OHB’s Pivotal AGM: A €1.2 Billion Capital Package and KKR’s Exit Could Reshape the Stock’s Orbit

OHB SE heads into its annual general meeting on Monday carrying the weight of two conflicting realities. The Bremen-based space and defence contractor just reported a strong operational quarter — yet its stock has shed nearly half its value from an all-time high hit only weeks ago. The tension between a booming business and a market spooked by dilution and insider selling is about to come to a head.

Shares of OHB slumped sharply on Friday, with one data feed showing a 9.15% loss to €372.50, while another recorded a 9.76% drop to €374.50. Over the past seven days, the cumulative decline stands at roughly 14%. The selling pressure reflects two specific overhangs: a mammoth capital-authorisation proposal and the planned exit of major shareholder KKR.

The centrepiece of the AGM agenda is a financing framework that would allow OHB to issue convertible or option bonds, as well as participation rights, worth up to €1.2 billion through 2031. To back that, the company seeks approval for conditional capital of up to 3.84 million new shares — an expansion of roughly 20% of the current share capital. The German Association for the Protection of Shareholders (DSW) has recommended its members vote against the measure, calling the potential dilution excessive. The DSW has also criticised the proposed new board compensation system for failing to set individual maximum amounts in euros, a breach of the German Corporate Governance Code.

Compounding the dilution worry, private-equity investor KKR is winding down its stake. The group, which holds around 29% of OHB, aims to reduce that to a single-digit percentage by the end of June. The resulting supply overhang has weighed heavily on the stock in recent sessions. Longer-term, however, the shift could prove beneficial: the free float would jump from roughly 6% to around 26%, boosting liquidity and potentially drawing in institutional investors. Market observers call it a “re-IPO effect” — but for now, the market is focused on the near-term glut.

All this comes against a backdrop of solid operational momentum. In the first quarter of 2026, OHB’s total output rose 15% to €279.3 million, while EBITDA climbed 49% to €25.7 million. The order backlog stands at roughly €3.35 billion. Earlier this month, the company began assembling the RAMSES spacecraft, a joint planetary-defence mission between ESA and JAXA. The fundamental business is in good shape; the uncertainty is entirely on the capital side.

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

The strategic narrative around OHB has also evolved. The company is now seen as a cornerstone of Europe’s push for space sovereignty, moving beyond its traditional supplier role. A new joint venture called KIRK, formed with Helsing, Kongsberg Defence & Aerospace, and HENSOLDT, aims to close a gap in tactical reconnaissance from orbit. OHB will supply end-to-end space systems. A development partnership with Siemens seeks to industrialise space production, shifting from one-off projects to repeatable manufacturing processes — a critical step for future profitability.

On the AGM agenda, the election of a new supervisory board member has also drawn attention. Dr. Theodor Weimer, an entrepreneur and executive advisor at KKR, is standing for election. The AGM documents disclose his indirect connection to KKR’s involvement with OHB, adding another layer of governance scrutiny as investors weigh the alignment of interests.

Technically, the stock is trading in a volatile corridor. At Friday’s close, it was 46% below the record high of €688.00 set in mid-May, yet still up more than 375% year-on-year. The 14-day relative strength index sits around 45, neutral territory. The annualised 30-day volatility of roughly 142-143% underscores just how violently the shares can move.

The risk of a macro shock also looms. The European Central Bank meets this week for a policy decision, and recent inflation caution from the Bank could pressure valuation multiples. For a stock with such extreme volatility, any shift in interest-rate expectations can quickly reset the narrative.

Monday’s vote will clarify whether the capital measures pass and how much dilution shareholders will ultimately stomach. Combined with the concrete terms of KKR’s block sale, the results should set the tone for the weeks ahead. OHB remains one of Europe’s most compelling structural stories in space and defence — but the market now demands proof that the story can withstand the mathematics of shareholder math.