Bremen-based space group OHB SE has delivered a powerful first-quarter earnings beat that underscores a broader strategic expansion – one that now stretches from a Venus-bound probe to a British workforce growing fivefold. The company’s stock briefly touched €440 on Friday, as investors digested a profit surge that defied a softer broader market.
Earnings per share more than doubled to €0.52 in the first three months of 2026, up from €0.20 a year earlier. Adjusted EBITDA climbed 37% to €27.3 million, while revenue edged up to nearly €271 million. Management attributed the jump to greater project efficiency and a more profitable product mix. The order book, meanwhile, swelled to a record €3.35 billion, a near-50% increase year-on-year.
That backlog is being fuelled by a string of major contracts. The most recent is a €24 million Venus mission awarded to OHB Space UK. Under the ESA-led EnVision project, the British subsidiary will handle the probe’s mechanical, thermal and propulsion systems, with Thales Alenia Space serving as prime contractor. The rocket launch is scheduled for late 2031.
To deliver that work, OHB plans to expand its UK engineering team from 14 to more than 100 specialists within five years. A dedicated clean-room facility will be built in Bristol to support the demanding testing requirements. The expansion signals the group’s deepening commitment to the British space sector, which already hosts its Swedish and Italian subsidiaries.
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Elsewhere, the group is positioning for further growth. OHB is leading a consortium with Rheinmetall and Airbus to build a new satellite network for Germany’s armed forces. Together with Dassault Aviation, it is developing VORTEX-S, a space glider for the European Space Agency. In Sweden, subsidiary OHB Sweden landed its largest-ever single order – a €248 million contract for the EPS-Sterna satellite constellation. In Italy, OHB Italia has taken the role of prime contractor for ESA’s Ramses mission to study the asteroid Apophis. And in February, OHB launched the European Moonport Company, aiming to carve out a leading role in lunar economic development.
The stock’s recent momentum – trading around €440 on Friday – reflects optimism not only about these projects but also about the favourable political tailwinds. Germany’s defence ministry is pressing for more European launch vehicles, a development that strengthens OHB’s entrenched position across civilian and military programmes.
Analysts have taken note. NuWays maintained its buy rating with a price target of €272, though the current share price already trades well above that level. Management has also sought to quash speculation about a possible delisting, insisting that stock-exchange transparency remains key to winning institutional contracts.
With an equity ratio of just under 30% and a strengthened balance sheet, OHB heads into its capital markets day on May 18. Investors there will be looking for fresh details on potential defence-sector partnerships and the medium-term strategy that underpins the group’s accelerating trajectory.
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