{"id":1368,"date":"2026-10-05T13:08:47","date_gmt":"2026-10-05T13:08:47","guid":{"rendered":"https:\/\/www.rotharia.com\/uncategorized\/europes-new-spending-map\/"},"modified":"2026-10-05T13:08:47","modified_gmt":"2026-10-05T13:08:47","slug":"la-nouvelle-carte-des-depenses-en-europe","status":"publish","type":"post","link":"https:\/\/www.rotharia.com\/fr\/wealth-management\/global-wealth-planning\/europes-new-spending-map\/","title":{"rendered":"La nouvelle carte des d\u00e9penses en Europe"},"content":{"rendered":"<figure class=\"wp-block-image size-large\">\n<img loading=\"lazy\" decoding=\"async\" width=\"1200\" height=\"800\" src=\"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261005_adb634.png\" alt=\"\" class=\"wp-image-1367\" srcset=\"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261005_adb634.png 1200w, https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261005_adb634-300x200.png 300w, https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261005_adb634-1024x683.png 1024w, https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261005_adb634-768x512.png 768w, https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261005_adb634-18x12.png 18w\" sizes=\"auto, (max-width: 1200px) 100vw, 1200px\" \/>\n\n<\/figure>\n\n\n<style>body.single-post .cm-featured-image { display: none !important; }<\/style>\n\n<p dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:12pt;margin-bottom:12pt;\" id=\"docs-internal-guid-ed28978c-7fff-009b-d433-2a467512905b\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">L'Union europ\u00e9enne a d\u00e9bloqu\u00e9 des milliards d'euros pour la d\u00e9fense, les r\u00e9seaux \u00e9nerg\u00e9tiques et les infrastructures. Mais qu'est-ce que cela signifie pour la gestion de votre patrimoine, et comment interpr\u00e9ter ces chiffres ? Des budgets importants et des annonces politiques ne signifient pas pour autant que l\u2019argent ait d\u00e9j\u00e0 \u00e9t\u00e9 vers\u00e9 \u00e0 des entreprises ou affect\u00e9 \u00e0 des investissements sp\u00e9cifiques. Dans l\u2019article suivant, nous expliquons pourquoi il ne suffit pas de g\u00e9rer un portefeuille en se basant uniquement sur les gros titres indiquant o\u00f9 l\u2019Europe pr\u00e9voit d\u2019investir. Il est plus important de comprendre jusqu\u2019o\u00f9 les fonds publics ont r\u00e9ellement \u00e9t\u00e9 affect\u00e9s, qu\u2019il s\u2019agisse de contrats sign\u00e9s, du chiffre d\u2019affaires des entreprises ou des actifs que vous d\u00e9tenez.<\/span><\/p><h2 dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:18pt;margin-bottom:4pt;\"><span style=\"font-size:17pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Plusieurs \u00e9tapes s\u00e9parent le budget des recettes<\/span><\/h2><p dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:12pt;margin-bottom:12pt;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Lorsqu\u2019un gouvernement ou l\u2019Union europ\u00e9enne annonce un nouveau programme de 10 milliards d\u2019euros, le chiffre annonc\u00e9 ne permet pas \u00e0 lui seul de savoir qui en b\u00e9n\u00e9ficiera ni quand. Plusieurs \u00e9tapes s\u00e9parent une d\u00e9cision politique des recettes d\u2019une entreprise donn\u00e9e. \u00c0 proprement parler, les fonds doivent d\u2019abord \u00eatre approuv\u00e9s et allou\u00e9s. Viennent ensuite le financement des programmes individuels, les march\u00e9s publics, la s\u00e9lection des fournisseurs, la signature des contrats, la production et la livraison. Ce n\u2019est qu\u2019\u00e0 l\u2019issue de ce processus que les engagements de d\u00e9penses publiques commencent \u00e0 se traduire par des commandes et des recettes pour les entreprises concern\u00e9es.<\/span><\/p><p dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:12pt;margin-bottom:12pt;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Pour vous, en tant qu'investisseur, l'ampleur du programme annonc\u00e9 n'est pas le seul \u00e9l\u00e9ment qui compte. Vous devez \u00e9galement savoir o\u00f9 en est actuellement le financement dans ce processus.<\/span><\/p><p dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:12pt;margin-bottom:12pt;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">SAFE, le nouvel instrument de l'Union europ\u00e9enne destin\u00e9 \u00e0 financer les investissements des \u00c9tats membres dans le domaine de la d\u00e9fense, en est un bon exemple. Dot\u00e9 d'une enveloppe de 150 milliards d'euros, ce programme accorde aux gouvernements des pr\u00eats pouvant servir \u00e0 financer des achats conjoints ou nationaux de mat\u00e9riel militaire.