Rheinmetall has hosted an impressive CMD outlining strong mid-term prospects. It has increased its mid-term sales target by ~20% and the EBIT margin target by 200bps, largely supported by strengthening operating leverage in defence. The company is open to selling its Civil businesses (now regrouped under the Power Systems segment) if it receives a fair offer. The CMD confirmed our positive view on the company, now beyond 2026 also.
