OHB Q1 Earnings Call Highlights

Key Points

• OHB reported a “very good” Q1 with total operating performance of about EUR 200.8 million (a 15% increase year‑over‑year), adjusted EBITDA of EUR 27.3 million (9.7% margin), adjusted EBIT of ~EUR 16.8 million (6% margin), and a record order backlog of more than EUR 3.35 billion providing multi‑year visibility.
• Major program wins included a EUR 250 million contract for a 20‑satellite EPS‑Sterna weather constellation for EUMETSAT, the ESA Ramses planetary‑defense mission targeting readiness for a 2028 launch window ahead of an April 2029 asteroid approach, and continued deployment of the Eagle‑2 radar constellation now at 16 satellites.
• Management is scaling capacity and launch capability—expanding sites across Europe, acquiring electronics suppliers, serving as a major structural supplier to Ariane 6, backing Rocket Factory Augsburg with a planned microlauncher test launch later this summer, and creating the European Moonport Company to attract private capital for lunar infrastructure.

OHB ETR: OHB executives said the company delivered a “very good first quarter” of 2026, citing contract wins, progress across key space programs, and a growing order backlog that management said provides multi-year visibility.

Speaking from Bremen, Marco Fuchs opened the company’s first-quarter earnings call by pointing to “strong market tailwinds from all kinds of institutional and commercial customers” and described OHB as “the biggest pure play space prime” in Europe with a “very strong German heritage.” Tim Tecklenburg later walked through the quarter’s financial results, while Markus Moeller also joined the call.

Major Q1 contract wins and program milestones

Fuchs highlighted several developments during the quarter, led by the signing of the EPS-Sterna constellation program. He said OHB Sweden signed a contract for a 20-satellite constellation valued at “about EUR 250 million,” calling it the “largest contract ever for OHB Sweden.” According to Fuchs, the customer is EUMETSAT, and the constellation will be operated as part of the EUMETSAT Weather Satellite Network. He said the contract builds on the “success of the Arctic Weather Satellite” launched roughly 1.5 years ago.

Another contract win came from OHB Italia, which signed the Ramses mission with the European Space Agency (ESA). Fuchs described Ramses as a planetary defense mission to an asteroid that will come “pretty close to Earth within the geo orbit.” The mission will be launched by JAXA, and Fuchs said an agreement between JAXA and ESA to partner on providing the launch was scheduled to be signed later that day in Berlin. Fuchs said OHB is “very optimistic” it can be ready for launch in 2028, noting the timing is driven by the asteroid’s approach in April 2029. He emphasized the mission is “not a collision scenario, but it will be monitoring scenario.”

Fuchs also cited progress on the Eagle-2 constellation, saying another eight satellites were launched, bringing the total to 16 operational satellites, with the next eight expected to launch later in the year. He described Eagle-2 as an Earth observation radar constellation producing “really interesting images,” primarily over the Mediterranean, for the Italian government.

In launch-related activities, Fuchs noted the maiden flight of the Ariane 64 configuration and said OHB is “the largest supplier into the Ariane 6 system as a structural supplier.” He said the flight marked the “four solid booster version” with performance of “about 20 tons into LEO orbit.”

OHB also established a new entity, European Moonport Company, which Fuchs described as the group’s effort to advance a “European Moonport program.” He referenced OHB’s earlier involvement in lunar missions, including ESA’s SMART-1, which he said was the “first European mission to the moon” built out of OHB Sweden.

Backlog reaches record level as investments continue

Tecklenburg said OHB continued to grow its order backlog to “more than EUR 3.35 billion,” calling it “another record level” that provides “good visibility for the years to come.” He linked part of the momentum to the November 2025 ministerial conference in Bremen, saying the company is already seeing “the first contracts” coming through and also referenced tailwinds from the European Commission and other European nations.

Management said the company has been investing in capacity and footprint to support growth. Tecklenburg said OHB now operates in “18 locations in 11 different countries.” He highlighted several investments and expansion steps, including:

• Expansion of the Bremen site
• A new Bristol subsidiary in the U.K.
• A move into a new factory in Sweden in 2025, which he said helps prepare for the Sterna contract
• The acquisition of an electronic components company in Saxony, Germany, to support “industrialization of our satellite manufacturing”
• Ongoing ramp-up of components in the launcher segment

Fuchs also referenced OHB’s stake in Rocket Factory Augsburg, saying the company is developing a small microlauncher and is “hoping to see that launch taking place, the first launch, first test launch later this summer.”

