Rheinmetall's Satellite Push Casts Shadow Over OHB as Berenberg Sticks to Bullish Call

OHB shares fell 2.7% as Rheinmetall began series production of SAR satellites; Berenberg kept its Buy rating with a EUR 358 target.

Shares in Bremen-based space and technology group OHB SE came under pressure on Wednesday, sliding 2.7% to close at EUR 168.00, with the decline widening to 3.2% at EUR 167.00 during the session. The pullback coincided with news that defence contractor Rheinmetall has begun series production of SAR satellites at its Neuss facility, a move that dpa-AFX explicitly framed as putting OHB in direct competition in the satellite business.

No causal link between Rheinmetall's production launch and OHB's share price decline has been established, though the development has sharpened the competitive dynamics in Europe's space sector. The radar satellite segment, where Rheinmetall is now ramping up output, represents an area where OHB has long been an established player.

Berenberg Backs OHB With EUR 358 Target

Countering the cautious market mood, private bank Berenberg maintained its "Buy" rating on OHB on 29 September, keeping a price target of EUR 358. In a sector commentary, the analysts observed that the space industry has so far attracted relatively limited attention from investors — a view that contrasts with the current reconfiguration of Europe's aerospace landscape.

The stock's longer-term trajectory offers some perspective on the recent softness. Since the start of the year, OHB shares are still up 44%, a gain that dwarfs the latest session losses.

ATHENE-1 Reaches Orbit With 22 Experiments Aboard

While competition headlines dominated trading, OHB's operational momentum has continued apace. On 2 October, the technology demonstrator ATHENE-1 — developed by subsidiary OHB LuxSpace — launched aboard a SpaceX Falcon-9 rocket as part of the Transporter-18 mission. The platform was deployed into low Earth orbit as planned and is set to host 22 scientific experiments.

Leadership Change at Rocket Factory Augsburg

In a parallel corporate move, OHB has reshuffled leadership at its launch vehicle subsidiary. Alexander Dahm was appointed chief executive of Rocket Factory Augsburg, succeeding Prof. Dr. Indulis Kalnins. Dahm's mandate centres on advancing development and preparing for the maiden flight of the RFA ONE rocket. According to media reports, OHB holds roughly 65% of the Augsburg-based launch vehicle manufacturer.

Ownership Structure and Upcoming Results

OHB's shareholder base remains firmly anchored. The Fuchs family holds the majority stake, while financial investor KKR holds a minority position through Orchid Lux HoldCo S.à r.l. As part of a capital increase in June, KKR acted as seller of existing shares and trimmed its stake to approximately 20%, according to the half-year report dated 6 August.

Investors now turn their attention to the company's nine-month 2026 figures, scheduled for release on 12 November alongside an earnings call. Those results should shed light on how OHB's core business is performing against a backdrop of intensifying competition and growing market interest in European space capabilities.