A pair of corporate events is converging this week to test OHB SE shareholders’ patience. The German space company’s stock has already shed nearly 15% in the past seven days, and the pressure is set to intensify as the annual general meeting coincides with a forced sell-off by its largest investor. The shares ended Friday at €372.50, down 9.15% on the day and 46% below the 52-week high of €688 reached just last month.
The most immediate overhang is the exit deadline imposed on private equity firm KKR. The investor holds a 29% stake in OHB and is contractually required to unload roughly 20 percentage points of that holding — equivalent to about a fifth of the company’s total share capital — by 30 June. A planned sale on 12 June was postponed, and market participants now fear an accelerated bookbuilding process that could push the placement price well below the current level. The stock’s annualized 30-day volatility stands at 142%, underscoring the extreme swings that have accompanied the stake reduction saga.
Should investors sell immediately? Or is it worth buying OHB SE?
At Monday’s AGM, management is seeking sweeping capital-raising powers that have drawn fire from shareholder advocates. The board wants authorization to issue convertible or warrant bonds and profit-participation certificates with a total face value of up to €1.2 billion by 2031, backed by a conditional capital increase (2026/I) that could expand the equity base by as much as 20%. The German Association for the Protection of Securities Holders (DSW) is urging a vote against several agenda items, warning that the blanket exclusion of subscription rights would structurally disadvantage existing shareholders and create severe dilution.
Operationally, the company is firing on all cylinders. First-quarter 2026 total output climbed 15% year-on-year to €279.3 million, and the order backlog hit a record €3.354 billion. Adjusted EBITDA reached €27.3 million, giving management ammunition to argue that the additional financial headroom is needed to fund a robust project pipeline. Whether investors buy that argument will be decided at the shareholder meeting, but chart watchers are already flagging a critical support level. The 50-day moving average sits at €354.71; a decisive break below that mark could trigger further technical selling. The 200-day line at €203.54, meanwhile, highlights just how far the stock has rallied — it remains up roughly 206% year to date despite the recent slide.
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