The Bremen-based space group OHB is living a tale of two realities. Its order book has never been fatter, and a new chief operating officer is about to join from ThyssenKrupp Marine Systems to help industrialise the production line. Yet the stock tumbled 4.75% on Wednesday to €371.00, dragged down by two separate capital-market worries that have spooked investors.
The first cloud comes from a report in the Börsen-Zeitung stating that OHB is preparing a billion-euro capital increase. Shareholders gave the board the formal green light at the annual general meeting on 8 June, approving new authorisations for convertible bonds and stock option programmes. The second drag is a looming block sale by private equity house KKR, which wants to place roughly one-fifth of its OHB stake in the market – a transaction that could raise over €1 billion. KKR has until 30 June 2026 to complete the sale, and a first attempt recently collapsed. Now seven large banks are managing the process.
If the placement succeeds, OHB’s free float would jump from 6% to around 26%, a shift that could structurally dampen the stock’s extreme volatility, currently clocking in at an annualised 147%. “Big funds often steer clear because of the thin float,” one market observer noted. The founding Fuchs family retains clear control with 65% of the voting rights.
The AGM itself also unlocked a fresh financing framework. Management can now issue up to 576,447 subscription rights through convertible and warrant bonds, equivalent to a maximum of 3% of existing capital. Any new shares would dilute current holdings, a concern that, combined with KKR’s planned exit, has weighed heavily on sentiment.
On the more prosaic side, the dividend was confirmed at €0.60 per share – unchanged from last year – payable on 29 June. The supervisory board meanwhile gained a prominent new member: Dr. Theodor Weimer, who takes a three-year mandate, replacing Claire Wellby.
Should investors sell immediately? Or is it worth buying OHB SE?
Operationally, OHB is firing on all cylinders. Its order backlog hit a record €3.35 billion at the end of March, a 45% jump year-on-year, with the Space Systems division accounting for nearly €2.7 billion of that total. First-quarter total revenue reached around €279 million, while adjusted operating profit climbed to €16.8 million. The company is showcasing new mission contracts this week at the ILA Berlin air show.
To sustain that momentum, OHB is strengthening its management bench. Dr. Luis Alejandro Orellano, an experienced engineer from ThyssenKrupp Marine Systems, will take over the newly created role of chief operating officer in July. His brief includes scaling up production for the company’s satellite assembly lines.
A further catalyst – or potential disappointment – awaits in Scotland. OHB’s subsidiary Rocket Factory Augsburg plans the maiden flight of its RFA ONE rocket on 1 July, carrying seven satellites. The company is cautious: historically, first flights of new launch systems succeed less than 30% of the time.
On the trading floor, the stock’s wild ride continues. Even after Wednesday’s sell-off, the shares still show a year-to-date gain of 205% – though that figure stood at 218% earlier in the week. From its May peak of €688.00, the stock has now fallen 46%. The immediate direction hinges on KKR’s placement outcome, which will be decided before the end of the month. Until then, the capital overhang above Bremen shows no sign of lifting.
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