OHB: AGM Week — EUR 1.2 Billion Capital Proposal Meets Record Backlog

When OHB SE executives gather for Monday’s annual general meeting, they will tout an order book that has swelled to a record EUR 3.35 billion and the start of assembly work on a joint European-Japanese mission to the asteroid Apophis. Yet many investors are focused on a plan that could dilute existing holdings by as much as a fifth.

The AGM, held virtually on 8 June, includes a proposal to authorise the board to issue convertible or warrant bonds with a total nominal value of up to EUR 1.2 billion. The resolution would permit the exclusion of subscription rights for current shareholders, opening the door to dilution of up to 20% of existing share capital. The German Association for the Protection of Securities Holders has recommended voting against several agenda items.

What is confirmed — and what is not

A sale of shares by private-equity firm KKR, which holds roughly 29% of OHB, 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 intends to sell about 20 percentage points of its stake 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.

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

The stock closed on Friday at EUR 372.50, down 9.15% on the day and almost 15% lower over seven sessions. That puts it nearly 46% below the 52-week high of EUR 688.00 reached on 21 May, with 30-day annualised volatility of 142%. Even after the sell-off, the shares remain up by roughly 207% since the start of the year.

Operationally, a different picture

On 4 June, OHB began integrating the core module for the RAMSES mission at its Bremen facility. The project, a collaboration between ESA and JAXA, targets the asteroid Apophis during its close fly-by of Earth — just 32,000 kilometres away — in April 2029. OHB Italia has secured an ESA contract worth EUR 81.2 million for the module, with the total programme envelope reaching around EUR 150 million. The module is due to be mated with ArianeGroup’s propulsion system in early 2027.

A successful first launch of the RFA ONE rocket by Rocket Factory Augsburg, expected from the SaxaVord Spaceport in Scotland after the 1 July launch window opens, would reduce the group’s dependence on third-party launchers. Total output in the first quarter reached EUR 279.3 million, a 15% rise, and the record backlog of EUR 3.35 billion — of which EUR 2.68 billion sits in Space Systems — supports management’s target of EUR 1.4 billion in full-year output for 2026 and more than EUR 2.0 billion by 2028. From 10 to 14 June, OHB exhibited at the ILA Berlin air show.