Rheinmetall (RHM) Pre-close call summary
Event summary combining transcript, slides, and related documents.
Pre-close call summary
2 Jul, 2026Executive summary
German defense budget for 2027 is projected at EUR 145 billion, a 21% increase over 2026, supporting mid-term visibility in domestic markets.
A more detailed budget draft is expected soon, ahead of the parliamentary summer recess.
Trading performance and revenue trends
On track for Q2 quarter-over-quarter growth above 40%, with H1 growth rate expected at 35%-40%.
Growth driven by project ramp-ups, EUR 100 million from Murcia restart, and EUR 200 million from trucks and Vehicle Systems.
Total nomination volume for Q2 expected to reach low double digits of EUR 1 billion.
Profitability and margins
Disposal of Power Systems signed for EUR 350 million, closing expected in Q4.
Transaction includes an additional EUR 200 million non-cash impairment.
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