OHB Hits Turbulence: A €1.2 Billion Growth Plan Takes Shape as a 25% Weekly Dive Tests Key Support

OHB shares corrected 25% in a week, but YTD gain is 193%. Record €3.35B order book, EU defense spending, and €1.2B AGM funding vote support the long-term bullish case. Key technical level: 50-day MA at €351.52.

The past month has been a jolt for OHB SE shareholders. After a breathtaking ascent from €64 to €688, the stock has careened back to earth, shedding nearly half its value from the peak. On Thursday, the shares closed at €356.50, down 4.42% on the day alone, bringing the seven-day loss to 25.73%. Yet the forces that drove the rally—a record order book, EU defense spending, and a string of catalyst events—remain firmly in place. And in less than a fortnight, management will ask investors to back a funding package worth up to €1.2 billion to keep the expansion going.

The correction, while jarring, is more a violent shakeout than a trend reversal. Since the start of the year, the stock is still up 193.42%, and over twelve months the gain stands at an eye-popping 364.19%. The 52-week high of €688, struck on May 21, now lies 48.18% above the current price. Technical analysts are watching the 50-day moving average at €351.52, just 1.4% below Thursday’s close. A hold above that level would keep the medium-term uptrend intact. A sustained break below could open the door to the 100-day average at €294.58. The 200-day line at €201.76 is still 76.69% away, confirming the long-term trend remains bullish, if stretched.

The 14-day relative strength index sits at 42.6, neutral and far from panic territory. But volatility remains extreme: the annualized 30-day figure stands at 137%, a figure that makes sharp swings the norm and technical signals less reliable. Much of that volatility stems from the stock’s thin free float of just 5.7%, meaning small trading volumes can trigger outsized moves. Market observers also point to a possible “benchmark effect” from the expected SpaceX IPO in mid-June, which could reignite interest in European space names.

All this noise is background to a packed corporate calendar. On June 8, OHB holds its annual general meeting, where the centerpiece is a request to authorize the issuance of convertible or warrant bonds and participation rights with a total nominal value of up to €1.2 billion, valid through 2031. To back that program, the company proposes a conditional capital increase of up to 3.84 million new shares, representing a potential dilution of roughly 20%. The rationale is concrete: OHB’s order backlog has swelled to €3.35 billion, and large-scale space projects require heavy upfront financing. The funding would provide the firepower to execute those contracts without straining the balance sheet.

Operationally, the growth story is solid. In the first quarter of 2026, total output rose 15% to €279.3 million. EBITDA jumped 49% to €25.7 million from €17.3 million a year earlier, while EBIT came in at €15.2 million. The Space Systems segment accounts for the lion’s share of the backlog—€2.68 billion—driven by ESA programs and rising defense budgets across the EU. A joint venture with Helsing for space-based tactical reconnaissance and a European Space Agency mission led by OHB Czechspace, selected for further development, underscore the strategic momentum.

The next few weeks will test whether that momentum can translate into stock price stability. From June 10, the ILA Berlin air show will give OHB a platform to announce new mission contracts. More dramatic is the planned maiden flight of the RFA ONE rocket, developed by subsidiary Rocket Factory Augsburg, with a launch window opening July 1. Success would reposition OHB in the “access to space” segment and reduce its reliance on third-party launchers for small-satellite missions.

The immediate technical question, however, is whether the €351.50 level can hold. If it does, stabilization is likely, and the next resistance to reclaim is Thursday’s closing price of €373. A decisive break lower would shift the focus to €294.58. Either way, the combination of a high-stakes AGM, a major air show, and an inaugural rocket launch within four weeks means OHB’s near-term path will be defined by events as much as by charts.