OHB SE: A Shareholder Sale Tests a Record-Breaking Business

OHB shares fall from 2025 highs as KKR sells 20% stake, creating market overhang despite record revenue, backlog, and new satellite contracts.

The shares of German space and technology group OHB SE are caught in a familiar tug-of-war. On one side, the company is posting record financial results and securing landmark contracts. On the other, a major shareholder is cashing in, creating a disconnect between operational strength and stock performance that has sent the price tumbling from its January peak.

Private equity firm KKR has mandated Deutsche Bank, Goldman Sachs, and JPMorgan to sell approximately 20 percent of its stake in OHB. While the placement is intended to increase the free float and improve the stock's tradability, it has created a significant overhang in the market. This selling pressure has pushed the share price below its 20-day moving average, with the stock recently trading at 264.00 EUR, a notable drop from its 2025 high of 321.00 EUR.

Despite the market's reaction, the company's ownership structure remains stable. The founding Fuchs family retains a firm controlling stake of 65 percent of voting rights, and KKR will remain a significant shareholder post-transaction. CEO Marco Fuchs has explicitly ruled out a delisting, emphasizing that the public listing ensures transparency, customer trust, and access to capital for future expansion.

Operationally, OHB has never been stronger. The company closed its 2025 fiscal year with a 21 percent surge in revenue to 1.24 billion EUR. Its order backlog reached an all-time high of 3.19 billion EUR, guaranteeing high capacity utilization for years to come. Recently, its Swedish subsidiary secured a 248 million EUR contract to build 20 small satellites for the EUMETSAT Polar System – Sterna program, the largest single satellite order in the history of Sweden's space sector.

Management has set ambitious growth targets, aiming for total output of 1.4 billion EUR in 2026, 1.7 billion EUR in 2027, and exceeding 2.0 billion EUR from 2028 onwards. The company is targeting an EBITDA margin of 11 percent for the current year.

Investors now face a waiting game dominated by two key events. The first is the ongoing review by Germany's Federal Cartel Office of the SATCOMBw satellite program, a critical defense contract. Any news from this regulatory process is currently exerting more influence on the share price than the robust fundamentals. The second is the upcoming financial calendar, which will test whether strong results can offset the placement dip.

OHB will report its first-quarter 2026 figures on May 7. Shortly after, the annual general meeting is scheduled for June 24, where a dividend of 0.60 EUR per share will be put to a vote. The ex-dividend date is set for June 25, with payment expected on June 29. The interplay between these solid operational milestones and the near-term shareholder action will define the stock's trajectory in the coming months.