OHB’s Swedish subsidiary secures a landmark €248 million contract for 20 Arctic weather satellites, boosting its record order backlog. Growth is tempered by a pending German antitrust review on a major defense project.
OHB SE’s Swedish subsidiary has secured a landmark contract valued at €248 million to construct a constellation of 20 small satellites for Arctic weather observation. This award represents the largest satellite contract in Sweden’s space history and further expands the Bremen-based aerospace group’s already record-breaking order backlog. However, the stock’s full potential remains tempered by an ongoing antitrust review in Germany.
Financial Performance and Ambitious Targets
The new Swedish contract adds to a backdrop of robust operational performance. For the 2025 fiscal year, OHB reported a record order backlog of €3.19 billion, the highest in the company’s history. New order intake also reached an all-time high of €2.08 billion. Total output surged by 21 percent to €1.25 billion, while adjusted EBITDA increased from €111.1 million to €125.6 million.
During its Capital Market Day in January 2026, management raised its mid-term targets. The company now aims for total output of €1.4 billion in 2026 and €1.7 billion in 2027, with the goal of surpassing the €2 billion threshold from 2028 onward. OHB identifies rising budgets from the European Space Agency (ESA), the European Union, and national defense customers as key growth drivers.
Arctic Constellation Builds on Proven Technology
The contract is part of the EPS-Sterna program by EUMETSAT, the European meteorological satellite agency. The 20-satellite constellation is designed to provide continuous meteorological data from the Arctic region. OHB Sweden will act as the prime contractor, leading a consortium of approximately 30 companies, including Omnisys, which will supply the crucial microwave instruments as the core payload.
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This significant win was preceded by OHB Sweden’s development and launch of the Arctic Weather Satellite demonstrator for the ESA. The successful completion of that project from contract signing to orbit in just three years established the technical foundation for the forthcoming full-scale constellation.
Antitrust Review Presents Near-Term Uncertainty
Despite strong operational momentum, investor sentiment is currently influenced by a pending antitrust investigation. German competition authorities, under case reference V-32/26, are examining the planned joint venture for the German Bundeswehr’s SATCOMBw Stage 4 project. This initiative involves a satellite-based communication network comprising over 100 satellites, with a total projected value between €8 and €10 billion.
Analysts at NuWays estimate OHB’s potential share of this massive project at €2.7 to €3.3 billion. In the short term, the decision by the cartel office—whether to grant approval or extend its review—is likely to impact the share price more significantly than any operational news.
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Investors can expect the next key dates from OHB to be the release of Q1 2026 results on May 7, followed by the Annual General Meeting on June 24 and the publication of Q2 figures on August 6.
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