Financial performance: operating performance up 15%, margin details

Tecklenburg said total operating performance reached “EUR 200 and almost 80 million,” which he described as a 15% increase compared with the first quarter of 2025. He reported adjusted EBITDA of “EUR 27.3 million,” representing a “9.7% adjusted EBITDA margin.”

He also reported adjusted EBIT of “about EUR 16.8 million,” representing a “6% EBIT margin,” and said the company is continuing its growth path.

Hiring, defense opportunities, and Moonport investment approach

During the Q&A, Simon Keller of Newrace asked about hiring and whether OHB can keep pace with order momentum. Fuchs said the company is “continuing to hire” and is growing headcount beyond 4,000, adding that hiring is happening “quite fast,” to the point where “even our HR is not able to keep track of the hiring” at times due to timing lags in reporting.

Fuchs said hiring remains challenging because “the space industry is booming” and “everybody in the industry is hiring,” but said OHB offers “a very attractive proposition” including compensation and “an exciting job.” He said there are no unusual extra expenses tied to onboarding, though OHB sometimes uses headhunters and pays related fees “on special occasions.” Tecklenburg added that most hiring is focused on “core function of operational” roles tied to fulfilling customer contracts, while support functions are kept “rather flat.”

Asked where new employees come from, Fuchs said it is “a mixture of everything,” including graduates from universities across Europe, experienced hires from the market, and some entrants from other industries. He said OHB is “very, very diverse” and has “about 40 different nations in the company.”

Keller also asked about potential Bundeswehr-related orders and OHB’s expected capture rate. Fuchs pointed to German budget outlook materials that he said forecast an increase in military spending to “EUR 180 billion per year in 2030,” up from “EUR 50 billion-EUR 60 billion per year” several years ago. He said space has been designated a “core topic,” and OHB is pursuing opportunities aligned with the Bundeswehr’s published military space strategy, including partnership discussions and proposal activity. However, he cautioned that “nothing of that is already in the order book of this wave,” and none of it is included in the current backlog figure, given the length of procurement processes.

On the newly created Moonport initiative, Fuchs said he believes lunar activity cannot scale “without any private activity” alongside institutional programs. He said Moonport’s idea is to “attract private capital into the moon” and argued that stable logistics—“safe ports”—are a prerequisite for exploration, with shared infrastructure such as “stable ground” and “energy.” He said it is something OHB would “like to also invest in.”

Rocket Factory Augsburg: focus remains on first launch attempt

On Rocket Factory Augsburg, Keller asked about next steps beyond the maiden flight and whether OHB might pursue value crystallization through a separate listing. Fuchs said there are “no considerations” on a separate listing and that the focus is on the first test launch. He characterized rocket launches as “difficult” and “risky,” and noted a prior “anomaly” during a first-stage test about 1.5 years ago that destroyed the first stage on the test site.

Fuchs said the rocket is already at SaxaVord in Scotland at the launch site, though not yet erected vertically, and that the team has completed engine tests and is working on logistics and telemetry. He said attention has shifted to SaxaVord and that “everything is at the launchpad,” adding that the company hopes the attempt later this summer will be successful, while noting the definition of success would be discussed closer to the launch attempt.

Tecklenburg also pointed investors to upcoming dates, including a capital markets update on May 18 and the annual general meeting on June 8. Near the end of the call, Fuchs mentioned OHB’s planned presence at the ILA show in Berlin, running June 10 through June 14.

About OHB ETR: OHB

OHB SE operates as a space and technology company in Germany, rest of Europe, and internationally. The company operates through three segments, Space Systems, Aerospace, and Digital segments. The Space Systems segment focuses on developing and executing space projects. This segment primarily develops and manufactures low-orbiting and geostationary small satellites for navigation, research, communications, and earth and weather observation and reconnaissance, including scientific payloads; undertakes projects for the assembly and outfitting of the International Space Station; and prepares studies and models for exploring solar system, such as the moon, asteroids, and Mars.

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