OHB Prepares for Rocket Launch and Record Share Sale as Dual Catalysts Converge

OHB is set for a defining June, with two major events that will test both its operational ambition and its capital markets standing. On one side, Rocket Factory Augsburg (RFA) has applied for a launch window on 1 July for the maiden test flight of the RFA ONE rocket. On the other, the company’s largest-ever equity placement — worth more than €1 billion — is targeting completion before the end of June.

The twin milestones come as OHB’s 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 €659 on 21 May, only to tumble 17% to a low of €545 by the following Friday. It closed at €590, down almost 4% on the day, in what analysts described as a technical pullback rather than a fundamental shift.

A seven‑bank squad for the €1bn block trade

The placement is being executed by a syndicate of seven banks. Berenberg and Commerzbank have joined Jefferies, UniCredit, Deutsche Bank, Goldman Sachs and JPMorgan in underwriting the deal. Seller KKR, which holds roughly 29% of OHB, intends to place about 20 percentage points of that stake, trimming its holding to a single‑digit position. The Fuchs family will retain 65% of voting rights, preserving clear control.

If completed by 30 June 2026 — the stated goal — the transaction will push OHB’s free float from the current 6% to around 26%. That would be a dramatic change for a stock that has been notoriously thin, amplifying every swing. Observers warn that while a larger float should improve liquidity, the sheer size of the block could trigger further volatility if demand proves insufficient.

AGM: options, dividend and a look at defense

The annual general meeting on 8 June, held virtually, will serve as the first public forum for these plans. Shareholders will vote on a dividend of €0.60 per share and on the discharge of the management and supervisory boards. A key agenda item is a stock option programme for management and staff, allowing up to 576,447 subscription rights on an equal number of shares, capped at 3.0% of share capital and valid until June 2031.

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

The board also intends to provide details on OHB’s expanding defense business and on the broader re‑IPO strategy — a narrative that has helped fuel the stock’s meteoric rise.

Record orders and a ramp‑up in production

Operationally, OHB’s story remains strong. The order book hit a historic high of €3.35 billion in the first quarter of 2026, up 45% year‑on‑year. Revenue rose 15% to €200.8 million, while adjusted EBITDA climbed 37% to €27.3 million, translating into a margin of 9.7%. The fresh capital from the placement is earmarked for pre‑financing large constellation projects and expanding manufacturing capacity.

Management’s medium‑term targets are ambitious: total output of €1.4 billion in 2026, €1.7 billion in 2027 and over €2.0 billion in 2028, with an EBITDA margin of 11%. Space Systems remains the backbone, contributing 76% of segment output.

Rocket 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. OHB sees potential for up to 25 launches per year in the medium term, opening a fresh growth path beyond its core satellite business.

The next batch of quarterly results, due on 6 August, will show whether the traditional space division can sustain its momentum while these new ventures take shape. For now, all eyes are on June and July — two months that will reshape OHB’s shareholder base and its place in the European space race.