OHB (OHB) Q4 2025 earnings summary

Executive summary

• Achieved significant business expansion in 2025, including full acquisition of MT Aerospace AG, creation of the European Spaceport Company, and acquisition of OHB Vogtland.

• Multiple successful satellite launches, including MTG-S1, NAOS, Eaglet-2, Galileo satellites, and major Earth observation, weather, and navigation missions.

• Secured major contracts such as ESA's LISA science satellite, Heinrich Hertz operational contract, Argonaut lunar lander partnership, and EPS-Sterna, the largest contract in Swedish space industry history (€248 million).

• Celebrated 25th anniversary of public listing, with revenue growing from EUR 15 million to over EUR 1.2 billion and founding family maintaining majority control.

• Expanded operations with new facilities in Sweden, Italy, and the UK, and acquired a manufacturing plant to support industrialization.

Financial highlights

• Order entry reached EUR 2.1 billion in 2025, up 23% year-over-year, with backlog at an all-time high of EUR 3.2 billion (+34%).

• Total revenue grew 25% to EUR 1.25 billion, with adjusted EBITDA at EUR 125.6 million and EBIT at EUR 84 million, both up from the previous year.

• Net profit after minorities was EUR 49.95 million, rebounding from a loss in 2024; EPS improved to EUR 2.61.

• Cash and cash equivalents rose to EUR 220.6 million at year-end.

• Dividend of EUR 0.60 per share proposed, consistent with prior years.

Outlook and guidance

• Targeting revenue of EUR 1.4 billion and adjusted EBITDA of EUR 150 million (11% margin) in 2026.

• Entering the next ESA cycle with record-high order backlog and additional upside from European Commission and sovereign funds.

• Expect continued growth in all segments, supported by robust order intake, expanding market opportunities, and major government investments.

• Adj. EBIT margin for FY 2025 was 6.7%, with a slight decrease from 7.0% in 2024.