OHB's €1 Billion IRIS² Bet Pays Off as Analysts Race to Raise Targets
Published on 09/27/2026 at 03:10 | Editorial boerse-global.de
Bremen's OHB SE has spent years positioning itself at the intersection of two once-separate worlds: commercial satellite manufacturing and European security infrastructure. That wager is now showing up in both its order book and its share price.
On Friday, the stock climbed 5.9% to close at €180.00, propelled by a fresh assessment from Deutsche Bank Research. Analyst Sriram Krishnan lifted his price target to €300 from €275 while reaffirming a Buy rating, arguing that the market continues to underestimate the company's growth momentum and its pipeline of medium-term contract opportunities.
The endorsement arrived on the same day Berenberg reiterated its own Buy recommendation, keeping a €358 target unchanged. Together, the two calls underscore a broader reassessment of the aerospace group's role in Europe's evolving space and defense architecture. Since the start of the year, OHB shares have gained 54%.
A €1 Billion Anchor Contract
The industrial foundation for that optimism was laid on August 31, when satellite operator SES awarded OHB a contract worth just under €1 billion. Under the deal, the Bremen-based manufacturer will build 18 satellite platforms for IRIS², Europe's flagship connectivity program. The initiative is designed to deliver crisis-resilient communications for both governmental and commercial users — a mandate that has taken on added urgency as geopolitical tensions reshape European defense priorities.
For OHB, the order does more than secure years of production capacity. It validates the company's serial manufacturing capabilities at a scale that few European platform builders can match.
Should investors sell immediately? Or is it worth buying OHB SE?
Defense Ties Deepen in Scandinavia
Days earlier, on Thursday, OHB Sweden signed a memorandum of understanding with Swedish defense group Saab to pursue closer cooperation on space-based defense capabilities. The partnership reflects a widening recognition that civilian satellite technology and military reconnaissance are converging — and that European armed forces will need sovereign space assets to protect their communications and intelligence gathering.
By joining forces with an established defense contractor, OHB gains access to joint projects that extend well beyond traditional space programs, while strengthening its foothold in the Nordic region.
Financials Back the Narrative
The operational numbers support the strategic story. For the first half of 2026, OHB raised total output by 11% year over year to €627.9 million. Adjusted EBITDA jumped 31% to €60.4 million. The order backlog swelled to €3,304 million, up from €3,067 million in the same period a year earlier.
Management confirmed its full-year 2026 guidance on August 6, projecting total output of roughly €1,400 million. Looking further out, the company is targeting more than €4.0 billion in total output over the medium term — an ambition that will demand flawless project execution.
A Bigger Stage for the Equity
Institutional visibility has improved as well. Effective September 21, OHB replaced CANCOM SE in Germany's TecDAX, a move the company expects to enhance both its market profile and trading liquidity. The index promotion followed the announcement on Tuesday of the change, which took effect at the start of this week.
What emerges is a company that has quietly transformed from a niche supplier into a linchpin of European space and defense infrastructure. The combination of a bulging order book, backing from major analysts, and expanding opportunities in the security sector now appears to outweigh the execution risks inherent in large-scale project work. The market has begun to price in that potential — though by most accounts, the process is far from finished.
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