OHB: Pivotal AGM on EUR 1.2 Billion Capital Package; KKR Exit Unconfirmed

OHB SE heads into its annual general meeting on Monday carrying the weight of two conflicting realities. The Bremen-based space and defence contractor just reported a strong operational quarter — yet its stock has shed nearly half its value from an all-time high hit only weeks ago.

Shares slumped on Friday, with one data feed showing a 9.15% loss to EUR 372.50 and another a 9.76% drop to EUR 374.50. Over the past seven days the cumulative decline stands at roughly 14%. The selling pressure reflects a large capital-authorisation proposal and speculation over the future of major shareholder KKR’s stake.

The AGM capital package

The centrepiece of the AGM agenda is a financing framework that would allow OHB to issue convertible or option bonds, as well as participation rights, worth up to EUR 1.2 billion through 2031. To back that, the company seeks approval for conditional capital of up to 3.84 million new shares — about 20% of current share capital. The German Association for the Protection of Shareholders (DSW) has recommended its members vote against the measure, calling the potential dilution excessive, and has criticised the proposed board compensation system for failing to set individual maximum amounts.

Should investors sell immediately? Or is it worth buying OHB SE?

What is confirmed — and what is not

A reduction or exit of KKR’s roughly 29% stake is not confirmed — neither in principle, in scope, nor regarding any deadline. OHB has publicly stated that it is reviewing financing options, is under no time pressure and has made no decision. KKR has not commented on or confirmed any sale. Reports that KKR aims to cut its holding to single digits by the end of June, lifting the free float from about 6% to around 26%, are not substantiated and are not presented here as fact.

Solid operational momentum

In the first quarter of 2026, OHB’s total output rose 15% to EUR 279.3 million, while EBITDA climbed 49% to EUR 25.7 million. The order backlog stands at roughly EUR 3.35 billion. Earlier this month, the company began assembling the RAMSES spacecraft, a joint planetary-defence mission between ESA and JAXA. A new joint venture called KIRK, formed with Helsing, Kongsberg Defence & Aerospace and HENSOLDT, aims to close a gap in tactical reconnaissance from orbit, and a development partnership with Siemens seeks to industrialise space production.

On the AGM agenda, the election of a new supervisory board member has drawn attention. Dr. Theodor Weimer, an entrepreneur and executive advisor at KKR, is standing for election; the AGM documents disclose his connection to KKR. Technically, at Friday’s close the stock was 46% below the record high of EUR 688.00 set in mid-May, yet still up more than 375% year-on-year, with annualised 30-day volatility around 142-143%. The European Central Bank’s policy decision this week adds a further macro variable.