Rheinmetall: Feedback from dbAccess European Champions Conference

Research evidence excerpt

Rheinmetall: Feedback from dbAccess European Champions Conference

Deutsche Bank

Research

Rating Company Date

Buy Rheinmetall 28 May 2026

Company Update

Europe

Germany

Reuters Bloomberg Exchange Ticker Price at 26 May 2026 (EUR) 1,237.20

RHMG.DE RHM GR GER RHMG

Price Target 2,100.00

Aerospace & Defence

Aerospace & Defence ADR ISIN 52-week range 1,988.501,120.00-

RNMBY US76206K1079

Feedback from dbAccess European

Valuation & Risks Champions Conference

Christoph Laskawi

Feedback from management meetings Research Analyst

We hosted Klaus Neumann (CFO) for meetings at our dbAccess European +49-69-910-31924

Champions Conference. Discussions focused around order intake momentum,

Tim Rokossa

topline growth, risk of changes in government procurement on conventional Head of Research

systems as well as short term comments. +49-69-910-31998

Nicolai Kempf

Key takeaways:

Research Analyst

+49-162-5168792

n Q2-26: Visibility to deliver target growth to be on track for the FY guide with

H1-26 overall is good. A significant uptick in growth from Ammunition Christophe Menard

thanks to Murcia coming on stream and Vehicle Systems due to Truck Research Analyst

deliveries is indicated and both should actually also be supportive for +33-1-4495-9315

margins. The company indicated good confidence in delivering the Nikita Papaccio

targeted revenue uptick. Research Analyst

n Order intake: The target of EUR20bn nominations for Q2-26 was reiterated +49-69-910-48637

with optimism to sign the F126 order before the parliamentary summer Mira Wiegratz

break. On the Boxer program, the timeline of Q3/Q4 was reiterated and this Research Associate

is in line with other German Defence names statements at the conference. +49-69-9103-1733

In our understanding, the total program also includes Skyranger. Any