<\/span><\/p><p dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:12pt;margin-bottom:12pt;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">La Lituanie, par exemple, a re\u00e7u 956,3 millions d\u2019euros lors de son premier versement, soit 15 % de sa dotation totale de 6,4 milliards d\u2019euros. Ces fonds sont d\u00e9j\u00e0 \u00e0 la disposition du gouvernement, mais ils ne constituent pas encore des recettes pour un fabricant de v\u00e9hicules blind\u00e9s, de munitions ou de syst\u00e8mes de d\u00e9fense a\u00e9rienne. Ils ne le deviendront qu\u2019une fois que l\u2019\u00c9tat aura lanc\u00e9 un appel d\u2019offres, s\u00e9lectionn\u00e9 un fournisseur et sign\u00e9 un contrat sp\u00e9cifique.<\/span><\/p><p dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:12pt;margin-bottom:12pt;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Le Fonds europ\u00e9en de d\u00e9fense en est \u00e0 un stade diff\u00e9rent. Il s'agit d'un programme de l'Union europ\u00e9enne qui finance la recherche et le d\u00e9veloppement collaboratifs dans le domaine des technologies de d\u00e9fense. En 2026, la Commission europ\u00e9enne a s\u00e9lectionn\u00e9 57 projets pour un financement total de 1,07 milliard d'euros. Sur ce montant, 675 millions d'euros sont consacr\u00e9s \u00e0 des projets de d\u00e9veloppement des capacit\u00e9s de d\u00e9fense et 332 millions d'euros \u00e0 la recherche.<\/span><\/p><p dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:12pt;margin-bottom:12pt;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Les fonds du programme sont affect\u00e9s \u00e0 des technologies et \u00e0 des projets plus sp\u00e9cifiques, mais ils ne se traduisent pas pour autant par des commandes \u00e0 grande \u00e9chelle d\u2019\u00e9quipements finis. Le financement du d\u00e9veloppement peut d\u00e9boucher sur de futurs contrats, mais il ne garantit pas en soi que les gouvernements ach\u00e8teront par la suite le syst\u00e8me en grandes quantit\u00e9s.<\/span><\/p><p dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:12pt;margin-bottom:12pt;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">La premi\u00e8re question qu\u2019un investisseur devrait donc se poser est la suivante : quelle part du programme annonc\u00e9 par l\u2019UE a d\u00e9j\u00e0 \u00e9t\u00e9 financ\u00e9e, command\u00e9e et faisant l\u2019objet de contrats ?<\/span><\/p><h2 dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:18pt;margin-bottom:4pt;\"><span style=\"font-size:17pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">L\u00e0 o\u00f9 les d\u00e9penses se traduisent d\u00e9j\u00e0 par des commandes concr\u00e8tes<\/span><\/h2><p dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:12pt;margin-bottom:12pt;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">D\u00e8s lors que les fonds publics sont transf\u00e9r\u00e9s d'un budget vers un contrat sp\u00e9cifique, l'investisseur dispose d'informations bien plus pr\u00e9cises. On conna\u00eet le client, le fournisseur, la valeur approximative de la commande et le calendrier de livraison.&nbsp;<\/span><\/p><p dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:12pt;margin-bottom:12pt;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">On peut citer, \u00e0 titre d'exemple, le groupe allemand de d\u00e9fense Rheinmetall, l'un des plus grands fabricants europ\u00e9ens d'\u00e9quipements militaires, de munitions et de syst\u00e8mes de d\u00e9fense a\u00e9rienne.<\/span><\/p><p dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:12pt;margin-bottom:12pt;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Un client international de Rheinmetall a command\u00e9, au troisi\u00e8me trimestre, un lot de plusieurs dizaines d'obus d'artillerie de 155 mm. Le contrat s'\u00e9l\u00e8ve \u00e0 plusieurs centaines de millions d'euros. La production a d\u00e9j\u00e0 commenc\u00e9 et la livraison est pr\u00e9vue pour 2027.<\/span><\/p><p dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:12pt;margin-bottom:12pt;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">\u00c0 ce stade, il ne s'agit plus simplement de dire qu'une augmentation des d\u00e9penses europ\u00e9ennes pourrait soutenir l'industrie de la d\u00e9fense. Une partie de cette demande a d\u00e9j\u00e0 \u00e9t\u00e9 transmise \u00e0 une entreprise en particulier et int\u00e9gr\u00e9e \u00e0 son plan de production.<\/span><\/p><p dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:12pt;margin-bottom:12pt;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">C'est cela qui compte dans la gestion de portefeuille. Un budget de d\u00e9fense indique le montant qu'un gouvernement ou l'UE a l'intention de d\u00e9penser. Un contrat sign\u00e9 montre quelle entreprise a d\u00e9j\u00e0 transform\u00e9 une partie de ces d\u00e9penses en chiffre d'affaires r\u00e9el.