European Defence: Feedback from Eurosatory 2026

研报英文原文证据摘录

European Defence: Feedback from Eurosatory 2026

Equity Research

European Aerospace & Defence

19 June 2026

European Defence

Feedback from Eurosatory 2026

Overall tone from management teams was generally

constructive, demand remains high, order books continue to

be supportive, and valuation levels are healthier now, in our European Aerospace & Defence NEUTRAL

view (~26% de-rating from January peaks; SXXP: -7%). We European Aerospace & Defence

present our key takeaways below & reiterate our preference Afonso Osorio, CFA

for LDO/RHM. +44 (0)20 3134 7016 afonso.osorio@barclays.com

Barclays, UK

The following companies are privately held and are not under coverage by Barclays Research: Fire Milene Kerner

Point. Information about these companies is being provided for information purposes only and is +33 (0)1 4458 4002

not an investment recommendation by Barclays Research. milene.kerner@barclays.com

BBI, Paris

Luke Seelig

Main themes from Eurosatory 2026 were consistent with recent battlefield lessons from +44 (0)20 3134 5355

luke.seelig@barclays.comUkraine and the Middle East: drones, counter-UAS, air defence, digital command systems,

massification (scalable production) and faster integration cycles are now core

requirements rather than adjacent capabilities. Unmanned air and ground systems were Sambhav Kochar

very prominent across the show, but they were still presented alongside heavy armour, +91 (0)22 6175 2559

sambhav.kochar@barclays.comartillery, crewed platforms and other traditional systems. The overall tone from

management teams was generally constructive, demand remains high, order books

continue to be supportive, and valuation levels are healthier now, in our view (EU Defence

sector trades on 13X EBIT, a ~26% de-rating from January peak; vs SXXP: -7%). Key risks