OHB Charts a Dual Path: Record Backlog and New Leadership Amid a Volatile Market
11.06.2026 - 06:25:03 | boerse-global.de
OHB SE finds itself navigating a paradox: a €3.35 billion record order book and double-digit growth on one side, and a stock that has lost nearly half its value from its May peak on the other. The space and technology group is taking steps on both the operational and strategic fronts to steady the ship, with a new management hire and fresh alliances in European defence projects.
New COO to Drive Scaling
The company is filling a newly created chief operating officer role to tame the complexity of its expanding project pipeline. Dr. Luis Alejandro Orellano, a doctoral aerospace engineer with more than 17 years at DaimlerChrysler, Bombardier and most recently thyssenkrupp Marine Systems, will join the group executive board on 1 July 2026. His appointment was announced on the day of the ordinary annual general meeting on 8 June 2026. At thyssenkrupp, Orellano oversaw value creation in complex submarine and frigate programmes — long-cycle projects that demand tight coordination and cost discipline. Most recently he served as executive vice president for Technology Systems at Rohde & Schwarz.
The appointment reflects a concrete pressure point. First-quarter 2026 revenue climbed 15% to a total output of €279.3 million, while adjusted EBITDA jumped 37% to €27.3 million. The backlog has hit a record €3.35 billion, yet the challenge is turning those orders into reliably delivered products. OHB wants its industrial production and its large-scale projects to operate in closer lockstep.
Airbus Pact and Strategic Repositioning
At the ILA Berlin air show, OHB cemented its role in central European defence programmes. The so-called "Spock 2" project for the Bundeswehr — a next-generation satellite reconnaissance system — will be built jointly by Airbus, Rheinmetall and OHB. The Bremen-based company takes a leading position alongside the two armaments giants, underlining its technological strength in high-resolution satellites.
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The aerospace sector is being reshaped by political currents. The Franco-German FCAS fighter jet project faces an uncertain future, and Berlin has responded with a new aviation strategy that promises the industry relief of around €500 million. OHB’s satellite systems, notably, remain insulated from the jet programme’s turbulence. The company also showcased its subsidiary OHB Italia’s contribution to the RAMSES mission: the HAMLET camera, developed for the European and Japanese space agencies to study the asteroid Apophis, which will fly close to Earth in April 2029.
KKR Overhang and Stock Volatility
Despite the operational milestones, the share price battle is far from over. The stock closed Wednesday’s session at €368.00, down roughly 10% on the week and some 46% below its 52-week high of €688.00 from May. Year-to-date, however, it still shows a gain of more than 205%. The annualised volatility stands at a staggering 147%, and the RSI of 45 points to a consolidation phase.
The primary drag is well known: private equity firm KKR holds about 29% of OHB and needs to place roughly 20 percentage points of that stake on the market by the end of June. That block overhang is compressing the share price. Once the transaction is completed, analysts expect the stock to refocus on the underlying operational story.
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Ambitious Revenue Targets
OHB’s top management is betting on continued momentum. The company targets total output of €1.4 billion for 2026, rising to €1.7 billion in 2027 and surpassing €2.0 billion in 2028, with an EBITDA margin of 11% in that final year. Alongside the new COO, the supervisory board also gained a new member: Dr. Theodor Weimer, elected for a three-year term to replace Claire Wellby.
The new alliances at ILA secure long-term revenue streams in an otherwise unsettled market. If the promised political subsidies actually flow, they could provide meaningful support to the operating business. For now, the board is betting that better factory-floor execution, combined with a cleared share overhang, will eventually let the record backlog speak louder than the stock’s recent noise.
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