OHB SE
German satellite and space systems maker, prime contractor for ESA and German defense programs.
On the record
Checkpoint: RFA One maiden orbital launch attempt (after 2024 first-stage loss) and EU competition review of Project Bromo
The call
OHB is growing on record orders and sovereign European demand, with its main near-term question being whether a Airbus-Thales-Leonardo merger reshapes the market it depends on.
OHB SE builds rockets and satellites for European governments and space agencies. It is hard to replace because Europe's leaders deliberately keep multiple independent space companies to avoid relying on any single contractor, and OHB holds long-term contracts and security clearances that new competitors cannot easily get. The big risk is Project Bromo, a planned merger of Airbus, Thales, and Leonardo that could shrink Europe's options and squeeze OHB, but that deal is still pending approval and could take years; meanwhile, SpaceX dominates globally, but Europe is responding by funding OHB more, not less. The one thing that could change everything is whether OHB's new RFA One rocket launches successfully in 2026 after a failure in 2024, or whether Europe's merger decision actually goes through and reshapes the competitive landscape.
Why
01
AI pressure: None apparent. No AI product competes for OHB's satellite manufacturing or defense contracts; AI shows up mainly as a design and production tool inside the company. Could AI do the core job? Unlikely.
02
Bigger players: Airbus Defence & Space, Thales Alenia Space, and Leonardo (Project Bromo merger). A three-way merger MOU from October 2025 could create one dominant European space prime, squeezing OHB's role if EU regulators approve it without carve-outs. Could a giant copy it? No, they are blocked.
03
What protects it. EU and German policy wants more than one independent European space prime, and OHB's security clearances plus €3.2bn backlog make it hard to route sovereign work elsewhere quickly.
What would change this call
EU competition authority ruling on Airbus/Thales/Leonardo's Project Bromo merger. Shows whether policy keeps OHB as a protected independent European prime or lets rivals consolidate.
RFA One (Rocket Factory Augsburg) maiden launch attempt, targeted August 2026. Binary test of OHB-linked launch technology credibility after 2024 first-stage loss.
Outcome of the ~€510.7m share-offering subscription-rights exercise by July 8, 2026. Indicates market appetite to fund OHB's growth and dilution impact on Fuchs family control.
RFA One (Rocket Factory Augsburg) maiden launch attempt, targeted August 2026. Binary test of OHB-linked launch technology credibility after 2024 first-stage loss.
Outcome of the ~€510.7m share-offering subscription-rights exercise by July 8, 2026. Indicates market appetite to fund OHB's growth and dilution impact on Fuchs family control.
Key numbers
- FY2025 revenue €1,247.6m, up 25% from €1,030.2m
- Order backlog reached €3.2bn on record €2,078m intake
- Q1 2026 revenue €242.4m, up 15% year on year
Named risks
- Project Bromo merger clears EU review without carve-outs, eroding OHB's sovereign-prime position.
- RFA One maiden flight (targeted Aug 2026) fails again after 2024 first-stage loss, denting reputation.
- Remaining ~€9 million Zara satellite provision still unresolved into 2026.
- German political shift toward buying US launch or constellation capacity instead of sovereign programs.
- Share price volatility from KKR stake sell-down and free-float expansion in mid-2026.
Rivals, as read in July 2026
| Rival | Direction | Evidence |
|---|---|---|
| Airbus Defence and Space / Thales Alenia Space / Leonardo (Project Bromo) | contesting | MOU signed Oct 2025 to merge into ~€6.5bn rival; OHB CEO threatened lawsuit May 2026 |
| Thales Alenia Space | gaining on | Thales Alenia Space had ~€2.36bn 2025 revenue and >8,000 staff, larger than OHB's €1.25bn/4,000 |
| SpaceX / Starlink | contesting | EU funding record €22.3bn ESA budget (Nov 2025) partly to back OHB against SpaceX's constellation model |
Questions people ask
- Is OHB SE profitable in 2026?
