European Growth Leaders 2026

Annual ranking data providerLSEG WorkspaceUsed with permission · acknowledgements

An independent research observatory tracking Europe’s listed growth companies.

Francesco Castellaneta, Full Professor of Strategy and Entrepreneurship, SKEMA Business School – Université Côte d’Azur (GREDEG) · Scientific Committee Diego Zunino and Jackie Krafft

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Annual rank97

Germany · Industrials

OHB

Develops complete satellite systems and missions, space-access infrastructure, and data-driven applications and digital services.

+29%revenue growth
FY2022–FY2025
+55%net-income growth
FY2022–FY2025
+276%stock return
FY2022–FY2025
+61%2026 stock return
current context only

Company profile

Build the spacecraft, enable the launch and use the data

OHB is a Bremen-headquartered group of about 4,000 people at 18 locations. Its three segments span spacecraft, access to space, and digital ground and data services. The distinctive feature is a network model: OHB System, OHB Italia, OHB Sweden, MT Aerospace and digital subsidiaries take different prime, supplier, operations or application roles across European programmes.

Navigation, weather and Earth observation

Separate prime, platform, builder and operator roles across four constellations

OHB System was prime contractor for 34 first-generation Galileo satellites, with 30 in orbit by December 2025. For MTG-S1 it built the Sounder satellite and the platforms used across six MTG spacecraft, while Thales Alenia Space led the wider industrial consortium and EUMETSAT manages mission control and data distribution. Eight new OHB Italia satellites expanded the optical-and-AIS Eaglet II constellation to 16; OHB Sweden is prime contractor to deliver 20 satellites for EPS-Sterna.

Science and exploration

Move from exoplanets to gravitational waves and planetary defence

LISA gives OHB System its first prime-contractor role on an ESA large-class science mission: it will build three spacecraft for gravitational-wave detection under an €839 million contract. OHB System led PLATO's thermal-vacuum campaign, a pre-launch test for the 26-camera exoplanet observatory. OHB Italia is prime contractor for the RAMSES spacecraft, OHB System performs structural integration and OHB Czechspace supplies additional support structures; for Argonaut, OHB System supplies three LDE subsystems under Thales Alenia Space Italy.

Access to space

Supply Ariane hardware without claiming the launcher

MT Aerospace, wholly owned since October 2025, supplies cryogenic tanks, structures and booster hardware accounting for about 10% of Ariane 6. ArianeGroup remains the launcher's lead contractor and design authority; MT Aerospace's 2025 series order covers structural components and tanks for Ariane 6 flight models 16–42. MT Aerospace Guyane, MT Aerospace AG's separate Kourou subsidiary, maintains launch infrastructure and supports propulsion, ground and campaign services for Ariane and Vega.

Ground systems and digital services

Operate the mission, improve the data and turn it into decisions

OHB Digital Connect operates satellites through its Multi-Mission Control Center and has upgraded ground stations for Germany's SATCOMBw system. It is also developing AI super-resolution for MTG-I1 weather data. In the Urban View Demonstrator, OHB Digital Services leads work on urban green spaces while Digital Connect focuses on heat-island analysis, preserving the distinction between the two subsidiaries.

Current 2026 update

What is changing at OHB in 2026?

OHB is turning its network model into three repeatable systems: weather-satellite platforms, partner-built defence architectures and European launch access.

Latest official evidence MTG-I2 launch and role map Published 28 August 2026

The change in one sentence

Flight heritage, coalition design and launcher industrialisation now sit at three different levels of maturity.

MTG-I2 is in orbit but commissioning remains; the defence ventures are formed but not awarded; RFA has a signed Block 2 contract while Test Flight 1 has not occurred.

Four lenses on 2026

The same four-quadrant format used in the Company profile.

