OHB’s Record Backlog and a Shifting Shareholder Base Set the Stage for a Defining Summer

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, yet the coming weeks will test whether operational momentum can overcome two high-stakes overhangs. A buyout firm’s planned exit and a maiden rocket flight — both due by the end of June — are competing for investors’ attention 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, which was 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 that encompasses satellites, ground stations and a cyber operations centre. The German Space Command has put a cost range of €8 billion to €10 billion on the project — the largest space undertaking in the country’s history. OHB will build the space segment, while Rheinmetall supplies the ground segment. Joint managing directors Dennis Winkelmann, a 25‑year space veteran, and Alexander Beyer, a former Bundeswehr officer, 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 €5 billion. The company has formed an unusual alliance with the drone start‑up Helsing, creating a joint venture named KIRK to pursue that bid. The arrangement puts OHB on an equal footing with Airbus and Rheinmetall, two of Europe’s largest defence groups, in the competition.

An Inflection Point for the Share Register

While the order pipeline bulges, the share price remains hostage to a shareholder‑structure shift. Private‑equity firm KKR is seeking to place around 20% of its OHB stake by 30 June. A placement attempt on 12 June failed to clear, but the deadline remains active. Berenberg and Commerzbank have joined the banking syndicate, bringing the total to seven institutions managing the sale. If successful, the free float will jump from a wafer‑thin 5.7% to approximately 26%, potentially dampening the extreme price swings that have characterised the stock. On Friday the shares closed at €409.00, up nearly 10% on the week and 237% since the start of the year — one of the strongest runs in the German defence and aerospace space.

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

Mark‑watchers also note that the recent annual general meeting authorised the issuance of convertible bonds, widely interpreted as a preparatory step for a billion‑euro capital increase.

Rocket Risk in the Background

The other major catalyst — the maiden flight of the RFA ONE launcher from OHB subsidiary Rocket Factory Augsburg (RFA) — carries a very 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 for the flight. OHB has been deliberately downbeat: fewer than 30% of all first launches of new systems succeed, making failure statistically more likely than success. Because OHB consolidates its RFA stake only at equity, a mishap would not directly hit group revenue, but a successful flight would lend credibility to the capital‑markets narrative.

Solid Underpinning, Yet More Hurdles

The operational foundation remains robust. In the first quarter of 2026, OHB posted total output of €279.3 million, up 15% year on year, while adjusted EBIT rose from €10.3 million to €16.8 million. The order backlog hit a record €3.354 billion, with the Space Systems division accounting for €2.683 billion of that total. The Italian subsidiary also secured a scientific contract to build a specialised camera for ESA’s RAMSES asteroid‑analysis mission.

Looking ahead to the week starting 15 June, three events will be closely watched: the final hot‑fire test of the RFA ONE in Scotland, the operational integration of the SATCOMBw joint venture, and whether KKR can finally complete its placement before the month‑end deadline. OHB board member Sabine von der Recke warned at ILA that the timetable is tight — the first satellites must be in orbit within three years.