Feedback From Dbaccess European Champions Conference

Deutsche Bank reiterates its Buy rating on Rheinmetall following management meetings that confirmed strong Q2 visibility and a EUR 20bn order nomination target.

Key Takeaways

• 1.Visibility for H1-26 and full-year growth remains strong, supported by increased output from the Murcia site and vehicle deliveries.
• 2.Rheinmetall reiterated its target of EUR 20bn in nominations for Q2-26, including potential orders for the F126 and Boxer programs.
• 3.Capex for 2026 is expected to be lower than initially planned due to standardized investment requirements.

Table of Contents

• Feedback from management meetings
• Key takeaways:
• Valuation & Risks
• Appendix 1
• Important Disclosures
• Important Disclosures Required by U.S. Regulators
• Important Disclosures Required by Non-U.S. Regulators
• Special Disclosures
• Analyst Certification
• Equity Rating and Dispersion Key
• Additional Information
• International Production Locations

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