Q2-26 preview: top-line growth acceleration; F126 fallout

研报英文原文证据摘录

Q2-26 preview: top-line growth acceleration; F126 fallout

Deutsche Bank

Research

Rating Company Date

Buy Rheinmetall 3 July 2026

Forecast Change

Europe

Germany

Reuters Bloomberg Exchange Ticker Price at 2 Jul 2026 (EUR) 1,115.00

RHMG.DE RHM GR GER RHMG

Price Target 1,800.00

Aerospace & Defence

Aerospace & Defence ADR ISIN 52-week range 1,988.50946.60-

RNMBY US76206K1079

Q2-26 preview: top-line growth

Valuation & Risks acceleration; F126 fallout

Christoph Laskawi

Q2-26 results due on August 6, 2026 Research Analyst

Rheinmetall is set to report Q2-26 results on August 6 ahead of the market open and +49-69-910-31924

will host a conference call the same day. After the MOD scrapped the F126

Christophe Menard

program, the focus of the quarter will no longer be on reaching the EUR20bn order Research Analyst

indication the company had initially given but clearly on delivering the guided Q2 +33-1-4495-9315

top-line growth. In an ad hoc release before the pre close call, the company

Tim Rokossa

confirmed the Q2-26 top-line message which is a positive and in line with our

Head of European Equity Research

thinking. On the other hand, unsurprisingly, the company points to a shortfall versus

+49-69-910-31998

the EUR20bn order intake guide. Furthermore, Rheinmetall quantified the F126

financial fallout with a surprising FY26 impact. Overall, we retain our positive view Nicolai Kempf

on Rheinmetall and see the recent share price weakness as overdone and providing Research Analyst

+49-162-5168792

an attractive entry point. Accounting for the broader sector derating and taking out

F126 in mid-term modeling, we bring down our target price to EUR1,800. Nikita Papaccio

Research Analyst

+49-69-910-48637

Q2-26 preview in more detail: acceleration of top-line growth