OHB Caught in Dual Shock as KKR Exit and €1.2 Billion Convertible Plan Trigger 6% Plunge
03.06.2026 - 23:41:27 | boerse-global.de
The Bremen-based space contractor OHB SE is confronting a rare double jolt from its two largest shareholders at once. On Wednesday, the stock cratered more than 6%, touching €365, as the market digested a plan by private equity giant KKR to slash its stake and a separate proposal for a convertible bond programme of up to €1.2 billion. The moves, both requiring shareholder approval at the annual general meeting on 8 June, threaten immediate dilution even as the company’s order book swells to a record.
KKR, which currently holds roughly 29% of OHB, intends to reduce that position to a single-digit percentage. Around 20 percentage points of the stake are expected to be placed on the capital market in June, backed by a syndicate of seven banks including Deutsche Bank, Goldman Sachs and JPMorgan. The resulting increase in free float – from a mere 5.68% of shares to approximately 26% – would transform the stock’s liquidity profile. For years the tight float has deterred institutional investors and kept OHB out of major equity indices. A broader shareholder base could open the door to index inclusion, triggering automatic purchases by passive funds.
The stock’s current slide, however, reflects the shorter-term headache of supply. Shares have lost nearly 18% in the past seven days alone. The 52-week high of €688, reached on 21 May, now sits 47% away. The relative strength index stands at 43.5, indicating neither an oversold condition nor a clear floor. The 50-day moving average near €349 represents the next notable support level.
Should investors sell immediately? Or is it worth buying OHB SE?
Alongside the KKR exit, management is seeking an authorisation to issue convertible or warrant bonds of up to €1.2 billion, valid until June 2031. The contingent capital required for such instruments would equal roughly 20% of current share capital. The company argues the firepower is necessary to pre-finance a burgeoning project pipeline. At the end of the first quarter of 2026, the order backlog had climbed to €3.35 billion – a 45% increase year-on-year. Key programmes include the next-generation EPS-Sterna weather satellites and multiple small-satellite constellations for defence clients. Total revenue in the first quarter rose 15% to €279.3 million.
The sheer size of the convertible authorisation, combined with the looming KKR placement, has unnerved investors who fear near-term dilution ahead of any payoff from the record order book. The market will not know the specific terms, volumes or timing of any future convertible issue until after the AGM vote, leaving a cloud of uncertainty overhead.
The Fuchs family, which controls about 65% of OHB, has signalled its intention to retain control. KKR’s reduction is seen as consistent with the family’s desire to loosen the tight ownership structure without ceding dominance. A successful vote on 8 June would also clear a dividend of €0.60 per share, though the main drama centres on the capital measures.
Despite the recent plunge, OHB shares have still more than doubled year-to-date, gaining over 200%. The AGM will determine whether the company can navigate the short-term pain of dilution to secure the long-term prize of index membership and deeper liquidity. If the plan goes ahead, the near-term selling pressure may persist – but so too could the foundation for a more tradeable, institution-friendly stock.
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