The convergence of space technology and defense has propelled OHB into a new stratosphere. The Bremen-based company’s stock touched €595 on Tuesday, up from roughly €117 at the start of the year, after it unveiled a joint venture aimed at revolutionising military reconnaissance from orbit. Now, with its market capitalisation swelling and a record €3.35 billion order book in hand, the company is preparing a landmark share placement that could raise more than €1 billion and dramatically widen its free float.
Seven Banks Mandated for the Placement
OHB has assembled a seven-strong banking syndicate to execute the transaction. Deutsche Bank, Goldman Sachs and JPMorgan were the first to be appointed, with Jefferies and UniCredit joining later. This week, Berenberg and Commerzbank were added to the roster. The sheer size of the consortium underscores the scale of the deal, which market participants are describing as a de facto re-initial public offering.
The seller is KKR, the US private equity firm that holds 29% of OHB. According to plans, KKR intends to place roughly 20% of the company’s outstanding shares — a block worth in excess of €1 billion at current prices. Following the sale, the Fuchs family will maintain its iron grip on control, retaining 65% of the voting rights. The primary aim is not a change in ownership structure but a sharp increase in tradable shares, broadening the investor base and improving liquidity.
CEO Marco Fuchs has been explicit about the rationale. “We are examining various financing options,” he said, pointing to the Bundeswehr’s plan to spend around €7 billion per year on space through 2030. Loans, credit lines and a potential capital increase are all under consideration, with the timing dependent on market conditions. A completion before the end of the first half of 2026 is the stated target.
KIRK: A New Defense Alliance
The share-price surge was triggered by the formation of the KIRK joint venture, a consortium that brings together OHB with AI specialist Helsing, defence electronics group Hensoldt and Norwegian missile maker Kongsberg. The partnership is squarely aimed at the Bundeswehr’s SPOCK-2 programme, which requires a tactical surveillance system that can dramatically compress the time between target detection and engagement — what military strategists call the kill chain.
The political tailwind is formidable. Germany’s defence minister, Boris Pistorius, has pledged to invest around €35 billion in space-based security by the end of the decade. By positioning itself at the centre of this effort, OHB is seeking to capture a material share of those funds.
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A further boost came from a decision by the Bundeswehr’s procurement agency, BAAINBw, to open a new office on OHB’s doorstep in Bremen. Market observers view the proximity as a clear structural advantage, enabling faster project approvals and closer collaboration. Bremen’s mayor, Andreas Bovenschulte, expects the move to create hundreds of local jobs.
Record Financials Underpin the Growth Story
OHB enters this phase with strong operational momentum. In the first quarter of 2026, revenue rose 15% to €200.8 million. Adjusted EBITDA jumped 37% to €27.3 million, translating into a margin of 9.7%. Earnings per share came in at €0.52, more than double the €0.20 reported a year earlier.
The real standout, however, is the order backlog. At €3.35 billion, it has never been higher, representing a 45% increase year on year. The company has set ambitious targets for the coming years: total output of €1.4 billion in 2026, rising to €1.7 billion in 2027 and exceeding €2.0 billion in 2028. For the current year, management is targeting an adjusted EBITDA margin of 11%, while medium-term annual order intake is expected to average around €3 billion, driven by the European Space Agency, EU programmes, national defence contracts and the expanding security business.
Corporate Calendar and Dividend
Shareholders have a busy schedule ahead. A cash dividend of €0.60 per share has been proposed, with the ex-dividend date set for 9 June 2026. The annual general meeting is scheduled for 24 June, and second‑quarter results are due on 6 August.
With the KIRK venture reinforcing OHB’s role in Europe’s security architecture and a €1 billion share sale set to inject liquidity into the stock, the company is positioning itself at the intersection of two of the fastest-growing segments in global capital markets. The question now is whether the market’s current enthusiasm can be sustained as the deal moves from planning to execution.
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