공고 • Jul 07
Lockheed Martin Corporation And Rheinmetall AG Move Forward With ATACMS Co-Production In Europe Lockheed Martin Corporation announced the signing of a memorandum of understanding that addresses the immediate demand for locally produced munitions in Europe. With the support of the United States and German governments, the agreement marks the next step toward establishing a joint venture to create the first European centre of excellence for the manufacturing, integration and distribution of ATACMS across NATO and allied European forces. By co-producing ATACMS missiles on European soil, the partnership supports local capability, increases allied deterrence and contributes to economies on both sides of the Atlantic. Lockheed Martin Corporation will continue operating its current production line in Camden, Arkansas until transition is complete. Rheinmetall AG is establishing the industrial base in Germany for modern defence systems, which are in great demand by the armed forces of Europe. By establishing ATACMS production at Rheinmetall AG's Unterluess site, new capabilities for Germany and Europe are being created, supplies for customers are being secured and autonomy in defence policy is being strengthened. Rheinmetall AG's Unterluess facility is one of the company's most important sites. A total of about 4,000 employees work there. Its core competencies include the production of weapon systems and ammunition, as well as the development, manufacture, and maintenance of tracked vehicles. Unterluess is the privately owned firing range in Europe. Last year, the "Werk Niedersachsen"—one of the most modern production facilities for artillery ammunition—was put into operation. A rocket motor factory is currently nearing completion. Production of rocket motors and guided missile components is scheduled to begin as early as 2027. 공고 • Jul 03
Rheinmetall AG Provides Revenue Guidance for the Second Quarter 2026 Rheinmetall AG provided revenue guidance for the second quarter 2026. While the company confirms the provided trading update for the second quarter, i.e. meeting the expected revenue growth rate of above 60%, the program cancellation will result in a shortfall of the expected quarterly. New Risk • Jun 25
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Italian stocks, typically moving 8.5% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Jun 24
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to €949, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 24x in the Aerospace & Defense industry in Europe. Total returns to shareholders of 291% over the past three years. Reported Earnings • May 07
First quarter 2026 earnings released: EPS: €2.20 (vs €1.92 in 1Q 2025) First quarter 2026 results: EPS: €2.20 (up from €1.92 in 1Q 2025). Revenue: €1.97b (down 15% from 1Q 2025). Net income: €101.0m (up 20% from 1Q 2025). Profit margin: 5.1% (up from 3.6% in 1Q 2025). The increase in margin was driven by lower expenses. Revenue is forecast to grow 27% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Aerospace & Defense industry in Europe. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has increased by 73% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • May 06
Upcoming dividend of €11.50 per share Eligible shareholders must have bought the stock before 13 May 2026. Payment date: 15 May 2026. Payout ratio is a comfortable 51% and this is well supported by cash flows. Trailing yield: 0.8%. Lower than top quartile of Italian dividend payers (4.5%). Lower than average of industry peers (1.3%). Declared Dividend • Apr 01
Dividend increased to €11.50 Dividend of €11.50 is 42% higher than last year. Ex-date: 13th May 2026 Payment date: 15th May 2026 Dividend yield will be 0.7%, which is lower than the industry average of 1.6%. Payout Ratios Payout ratio: 51%. Cash payout ratio: 38%. Reported Earnings • Mar 12
Full year 2025 earnings released: EPS: €22.72 (vs €18.51 in FY 2024) Full year 2025 results: EPS: €22.72 (up from €18.51 in FY 2024). Revenue: €10.2b (up 4.7% from FY 2024). Net income: €1.03b (up 28% from FY 2024). Profit margin: 10% (up from 8.2% in FY 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 25% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Aerospace & Defense industry in Europe. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has increased by 85% per year, which means it is tracking significantly ahead of earnings growth. 공고 • Mar 06
Rheinmetall AG (XTRA:RHM) signed a a contract to acquire 51% stake in DOK-ING d.o.o. from Vjekoslav Majetic. Rheinmetall AG (XTRA:RHM) signed a a contract to acquire 51% stake in DOK-ING d.o.o. from Vjekoslav Majetic on March 4, 2026. DOK-ING will continue to operate from its headquarters in Zagreb, with the existing management team remaining in place to ensure strategic continuity and operational stability, an arrangement aligned with and endorsed by Rheinmetall. Upon completion, Vjekoslav Majetic will continue to hold the remaining stake of 49% stake in DOK-ING d.o.o. The transaction is subject to approval by the relevant regulatory authorities. Dora Gaži Kovacevic of Wolf Theiss Zagreb and Stefan Wartinger of WOLF THEISS Rechtsanwalte GmbH acted as legal advisor to Rheinmetall AG. New Risk • Dec 18
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Italian stocks, typically moving 5.5% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Valuation Update With 7 Day Price Move • Nov 24
