OHB’s July Launch Bid Adds Operational Catalyst to a Rally Driven by SpaceX Fever
26.05.2026 - 02:59:37 | boerse-global.de
Rocket Factory Augsburg, the OHB SE subsidiary tasked with breaking into commercial launch, has filed for a launch window on 1 July for the maiden flight of its RFA ONE rocket. The application injects a tangible operational milestone into a narrative that has been dominated by sector-wide euphoria — most recently ignited by SpaceX’s blockbuster initial public offering filing. With the Helix engines already tested in Kiruna, a full vehicle standing in the SaxaVord integration hall and the launch tower taking shape, the path to lift?off is becoming visible.
The stock’s meteoric rise from €116.50 at the turn of the year to an all?time high of €659 on 21 May owes much more to the SpaceX effect than to any single company announcement. When the US rival submitted its IPO paperwork — reportedly targeting a $2?trillion valuation and seeking to raise $75?billion — European space equities were swept up in the frenzy. OHB shares jumped 12% in a single session and briefly touched €659 on TradeGate. Since the peak, the stock has corrected roughly 17%, a pullback that underlines how much of the rally rested on speculative momentum rather than hard operational data.
Yet the underlying business is strengthening. First?quarter figures show total performance climbing 15% year on year to €279.3?million, while adjusted EBITDA surged 37% to €27.3?million. Earnings per share more than doubled to €0.52 from €0.20, and the order book swelled by nearly 45% to €3.353?billion, providing exceptional forward visibility. For the full year 2025, revenue reached just over €1.2?billion, adjusted EBITDA came in at €125.6?million, and net profit amounted to roughly €50?million. The proposed dividend of €0.60 per share — identical for both years — will be put to a shareholder vote at the annual general meeting on 8 June.
Should investors sell immediately? Or is it worth buying OHB SE?
That meeting, to be held virtually, is expected to furnish more detail on two strategic priorities: the defence business and the planned re?IPO that aims to lift the free float to around 20% in the medium term. Investors will also be watching for any fresh colour on the KIRK artificial?intelligence space venture, which has so far lacked specific data on capital deployment, contract volumes or timeline. The absence of those details has contributed to the stock’s recent volatility.
Management has laid out ambitious medium?term targets. Revenue is forecast to reach €1.7?billion by 2027 and exceed €2?billion in 2028, with the EBITDA margin breaking above 12% by that year. The rocket segment, though still a small contributor compared to the core Space Systems division (which accounts for 76% of segment performance), is central to that growth story. RFA aims for a first launch attempt later this year, serial production from 2028, and eventually as many as 25 launches annually.
The next hard data points on the calendar come in quick succession. After the AGM on 8 June, the July launch window offers a concrete operational test. Second?quarter results are scheduled for 6 August, providing the first real opportunity to justify the stock’s enormous re?rating with updated financials. For now, the market is pricing in a future that has yet to be delivered — but the rocket on the pad at SaxaVord brings that future a step closer.
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