OHB's Operational Upswing Collides with Capital Markets Turbulence

The Bremen-based space technology group OHB SE is entering a period of extreme dual tension. On one side, the company is riding a wave of operational success, with a record order book and double-digit revenue growth. On the other, two powerful forces are threatening to send the stock into a tailspin: a €1.2 billion capital-raising proposal that would dilute existing shareholders by as much as 20%, and an aggressive June 30 deadline for private equity giant KKR to offload a roughly 29% stake in the company.

The confluence of these events has turned the upcoming virtual annual general meeting on June 8 into a referendum on management's strategy versus shareholder protection. The agenda includes a request for authorisation to issue convertible bonds, option bonds and profit-participation rights with a total face value of up to €1.2 billion, valid through 2031. To backstop those instruments, OHB wants to create conditional capital equivalent to 20% of current share capital.

Germany's main shareholder advocacy group, the Deutsche Schutzvereinigung für Wertpapierbesitz (DSW), has already called on investors to vote against four items on the agenda. The DSW argues that the remuneration rules lack individual maximum amounts for board members — a violation of the Corporate Governance Code. More pointedly, it criticises the capital measures for exposing shareholders to a dilution risk of up to 20% and for the blanket exclusion of subscription rights, which structurally disadvantages current owners.

With a free float of just 6%, minority shareholders have little leverage. The DSW's opposition carries weight, but passing the resolutions remains highly likely given the concentrated ownership structure. Also on the table is a dividend of €0.60 per share.

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

Parallel to the AGM drama, KKR is racing against a regulatory clock. The buyout firm holds around 29% of OHB and must place roughly 20 percentage points of that stake before June 30 or risk losing the associated regulatory approvals. A planned launch of the placement on June 12 was shelved when SpaceX announced its own initial public offering — a deal of such magnitude that it sucked up both capital and banking capacity. Seven banks are backing the OHB transaction, including Deutsche Bank, Goldman Sachs, JPMorgan, Berenberg and UniCredit. If KKR succeeds in placing the shares this month, the free float could jump to around 26%, which would structurally reduce the stock's annualised volatility — currently above 140%.

Amid this corporate and market turmoil, the underlying business has rarely looked stronger. In the first quarter of 2026, total output rose 15% to €279.3 million, while adjusted EBIT surged 63% to €16.8 million. The order backlog hit an all-time high of €3.35 billion as of March 31, driven by the Space Systems segment with €2.68 billion. For the full year, OHB targets total output of €1.4 billion, rising to €1.7 billion in 2027 and beyond €2.0 billion by 2028, with an aspiring EBITDA margin of 11%.

The upcoming ILA Berlin air show from June 10 to 14 offers a platform for OHB to highlight new mission contracts, adding positive narrative at a critical moment. Another potential catalyst lies in early July, when rocket subsidiary Rocket Factory Augsburg has applied for a launch window on July 1 for the maiden flight of the RFA ONE vehicle, already housed in the integration hall at the SaxaVord spaceport in Scotland. A successful launch would reposition OHB in the “access to space” segment and reduce its reliance on third-party rockets for small satellite missions. The company itself is cautious, noting that first flights of new launch systems historically succeed less than 30% of the time.

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

On the charts, OHB shares closed Monday at €372.50, just under 5% above the 50-day moving average of €354.71 — a technical line that traders say must hold to prevent a slide toward the 200-day average. The stock has lost nearly 45% since its all-time high of €688 in May. Despite that pullback, the year-to-date return still stands at roughly 207%, a reminder of how far the equity has come in 2026. The next few weeks will determine whether that rally can regain altitude or whether the combined weight of dilution fears and a forced block sale will push it back to earth.

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