European A&D Radar: Weekly sector news, positioning data and research insights

Research evidence excerpt

European A&D Radar: Weekly sector news, positioning data and research insights

Equity Research

6 July 2026 | 11:51AM BST

European A&D Radar: Weekly sector news, positioning data and

research insights

Sam Burgess

+44(20)7774-9651 |

sam.burgess@gs.com

Goldman Sachs International

Jubril Moronfolu

+44(20)7051-0985 |

jubril.x.moronfolu@gs.com

Milind Sikchi

+1(332)245-7985 |Sector news (Jun 29-Jul 5) milind.sikchi@gs.com

Goldman Sachs India SPL

n Thales has signed a binding agreement to acquire the Gorgé family concert’s

35.5% stake in Exail Technologies at €134/share, with the aim of acquiring 100%

of Exail. The transaction will be followed by a mandatory tender offer at the

same price, marking a renewed route to full ownership after earlier talks. Read

here.

n Germany’s cabinet is set to approve the first draft of the 2027 budget, with

planned borrowing rising to €203.6bn, above the €196.5bn indicated in April and

well above 2024 levels. The increase reflects higher investment and defence

spending, including €118.7bn in core budget borrowing, €54.9bn via the

infrastructure fund and €30bn from the special defence fund. Read here.

n Rheinmetall has won a first-time international customer order worth several

hundred million euros for four Skynex air defence systems, expanding the

platform’s global customer base. Deliveries will be spread over 39 months, with

the first battery due 21 months after contract signing and the remaining three

delivered at six‑month intervals. Read here.

n Belgium reportedly plans to procure 10 NASAMS launchers from Kongsberg and

20 Skyranger short-range air defence systems from Rheinmetall under a €3.1bn

air-defence package, subject to ministerial approval. The acquisitions could be