Rheinmetall Delivers a One-Two Punch: Sells Power Systems, Unveils Heavy-Lift Drone
11.06.2026 - 17:33:37 | boerse-global.de
Rheinmetall is moving decisively to shed the last vestiges of its civilian past and plant a flag in the unmanned future. This week, the defence group inked a letter of intent with ERC System and the state of North Rhine-Westphalia to build the Victor U250, a hybrid-electric heavy-lift cargo drone, while simultaneously signing off on the sale of its Power Systems division to Munich-based private equity firm Aequita. The two announcements underscore a corporate transformation that has been years in the making, yet the market’s response remains cautious.
The Victor U250 is designed for vertical take-off and can haul up to 250 kilograms of payload over 300 kilometres, cruising at 250 km/h. Rheinmetall will contribute its aerospace expertise, ERC System provides the core technology, and NRW is chipping in with funding and regulatory support. If plans run smoothly, the project could create hundreds of jobs by 2029. A concrete customer order has not been secured, nor has a production site been confirmed, but the company is banking on growing demand from military, disaster relief and logistics operators for such unmanned systems. The aim is to establish an entire local supply chain in NRW, rather than simply supplying components.
On the divestiture side, the contract transferring Power Systems to Aequita has been signed, with closing expected in the fourth quarter of 2026. This exit marks the end of Rheinmetall’s civilian business, leaving it as a pure defence specialist — a shift analysts view as a logical response to the geopolitical landscape and the need to scale military production quickly. The company used this week’s ILA Berlin air show to showcase its new focus, displaying the autonomous MQ-28 Ghost Bat combat drone, developed jointly with Boeing and tailored for the Bundeswehr. Procurement of such unmanned wingman systems is slated for 2029. Separately, Rheinmetall is building a satellite constellation through its ICEYE Space Solutions joint venture in Neuss, designed to supply weather-independent SAR real-time imagery to NATO’s eastern flank. A fresh 72?million?dollar framework agreement with Australia for new ammunition production rounds out the recent activity.
Should investors sell immediately? Or is it worth buying Rheinmetall?
Investors have acknowledged the strategic direction — the Rheinmetall share price rose 3.78% on the news to EUR 1,239.40, pulling away from its recent 52?week low. Yet the broader trend remains bearish. The stock has fallen 22.61% since the start of the year and still trades well below its 200?day moving average of EUR 1,607.60. The relative strength index at 47 indicates a market that is neither overbought nor oversold — essentially waiting for proof of execution. From its 52?week peak of EUR 1,995, the stock remains nearly 40% lower.
Operationally, the company is delivering. First?quarter revenue reached almost EUR 1.94 billion, and operating profit came in at EUR 224 million. Management has guided for a full?year operating margin of around 19%. The challenge now is translating that operational performance into sustained share price recovery. The sale of Power Systems removes the last distraction, and the drone and satellite initiatives add growth vectors beyond the traditional tracked?vehicle business. But as both the Victor U250 memorandum and the Ghost Bat timeline show, the payoff is years away. The market wants binding orders and a concrete production footprint before it fully rewards the reinvention.
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