Rheinmetall (RHM) Pre-close call summary

Order intake and sales outlook

• Order intake expected in the EUR 30–40 billion range, with backlog projected to exceed EUR 80 billion by year-end.

• Sales growth anticipated in line with guided annual rate, with profitability at previous year's level.

• High cash inflow from prepayments, notably EUR 500 million for TaWAN.

• Nominations this quarter are heavily skewed towards electronic solutions, driven by digitization contracts and soldier systems.

Strategic vision and growth targets

• Vision 2030 targets group growth to EUR 30–40 billion by 2030, without new M&A or major CapEx.

• Updated guidance possible later in the year, pending greater visibility on market developments.

• Defense segment expected to grow 35–40%, while civil business remains flat.

Ukraine and major contracts

• Discussing a potential EUR 50 billion contract with Ukraine, requiring EUR 4.5 billion CapEx and two years to build a plant.

• Demand for artillery in Ukraine estimated at EUR 1.5 billion per year over 10 years.

• Awaiting further information and decisions from the Ukrainian government.