OHB Shakes Up Management as Record Backlog and €10 Billion Military Deal Reshape the Horizon
13.06.2026 - 09:42:14 | boerse-global.de
The German space and defence group OHB is entering a new operational phase. Faced with a backlog that has swelled to historic levels, the company has appointed Dr. Luis Alejandro Orellano as its first-ever chief operating officer, effective 1 July. He joins from Rohde & Schwarz, where he led the Technology Systems division, and previously managed complex submarine and frigate programmes at thyssenkrupp Marine Systems. The move underscores a pressing need: to scale delivery of a pipeline that threatens to outgrow the company's current structure.
The operational refresh comes days after OHB and Rheinmetall formally registered their joint venture, "OHB Rheinmetall Space Networks GmbH", in Bremen's commercial register on 11 June. The joint venture, cleared by Germany's Federal Cartel Office in mid-April, is the vehicle for SATCOMBw Stufe 4 — a protected satellite communications system for the Bundeswehr. The contract carries a potential volume of up to €10 billion, with Germany's defence ministry earmarking €35 billion for space-related programmes through 2030. The JV will handle everything from development and integration to ongoing operations, including a cyber operations centre, and is designed to connect soldiers, vehicles and drones across all command levels. Joint management is shared by Dennis Winkelmann, a 19-year OHB veteran, and Alexander Beyer, a former Bundeswehr officer with satellite communications expertise from Rheinmetall. Long-term plans include serving NATO partners under the Framework Nations Concept.
The timing is no coincidence. OHB's order book stood at a record €3.35 billion on 31 March, up 45% year-on-year, with Space Systems accounting for €2.68 billion. In the first quarter, total output rose 15% to €279.3 million, while adjusted EBIT jumped 63% to €16.8 million. Management's targets are ambitious: total output of €1.4 billion for 2026, €1.7 billion for 2027 and over €2.0 billion by 2028, with an EBITDA margin of 11% at each stage. Orellano's mandate — operational scaling, industrial value creation and technical synergies — is designed to turn that backlog into revenue.
Should investors sell immediately? Or is it worth buying OHB SE?
Meanwhile, a secondary offering looms. Buyout firm KKR, which holds roughly 29% of OHB, plans to sell around 20 percentage points of its stake through an accelerated bookbuild, with a syndicate of seven banks including Deutsche Bank, Goldman Sachs and JPMorgan. The placement is expected to exceed €1 billion and is targeted for completion before 30 June. A previous attempt collapsed after SpaceX's own listing plans pushed it aside. Success would lift the free float to about 26%, a structural shift for a stock where the Fuchs family still controls roughly 65% of the shares and the free float had been under 6%. Current annualised volatility stands at over 140% — a reflection of how thin trading can amplify price swings.
Investors also face a dividend ex-date on 25 June, with OHB paying €0.60 per share and settlement on 29 June. The stock closed the week at €409.00, up 9.8%, but still about 40% below its all-time high of €688.00 reached on 21 May. Year-to-date the shares have more than tripled, advancing roughly 239%.
Beyond the financial catalysts, OHB's rocket subsidiary, Rocket Factory Augsburg, has applied for a launch window from the SaxaVord spaceport in Scotland starting 1 July, with a mission to deploy seven satellites. A first flight is inherently prone to delays, but a successful launch would strengthen OHB's "Access to Space" credentials at a time when the company is also showcasing its capabilities at the ILA Berlin air show, which runs until 14 June. The convergence of a new COO, a billion-euro defence JV, a high-stakes share sale and a potential rocket debut sets up one of the most eventful periods in OHB's history.
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