OHB Targets Dual Frontier: €10 Billion Bundeswehr Satcom JV and July Rocket Launch
13.06.2026 - 05:11:33 | boerse-global.de
The German space and defense group OHB SE is scripting a narrative that straddles Earth orbit and terrestrial security. Formed with Rheinmetall, a new joint venture for military satellite communications carries a potential price tag of up to €10 billion — a prize that could reshape the company’s trajectory for years. At the same time, the group’s rocket subsidiary is counting down to a maiden flight that would unlock the booming small-satellite launch market.
OHB Rheinmetall Space Networks GmbH has been entered into the Bremen commercial register, formally launching the partnership for the SATCOMBw Stufe 4 program. The venture will design, integrate, deliver, and operate a protected communications architecture for the German armed forces, embedding IT security and a cyber operations center. The system aims to connect soldiers, vehicles, and unmanned platforms across all command levels, with future provisions for NATO partnerships and the Framework Nations Concept. Germany’s cartel office cleared the deal in mid-April 2026, and Bremen’s mayor, Andreas Bovenschulte, hailed the city as the “control center of maritime and space defense.” The management team pairs Dennis Winkelmann — a 25-year space veteran with 19 years at OHB — with Alexander Beyer, a former Bundeswehr officer who previously handled satellite communications at Rheinmetall.
That venture sits inside a broader defense push by Berlin. The defense ministry has allocated €35 billion for space-related defense projects through 2030, with SATCOMBw Stufe 4 representing as much as €10 billion of that spending. The joint venture is the centerpiece of OHB’s current growth narrative, but the company’s operational results already reflect a strong tailwind. At the end of March, the order backlog hit a record €3.35 billion — a 45 percent jump from the prior year. The Space Systems division accounts for €2.68 billion of that total. First-quarter total performance climbed 15 percent to €279.3 million, and adjusted EBIT surged 63 percent to €16.8 million. Management has set targets of €1.7 billion in total performance for 2027 and more than €2.0 billion for 2028, each with an 11 percent EBITDA margin.
Should investors sell immediately? Or is it worth buying OHB SE?
All of this unfolds against a backdrop of extreme shareholder dynamics. The founding Fuchs family controls roughly 65 percent of the voting rights, while private-equity firm KKR holds another 28.6 percent. Just 5.7 percent of shares are in free float, making the stock notoriously volatile. The annualized 30-day volatility stands at 149 percent — a figure that can whip the price on even small trade volumes. After opening 2026 at around €123, the shares have surged about 239 percent to €411.50. That is still roughly 40 percent below the 52-week high of €688.00 reached in May, reflecting buyer hesitation as KKR looks to exit. The financier’s attempt to place its stake is seen as the key catalyst for increasing free float and stabilizing the stock. If it fails a second time, pressure on the price could intensify.
The annual general meeting on June 8 did provide some near-term comfort. Shareholders approved a dividend of €0.60 per share, paid on June 11, and authorized the board to issue convertible and warrant bonds worth up to €1.2 billion through 2031 — giving OHB ample financial flexibility.
But the most visible near-term catalyst is a rocket. OHB’s subsidiary Rocket Factory Augsburg has secured a launch window opening July 1, 2026, at the SaxaVord Spaceport in Scotland for the maiden flight of its RFA ONE rocket. The vehicle is slated to carry seven satellites into orbit. A successful debut would reposition OHB in the lucrative small-satellite launch market and reduce the group’s reliance on third-party rockets. At ILA Berlin, which runs until June 14, OHB is among the main exhibitors and recently won an additional contract for an ESA asteroid mission via its Italian unit. While first launches are notoriously prone to delays, the company’s executives know that a clean liftoff would refocus investor attention away from the trading-floor volatility and back onto the group’s underlying operational strengths.
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OHB SE Stock: New Analysis - 13 June
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