Record Backlog Can’t Calm OHB Investors as AGM Nears With Proxy Fight and Thin Liquidity

The run-up to OHB’s virtual annual general meeting on 8 June has turned into a tug-of-war between operational strength and governance tension. The space and technology group reported a first-quarter earnings beat and a record order book of €3.35 billion, yet the stock remains volatile and shareholders are being urged to reject several management proposals.

The Deutsche Schutzvereinigung für Wertpapierbesitz (DSW) has thrown its weight against four items on the AGM agenda. The proxy adviser is calling for a “no” vote on the approval of the board’s compensation system — citing a lack of individual caps in euros for executive board members — and on proposed authorizations that could dilute existing investors.

The most contentious point is item 9, which would let the board issue convertible or warrant-linked bonds, profit-sharing rights or similar instruments worth up to €1.2 billion. To service any conversions, OHB is seeking to create “Bedingtes Kapital 2026/I” of up to €3.84 million, equivalent to roughly 20% of existing share capital. The DSW warns that this would significantly dilute current holders.

Item 11 also faces opposition. It would expand the existing authorized capital of €9.61 million — valid until June 2030 — to allow the exclusion of subscription rights, particularly in connection with stock-based compensation arrangements subject to a two-year lockup. The DSW sees this as another threat to shareholder value.

Should investors sell immediately? Or is it worth buying OHB SE?

The company’s own financial numbers, however, tell a different story. OHB’s total operating performance rose 15.2% in the first quarter to €279.3 million. EBITDA climbed to €25.7 million from €17.3 million a year earlier, while EBIT doubled to €15.2 million. The order backlog swelled 45% year-on-year to €3.354 billion as of 31 March, and the equity ratio improved to 29.7% from 27.5% at end-2025.

Investors have had little time to digest those fundamentals, as the stock’s behavior has been erratic. Friday’s session — the last trading day before the AGM buildup — produced a wide intraday range. One data set showed the shares fluctuating between 420.50 and 477.50 euros, closing at 442.50 euros for a 5.25% loss on Xetra. Another source reported a low of 422.00 euros and a high of 480.50 euros, with the final print at 435.50 euros, implying a steeper 9.27% drop. Volume for the session reached 14,873 shares.

Extreme moves are partly a function of OHB’s ownership structure. The free float is just 4.66% of the 19.15 million shares outstanding, so even moderate trades can cause outsized swings. At Friday’s closing prices, the market capitalization stood between €8.3 billion and €8.5 billion, but the true tradable value is far smaller.

Technical analysts see a clear battleground ahead. The recent low — whether 422.00 or 420.50 euros — acts as primary support. To the upside, the previous day’s high near 480 euros represents resistance, while the prior close of 480 euros (on Thursday) serves as a psychological threshold. The 52-week range runs from 64.00 to 688.00 euros, placing the current price in the upper third despite the pullback.

The AGM itself will be held virtually, starting at 10:00 a.m. Central European Time. Along with the governance votes, shareholders will decide on a proposed dividend of €0.60 per share, payable on 11 June if approved. The payout would total €11.49 million based on 19.15 million eligible shares.

OHB SE at a turning point? This analysis reveals what investors need to know now.

Management is not due to provide fresh quarterly numbers until 6 August (Q2) and 12 November (Q3). The next scheduled corporate event after the AGM is the ordinary general meeting of 2026 — a full year away — though the recent selection of the SOVA-S mission for ESA’s Scout program and the formation of the “KIRK” joint venture with Helsing show the pipeline remains active.

For now, the immediate catalyst is governance rather than business. With the DSW calling out the lack of specific compensation caps and warning that the capital plans could erode stakes, OHB’s management faces a restive shareholder base at a time when the stock’s thin liquidity amplifies every reaction.

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