OHB's All-Time High Fades to €590, Yet a Record Order Book and an ESA Scout Win Bolster the Outlook

OHB shares drop 4% after record high, but order book jumps 45% to €3.35B, ESA selects OHB for SOVA-S mission, and KKR plans share sale to increase free float.

The space stock continued its roller-coaster week on Friday, closing at €590 after touching an intraday low of €545 — a far cry from the record €659 hit just a day earlier. The 4% daily decline trimmed but did not erase a weekly gain that still stands north of 28%. Analysts attribute the retreat to technical profit-taking following an extended period of overbought conditions, noting that a 17% swing between the peak and trough within days is a textbook correction.

Behind the volatility lies a formidable operational backdrop. OHB’s order book swelled to €3.354 billion at the end of the first quarter, a 45% jump from a year earlier. The Space Systems segment accounts for the lion's share at €2.683 billion. First-quarter total output rose 15% to €279.3 million, while EBIT doubled to €15.2 million and net income surged 150% to €9.94 million. Adjusted EBITDA came in at €27.3 million, underscoring the group’s improving profitability.

Adding to the positive momentum, OHB Czechspace was selected by the European Space Agency for the SOVA?S mission — a Scout-class project that will use a short-wave infrared imager to measure gravity waves at altitudes between 80 and 120 kilometers by capturing airglow in the upper atmosphere. The data is expected to refine climate models, improve weather forecasting, and enhance GNSS positioning for aviation. OHB Czechspace will act as prime contractor, making SOVA?S the largest satellite ever built in the Czech Republic. The mission budget is below €35 million, with launch targeted within three years of project initiation. Although no specific contract value has been disclosed, the win reinforces OHB’s position in European Earth observation and opens a path to follow-on orders.

A separate structural catalyst is taking shape on the equity side. Major shareholder KKR is reportedly preparing a significant share sale that would lift the free float to around 20%. Goldman Sachs, JPMorgan and Deutsche Bank have already been mandated. The move, widely described as a “re-IPO”, aims to draw institutional investors who have been sidelined by the stock’s thin liquidity. While a broader investor base should improve trading depth, the increased supply could also cap short-term gains.

From a chart perspective, the €545 area — Friday’s low — now serves as the first line of technical support. Should that level hold, the recent all-time high of €659 becomes the next relevant upside target. The next scheduled event is the annual general meeting on 8 June 2026, where shareholders will vote virtually on the 2025 dividend proposal and the discharge of management and the supervisory board. Quarterly results for the second quarter will follow on 6 August, with third-quarter numbers due 12 November. Until then, the market will focus on whether the ESA Scout selection translates into firm contract figures and how the planned block trade reshapes OHB’s shareholder structure.