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €1,456, the stock trades at a forward P/E ratio of 38x. Average forward P/E is 25x in the Aerospace & Defense industry in Europe. Total returns to shareholders of 683% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €1,855 per share. Buy Or Sell Opportunity • Nov 21
Now 22% undervalued after recent price drop Over the last 90 days, the stock has fallen 6.2% to €1,520. The fair value is estimated to be €1,937, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 22% over the last 3 years. Earnings per share has grown by 26%. For the next 3 years, revenue is forecast to grow by 27% per annum. Earnings are also forecast to grow by 35% per annum over the same time period. Reported Earnings • Nov 07
Third quarter 2025 earnings released: EPS: €3.32 (vs €3.11 in 3Q 2024) Third quarter 2025 results: EPS: €3.32 (up from €3.11 in 3Q 2024). Revenue: €2.78b (up 13% from 3Q 2024). Net income: €151.0m (up 12% from 3Q 2024). Profit margin: 5.4% (down from 5.5% in 3Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 27% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Aerospace & Defense industry in Europe. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has increased by 120% per year, which means it is tracking significantly ahead of earnings growth. Reported Earnings • Aug 10
Second quarter 2025 earnings released: EPS: €3.10 (vs €3.09 in 2Q 2024) Second quarter 2025 results: EPS: €3.10 (up from €3.09 in 2Q 2024). Revenue: €2.48b (up 11% from 2Q 2024). Net income: €140.0m (up 4.5% from 2Q 2024). Profit margin: 5.6% (down from 6.0% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 26% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Aerospace & Defense industry in Europe. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has increased by 113% per year, which means it is tracking significantly ahead of earnings growth. Buy Or Sell Opportunity • Jul 11
Now 21% undervalued Over the last 90 days, the stock has risen 34% to €1,826. The fair value is estimated to be €2,307, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 20% over the last 3 years. Earnings per share has grown by 27%. For the next 3 years, revenue is forecast to grow by 24% per annum. Earnings are also forecast to grow by 30% per annum over the same time period. 공고 • May 12
Rheinmetall AG to Showcase Infantry Soldier of the Future - Enhanced System with Getac Tablet Getac Technology Corporation (Getac) presents its latest purpose-built and configurable developments at FEINDEF Event, Spain and AFCEA 2025 Event in Germany: for the Army, Navy, Air Force as well as Infantry of the future. The Getac innovative, resilient solutions will be showcased on two partner stands and will be demonstrating stability in difficult tactical operations. Rheinmetall AG will also be exhibiting the "Infantry Soldier of the Future - Enhanced System (IdZ-ES", which includes the Getac tablet and enables the highest possible mobility for special mission requirements. Getac experts will be available at the Computacenter AG stand in Area Vienna W02 to provide detailed information and answer individual questions. The focus will be on the new B360 Pro notebook: specially developed for the high demands of the defence sector, designed to help military personnel to have secure and reliable control over their systems. In addition, iesy GmbH, specialist for sophisticated embedded solutions, will be presenting its latest defence docking solution together with the fully rugged Getac F110 tablet in the New York/Geneva S63 hall. This combination once again highlights the versatility and adaptability of Getac products, especially their optimization for use in security-critical environments. Additional Highlights at the Events: New notebook B360 Pro: The new generation of B360 Pro notebook, specifically designed for the defence industry, combines fully rugged design with innovative technology upgrades. Equipped with the latest Intel®? Core™? Ultra Series 2 mobile processors and Intel®? AI Boost technology, the future-proof Getac B360 Pro offers efficient and smooth work, boost by the amazing performance of Edge AI. The Getac B360 Pro also includes new versatile I/O options, including up to two Thunderbolt™? 4 ports for extremely fast data transfer, hot swappable LifeSupport batteries for uninterrupted work. The device helps maintain strong connectivity, even in challenging and remote environments. Among other things, it offers WiFi 7, which allows up to five times faster data speeds compared to the previous model. Reported Earnings • May 09
First quarter 2025 earnings released: EPS: €1.92 (vs €1.13 in 1Q 2024) First quarter 2025 results: EPS: €1.92 (up from €1.13 in 1Q 2024). Revenue: €2.34b (up 48% from 1Q 2024). Net income: €84.0m (up 71% from 1Q 2024). Profit margin: 3.6% (up from 3.1% in 1Q 2024). The increase in margin was driven by higher revenue. Revenue is forecast to grow 22% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Aerospace & Defense industry in Europe. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has increased by 110% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • May 07
Upcoming dividend of €8.10 per share Eligible shareholders must have bought the stock before 14 May 2025. Payment date: 16 May 2025. Payout ratio is a comfortable 44% and this is well supported by cash flows. Trailing yield: 0.5%. Lower than top quartile of Italian dividend payers (5.6%). Lower than average of industry peers (1.3%). 
