On the Road with Goldman Sachs - European Edition: What we learned on Tanks vs. Drones and German Defence Procurement

Research evidence excerpt

Equity Research

10 August 2026 | 5:36AM BST

On the Road with Goldman Sachs - European Edition: What we learned

on Tanks vs. Drones and German Defence Procurement

Sahar Islam

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Goldman Sachs International

Sam Burgess

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Goldman Sachs International

On the Road with Goldman Sachs – European Edition: We catch up with our

analysts who have spent time with companies, customers and everyone in

between. This episode features Sam Burgess who spent time discussing the future of

German Defence with Lieutenant General Andreas Marlow, former Vice Chief of the

German Army and Commander of the Basic Military Organisation. General Marlow

retired from the Bundeswehr in September 2025 after 43 years of service; his final

responsibilities included capability building and procurement. Sam shares feedback

on why tanks and conventional land forces are critical (a key debate for Buy rated,

Conviction List name Rheinmetall), procurement (lumpy but on track) and the

importance of rebuilding ammunition. Sam continues to think Rheinmetall is

undervalued as he reminds us briefly at the end of the episode.

Its worth signing up for our 15th German Corporate Conference on 21-23 Sep

2026 in Munich. 146 German corporates, 70% of the DAX, 94% of the MDAX, 84%

and 90% of the TecDAX. Rheinmetall will be attending.

See below for the full list of topics and speakers; approximate start times are in parentheses.

Topics:

(1:43) Who we met

(2:54) Why conventional land forces are still important

(7:43) Procurement and execution of the Budget

(9:51) Rebuilding ammunition reserves

(11:50) Rheinmetall

(14:24) German Corporate Conference

Speaker:

n Sam Burgess – Head of European A&D Research, GIR

Goldman Sachs does and seeks to do business with companies covered in its research reports. As a result, investors

should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.

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