Berenberg starts OHB at 'buy' citing structural defence and space growth

OHB SE

05/08/2026 11:20

** Berenberg launches coverage for OHB OHBG.DE with a "buy" rating, citing the German space technology company as the clearest beneficiary of several national and multinational multi-billion investment programmes
** The brokerage says European institutional space and military funding, including programmes backed by the European Space Agency (ESA) or the EU, create a structural growth cycle for OHB
** In contrast to OHB's defence business, which currently accounts for around 22% of the company's total operating performance, Berenberg expects defence-related opportunities to represent around 30-40% of the pipeline of prospective orders
** Berenberg says that "...defence work is structurally higher-margin as the prime has full supply-chain autonomy unconstrained by geo-return, can charge a margin on subcontractor workshare, and can command higher prices"
** The broker also highlights OHB's Q1 backlog, which already exceeds the company's 2025 operating performance by a factor of 2.7
** As of Tuesday's close, the German space company's shares are up around 121% YTD, and traded at around €253.5 ($292.4)


($1 = 0.8669 euros)


 (Reporting by Conrad Kuepper)
 ((Conrad.kuepper@tr.com))