The successful splashdown of NASA’s Artemis II Orion capsule in the Pacific marks a historic achievement for spaceflight, and a direct technological triumph for Germany’s OHB SE. Yet, even as the company celebrates this milestone, a significant shift in its shareholder base is unfolding on Earth. Private equity giant KKR is preparing to sell a substantial stake, introducing fresh dynamics for the stock just as the firm’s operational engine hits full stride.
KKR has mandated Deutsche Bank, Goldman Sachs, and JPMorgan to place approximately 20 percent of its OHB holdings onto the market. The move is designed to increase the stock’s free float and improve its tradability. The founding Fuchs family remains firmly in control with 65 percent of voting rights, and a complete delisting is off the table as KKR will retain a significant stake post-transaction. This planned sale arrives during a paradoxical moment for the share price. Despite OHB’s critical role in Artemis II—its subsidiary MT Aerospace manufactured the massive aluminium segments for the mission’s SLS rocket fuel tanks—the stock fell over seven percent to 277.00 euros on April 1. The market treated the mission’s launch as a classic “sell the news” event, cashing in on gains long priced into the shares.
Operationally, OHB’s foundations have never been stronger. The company closed the 2025 fiscal year with a 21 percent surge in revenue to 1.24 billion euros and an adjusted EBITDA of 125.6 million euros. The full consolidation of MT Aerospace in October 2025 now funnels all of that subsidiary’s sales into the group accounts, providing a solid base for ambitious growth. Management is targeting total output exceeding two billion euros by 2028, supported by an EBITDA margin above 12 percent. Current visibility is excellent, with a record order backlog of 3.19 billion euros ensuring high capacity utilisation. For 2026, the company forecasts revenues of 1.4 billion euros with an 11 percent EBITDA margin.
Should investors sell immediately? Or is it worth buying OHB SE?
A major near-term catalyst, however, faces earthly complications. OHB is pursuing the massive SATCOMBw Stage 4 project for the German Bundeswehr through a planned joint venture with Rheinmetall Digital. The German Federal Cartel Office is currently reviewing this partnership, a process that has already led to a delay of several months. Analysts estimate OHB’s potential share of the contract value at between 2.7 and 3.3 billion euros, making the regulatory outcome a critical watchpoint.
Investors will get their next formal financial update with the Q1 2026 report on May 7, which will show early effects of the raised guidance and MT Aerospace integration. Shareholders can also look forward to a proposed dividend of 0.60 euros per share at the Annual General Meeting on June 24. In the meantime, the impending placement of KKR’s stake will be a key factor influencing the stock’s supply and demand, setting the stage for OHB’s next chapter as it builds on its spaceflight success.
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