Rheinmetall "Feedback from Arminius Boxer expert call" (Buy) Weier

Research evidence excerpt

Rheinmetall "Feedback from Arminius Boxer expert call" (Buy) Weier

Global Research

24 June 2026ab

Rheinmetall Equities

GermanyFeedback from Arminius Boxer expert call

Industrial, Diversified

12-month rating Buy

We hosted an expert call on the Arminius Boxer project with Sebastian Stölting.

We discussed how the German army procurement process works in general, the

12m price target €1,600.00

details of the Arminius contract, the pushback and likely size/timing pathway.

Even though the fixed contract versus option share might still shift in favour of

option the expert expressed confidence that they believe that the contract will Price (23 Jun 2026) €1,166.6

go ahead so that a final contract could be signed later this year. We think that RIC: RHMG.DE BBG: RHM GR

this would be an important catalyst for Rheinmetall shares but also think that it

needs to do more about its perceived open flank on novel tech exposure (link). Trading data and key metrics

52-wk range €1,988.50-1,120.00

Procurement process: different layers involved with planning and procurement arms. Market cap. €54.4b/US$62.0b

The expert discussed that planning is influenced by bottom-up army analysis of needs, Shares o/s 46.7m (ORD)

NATO and German defence strategy requirements. Planning is mostly done in Berlin, ie, Free float 100%

close to political decision making. Procurement is located far away from Berlin in Avg. daily volume ('000) 247

Koblenz and asks for the bidders call to then award preliminary contracts. Contracts > Avg. daily value (m) €324.1

€25m need to be approved by the parliamentary budget committee with vast majority Common s/h equity (12/26E) €6.22b

being approved historically with only one major contract not passing (Maus P/BV (12/26E) 8.8x