&nbsp;&nbsp;<\/span><\/p><h2 dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:18pt;margin-bottom:4pt;\"><span style=\"font-size:17pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Le chemin est plus long dans les r\u00e9seaux \u00e9nerg\u00e9tiques<\/span><\/h2><p dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:12pt;margin-bottom:12pt;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Tous les secteurs ne b\u00e9n\u00e9ficient toutefois pas d\u2019un lien aussi direct entre les budgets publics et les commandes sp\u00e9cifiques. La modernisation des r\u00e9seaux \u00e9lectriques europ\u00e9ens comporte davantage d\u2019\u00e9tapes entre un programme public et les recettes d\u2019un fabricant.<\/span><\/p><p dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:12pt;margin-bottom:12pt;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">La Commission europ\u00e9enne a s\u00e9lectionn\u00e9 235 projets \u00e9nerg\u00e9tiques transfrontaliers susceptibles de b\u00e9n\u00e9ficier d'une proc\u00e9dure d'autorisation acc\u00e9l\u00e9r\u00e9e et d'un acc\u00e8s \u00e0 des financements dans le cadre du m\u00e9canisme pour l'interconnexion en Europe. Ce programme soutient les infrastructures reliant les r\u00e9seaux \u00e9nerg\u00e9tiques des \u00c9tats membres.<\/span><\/p><p dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:12pt;margin-bottom:12pt;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Un appel d'offres portant sur des \u00e9tudes et des travaux de construction, d'un montant de 600 millions d'euros, a \u00e9galement \u00e9t\u00e9 cl\u00f4tur\u00e9. Ces chiffres indiquent d\u00e9j\u00e0 o\u00f9 les investissements sont susceptibles d'\u00eatre r\u00e9alis\u00e9s, mais ils ne pr\u00e9cisent pas encore quelle entreprise fournira les transformateurs, les c\u00e2bles haute tension, les sous-stations ou d'autres \u00e9quipements. Le financement, les march\u00e9s publics et la s\u00e9lection des fournisseurs constituent encore des \u00e9tapes \u00e0 franchir entre l\u2019approbation d\u2019un projet et la passation d\u2019une commande aupr\u00e8s d\u2019un fabricant sp\u00e9cifique. C\u2019est l\u00e0 qu\u2019un autre maillon de la cha\u00eene prend toute son importance : le financement des fabricants eux-m\u00eames.<\/span><\/p><p dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:12pt;margin-bottom:12pt;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">La Banque europ\u00e9enne d'investissement, l'institution financi\u00e8re de l'Union europ\u00e9enne, accordera \u00e0 BNP Paribas jusqu'\u00e0 350 millions d'euros de contre-garanties en faveur des fabricants d'\u00e9quipements pour r\u00e9seaux \u00e9lectriques. BNP Paribas apportera une contribution \u00e9quivalente, ce qui portera le volume total des garanties bancaires \u00e0 700 millions d'euros. Selon la BEI, ce m\u00e9canisme pourrait soutenir jusqu\u2019\u00e0 2,8 milliards d\u2019euros d\u2019investissements dans les r\u00e9seaux \u00e9lectriques.<\/span><\/p><p dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:12pt;margin-bottom:12pt;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">\u00c0 premi\u00e8re vue, ces 2,8 milliards d\u2019euros pourraient sembler \u00eatre une somme qui sera directement vers\u00e9e aux industriels. Or, ce n\u2019est pas ainsi que fonctionne le m\u00e9canisme. Les contrats industriels de grande envergure exigent souvent des garanties bancaires pour les acomptes ou pour la bonne ex\u00e9cution du contrat. Si un industriel se voit confier plusieurs commandes importantes en m\u00eame temps, ces garanties peuvent consid\u00e9rablement \u00e9puiser sa capacit\u00e9 bancaire.<\/span><\/p><p dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:12pt;margin-bottom:12pt;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Le programme de la BEI n\u2019ach\u00e8te donc pas directement de transformateurs ni de c\u00e2bles. Il aide les banques \u00e0 fournir aux fabricants les garanties dont ils ont besoin pour accepter et honorer de nouvelles commandes. Il s\u2019agit l\u00e0 d\u2019un signe pr\u00e9curseur, ant\u00e9rieur \u00e0 la signature d\u2019un contrat. Les conditions propices \u00e0 une augmentation du volume des commandes s\u2019am\u00e9liorent, mais nous ne savons toujours pas quelles entreprises en b\u00e9n\u00e9ficieront ni dans quelle mesure. Et m\u00eame lorsque nous savons vers quel secteur les fonds sont orient\u00e9s, il n\u2019est pas forc\u00e9ment \u00e9vident de d\u00e9terminer quelles entreprises remporteront finalement les march\u00e9s.