Officina Stellare (OS) CMD 2026 summary

Strategic transformation and business overview

• Completed a transformational merger with Global Aerospace Technologies Group, expanding into five domains: space, aviation, defense, maritime, and cybersecurity, with vertically integrated technology and a mission-critical supplier role.

• Achieved vertical integration with control over critical value chain steps and complementary technologies in optical systems and electronics.

• Expanded industrial scale to seven production facilities in Italy and two international outposts, with over 540 employees.

• Diversified client base includes major agencies, governments, and OEMs such as NASA, Airbus, Boeing, Leonardo, and Thales, with recurring revenue streams, especially in aviation.

• Management team with extensive sector experience, including former leaders from major aerospace and defense companies.

Financial performance and operational excellence

• 2025 pro forma financials: €100 million revenue (+12% YoY), €18 million EBITDA (18% margin), €30 million net cash, and €200 million backlog.

• Order backlog rises 24% YoY to €163.1m in 2025, reaching €192m by May 2026, providing high visibility on future growth.

• Profitability growth outpaces revenue, with EBITDA up 1.5x and significant R&D investment (6% of revenue in 2025, €16m).

• Ongoing investments in capacity expansion across all plants, operational excellence initiatives, and integration of complementary technologies to drive synergies and new revenue streams.

• Maintenance, repair, and overhaul (MRO) to become a dedicated business line, with a new facility planned to centralize and grow aftermarket services.

Growth strategy and innovation

• Four growth pillars: organic growth, investment in new technologies, production capacity expansion, and M&A to strengthen market position.

• Pursuing both organic growth and M&A to strengthen positioning in aerospace and defense sub-sectors, with a dedicated committee for M&A.

• Significant investments in quantum key distribution and laser communication, with partnerships involving ESA, Skyloom, and leading universities.

• Expansion of production capacity with new and enlarged facilities, especially for laser communication programs, to be completed by 2027.

• Focus on innovation through collaborations, business incubation for ESA, and spin-offs such as ThinKQuantum and DynaWic to maintain technological leadership.