OHB Breaks Through €500 as Ramses Moves to Hardware and Profitability Jumps 37%
Published on 05/28/2026 at 13:52 | Redaktion boerse-global.de
When OHB SE’s share price smashed through the €500 barrier on Thursday, the immediate trigger was a new hardware contract for the Ramses asteroid mission. But a closer look reveals two forces working in lockstep: a surge in operational profitability and a share structure so tight that even modest trading volumes can move the needle dramatically.
OHB Italia, the group’s Italian subsidiary, signed a deal with HPS GmbH at the SmallSat Conference in Amsterdam to develop and deliver a specialised communications antenna for the Ramses probe. That mission, a joint venture between ESA and Japan’s JAXA, will study the asteroid Apophis as it passes within roughly 32,000 kilometres of Earth on 13 April 2029. The contract builds on a €81.2 million construction order ESA placed in February 2026 and marks the transition from planning to hardware engineering – a milestone that investors clearly welcomed.
The stock closed the session at €504.00, up 12.5% on the day. Year to date, the gain now stands at more than 520%, a rally that has more than doubled the company’s market capitalisation compared with the previous quarter. Rivals Thales and Airbus also advanced on Thursday, but their gains of 2.4% and 0.7% respectively left them trailing far behind.
Should investors sell immediately? Or is it worth buying OHB SE?
Part of the explanation lies in the shareholder registry. After KKR’s entry and a stake increase by the founding Fuchs family, the free float has shrunk to just 5.7%. With a market cap of roughly €9.42 billion, even moderate trading volumes can produce outsized price moves. The stock’s trajectory has therefore been as much a story of liquidity scarcity as of fundamental progress.
Yet the fundamental picture has strengthened considerably. In the first quarter of 2026, OHB grew revenue by 15% to €279.3 million while EBITDA jumped 37% from €20.0 million to €27.3 million. That margin improvement demonstrates that the company is not just generating more turnover, but doing so more efficiently. The consolidated order book stood at €3.35 billion at the end of March, with about €2.68 billion attributable to the core Space Systems segment. OHB Italia alone holds orders worth €412 million against annual sales of roughly €172 million.
Long-dated ESA missions and institutional contracts provide a natural buffer against the macro volatility that has shaken broader markets. The DAX slipped below 25,000 points in pre-market trade amid fresh tensions in the Middle East, and oil rose to nearly $96 a barrel. OHB’s order book, by contrast, remains largely immune to short-term economic swings. Jefferies has flagged rising demand for satellite technology in the second half of the year, while the Schaeffler cooperation with Spire Global underscores growing commercial appetite for satellite components – a core OHB competency.
The annual general meeting is scheduled for 8 June 2026. Shareholders can expect updates on the execution of major projects and the strategic role of KKR as a core investor. Given the stock’s recent momentum, that gathering will draw unusually close attention. The critical question for the months ahead is whether the first-quarter margin can be sustained across the full year. If it can, the leap in profitability is structural, not a one-off.
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