OHB's Rocky Ride: A New Rival Enters the Ring as the AGM Looms
04.06.2026 - 16:51:36 | boerse-global.de
The German space sector is witnessing an unusual collision of forces. OHB SE, a Bremen-based aerospace heavyweight, is heading into its annual general meeting on Monday under a cloud of volatility, with its shares tumbling more than 24% over the past week. The catalyst? A mix of competitive pressure, a major shareholder’s planned exit, and a controversial capital-authorization request that has spooked investors.
The latest blow came from an unexpected direction: Rheinmetall announced it would convert its Neuss plant to satellite production, turning the arms giant into a direct competitor. Rheinmetall brings deep pockets and a steady stream of military contracts to the table – a combination that threatens OHB’s domestic dominance. By Thursday, the stock had slid a further 5.2% to €353.50, pushing the total weekly decline to 26.4%. The 52-week high of €688 reached on May 21 now looks distant, with shares trading nearly 49% below that peak.
Market dynamics amplify the discomfort. With annualized volatility at 137%, the stock is seesawing wildly amid diverging views. The relative strength index has slipped to 42.3 – neutral territory – but no clear floor has formed. Despite the drubbing, OHB still trades 360% above its level a year ago and over 450% above its 52-week low of €64. That dramatic rally has made the stock a high-expectations play, where any misstep invites outsized punishment.
Should investors sell immediately? Or is it worth buying OHB SE?
The main event, however, is the AGM on June 8. Management is seeking authorization to issue convertible or warrant bonds worth up to €1.2 billion, a move that would allow the creation of new conditional capital equivalent to 20% of the current share base. The German Association for the Protection of Securities Holders has already voiced opposition, warning of severe dilution risk. The proposal comes as KKR, which currently holds around 29% of OHB, plans to slash its stake to a single-digit percentage – an internal “re-IPO” that would boost the free float from roughly 6% to about 26%. The placement is being prepared by a broad consortium of seven banks, including Goldman Sachs and JPMorgan, but the timing remains uncertain. Reports indicate that OHB is waiting for SpaceX’s mid-June IPO to pass, wary of soaking up investor attention and capital from the same sector.
Operationally, the company remains on firm footing. OHB finished the first quarter of 2026 with a record order backlog of €3.35 billion, up 45% year-on-year, driven by ESA programs and rising European defense budgets. The proposed dividend of €0.60 per share adds a modest yield to a story that is otherwise about transformation.
After the AGM, all eyes will be on two things: the scope of the authorized capital that gets approved and the timing of the KKR placement. If the share sale is managed in an orderly fashion, the resulting liquidity could eventually attract institutional investors and even open doors to index inclusion. But with a new competitor in orbit and a massive convertible authorization hanging overhead, the near-term path remains anything but smooth.
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