<\/span><\/p><h2 dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:18pt;margin-bottom:4pt;\"><span style=\"font-size:17pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Les d\u00e9penses publiques ne sont pas toujours affect\u00e9es au secteur auquel on s'attendrait<\/span><\/h2><p dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:12pt;margin-bottom:12pt;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Les budgets publics distinguent les domaines de la d\u00e9fense, de l\u2019\u00e9nergie, des transports et des infrastructures. Un projet concret peut toutefois combiner tous ces domaines et g\u00e9n\u00e9rer des opportunit\u00e9s commerciales pour des entreprises issues de plusieurs secteurs \u00e0 la fois. Le port lituanien de Klaip\u0117da, le plus grand port maritime du pays, en est un bon exemple. La Banque europ\u00e9enne d\u2019investissement apporte une contribution de 100 millions d\u2019euros \u00e0 un projet dont la valeur totale s\u2019\u00e9l\u00e8ve \u00e0 environ 201 millions d\u2019euros. Cet investissement porte notamment sur la mobilit\u00e9 militaire, l\u2019alimentation \u00e9lectrique \u00e0 quai des navires, les infrastructures d\u2019hydrog\u00e8ne vert et le soutien \u00e0 l\u2019\u00e9olien offshore. Une partie du terminal civil sera \u00e9galement adapt\u00e9e pour accueillir des navires de l\u2019OTAN.<\/span><\/p><p dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:12pt;margin-bottom:12pt;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Du point de vue du gouvernement, il s\u2019agit \u00e0 la fois d\u2019un projet de d\u00e9fense, de transport et d\u2019\u00e9nergie. Du point de vue des investisseurs, la question la plus importante est de savoir quelles entreprises remporteront les diff\u00e9rents contrats. Une partie des fonds pourrait \u00eatre allou\u00e9e \u00e0 des entreprises de construction, des fabricants d\u2019\u00e9quipements \u00e9lectriques, des fournisseurs d\u2019\u00e9quipements portuaires, des soci\u00e9t\u00e9s d\u2019ing\u00e9nierie ou des entreprises du secteur de l\u2019\u00e9nergie. Une entreprise n\u2019a donc pas besoin d\u2019\u00eatre qualifi\u00e9e d\u2019entreprise du secteur de la d\u00e9fense pour b\u00e9n\u00e9ficier de l\u2019augmentation des d\u00e9penses de d\u00e9fense. Elle n\u2019a pas non plus besoin d\u2019\u00eatre une entreprise \u00e9nerg\u00e9tique traditionnelle pour remporter un contrat li\u00e9 \u00e0 la modernisation des infrastructures \u00e9lectriques.<\/span><\/p><p dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:12pt;margin-bottom:12pt;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">L'exposition r\u00e9elle d'un portefeuille au cycle d'investissement europ\u00e9en peut donc s'av\u00e9rer bien plus large que ne le laisse supposer le nom d'un secteur ou d'un fonds. Cependant, une fois que l'on sait quelle entreprise a remport\u00e9 le contrat, une autre question importante se pose : dans quel d\u00e9lai pourra-t-elle transformer cette commande en chiffre d'affaires ?<\/span><\/p><h2 dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:18pt;margin-bottom:4pt;\"><span style=\"font-size:17pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Une commande ne correspond pas encore \u00e0 la totalit\u00e9 du chiffre d'affaires<\/span><\/h2><p dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:12pt;margin-bottom:12pt;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Un contrat sign\u00e9 permet de lier beaucoup plus \u00e9troitement les fonds publics aux r\u00e9sultats de l'entreprise, mais cela ne signifie pas pour autant que la totalit\u00e9 de cette valeur appara\u00eetra imm\u00e9diatement dans le chiffre d'affaires.<\/span><\/p><p dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:12pt;margin-bottom:12pt;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">La production et les livraisons d\u00e9terminent le calendrier. Rheinmetall renforce ses capacit\u00e9s de production de munitions depuis 2022 et vise \u00e0 produire environ 1,5 million d\u2019obus de 155 mm par an d\u2019ici 2030. Ces capacit\u00e9s de production permettent d\u2019estimer \u00e0 quel moment ces commandes pourront se traduire par des revenus. Si une entreprise remporte des contrats plus rapidement qu\u2019elle ne peut augmenter sa production, les livraisons et les revenus peuvent \u00eatre retard\u00e9s de plusieurs ann\u00e9es.  La m\u00eame logique s\u2019applique aux r\u00e9seaux \u00e9lectriques. Des volumes d\u2019investissement plus \u00e9lev\u00e9s ne cr\u00e9ent pas du jour au lendemain de nouvelles cha\u00eenes de production pour les transformateurs ou les c\u00e2bles haute tension. La capacit\u00e9 de production disponible, les p\u00e9nuries de main-d\u2019\u0153uvre, l\u2019approvisionnement en composants, l\u2019obtention des autorisations et les longs d\u00e9lais de livraison peuvent tous ralentir la mise en \u0153uvre. Un programme de 10 milliards d\u2019euros ne g\u00e9n\u00e8re donc pas automatiquement 10 milliards d\u2019euros de chiffre d\u2019affaires en une seule ann\u00e9e. Ces sommes peuvent appara\u00eetre progressivement dans les r\u00e9sultats des entreprises, en fonction de la rapidit\u00e9 avec laquelle les fabricants sont en mesure d\u2019honorer les commandes individuelles.<\/span><\/p><p dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:12pt;margin-bottom:12pt;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">\u00c0 ce stade, la nature des informations que l'investisseur doit suivre \u00e9volue \u00e9galement. Les annonces politiques perdent de leur pertinence, tandis que les r\u00e9sultats des entreprises prennent davantage d'importance.