OHB's Fortified Balance Sheet Meets a Market That's Demanding Proof
Published on 08/10/2026 at 18:41 | Redaktion boerse-global.de
The arithmetic at OHB SE is getting harder to argue with. The Bremen-based space and defence group posted first-half 2026 revenue of €627.9 million, up 11 percent from €563.5 million a year earlier, while adjusted EBITDA jumped 31 percent to €60.4 million and adjusted EBIT climbed 46 percent to €38.9 million. The order book swelled to a record €3.304 billion, and management reaffirmed its full-year guidance of €1.4 billion in total output with an adjusted EBITDA margin between 10.5 and 11 percent.
Yet the share price keeps drifting lower. The stock closed Friday at €235.00, down nearly 13 percent over the past month, having shed 14.07 percent over the last 30 days at Thursday's close of €232.00. It now trades roughly 6.5 percent below its 200-day moving average of €248.23. The pullback comes after a twelve-month run that still leaves the shares more than 100 percent higher — a consolidation that looks less like a loss of faith than a market demanding evidence that the pipeline will convert.
A €484 Million War Chest Changes the Balance Sheet
The most consequential development of the half-year wasn't in the profit-and-loss statement. OHB completed a two-tranche capital increase in June, with the second tranche registered in early July, raising €484 million through the issuance of 1,613,023 new shares. The equity ratio jumped from 27.5 percent at the end of the last fiscal year to 43.3 percent, while total assets grew 35 percent to €2,113.5 million. The company now sits in a net cash position, giving it room to fund the capacity expansion it has planned.
The ownership structure that emerged from the transaction is notable for what it enables. The Fuchs family retains its majority with 60.3 percent, private equity firm KKR holds 19.7 percent through its Orchid Lux HoldCo vehicle, and the free float now stands at an equal 19.7 percent — a threshold that paves the way for the index inclusion expected in September, when OHB is anticipated to join either the TecDAX or SDAX.
Management has signaled the fresh capital will go toward European production facilities, lunar and exploration programs, and Rocket Factory Augsburg. Large-scale acquisitions aren't imminent, though smaller bolt-on deals remain possible.
Should investors sell immediately? Or is it worth buying OHB SE?
Defence Shifts From Ambition to Pipeline
The strategic centre of gravity at OHB is moving. CFO Tim Tecklenburg pegs defence-related activities at roughly 40 percent of a project pipeline valued at around €20 billion — a figure that underscores how far the company has repositioned itself as a defence play. Larger armaments orders, however, aren't expected until 2027, with German procurement timelines running slower than the company's ambitions.
The clearest expression of that defence pivot is the joint venture with Rheinmetall. OHB Rheinmetall Space Networks, cleared by the Federal Cartel Office in April, submitted a bid in June for SATCOMBw 4, the Bundeswehr's satellite communications program. The political winds are favourable: Defence Minister Boris Pistorius visited OHB in July, where he also lent support to European Spaceport Company plans for expanding German launch capabilities. During the visit, Pistorius was shown progress on the Sparrow satellite program.
A Pipeline That Keeps Growing
The order book tells a story of sustained momentum across segments. Space Systems contributed €472 million to total output, up 8 percent, with its EBIT margin improving from 4.3 to 6.7 percent. Access to Space grew 31 percent to €105 million. Management expects stronger order intake in the second half than the first, with major programs including Sentinel, ClearSpace-1, Upstart and Iris² still in negotiation.
The Iris² program carries particular weight. OHB is involved in the medium Earth orbit segment with 18 satellites, and the European Commission has expressed interest in concluding negotiations on the broader constellation over the summer. The company, which positions itself as one of only three major system integrators for space systems in Europe, has begun describing itself as a "European champion in the growing space economy."
The capacity build-out is already visible at the subsidiary level. OHB Space UK is expanding its team from 14 to over 100 engineers and constructing one of England's largest cleanrooms in Bristol, following a €24 million contract for the ESA's EnVision mission. OHB Italia, meanwhile, secured the contract from Italian space agency ASI for the second generation of the PRISMA hyperspectral Earth observation mission, with operations planned through the end of 2031, serving as prime contractor alongside Thales Alenia Space Italia and Leonardo.
Analysts Split on What the Share Price Should Say
The recent analyst coverage captures the valuation debate in miniature. Deutsche Bank and Jefferies initiated with "Buy" ratings, while Goldman Sachs opted for "Neutral." Price targets range from €250 to €360, with Deutsche Bank setting its target at €275 and NuWays AG reaffirming a "Buy" with a €340 target based on a DCF model. The bull case rests on figures like the €35 billion Deutsche Bank says Germany alone has earmarked for defence-related space spending over the next five years — a sum that would feed directly into OHB's pipeline. Management, according to the bank, is targeting a tripling of revenue in the medium term. The sceptics point to valuation and execution risk, noting that the transformative large orders remain unsigned.
That tension explains the market's behaviour. Record results and a fortified balance sheet have done little to arrest the slide, because investors are waiting for the pipeline to become signed contracts. The next checkpoint comes on November 11, when third-quarter figures are due — an opportunity for OHB to show whether the wait is nearly over.
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