What You Need to Know in A&D – Rheinmetall F126 & Q2, Airbus Deliv., RENK DB

Research evidence excerpt

What You Need to Know in A&D – Rheinmetall F126 & Q2, Airbus Deliv., RENK DB

EUROPE | Aerospace & Defense Electronics EquityJulyResearch3, 2026

What You Need to Know in A&D — Rheinmetall Airbus model Leonardo • •

Avio model modelF126 & Q2, Airbus Deliv., RENK DB •

BAE Systems MTU model • •

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

Today, we explore: Rheinmetall ad-hoc release for the F126 impact and pre- • CSG model • Rheinmetall

Dassault model •close comments reassuring, Airbus H1 deliveries said to stand at c. 350 aircraft, Aviation model Rolls-Royce •

Hensoldt model modeland RENK reportedly close to announcing $200-250m acquisition of David •

Brown Defence. Safran model •

Thales model •

Rheinmetall (Buy): Ad-hoc release for F126 impact, pre-close comments reassuring

Rheinmetall provided in an ad-hoc yesterday evening the impact of the F126 cancellation, now

guiding to low double-digit billion in nominations, vs. c. €20bn previously, including c. €12bn of F126.

The cancellation of the program was said to represent an impact of up to €300m in 2026 or c. 2%

of sales, with consensus already standing towards the low-end of the guided €14.0-14.5bn range.

For 2030 the impact is expected to stand at <3% of revenues, or c. €1.5bn. Further analysis is being

conducted to assess any further impact on FY guidance, with any update to be shared during Q2

results to be released on 6 August. During the group pre-close call, H1 growth rate was confirmed

at 35-40%, with Q2 supported by c. €100m of revenues from the Murcia restart and €200m from

delayed trucks revenues. The disposal of Power Systems, expected to close in Q4, is expected to

generate a further €200m of non-cash impairment.