OHB SE: A Private Equity Exit and a Pivotal Satellite Deal

German space group OHB reports record orders but its stock faces volatility from a major KKR share sale and awaits a key €8-10B defense contract approval.

The German space and technology group OHB SE finds itself at a curious crossroads. While its operational performance has never been stronger, its share price is under significant pressure, caught between a major shareholder's exit and the slow grind of regulatory approval for a transformative defense contract.

Driving the recent volatility is a planned partial exit by private equity giant KKR. The investor has mandated Deutsche Bank, Goldman Sachs, and JPMorgan to place approximately 20% of its OHB holdings on the market. KKR currently owns about 29% of the company. The transaction, which may involve a combination of new and existing shares, is designed to increase the free float and improve the stock's tradability. Control remains firmly with the founding Fuchs family, which retains 65% of voting rights. CEO Marco Fuchs has explicitly ruled out a delisting, emphasizing the stock market's role in ensuring transparency and access to capital.

This shareholder reshuffle coincides with a classic "sell the news" event following the high-profile Artemis 2 launch on April 1st. With OHB's involvement long known and priced in, many investors chose the launch day to take profits, sending the shares down 7.36% to EUR 277. The stock faced further selling pressure, dropping roughly 9% to EUR 264 on April 12th after closing at EUR 290 the previous day. By April 10th, the share price had breached its 20-day moving average of EUR 262.00, trading well below its January peak of EUR 321.00.

This price action starkly contrasts with the company's robust fundamentals. For the 2025 fiscal year, OHB reported a 21% surge in total output to EUR 1.25 billion, with adjusted operating profit climbing to EUR 84 million. The order backlog reached a record EUR 3.19 billion at year-end, supported by a book-to-bill ratio exceeding 1.5. The full acquisition of MT Aerospace AG in late 2025 further strengthened its value chain for European launch systems like Ariane 6.

Management's targets remain ambitious. For 2026, the company aims for revenue of EUR 1.4 billion and an EBITDA margin of 11%, with total output projected to grow to over EUR 2 billion by 2028.

However, a potential game-changer remains in regulatory limbo. The German Federal Cartel Office is still reviewing the planned joint venture between OHB and Rheinmetall Digital for the SATCOMBw Stage 4 program. This Bundeswehr communications network project, involving roughly 100 satellites, carries an estimated total value of EUR 8 to 10 billion. Analysts at NuWays estimate OHB's potential revenue share from the contract at EUR 2.7 to 3.3 billion—a sum that would structurally transform the company. Until the cartel office rules, news on this front is likely to outweigh even solid operational data.

Investors will get their next concrete update with the Q1 report on May 7th. Following that, the annual general meeting is scheduled for June 24th, where a dividend of EUR 0.60 per share will be put to a vote. The ex-dividend date is set for June 25th, with payment expected on June 29th. In the meantime, the market will be navigating the dual forces of KKR's share placement and the unresolved fate of the critical satellite contract.