Rheinmetall AG: Rheinmetall at Eurosatory

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Rheinmetall AG: Rheinmetall at Eurosatory

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Rheinmetall AG

Rheinmetall at Eurosatory

Maintain Rating: BUY | PO: 1,830 EUR | Price: 1,146 EUR

Rheinmetall at Eurosatory 17 June 2026

We met with Rheinmetall at Eurosatory, where they showcased key platforms, including Equity

the Lynx, Skyranger, and Mission Master. While land and ammunition platforms remain

core to the portfolio, Rheinmetall is also rapidly expanding its autonomous capabilities Benjamin Heelan >> Research Analyst

across ground vehicles, air (drones), naval and artillery (notably its new partnership with Merrill Lynch (DIFC)

Destinus for deep-strike missiles) and at Eurosatory highlighted the technological +44benjamin.heelan@bofa.com20 7996 5723

advancements across its portfolio. We maintain our Buy as we see Rheinmetall’s current David Holmes, CFA >>

valuation as very attractive given the strong growth outlook we see in Germany. Research Analyst

MLI (UK)

+44 20 7995 1077

david.a.holmes@bofa.comArminius Boxer order expected by year end

Rheinmetall continues to expect the Arminius order from the German government to be Lorenzo Di Patrizi >>

Research Analyst

secured by year-end at the latest. The slippage reflects the programme’s unprecedented MLI (UK)

scale, contractual complexity and the breadth of variants involved, though it remains a +44 20 7995 7626

lorenzo.dipatrizi@bofa.com

clear priority for the German Army. The contract remains a key market focus; notably,

Hensoldt’s February award for digital optronics on the Schakal (Boxer variant) suggests

the supply chain is already positioning ahead of the award, in our view.

Stock Data

LIG JV opens new market in medium-range artillery Price 1,146 EUR

Rheinmetall announced a JV with Korean group LIG Defence & Aerospace on 15th June.