Original-Research: OHB SE (von NuWays AG): BUY

Classification of NuWays AG to OHB SE

Company Name :	OHB SE
ISIN:	DE0005936124
Reason for the research:	Update
Recommendation:	BUY
Target price:	EUR 340
Target price on sight of:	12 months
Last rating change:
Analyst:	Simon Keller

Stars align for a stronger order outlook

We view OHB’s share price weakness as unjustified given the further strengthening we expect in its order outlook. The company has secured a nearly € 1bn order for IRIS², Sentinel is moving towards a final contract and we now see greater order potential from SATCOMBw 4. Q3 should show continued growth, with the main programme-driven earnings uplift still ahead. Upcoming contract awards should act as key share price catalysts.

IRIS²: key award secured, with further upside. OHB secured a nearly € 1bn order in Q3. The contract covers the development and production of 18 medium Earth orbit (MEO) satellite platforms for IRIS², the EU's secure, sovereign communications network for government and commercial users. The award reinforces OHB's position as one of Europe's leading MEO satellite manufacturers, extending its Galileo track record into secure communications. We expect first revenues in Q4, with annual sales peaking around 2028-29 as the programme moves from development into production (eNuW). Poland's plan to fund six additional MEO satellites offers scope for an OHB follow-on order worth c. € 200m (eNuW).

Sentinel: Next major ESA award moves closer. OHB and ESA have signed a letter of intent for Sentinel-3 Next Generation Topography, marking progress towards a final contract in Q4. The Copernicus mission will improve sea-level and ice monitoring, reinforcing OHB's position in European Earth observation. We estimate a potential order intake of c. € 650m (eNuW).

SATCOMBw 4: € 5-7bn order potential. The planned low Earth orbit constellation will provide the Bundeswehr with secure, sovereign connectivity. The € 10bn investment figure cited during the Bundestag's September defence budget debate is incrementally positive, supporting our assumption at the upper end of the previously discussed € 8-10bn range. Indu en-us Copyright 2026 EQS Group