OHB is set for a defining June. Rocket Factory Augsburg (RFA) has applied for a launch window on 1 July for the maiden test flight of the RFA ONE rocket, while the company’s capital-markets standing remains in focus amid speculation about a possible equity placement.
The shares have been on a wild ride, driven by a tiny free float and a 400% rally since the start of the year. The stock hit an all-time high of EUR 659 on 21 May, only to tumble 17% to a low of EUR 545 by the following Friday. It closed at EUR 590, down almost 4% on the day, in what analysts described as a technical pullback rather than a fundamental shift.
What is confirmed — and what is not
An equity placement or a sale of OHB shares by KKR, which holds roughly 29%, 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 of a block trade worth more than EUR 1 billion, of a seven-bank syndicate, of a roughly 20-point reduction or of a June 30 target are not substantiated and are not presented here as fact. The Fuchs family retains 65% of voting rights, preserving clear control.
Should investors sell immediately? Or is it worth buying OHB SE?
AGM: options, dividend and defense
The annual general meeting on 8 June, held virtually, will serve as the first public forum for the company’s plans. Shareholders will vote on a dividend of EUR 0.60 per share and on the discharge of the management and supervisory boards. A key agenda item is a stock option programme allowing up to 576,447 subscription rights, capped at 3.0% of share capital and valid until June 2031.
Record orders and a ramp-up in production
Operationally, OHB’s story remains strong. The order book hit a historic high of EUR 3.35 billion in the first quarter of 2026, up 45% year-on-year. Revenue rose 15% to EUR 200.8 million, while adjusted EBITDA climbed 37% to EUR 27.3 million, a margin of 9.7%. Management’s medium-term targets are total output of EUR 1.4 billion in 2026, EUR 1.7 billion in 2027 and over EUR 2.0 billion in 2028, with an EBITDA margin of 11%.
RFA ONE: from ambition to timeline
The RFA ONE test flight window, applied for 1 July, marks a step change for OHB’s space-access ambitions. The launch vehicle is being assembled at SaxaVord, with Helix engines already tested in Kiruna. A first commercial launch is planned for 2026, with series production to begin in 2028. The next quarterly results are due on 6 August.
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