OHB: Record Backlog and Military-Space Push; KKR Exit Unconfirmed

The German space and defence group OHB has emerged from the ILA Berlin air show with a clutch of new contracts and a joint venture now formally registered. The coming weeks will test whether operational momentum can overcome capital-markets uncertainty as the stock sits near record levels.

A Twin-Track Military Space Push

OHB’s most significant strategic move is the 50-50 joint venture with Rheinmetall, OHB Rheinmetall Space Networks GmbH, entered into the Bremen commercial register on 11 June. The partnership is the core of the SATCOMBw-4 programme, a protected military communications architecture for the Bundeswehr spanning satellites, ground stations and a cyber operations centre. The German Space Command has put a cost range of EUR 8 billion to EUR 10 billion on the project. OHB will build the space segment, while Rheinmetall supplies the ground segment. Joint managing directors Dennis Winkelmann and Alexander Beyer will lead the venture.

Alongside the satcom deal, OHB is pressing for a lead role in SPOCK 2, a next-generation battlefield reconnaissance satellite system with an estimated contract volume of roughly EUR 5 billion. The company has formed an alliance with start-up Helsing, creating a joint venture named KIRK to pursue that bid.

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

What is confirmed — and what is not

The share price remains sensitive to speculation about a shift in the shareholder structure. Reports that private-equity firm KKR is seeking to place around 20% of its OHB stake by 30 June — and that a banking syndicate has been mandated — are not confirmed. 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 of shares. On Friday the shares closed at EUR 409.00, up nearly 10% on the week and 237% since the start of the year. Market-watchers also note that the recent annual general meeting authorised the issuance of convertible bonds; some interpret this as a possible step toward a capital increase, though none has been decided.

Rocket Risk in the Background

The maiden flight of the RFA ONE launcher from OHB subsidiary Rocket Factory Augsburg carries a different risk profile. RFA has applied for a launch window starting 1 July from the SaxaVord spaceport in Scotland. The rocket is already in the integration hall, and seven satellites are booked. OHB has been deliberately downbeat: fewer than 30% of all first launches of new systems succeed. Because OHB consolidates its RFA stake only at equity, a mishap would not directly hit group revenue.

Solid Underpinning

In the first quarter of 2026, OHB posted total output of EUR 279.3 million, up 15% year on year, while adjusted EBIT rose from EUR 10.3 million to EUR 16.8 million. The order backlog hit a record EUR 3.354 billion, with the Space Systems division accounting for EUR 2.683 billion. The Italian subsidiary also secured a contract to build a specialised camera for ESA’s RAMSES asteroid mission. OHB board member Sabine von der Recke noted at ILA that the timetable is tight — the first satellites must be in orbit within three years.