From Venus to Defense: OHB Posts Record Backlog and Doubled Earnings Amid Strategic Reassurance

The European space industry’s momentum is translating into hard numbers for OHB SE, with the Bremen-based group delivering a first-quarter performance that underscores both operational efficiency and long-term visibility. Net profit per share more than doubled to €0.52 from €0.20 a year earlier, driven by a tighter project execution and a more profitable product mix.

Adjusted EBITDA climbed 37% to €27.3 million as group revenue reached approximately €271 million. The management attributed the margin expansion to internal efficiency gains rather than one-off factors. “Our teams are handling projects more effectively, and the current portfolio is weighted toward higher-margin work,” a company spokesperson noted.

The strongest signal of future growth, however, lies in the order book. At the end of March, OHB’s backlog hit a record €3.35 billion, up nearly 50% year-on-year. Two major contracts stand out: EPS-Sterna, a satellite constellation project worth €248 million awarded to the Swedish subsidiary — the largest single order in its history — and the Ramses mission for the European Space Agency, where OHB Italia will act as prime contractor for an asteroid reconnaissance effort targeting Apophis.

On the other side of the Atlantic outlook, OHB’s young UK division is already making its mark. Just a year after setting up shop in Bristol with 15 staff, OHB Space UK has secured a key role on ESA’s EnVision Venus mission, led by Thales Alenia Space. The £24 million contract covers spacecraft assembly and testing, with a planned launch in 2031. The unit is now expanding its cleanroom facilities at Aztec West and plans to grow headcount significantly over the next five years.

Should investors sell immediately? Or is it worth buying OHB SE?

The group is also looking beyond Earth’s orbit for new revenue streams. In February it founded the European Moonport Company, a vehicle aimed at positioning Europe as a leader in lunar economic development. That initiative, though still early-stage, aligns with rising defense and dual-use budgets from the EU and national governments, which CEO Marco Fuchs sees as a key growth driver.

Against this backdrop of expansion, Fuchs moved to quash any speculation about a potential delisting. Despite the entry of private equity firm KKR as a shareholder, the company remains committed to its stock market listing. “Our institutional customers value the transparency that comes with a public listing,” Fuchs said. “We want to keep that trust.” The strategy is to use public equity markets to fund organic growth and maintain competitiveness.

Analysts have taken a positive stance. NuWays reiterated a buy rating with a price target of €272, citing the strong order pipeline and improving margins. The company’s equity ratio improved slightly to nearly 30%, providing a solid financial base for the next phase.

More strategic detail is expected on May 18, when OHB holds its Capital Markets Day. Fuchs is slated to outline medium-term goals, with observers anticipating updates on potential defense-sector partnerships. The annual general meeting is scheduled for June 24.