Rheinmetall AG: CEO Fireside Chat: Full-Stack Defence Story Confirmed - Rebuilding Execution Confidence; OW-Reiterated (Top-Pick) 

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Rheinmetall AG: CEO Fireside Chat: Full-Stack Defence Story Confirmed - Rebuilding Execution Confidence; OW-Reiterated (Top-Pick)

IdeaMmarket confidence and support a re-rating. We reiterate our Overweight rating (Top

Pick).

It Is Not "Old VS New" But "Old AND New" Products - Rheinmetall Is Positioned

Across The Full Stack. The CEO strongly pushed back against the narrative that

new technologies are replacing conventional warfare systems, and confirmed there

is no change in government's prioritization. He argues instead for an “AND, not OR”

framework in which future battlefields will require a full mix of capabilities.

Management’s confidence in future equipment demand is underpinned by NATO

requirements, and lessons from Ukraine, both of which show the continued

relevance of conventional systems alongside integrated battlefield architectures. It

combines artillery, long-range strike, air defence, drones, military vehicles and digital

systems. The CEO highlighted that ammunition remains highly relevant, describing it

as fundamentally harder to intercept than drones or missiles, while demand for

long-range munitions continues to grow across customers such as Slovakia, Spain,

Ukraine, Egypt, Sweden and the US. The CEO confirmed the demand remains strong

for ammunition. The recent absence of large public contract announcements

reflects procurement timing rather than any deterioration in underlying demand. He

also argued that drones are complementary rather than substitutive, mainly

addressing different target sets and use cases from traditional ammunition. At the

same time, drone proliferation is driving strong demand for layered air-defence and

counter-UAS systems, which he expects could materially improve over the next 2-3