OHB’s AGM Looms as a Record Backlog Meets a Jittery Share Price

Space and defence group OHB SE's AGM on June 8 tests investor nerve as stock swings after 45% backlog jump driven by EPS-Sterna weather satellite program.

The next few days could test the nerve of OHB SE investors. With the company’s annual general meeting set for June 8, the stock has been on a volatile ride – shedding 7.01 percent in a single session on June 1 to close at €411.50 on Xetra, before edging up just 0.24 percent the following day on Tradegate to €410.50. The 52-week range of €64 to €688 underscores just how far the aerospace and defence group has swung over the past year.

Behind the price turbulence, however, OHB’s operational story is gathering momentum. The group’s order backlog swelled to €3.35 billion as of March 31, 2026, a 45 percent jump from the €2.31 billion recorded a year earlier. The figure, disclosed in the first-quarter report, reflects long-term satellite and space contracts that underpin future revenue visibility. First-quarter total output rose to €279.3 million from €242.4 million, with EBITDA of €25.7 million and EBIT of €15.2 million.

A key driver of that backlog is the EPS-Sterna programme, Europe’s next-generation operational weather satellite system. In March 2026, the European Space Agency awarded OHB Sweden – a subsidiary of the Bremen-based parent – a contract to build 20 small satellites for EUMETSAT’s Polar System Sterna. Six of those are slated for launch in 2029, with the remaining 14 to be deployed as replacements through 2042 as the first batch reaches end of life.

Now the supply chain for that programme is taking shape. OHB Sweden has placed a €7.6 million order with Swedish space supplier AAC Clyde Space for power and data management systems. The deal covers 21 units each of Starbuck MINI Power Conditioning Units and Sirius Data Handling Systems – 20 flight sets plus one test set. AAC Clyde expects roughly 70 percent of the contract’s value to hit its books by the end of 2027, with deliveries running from 2027 to 2029. These subsystems handle power supply and on-board data processing, both mission-critical functions for the six-satellite operational constellation.

Investors, though, have been focused on events closer at hand. The AGM on June 8 will be held virtually via the company’s portal, starting at 10:00 a.m. MESZ. The deadline for submitting statements on the agenda electronically expired at midnight on June 2, and the registration window closed on June 1. Shareholders voting by proxy must act by 18:00 MESZ on June 7. The agenda includes binding votes on profit appropriation for 2025, the approval of the remuneration report (advisory) and discharge motions for the management and supervisory boards.

The stock’s recent swings have been dramatic. After opening at €456.50 on June 1, it slumped as low as €407.00 before settling at €411.50 on volume of 10,630 shares. Early trade on June 2 saw the shares dip further to €408.00 on Tradegate, within a tight band of €406 to €409. Over the past seven days, OHB has lost about a third of its value – a sharp reversal after a near-47 percent monthly gain. Its market capitalisation now stands at roughly €7.9 billion.

The progress on EPS-Sterna represents a shift from contract award to industrial execution. For a company whose share price can double or halve in a matter of weeks, the real test will be whether OHB Sweden can integrate all the programme elements and meet the 2029 first-launch target. That, more than any single trading session, will determine the long-term narrative for the stock.