OHB's Twin Engine: A Record Backlog Fuels a €1 Billion Share Sale While a New AI Venture Targets Space-Based Defense
21.05.2026 - 10:53:52 | boerse-global.de
The European defense build-up is redrawing the map of the space industry, and OHB SE is positioning itself at the center of the action. The Bremen-based group is firing on two cylinders: a newly forged joint venture with Helsing to develop AI-powered surveillance satellites, and a planned €1 billion-plus equity placement that would give the company the financial firepower to match its soaring order book.
The joint venture, named KIRK — short for "Künstliche Intelligenz und Raumfahrt-Kompetenz" — aims to deliver near-real-time target acquisition from orbit for next-generation stand-off weapons. OHB and Helsing lead a consortium that also includes Kongsberg Defence & Aerospace and HENSOLDT. The group was initially formed in December 2025 to develop a European space-based tactical targeting system; KIRK now formalizes OHB's role within it. CEO Marco Fuchs described AI-integrated space systems as "indispensable" for modern armed forces seeking fast, precise battlefield data. No financial terms were disclosed.
The timing dovetails neatly with OHB's ambitious capital markets push. The company is expanding its banking syndicate for a share placement that could exceed €1 billion in volume. Newly mandated lenders Berenberg and Commerzbank join Jefferies, UniCredit, Deutsche Bank, Goldman Sachs, and JPMorgan — the latter three already onboard.
The seller is KKR, which holds roughly 29% of OHB and plans to place around 20% of that stake. The Fuchs family, with 65% of voting rights, retains clear control. The transaction will combine a capital increase with a secondary sell-down, targeting a free float of approximately 20%. Completion is slated for the first half of 2026, though the company conditions the timetable on market conditions. A delisting is not on the table; OHB wants to keep its capital market access to fund expansion and competitiveness.
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The proceeds are earmarked for two main purposes: pre-financing large constellation projects and expanding manufacturing capacity. The driver is the exploding defense business. "The Bundeswehr alone plans to spend around €7 billion annually on space through 2030," Fuchs told Börsen-Zeitung. "To participate in this upturn we need to invest." OHB is assessing multiple funding routes, including loans, but a capital increase in the coming months is now the centerpiece.
The operational numbers back the move. In the first quarter of 2026, OHB's revenue (Umsatz) reached €200.8 million, while total output (Gesamtleistung), which includes inventory changes, climbed 15% to €279.3 million. Profitability improved faster than sales: adjusted EBITDA hit €27.3 million, translating into a margin of 9.7%. Adjusted EBIT rose to €16.8 million.
Most impressive is the order backlog, which stood at a record €3.35 billion at the end of March — 45% higher than a year earlier. The Space Systems segment accounts for €2.68 billion of that total. For 2026, OHB has guided for total output of €1.4 billion, with further significant growth ahead. By 2028, total output should exceed €2 billion and the EBITDA margin is expected to surpass 12%. Medium-term annual order intake is pegged at around €3 billion.
OHB SE at a turning point? This analysis reveals what investors need to know now.
The stock has had a staggering run, gaining more than 400% since the start of the year. Much of that rally has been fueled by the KIRK joint venture and the record backlog, though the shares have eased slightly after the latest surge. The placement structure will be firmed up by the annual general meeting in June 2026, and second-quarter results due in August will be the next test of whether margins and the order book can sustain the expansion trajectory.
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