OHB Shares Still 40% Below May Record Despite 238% Rally as New COO and €10 Billion Bundeswehr Contract Reshape Outlook
12.06.2026 - 08:26:51 | boerse-global.de
OHB SE has been on a tear this year, with its stock surging 238% since January. Yet the space-and-defense group still trades a long way from the all-time high of €688 it touched in May — a gap that underscores both the extreme volatility embedded in the shares and the operational transformation under way.
Thursday’s session captured the dichotomy perfectly. The stock jumped 11.28% to close at €411.00, pushed higher by confirmation that OHB and Rheinmetall had formally launched their joint venture for military satellite communications. But the annualized volatility now sits at nearly 150%, a reflection of just how sharply the shares can swing — and how far they have to climb to reclaim their peak.
The new company, OHB Rheinmetall Space Networks GmbH, has been registered in Bremen and took up operations this week. The vehicle is designed to build and run the Bundeswehr’s next-generation communications network, known as SATCOMBw Stage 4, connecting soldiers, drones and vehicles in a crisis-proof satellite link. Industry estimates peg the contract value at up to €10 billion. Joint management will be handled by Dennis Winkelmann from OHB and Alexander Beyer from Rheinmetall.
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To manage the swelling workload, OHB has brought in a new chief operating officer. Dr. Luis Alejandro Orellano, formerly of Thyssenkrupp Marine Systems, will take the post in July with a brief to lift efficiency across the company. The appointment comes as the group wrestles with a record order backlog of €3.19 billion, fuelled by large projects such as the delivery of the next batch of Galileo satellites and participation in major European science missions.
The financials undergirding the run are solid. Revenue for the latest fiscal year reached €1.2 billion, while the operating margin came in at just under 6%. Shareholders will receive a dividend of €0.60 per share, as approved at this week’s annual general meeting.
Part of the volatility is structural. The founding Fuchs family controls about 65% of OHB’s equity, and private-equity group KKR holds another 28.6%. That leaves less than 6% of the stock freely traded, meaning any sizeable buy or sell order can jolt the price violently — a dynamic that is unlikely to change anytime soon.
Political tailwinds provide a long-term cushion. The German defence ministry has earmarked roughly €35 billion for space security through 2030, and on the European level, triple-digit billions are flowing into defence and space programmes through to 2034. OHB is positioned at the centre of that spending wave, giving the record backlog political backing that extends years into the future.
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