<\/span><\/p><h2 dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:18pt;margin-bottom:4pt;\"><span style=\"font-size:17pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Ce qu'il faut retenir des r\u00e9sultats d'une entreprise<\/span><\/h2><p dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:12pt;margin-bottom:12pt;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">D\u00e8s lors que les d\u00e9penses publiques sont affect\u00e9es \u00e0 des entreprises sp\u00e9cifiques, la principale source d'information n'est plus le budget de l'\u00c9tat, mais l'entreprise elle-m\u00eame.<\/span><\/p><p dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:12pt;margin-bottom:12pt;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Les nouvelles commandes refl\u00e8tent ce que les clients viennent de s'engager \u00e0 acheter. Le carnet de commandes indique la valeur des contrats que l'entreprise doit encore honorer. Les d\u00e9penses d'investissement montrent le montant investi pour d\u00e9velopper la production. Les nouvelles usines et lignes de production donnent une id\u00e9e de la capacit\u00e9 future que l'entreprise est en train de mettre en place. Quant aux calendriers de livraison, ils permettent d'estimer \u00e0 quel moment les contrats pourraient se transformer en chiffre d'affaires.<\/span><\/p><p dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:12pt;margin-bottom:12pt;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Rheinmetall en t\u00e9moigne avec son carnet de commandes de 63,8 milliards d\u2019euros \u00e0 la fin de l\u2019ann\u00e9e 2025 et ses investissements continus dans l\u2019extension de ses capacit\u00e9s de production au cours du premier semestre 2026. Le montant global des budgets europ\u00e9ens de d\u00e9fense donne une id\u00e9e de l\u2019ampleur de cette opportunit\u00e9. Les commandes, le carnet de commandes et les investissements dans la production montrent dans quelle mesure cette opportunit\u00e9 profite d\u00e9j\u00e0 \u00e0 une entreprise sp\u00e9cifique et \u00e0 quelle vitesse elle peut \u00eatre convertie en chiffre d'affaires.<\/span><\/p><p dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:0pt;margin-bottom:12pt;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">En mati\u00e8re de gestion de portefeuille, le simple fait de savoir que l\u2019Europe pr\u00e9voit d\u2019augmenter ses d\u00e9penses en mati\u00e8re de d\u00e9fense ou d\u2019infrastructures n\u2019est qu\u2019un point de d\u00e9part. Ce qui importe, c\u2019est de savoir quelle part de ces d\u00e9penses a d\u00e9j\u00e0 \u00e9t\u00e9 allou\u00e9e \u00e0 un fournisseur sp\u00e9cifique, quel volume d\u2019activit\u00e9 cette entreprise a d\u00e9j\u00e0 obtenu et quand elle sera en mesure de livrer ses prestations.<\/span><\/p><p dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:12pt;margin-bottom:12pt;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Ne vous arr\u00eatez pas au chiffre annonc\u00e9. Demandez-vous quelle part de ces fonds a d\u00e9j\u00e0 \u00e9t\u00e9 vers\u00e9e aux entreprises, aux fonds et aux actifs priv\u00e9s dont vous \u00eates propri\u00e9taire. Les budgets refl\u00e8tent les intentions. Les contrats indiquent qui a remport\u00e9 le march\u00e9. Les commandes, les capacit\u00e9s de production et les calendriers de livraison montrent quand ces contrats pourront se transformer en chiffre d'affaires.<\/span><\/p><br><p dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:0pt;margin-bottom:12pt;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Comment analyser les d\u00e9penses publiques \u00e0 travers votre portefeuille<\/span><\/p><p dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:12pt;margin-bottom:12pt;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Imaginez que vous d\u00e9teniez des actions d'une entreprise industrielle qui fournit des \u00e9quipements pour les r\u00e9seaux \u00e9lectriques. L'UE annonce un nouveau programme d'investissement de 5 milliards d'euros, mais ce chiffre global ne vous permet pas \u00e0 lui seul de savoir quelle part de ces fonds l'entreprise pourrait r\u00e9ellement obtenir.<\/span><\/p><p dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:12pt;margin-bottom:12pt;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Alors, comment faut-il interpr\u00e9ter ces chiffres ? Tout d\u2019abord, v\u00e9rifiez si les projets ont d\u00e9j\u00e0 \u00e9t\u00e9 approuv\u00e9s et financ\u00e9s. V\u00e9rifiez ensuite si l\u2019entreprise fait \u00e9tat de nouvelles commandes, si son carnet de commandes est en hausse et quels sont les d\u00e9lais de livraison qu\u2019elle annonce. Si elle investit \u00e9galement dans de nouvelles lignes de production, cela peut indiquer qu\u2019elle s\u2019attend \u00e0 une augmentation de son volume d\u2019activit\u00e9. Pris dans leur ensemble, ces chiffres montrent si un grand programme public commence \u00e0 se traduire par des opportunit\u00e9s commerciales concr\u00e8tes pour une entreprise dont vous \u00eates actionnaire.