01 · Repeatable weather platforms

A third MTG satellite reaches orbit; commissioning and a stored replacement cycle come next

MTG-I2 launched on Ariane 6 on 27 August at 22:11 CEST and separated into geostationary transfer orbit about 36 minutes later; OHB confirmed success in a release published on 28 August. All three satellites of the first MTG operational constellation are now in orbit, but I2 still has to enter operational service. OHB was a major contributor under Thales Alenia Space's overall prime contractorship: responsible for all six satellite platforms, four FCI telescope assemblies and overall delivery of the two IRS instruments, and prime contractor for the two MTG-S satellites and sounder mission. The industrial sources describe the core payload boundary differently but compatibly: OHB's programme material says Thales France supplied the interferometer and detection assembly, while Thales says it developed, assembled, integrated and tested that main-payload scope. I1 and S1 were already operating reliably. Once I2 enters service, the issuer says the full Earth disc can be imaged every ten minutes and Europe every 2.5 minutes. Three replacement platforms and a future IRS instrument are stored for later satellites, showing lifecycle continuity without implying present revenue.

  • Current signalLaunch: 27 August · OHB release: 28 August · commissioning pending · three replacement platforms stored
  • Why it mattersOHB's work spans repeatable platforms, instruments, prime responsibility for one satellite family and lifecycle preparation rather than a single bespoke spacecraft.
  • MTG-I2 launch and role map OHB · 28 August 2026
  • MTG sounder payload roles Thales Alenia Space · 2 July 2025

02 · Defence-space coalitions

Rheinmetall and KIRK assemble two different architectures before any evidenced programme award

OHB and Rheinmetall established a Bremen joint venture whose goal is to address SATCOMBw Phase 4 from development and integration through delivery, operation, IT security and a cyber-operations centre. The release positions the venture for that role but does not evidence a Bundeswehr award or delivered network. Separately, OHB and Helsing established KIRK and jointly lead a consortium with HENSOLDT and Kongsberg for tactical space surveillance, reconnaissance and target acquisition. OHB contributes turnkey space systems and payloads; Helsing AI processing, HENSOLDT sensors, and Kongsberg end-to-end and ground-system capabilities. This second system is under development; no government order, satellite constellation or operating targeting network is reported.

03 · Launch access on two tracks

RFA has a pending first test flight and a signed ESA industrialisation contract — not a launch result

OHB's H1 report lists a 56.8% equity interest in Rocket Factory Augsburg and marks RFA as non-consolidated; the 27 August release describes OHB as a strategic investor. The stake is a majority equity interest, but neither wholly owned nor consolidated. H1 says RFA applied for Test Flight 1 approval from SaxaVord, integrated nine individually hot-fire-qualified engines into the first stage and planned the flight later in 2026. No launch had occurred by the cutoff. On 27 August, RFA separately signed an ESA European Launcher Challenge contract to enter the second procurement phase. Running through mid-2029, it focuses on RFA ONE Block 2 development, ground infrastructure and preparation for scalable serial production. The flight-test path and Block 2 contract path are distinct. OHB/MT Aerospace's Ariane 6 components and infrastructure are another separate industrial role.

  • Current signalNine qualified engines integrated · Test Flight 1 pending · ESA Block 2 contract through mid-2029
  • Why it mattersNear-term flight risk and longer-term industrialisation support are different milestones in the effort to create more independent European launch capacity.
  • H1 programme and RFA report OHB · 6 August 2026
  • RFA Block 2 industrialisation contract OHB · 27 August 2026

04 · What to watch

Three questions for the next disclosures

The next evidence should convert an orbit insertion, two pre-award coalitions and a launcher contract into operational or procurement milestones.

  • MTG commissioningDoes MTG-I2 enter operational service, and do later accounts preserve OHB's platform/instrument roles under Thales's overall prime?
  • Defence awardsDoes either joint venture receive a government programme award or disclose a delivered, operating capability?
  • RFA milestonesDoes Test Flight 1 occur, and are its results kept separate from milestone activity under the ESA Block 2 contract?

Annual record

Ranking history

Future editions add rows; they do not rewrite the 2026 record.

EditionMeasurement periodRankRevenue growthNet-income growthStock return
2026FY2022–FY202597+29%+55%+276%