OHB’s Record Backlog and €1.4 Billion Outlook Mask Tension Over a Stalled Share Placement

The numbers from Bremen tell a story of robust growth, yet the market’s attention remains fixed on a postponed equity sale that could reshape the company’s shareholder base. OHB SE posted a 15% increase in total output to €279.3 million in the first quarter of 2026, while adjusted EBIT surged 63% to €16.8 million. Adjusted EBITDA climbed 37% to €27.3 million, and net profit attributable to shareholders more than doubled to €9.9 million from €3.7 million a year earlier.

Behind those figures lies an even more telling indicator of future strength: the order backlog hit a record €3.354 billion at the end of March, up 45% year-on-year. The Space Systems segment alone accounted for €2.683 billion of that total, underpinning the company’s medium-term planning. Management is guiding for total output of €1.4 billion in 2026 and has set a target of €2 billion by 2028.

Yet the capital markets are preoccupied with a different narrative. Institutional investor KKR, which holds a 29% stake in OHB, had planned to place roughly 20 percentage points of its holding to lift the free float from a razor-thin 6% to 26%. The sale, underwritten by Jefferies, UniCredit, Deutsche Bank, Goldman Sachs, JPMorgan, Berenberg and Commerzbank, was expected to launch in mid-June. But it has been put on ice.

The culprit is SpaceX. The Elon Musk-led company is preparing an initial public offering that could value it at $1.75 trillion — a colossal transaction that threatens to suck up investor attention, capital and banking capacity. OHB appears unwilling to risk the discount that such a crowded window would impose. The founders’ Fuchs family, which will retain 65% of the voting rights, supports the delay to avoid selling at a disadvantage.

Should investors sell immediately? Or is it worth buying OHB SE?

All eyes now turn to the virtual annual general meeting on 8 June 2026. Shareholders will vote on a dividend of €0.60 per share and a stock option programme that authorises the issuance of up to 576,447 subscription rights to executives, senior managers and employees. The plan is limited to 3.0% of the share capital and, if approved, will remain valid until June 2031. Conditional capital of the same amount will be created to service the options.

Operationally, the pace of project milestones has not slackened. The first orbital test flight of the RFA One microlauncher is on track for summer 2026, with the initial rocket stages already delivered to the SaxaVord Spaceport in Scotland. OHB acknowledges that fewer than 30% of first flights for new launch systems have historically been successful.

Meanwhile, a separate European venture is gathering momentum. OHB Italia has been selected by the European Space Agency as the prime contractor for the Ramses mission, which aims to study asteroid 99942 Apophis. The contract is valued at €81.2 million, with the total programme volume reaching approximately €150 million.

OHB SE at a turning point? This analysis reveals what investors need to know now.

OHB’s shares closed at €442.50 on Friday. The immediate question for investors is how the company will reposition the placement after the AGM, once SpaceX’s mega-IPO has passed and the capital market window reopens. For now, the record backlog and strong first-quarter performance provide a cushion — but the scarcity of tradable shares leaves the stock vulnerable until the free float is finally widened.

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