What You Need to Know in A&D — RHM/LMT, Iran, RHM Naval, Turkey F-35, NATO

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What You Need to Know in A&D — RHM/LMT, Iran, RHM Naval, Turkey F-35, NATO

EUROPE | Aerospace & Defense Electronics EquityJulyResearch8, 2026

What You Need to Know in A&D — RHM/LMT, Airbus model MTU model • •

BAE Systems RENK modelIran, RHM Naval, Turkey F-35, NATO • •

model Rheinmetall •

CSG model modelIn this document, we present the key news impacting the European A&D sector. •

Today, we explore: Rheinmetall & Lockheed Martin sign ATACMS co-production • Dassault • Rolls-Royce

Aviation model model

MoU, the Iran situation escalates, Rheinmetall announces freeze of naval hiring Hensoldt model Safran model • •

Leonardo Thales modelplans after F126 cancellation, US to lift sanctions on Turkey and possibly sell • •

F-35 jets, NATO allies to announce $50bn to develop deep-strike weapons, and model

NATO agrees to $50bn in defense industry deals.

Rheinmetall (Buy): Rheinmetall & Lockheed Martin sign ATACMS co-production MoU

Rheinmetall and Lockheed Martin announced on Tuesday that they have signed an MoU that

addresses the immediate demand for locally produced munitions in Europe. The agreement is

supported by both US and German governments and marks the first step towards a JV for a

European center of excellence for manufacturing, integrating, and distribution of ATACMS across

NATO and Europe. The press release also mentions that Rheinmetall's rocket motor factory is

nearing completion. Rocket motors and guided missile components production is still scheduled

to start in 2027.

Following the announcement of the planned JV last year, we have seen the process progress slowly until

now. With the MoU signed this is a clear positive for Rheinmetall, with the JV underpinning, in our view,

a large share of the company's target to generate c. €5bn in missile revenues by 2030.