Rheinmetall Makes a Clean Break: Sells Power Systems and Launches a Space Joint Venture
11.06.2026 - 16:05:11 | boerse-global.de
Rheinmetall has transformed itself from a mixed conglomerate into a pure defence specialist in a single week, signing the sale of its civil Power Systems division while simultaneously establishing a satellite joint venture with OHB. The moves, unveiled at the ILA Berlin air show, mark the Düsseldorf-based company’s most aggressive push into space and unmanned systems — but the share price remains mired deep in the red.
The Power Systems sale goes to Munich-based private equity firm Aequita, with completion expected in the fourth quarter of 2026. The exit ends Rheinmetall’s civilian activities entirely, leaving management free to focus on its high-margin military portfolio. Analysts have described the step as a logical response to the shifting geopolitical landscape and the urgent need to scale up defence production capacity.
On the same day, the company formally registered the new OHB Rheinmetall Space Networks GmbH in Bremen. The joint venture, already cleared by Germany’s Federal Cartel Office in April, is responsible for the next phase of the SATCOMBw military communications project, which aims to give the Bundeswehr secure, all-domain data exchange between drones, satellites and ground forces. Dennis Winkelmann of OHB and Alexander Beyer of Rheinmetall will lead the new entity.
Should investors sell immediately? Or is it worth buying Rheinmetall?
Beyond space, Rheinmetall is deepening its commitment to autonomous combat systems. The consortium developing the MQ-28 Ghost Bat, a loyal wingman drone adapted for the German air force in partnership with Boeing, has added Diehl Defence and Rohde & Schwarz as new participants. The federal government plans to begin purchases of the aircraft from 2029. Meanwhile, through its ICEYE Space Solutions subsidiary, Rheinmetall has formed alliances with four NewSpace startups to build a satellite constellation based in Neuss that will supply NATO’s eastern flank with weather-independent synthetic aperture radar imagery.
Investors, however, have yet to embrace the transformation. The stock closed Thursday at €1,202.40, up a modest 0.69% on the day, but since the start of the year it has lost roughly 25% of its value. Another recent session pegged the share price at €1,228, equivalent to a 23% year-to-date decline. In either case, the equity is trading nearly 40% below its 52-week high of €1,995. The technical picture is equally sobering: the stock sits beneath both its 50-day moving average of €1,326.81 and its 200-day average of €1,608, while the relative strength index of 47 signals a neutral, wait-and-see market.
What may eventually lift the mood is the massive order backlog of €73 billion and the steady shift from munitions producer to broad-technology defence house. The half-year results due this summer will be the first real test: management must show that its satellite and drone ventures are already generating visible revenue contributions. With the Power Systems disposal now signed, there will be no remaining distraction from the core mission.
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