Aerospace and Defence Update: Feedback from Eurosatory

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Aerospace and Defence Update: Feedback from Eurosatory

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Aerospace and Defence Update

Feedback from Eurosatory

Industry Overview

Eurosatory feedback; order momentum remains strong 22 June 2026

We attended Eurosatory on June 16th-17th, meeting with 14 different management Equity

teams. The overall tone on the order backdrop was positive, with strong confidence in Global

near-term order visibility. Notably, several companies highlighted expectations for the Aerospace

Arminius contract to be awarded in H2’26. In addition, a number of exhibitors showcased

their C-UAS capabilities, which are increasingly in focus given the significant threats BenjaminResearch AnalystHeelan >>

from drones in both Ukraine and Iran. Overall, we continue to see strong visibility on the Merrill Lynch (DIFC)

demand backdrop across the sector, with C-UAS being a key pillar of demand. +44benjamin.heelan@bofa.com20 7996 5723

Joint ventures accelerating across European defence DavidResearchHolmes,AnalystCFA >>

We highlight that JVs and partnerships are increasingly becoming a defining feature of MLI (UK) +44 20 7995 1077

the European defence landscape. This week, Rheinmetall announced a partnership with david.a.holmes@bofa.com

Korean defence company LIG to further develop and market LIG’s medium- and long- Lorenzo Di Patrizi >>

range air defence missile systems in Europe. This follows on from Hanwha Aerospace Research Analyst

MLI (UK)

winning multiple large-scale defence contracts in Poland in recent years and likely +44 20 7995 7626

signals a growing Korean presence in the European defence market. Additionally, EDGE lorenzo.dipatrizi@bofa.com

and Safran signed a JV for next-generation missile development. THEON and Safran also