB €248M contract to build the 20-satellite EPS-Sterna polar weather constellation for EUMETSAT
- 2024-10-16
ESA awards OHB €280M+ Harmony Earth Explorer mission contract
- 2024-10-07
ESA Hera planetary-defense spacecraft launched on Falcon 9 — OHB-built, en route to Didymos/Dimorphos with arrival Oct 2026
Recent News
- 2026-03-01
- 2025-12-15
- OHB SE 9M 2025 revenue +21% to €863.5M; backlog grows 47% to €3.1BOHB Investor Relations2025-11-15
- OHB wins €248M ESA contract for EPS-Sterna polar weather constellationEuropean Spaceflight2025-06-15
What investors should know
Q1What does OHB SE actually do?⌄
Q2How does OHB make money and how concentrated is its revenue?⌄
Q3What is OHB's competitive position in European space?⌄
Q4Who are OHB's biggest customers?⌄
Q5What are the biggest risks?⌄
Q6What are the near-term catalysts to watch?⌄
Q7How does OHB compare to its peers?⌄
Peers
Sources & References
Agency Document
- ESA — Harmony mission contract · 2024-10-16
Investor Relations
- OHB SE — Consolidated financial statements 2024 · 2025-04-01
- OHB SE — 9M 2025 interim report · 2025-11-15
- OHB SE — FY2025 earnings presentation · 2026-04-01
Press Release
- OHB News — Galileo launch Dec 2025 · 2025-12-15
Trade Press
- SpaceNews — Ramses asteroid mission · 2026-03-01(archived)
- European Spaceflight — EPS-Sterna · 2025-06-15(archived)