<\/span><\/p><p dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:12pt;margin-bottom:12pt;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Questions qu'il convient de se poser :<\/span><\/p><p dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:12pt;margin-bottom:12pt;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">01 Quelle part du programme annonc\u00e9 s'est d\u00e9j\u00e0 concr\u00e9tis\u00e9e sous forme de contrats sign\u00e9s ?<\/span><\/p><p dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:12pt;margin-bottom:12pt;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">02 Quelle part de ce march\u00e9 l'entreprise pourrait-elle r\u00e9ellement conqu\u00e9rir ?<\/span><\/p><p dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:12pt;margin-bottom:12pt;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">03 Son carnet de commandes est-il en hausse ?<\/span><\/p><p dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:12pt;margin-bottom:12pt;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">04 Dispose-t-elle d'une capacit\u00e9 de production suffisante ?<\/span><\/p><p dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:12pt;margin-bottom:12pt;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">05 Quand les livraisons commenceront-elles, et \u00e0 partir de quand ces contrats pourraient-ils commencer \u00e0 \u00eatre comptabilis\u00e9s dans le chiffre d'affaires ?<\/span><\/p><p dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:12pt;margin-bottom:12pt;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">N'oubliez pas que votre portefeuille ne r\u00e9agit pas \u00e0 l'ampleur d'une annonce politique. Ce qui compte, c'est la part de cet argent qui parvient finalement aux actifs que vous d\u00e9tenez.<\/span><\/p><p dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:12pt;margin-bottom:12pt;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\"><br><\/span><span style=\"font-size:13pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">R\u00e9f\u00e9rences (APA)<\/span><\/p><ul style=\"margin-top:0;margin-bottom:0;padding-inline-start:48px;\"><li dir=\"ltr\" style=\"list-style-type:disc;font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;\" aria-level=\"1\"><p dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:12pt;margin-bottom:0pt;\" role=\"presentation\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Commission europ\u00e9enne, Direction g\u00e9n\u00e9rale de l'industrie de la d\u00e9fense et de l'espace. (2026). <\/span><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:italic;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">SAFE : Action en mati\u00e8re de s\u00e9curit\u00e9 pour l'Europe.<\/span><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\"> Commission europ\u00e9enne.<\/span><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\"><br><\/span><a href=\"https:\/\/defence-industry-space.ec.europa.eu\/eu-defence-industry\/safe-security-action-europe_en\" style=\"text-decoration:none;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;-webkit-text-decoration-skip:none;text-decoration-skip-ink:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">https:\/\/defence-industry-space.ec.europa.eu\/eu-defence-industry\/safe-security-action-europe_en<\/span><\/a><\/p><\/li><li dir=\"ltr\" style=\"list-style-type:disc;font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;\" aria-level=\"1\"><p dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:0pt;margin-bottom:0pt;\" role=\"presentation\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Commission europ\u00e9enne, Direction g\u00e9n\u00e9rale de l'industrie de la d\u00e9fense et de l'espace. (15 avril 2026). <\/span><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:italic;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">La Commission va investir 1,07 milliard d'euros dans 57 projets de d\u00e9fense soutenant les initiatives phares europ\u00e9ennes en mati\u00e8re de pr\u00e9paration.<\/span><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\"> Commission europ\u00e9enne.