Officina Stellare (OS) CMD 2026 summary

Strategic transformation and business overview

• Completed a transformational merger with Global Aerospace Technologies Group, creating a vertically integrated, multi-domain player in space, aviation, defense, maritime, and cybersecurity.

• Achieved vertical integration with control over critical value chain steps and complementary technologies in optical systems and electronics.

• Expanded to seven Italian production facilities and two international outposts, employing over 540 people.

• Diversified client base includes major agencies, governments, and OEMs such as NASA, Airbus, Boeing, Leonardo, and Thales.

• Management team with extensive sector experience, including former leaders from major aerospace and defense companies.

Financial performance and guidance

• 2025 pro forma revenue expected at €100 million (+12% YoY), with EBITDA of €18 million (18% margin), €30 million net cash, and €16 million CapEx, mainly for R&D.

• Order backlog rises 24% YoY to €163.1 million in 2025, reaching €192 million by May 2026, with a book-to-bill ratio of 1.3x and €130 million order intake in 2025.

• Profitability growth outpaces revenue, with EBITDA up 1.5x and net income doubling to €4.4 million from 2024 to 2025.

• Space and maritime segments show higher margins than group average in 2025; aviation and defense expected to benefit from operating leverage post-investment.

• Strong cash position at end-2025 supports selective investments in technology and capacity expansion.

Growth strategy and innovation

• Four growth pillars: organic growth, investment in new technologies, production capacity expansion, and M&A to strengthen market position.

• Significant investments in quantum key distribution and laser communication, with partnerships involving ESA, Skyloom, and leading universities.

• Expansion of production capacity with new and enlarged facilities, especially for laser communication, to be completed by 2027.

• Realization of synergies through integrated offerings, cross-selling, and centralized functions post-merger, with revenue benefits anticipated from 2027.

• Focus on innovation through collaborations, spin-offs, and a business incubator supporting 11 startups.