RAMSES Mission Takes Shape as OHB Shareholders Face a €1.2 Billion Vote

The latest chapter in OHB’s story is being written in two very different places. In Bremen, engineers have begun building the RAMSES probe, a European Space Agency mission tasked with studying the asteroid Apophis as it makes a close pass of Earth in April 2029. Launch is set for spring 2028. The subsidiary in Milan is supplying the central electronics module, while OHB in Bremen integrates the structure and international components.

But on the trading floor, the narrative is dominated by finance. OHB shares tumbled 9.15% on Friday to close at €372.50, pushing the weekly loss to nearly 15%. The stock now sits roughly 46% below its 52-week high of €688 reached on May 21. While it still trades marginally above the 50-day moving average of €354.71, the relative strength index of 45 points to neither oversold nor overbought conditions.

The catalyst for the selloff is the agenda of Monday's virtual annual general meeting on June 8. Management is seeking authorization to issue convertible and warrant bonds worth up to €1.2 billion, a mandate that would run until mid-2031. Alongside that, shareholders are being asked to approve new conditional capital equivalent to 20% of the current share capital. A second conditional capital for stock options is also up for a vote. The board can exclude preemptive rights, raising the specter of substantial dilution. The German Association for the Protection of Securities Holders has warned of exactly that risk.

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

Adding to the uncertainty, private equity firm KKR intends to sell a sizeable chunk of its roughly 29% stake. A block of that magnitude could weigh on the share price further.

Operationally, the picture is far rosier. OHB posted a 15% increase in revenue in the first quarter of 2026, with total performance reaching €279.3 million. The order backlog climbed to a record €3.35 billion. Adjusted EBITDA jumped 37% to €27.3 million. New contracts in satellite and planetary defense have underpinned growth, and the company recently founded the European Moonport Company and launched a collaboration with Helsing on tactical reconnaissance systems.

The tension between strong fundamentals and governance fears has split the market. Despite the recent slump, the stock remains up more than 200% year to date. Yet the AGM vote on the capital authorization, paired with the timeline of KKR’s exit, will likely dictate the direction in the weeks ahead. The only clarity expected on Monday is whether shareholders back the plan — and what that means for the stock’s volatile orbit.

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