OHB Faces a Defining June as KKR Exits and a €1.2 Billion Convertible Plan Stirs Dilution Fears
04.06.2026 - 04:12:30 | boerse-global.de
The Bremen-based space company OHB SE is entering a pivotal stretch that pits operational strength against deep shareholder anxiety. Two blockbuster events — a planned exit by private equity heavyweight KKR and a proposal to issue up to €1.2 billion in convertible bonds — have sent the stock into a tailspin. Over the past seven days, shares lost 23%, closing Wednesday at €369.50, and slid a further 6% the following session to trade around €365. That marks a dramatic reversal from the 52-week peak of €688 reached on 21 May, though the stock still carries a year-to-date gain of over 200%.
Tuesday’s slide was triggered by the convergence of an enormous financing framework and KKR’s decision to slash its stake. The buyout firm currently holds roughly 29% of OHB and intends to bring that down to a single-digit percentage by placing about 20 percentage points of shares on the market in June. A syndicate of seven banks, including Deutsche Bank, Goldman Sachs and JPMorgan, is orchestrating the placement. For the free float — currently a razor-thin 6% — this would be transformative. A jump to around 26% would improve liquidity dramatically and could eventually pave the way for index inclusion. In the near term, however, the sheer supply overhang is weighing on the price.
Meanwhile, management is seeking shareholder approval at the 8 June annual general meeting for authority to issue convertible bonds or warrants worth up to €1.2 billion through June 2031. The conditional capital needed to service such instruments would amount to about 20% of existing share capital. The rationale is straightforward: OHB’s order book has swelled by 45% in the first quarter to a record €3.35 billion, driven by projects such as the EPS-Sterna weather satellite generation and small-satellite constellations for defence. These require substantial upfront funding, and the board argues the convertible facility provides flexible, low-cost financing for the company’s ambitious growth trajectory.
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But the German shareholder protection association DSW is pushing back hard. It has called for votes against four agenda items, zeroing in on the convertible plan, the associated authorised capital, and a blanket exclusion of pre-emptive rights for new shares. A separate stock-option programme for executives has also drawn fire. With the free float so tiny, minority investors have limited influence, making the virtual AGM a genuine governance stress test. Also on the table is a dividend of €0.60 per share.
Operationally, OHB continues to fire on all cylinders. Adjusted EBITDA rose 37%, and net profit nearly tripled to just under €10 million. The management team has reaffirmed its medium-term targets: total output of more than €2 billion by 2028, with an operating margin above 12%. The record backlog provides strong visibility, and the company is set to announce new mission contracts at the ILA Berlin air show starting 10 June. Shortly after, its rocket subsidiary, Rocket Factory Augsburg, is targeting the maiden flight of the RFA ONE vehicle for the start of July.
The timing of KKR’s exit, however, adds an extra layer of uncertainty. The placement window coincides with the long-awaited SpaceX initial public offering, which is expected to absorb significant investor capital. That could put additional downward pressure on OHB’s shares. For now, the technical picture offers little comfort: the relative strength index sits at 43.5, not yet in oversold territory, while the 50-day moving average near €349 acts as the next key support level.
All eyes are on 8 June. Should the majority of shareholders back the convertible plan, management will gain substantial firepower to finance its pipeline without immediate cash outflows. But the lack of detail on specific issuance volumes, terms and timing leaves investors guessing — and that ambiguity is the biggest culprit behind the current sell-off. The dual narrative of strong orders and looming dilution has turned OHB into one of the most closely watched stocks in the German space sector this month.
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