OHB's Pivotal June: AGM Vote, KKR's Exit Timer, and a Space Showcase Converge

OHB SE enters one of its most consequential weeks with a packed calendar that blends shareholder democracy, a private-equity selloff deadline, and a major aerospace trade fair. The space and technology group's stock has already taken a beating — down nearly 15% last week — as investors weigh a proposed €1.2 billion capital authorization against the operational momentum from a record order book.

The immediate flashpoint is Monday's virtual annual general meeting on June 8, where management seeks approval to issue convertible bonds, warrant-linked debt, and participation rights with a total face value of up to €1.2 billion until 2031. To back that, a conditional capital increase of 20% of current share capital is proposed. The German Shareholders' Association (DSW) has advised voting against several agenda items, citing a significant dilution risk for existing holders and criticizing the blanket exclusion of subscription rights that would structurally disadvantage current shareholders.

Compounding the governance tension, a separate clock is ticking for KKR. The private equity firm holds roughly 29% of OHB and must place about 20 percentage points of that stake by June 30. A planned block trade originally scheduled for June 12 was postponed, leaving the market bracing for a potential secondary offering that could exert further downward pressure if priced below current levels.

The stock has reflected the anxiety for weeks. On Friday, OHB shares closed at €372.50, tumbling 9.15% on the day and 14.47% for the week. That puts the equity nearly 46% below its 52-week high of €688 from May, with annualized 30-day volatility spiking to 142.07%. The technical picture remains fragile: the share price still sits above the 50-day moving average of €354.71, but the relative strength index of 45.0 signals no oversold condition. The thin free float — just 1.09 million of 19.2 million shares tradable, or about 5.7% — amplifies every swing.

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

Operationally, the company’s narrative remains compelling. First-quarter 2026 results showed total output rising 15% to €279.3 million and adjusted EBITDA reaching €27.3 million. The order backlog hit a record €3.354 billion, a 45% jump from a year earlier, led by the Space Systems segment at €2.68 billion. Management targets total output of €1.4 billion for 2026, rising to €1.7 billion in 2027 and surpassing €2.0 billion by 2028, with an EBITDA margin of 11%.

The strategic rationale for the capital flexibility will be on display just two days after the AGM when the ILA Berlin aerospace exhibition opens on June 10. OHB intends to announce new mission contracts at the event, using the high-profile stage to demonstrate its growing project pipeline. That includes the RAMSES asteroid exploration mission with ESA and JAXA. The core module is being built by OHB Italia in Milan, and the propulsion module by ArianeGroup in Lampoldshausen; integration at ESTEC is scheduled for early 2027. The ESA contract with OHB Italia is valued at €81.2 million, with total preparatory work bringing the overall project to roughly €150 million.

Further out, Rocket Factory Augsburg has applied for a launch window starting July 1 at Scotland's SaxaVord Spaceport. Both rocket stages have been on site since March. While RFA stresses that first flights are inherently subject to delays, a successful maiden launch would strengthen OHB's position in small-satellite launch services and reduce reliance on third-party rockets.

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The board is also proposing a dividend of €0.60 per share, though that payout is a minor detail compared with the capital measures and the upcoming KKR placement. With the AGM on Monday, the ILA beginning Wednesday, and the RFA window opening in July, OHB has a dense schedule to prove that its ambitious growth plans rest on more than market enthusiasm.

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