- Yes. OHB reported FY2025 adjusted EBIT of €84.0m on revenue of €1,247.6m (2026-03-19) and guided FY2026 revenue of ~€1.4bn with ~€150m EBITDA. Q1 2026 (2026-05-07) showed revenue up 15% YoY to €242.4m and adjusted EBIT margin rising to 6.0% from 4.3% a year earlier.
- Who owns OHB SE?
- The Fuchs family historically held ~70% of OHB SE. KKR entered in 2023 via a €30m convertible plus a €44.00/share tender, completing in Sept 2024 with ~28.6% ownership. In June 2026 OHB and KKR launched a joint share sale, cutting KKR's stake to ~20% and raising up to €510.7m.
- Could AI replace OHB SE's business?
- Unlikely soon. OHB's core work is physical satellite manufacturing and sovereign systems integration on programs like ESA's LISA and EU's IRIS², requiring security clearances and hardware production. Only its smaller Digital segment (satellite operations, data services) touches AI-exposed workflows, per company materials cited May 2026.
- Who is OHB SE's biggest competitor?
- The main threat is a proposed merger of Airbus Defence and Space, Thales Alenia Space, and Leonardo ('Project Bromo'), announced via MOU in October 2025, which would create a ~€6.5bn-revenue, 25,000-employee European space giant. OHB's CEO said in May 2026 he may sue if it's approved without protections for independent primes like OHB.
- Will OHB SE be acquired by Airbus?
- No acquisition of OHB is planned. Airbus, Thales, and Leonardo are pursuing their own merger ('Project Bromo,' MOU Oct 2025) that excludes OHB. OHB's CEO instead threatened legal action against that deal in May 2026, positioning OHB as one of the last independent European satellite primes.
- What was OHB SE's revenue in 2025?
- OHB SE reported FY2025 revenue of €1,247.6m, up about 25% from €1,030.2m in FY2024, with order intake hitting an all-time high of €2,078m and backlog reaching €3.2bn, according to results published 2026-03-19.
Timeline
- 2026-07-24OHB and European Spaceport Company discuss North Sea spaceport with Defense Minister Pistorius
- 2026-06-22OHB and KKR launch share sale raising up to €510.7m; KKR stake cut to ~20%
- 2026-05-09OHB CEO signals legal challenge against Airbus-Thales-Leonardo Project Bromo merger
- 2026-05-07Q1 2026 results: revenue €242.4m (+15% YoY); EPS-Sterna 20-satellite Sweden contract
- 2026-03-25OHB reverses earlier delisting plans citing record backlog
- 2026-03-19FY2025 results: revenue €1,247.6m, backlog €3.2bn, order intake €2,078m all-time high
- 2025-10-24Airbus, Thales, Leonardo announce Project Bromo merger MOU
- 2024-12-01OHB signed on as core subcontractor in EU IRIS² SpaceRISE consortium
- 2024-08-27KKR receives all regulatory approvals for OHB minority stake
- 2023-08-07KKR agrees €30m convertible investment plus €44.00/share tender for OHB
Revision history
24 July 2026
First assessed. Defensible for now. The text above is fixed as of this date and is not edited afterwards.
In the same band
Sources
- OHB AG (ETR:OHB) (2026-03-19)
- Record Order Intake and Strategic Growth (2025-03-26)
- Record Revenue and Strategic Expansions (2026-03-24)
- Earnings Call Q1 2026 (2026-05-07)
- Earnings Call Annual Report 2025 (2026-03-19)
- OHB strengthens capital base... (2023-08-07)
- KKR has received all regulatory approvals... (2024-08-27)
- OHB SE Reverses Delisting Plans... (2026-03-25)
- German satellite maker OHB launches share sale with KKR (2026-06-22)
- gurufocus.com (2026-07-24)
- OHB Number of Employees (2025-12-30)
- IRIS² (2024-12-01)