OHB's Italian Eye-in-the-Sky Reaches Full Strength as Rocket Unit Hands Over the Controls
Published on 10/11/2026 at 21:10 | Editorial boerse-global.de
Two operational threads at OHB SE have moved forward in tandem: the completion of an Italian Earth-observation network and a leadership change at the group's rocket-building subsidiary. The Bremen-based space and technology group confirmed both developments within days of each other, while its share price continued to drift.
A 24-Satellite Constellation, Now Complete
OHB Italia's contribution to IRIDE, the Italian Earth-observation programme run by the national space agency ASI, has reached its planned size. The Eaglet-II sub-constellation now counts 24 satellites, all developed and operated by OHB Italia, following the launch of eight additional units roughly two weeks ago. ASI presented the first images from the fleet on Thursday.
The milestone caps a steady build-out for OHB's Italian arm, which has been positioning itself as a systems supplier for government-backed orbital infrastructure.
22 Experiments Riding on a Single Platform
Further afield, the group's Luxembourg subsidiary LuxSpace notched its own success in orbit. On 2 October, a SpaceX Falcon 9 lifted the small satellite ATHENE-1 from Vandenberg into low Earth orbit as part of the Transporter-18 rideshare mission. LuxSpace developed the spacecraft together with the University of the Bundeswehr Munich.
Should investors sell immediately? Or is it worth buying OHB SE?
ATHENE-1 will host 22 scientific experiments spanning communications, networking, reconnaissance, navigation and data processing. For OHB, such demonstration missions serve a dual purpose: they validate operational capabilities for civilian and security-related applications alike, and they lay groundwork for the space architectures the group hopes to supply in the years ahead.
New Captain at Rocket Factory Augsburg
Closer to home, the supervisory board of Rocket Factory Augsburg installed Alexander Dahm as the subsidiary's new chief executive about a week ago. Dahm succeeds Prof. Dr. Indulis Kalnins and takes charge of the company's next phase, which centres on the maiden flight of the RFA ONE launch vehicle.
The handover comes as OHB's ownership structure remains firmly anchored. The founding Fuchs family continues to hold the majority of shares, while private equity firm KKR has been a minority investor since 2023 through Orchid Lux HoldCo S.à r.l. KKR's stake, initially around 28.6 percent at entry, was diluted to approximately 20 percent as part of the capital measure in June, according to the half-year report dated 6 August.
Berenberg Backs the Order Story
Analyst Michael Filatov of Berenberg pointed to management's own commentary at the German Corporate Conference in Munich, where executives reaffirmed expectations for another strong year of order intake. That endorsement offers some ballast as investors await harder financial evidence.
The market has pencilled in 11 November for the release of third-quarter figures, according to media reports — a date on which shareholders will look for the revenue and margin translation of the project progress booked in recent months.
OHB shares closed Friday at EUR 158.40, leaving the stock up 35 percent since the start of the year despite recent consolidation. The group's market capitalisation stands at EUR 3.29 billion.
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