<\/span><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\"><br><\/span><a href=\"https:\/\/defence-industry-space.ec.europa.eu\/commission-invest-eur107-billion-57-defence-projects-supporting-european-readiness-flagships-2026-04-15_en\" style=\"text-decoration:none;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;-webkit-text-decoration-skip:none;text-decoration-skip-ink:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">https:\/\/defence-industry-space.ec.europa.eu\/commission-invest-eur107-billion-57-defence-projects-supporting-european-readiness-flagships-2026-04-15_en<\/span><\/a><\/p><\/li><li dir=\"ltr\" style=\"list-style-type:disc;font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;\" aria-level=\"1\"><p dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:0pt;margin-bottom:0pt;\" role=\"presentation\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Rheinmetall AG. (14 septembre 2026). <\/span><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:italic;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Rheinmetall fournit des munitions d'artillerie \u00e0 un client international.<\/span><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\"> Rheinmetall.<\/span><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\"><br><\/span><a href=\"https:\/\/www.rheinmetall.com\/en\/media\/news-watch\/news\/2026\/09\/2026-09-14-rheinmetall-supplies-artillery-ammunition-to-international-customer\" style=\"text-decoration:none;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;-webkit-text-decoration-skip:none;text-decoration-skip-ink:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">https:\/\/www.rheinmetall.com\/en\/media\/news-watch\/news\/2026\/09\/2026-09-14-rheinmetall-supplies-artillery-ammunition-to-international-customer<\/span><\/a><\/p><\/li><li dir=\"ltr\" style=\"list-style-type:disc;font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;\" aria-level=\"1\"><p dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:0pt;margin-bottom:0pt;\" role=\"presentation\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Commission europ\u00e9enne, Direction g\u00e9n\u00e9rale de l'\u00e9nergie. (9 avril 2026). <\/span><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:italic;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">235 projets \u00e9nerg\u00e9tiques transfrontaliers majeurs destin\u00e9s \u00e0 renforcer l'interconnectivit\u00e9 en Europe.<\/span><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\"> Commission europ\u00e9enne.<\/span><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\"><br><\/span><a href=\"https:\/\/energy.ec.europa.eu\/news\/235-key-cross-border-energy-projects-boost-europes-interconnectivity-2026-04-09_en\" style=\"text-decoration:none;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;-webkit-text-decoration-skip:none;text-decoration-skip-ink:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">https:\/\/energy.ec.europa.eu\/news\/235-key-cross-border-energy-projects-boost-europes-interconnectivity-2026-04-09_en<\/span><\/a><\/p><\/li><li dir=\"ltr\" style=\"list-style-type:disc;font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;\" aria-level=\"1\"><p dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:0pt;margin-bottom:0pt;\" role=\"presentation\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Commission europ\u00e9enne, Direction g\u00e9n\u00e9rale de l'\u00e9nergie. (30 avril 2026). <\/span><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:italic;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Des subventions de l'UE d'un montant de 600 millions d'euros sont disponibles pour des projets d'infrastructures \u00e9nerg\u00e9tiques transfrontali\u00e8res.<\/span><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\"> Commission europ\u00e9enne.<\/span><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\"><br><\/span><a href=\"https:\/\/energy.ec.europa.eu\/news\/eu-grants-worth-eu600-million-available-cross-border-energy-infrastructure-projects-2026-04-30_en\" style=\"text-decoration:none;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;-webkit-text-decoration-skip:none;text-decoration-skip-ink:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">https:\/\/energy.ec.europa.eu\/news\/eu-grants-worth-eu600-million-available-cross-border-energy-infrastructure-projects-2026-04-30_en<\/span><\/a><\/p><\/li><li dir=\"ltr\" style=\"list-style-type:disc;font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;\" aria-level=\"1\"><p dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:0pt;margin-bottom:0pt;\" role=\"presentation\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Banque europ\u00e9enne d'investissement. (29 septembre 2026). <\/span><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:italic;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">La BEI et BNP Paribas vont mobiliser 700 millions d'euros de garanties pour soutenir les r\u00e9seaux \u00e9nerg\u00e9tiques europ\u00e9ens.<\/span><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\"> Banque europ\u00e9enne d'investissement.