OHB's €1.2 Billion Question: Can a Record Backlog Outweigh a 20% Dilution Threat?
06.06.2026 - 22:24:15 | boerse-global.de
Bremen's clean rooms are humming with space hardware, but on the trading floor the view of OHB SE has turned bleak. As the company prepares to host a virtual annual general meeting on Monday, shareholders are confronting a stock that has shed nearly half its value in two weeks — while management asks for approval of a €1.2 billion capital package that risks diluting their stakes significantly.
The AGM agenda has drawn fierce opposition from the Deutsche Schutzvereinigung für Wertpapierbesitz, Germany's prominent shareholder protection group. It has pledged to vote against the proposed conditional capital 2026/I, which would allow OHB to issue convertible bonds, warrants and profit participation rights until June 2031. The authorization is capped at 20% of current share capital, meaning existing holders could see their ownership sliced by a fifth if the full amount is ever exercised. The board's ability to exclude subscription rights — a standard but sensitive provision — has added to the unease.
KKR's exit amplifies the pressure
The timing of the vote is particularly awkward. Fintech investor KKR, which holds roughly 29% of OHB, is preparing to sell down its stake before the end of this month in what the company internally calls a "re-IPO." The plan would boost free float from a wafer-thin 6% to about 26%, a move the market has been pricing in for days. The Fuchs founding family, controlling about 65% of voting rights, would retain operational control, but the flood of new shares coming from both the placement and the capital authorization has hit the stock hard.
On Friday, OHB shares plunged 9.15% to €372.50. The seven-day loss stands at more than 14%, and the stock now trades 46% below the all-time high of €688 touched in mid-May. Year-to-date, however, the equity still trades up around 207% — a reminder of how far it had climbed before the current sell-off.
Should investors sell immediately? Or is it worth buying OHB SE?
Operational record belies market pessimism
Against the market turbulence, OHB's underlying business has rarely looked stronger. First-quarter total output rose 15% year on year to €279.3 million, while adjusted EBITDA jumped 37% to €27.3 million. The order backlog hit a record €3.35 billion, driven by contracts for Galileo navigation satellites, the RAMSES asteroid probe for the European Space Agency, and new partnerships in military satellite communications.
The RAMSES mission, targeting a close encounter with asteroid Apophis in April 2029, is particularly time-sensitive. OHB's Bremen facility is now formally building the spacecraft structure and integrating components from across Europe, including a key electronics module from its Milan subsidiary. The launch window opens in early 2028, leaving little room for delays.
A tension that defies easy resolution
Monday's AGM vote will test whether shareholders see the capital authorization as a prudent tool for flexible fundraising or as a threat to their existing holdings. A "yes" vote would likely keep the near-term pressure on the shares, especially with KKR's block trade looming immediately afterward. A "no" vote would force management to seek alternative financing routes, but would not cure the overhang of the KKR stake.
OHB SE at a turning point? This analysis reveals what investors need to know now.
For now, the stock reflects a disconnect between operational excellence and market anxiety. OHB's clean rooms are building the future of European planetary defense, but on the trading floor the immediate future is written in red ink and dilution estimates.
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