<\/span><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\"><br><\/span><a href=\"https:\/\/www.eib.org\/en\/press\/all\/2026-322-eib-and-bnp-paribas-to-mobilise-eur700-million-in-guarantees-to-support-european-energy-grids\" style=\"text-decoration:none;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;-webkit-text-decoration-skip:none;text-decoration-skip-ink:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">https:\/\/www.eib.org\/en\/press\/all\/2026-322-eib-and-bnp-paribas-to-mobilise-eur700-million-in-guarantees-to-support-european-energy-grids<\/span><\/a><\/p><\/li><li dir=\"ltr\" style=\"list-style-type:disc;font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;\" aria-level=\"1\"><p dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:0pt;margin-bottom:0pt;\" role=\"presentation\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Banque europ\u00e9enne d'investissement. (2026). <\/span><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:italic;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Programme \u00ab R\u00e9seau \u00e9lectrique paneurop\u00e9en \u00bb de la BNPP.<\/span><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\"> Banque europ\u00e9enne d'investissement.<\/span><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\"><br><\/span><a href=\"https:\/\/www.eib.org\/en\/projects\/all\/20250811\" style=\"text-decoration:none;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;-webkit-text-decoration-skip:none;text-decoration-skip-ink:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">https:\/\/www.eib.org\/en\/projects\/all\/20250811<\/span><\/a><\/p><\/li><li dir=\"ltr\" style=\"list-style-type:disc;font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;\" aria-level=\"1\"><p dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:0pt;margin-bottom:0pt;\" role=\"presentation\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Banque europ\u00e9enne d'investissement. (15 septembre 2026). <\/span><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:italic;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">La BEI contribue \u00e0 la transformation du port lituanien de Klaip\u0117da en p\u00f4le d\u00e9di\u00e9 \u00e0 la d\u00e9fense et aux \u00e9nergies propres gr\u00e2ce \u00e0 un financement de 100 millions d'euros.<\/span><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\"> Banque europ\u00e9enne d'investissement.<\/span><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\"><br><\/span><a href=\"https:\/\/www.eib.org\/en\/press\/all\/2026-293-eib-helps-transform-lithuania-s-port-of-klaipeda-into-defence-and-clean-energy-hub-with-eur100-million-in-financing\" style=\"text-decoration:none;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;-webkit-text-decoration-skip:none;text-decoration-skip-ink:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">https:\/\/www.eib.org\/en\/press\/all\/2026-293-eib-helps-transform-lithuania-s-port-of-klaipeda-into-defence-and-clean-energy-hub-with-eur100-million-in-financing<\/span><\/a><\/p><\/li><li dir=\"ltr\" style=\"list-style-type:disc;font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;\" aria-level=\"1\"><p dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:0pt;margin-bottom:0pt;\" role=\"presentation\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Rheinmetall AG. (11 mars 2026). <\/span><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:italic;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Rheinmetall pr\u00e9sente son rapport annuel pour l'ann\u00e9e 2025.<\/span><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\"> Rheinmetall.<\/span><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\"><br><\/span><a href=\"https:\/\/www.rheinmetall.com\/en\/media\/news-watch\/news\/2026\/03\/2026-03-11-rheinmetall-presents-annual-report-for-2025\" style=\"text-decoration:none;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;-webkit-text-decoration-skip:none;text-decoration-skip-ink:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">https:\/\/www.rheinmetall.com\/en\/media\/news-watch\/news\/2026\/03\/2026-03-11-rheinmetall-presents-annual-report-for-2025<\/span><\/a><\/p><\/li><li dir=\"ltr\" style=\"list-style-type:disc;font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;\" aria-level=\"1\"><p dir=\"ltr\" style=\"line-height:1.3800000000000001;margin-top:0pt;margin-bottom:12pt;\" role=\"presentation\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Rheinmetall AG. (6 ao\u00fbt 2026). <\/span><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:italic;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">Premier semestre de Rheinmetall : forte croissance du chiffre d'affaires et rentabilit\u00e9 record.<\/span><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\"> Rheinmetall.<\/span><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\"><br><\/span><a href=\"https:\/\/www.rheinmetall.com\/en\/media\/news-watch\/news\/2026\/08\/2026-08-06-rheinmetall-news-half-yearly-financial-report-h1\" style=\"text-decoration:none;\"><span style=\"font-size:11pt;font-family:Arial,sans-serif;color:#1155cc;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:underline;-webkit-text-decoration-skip:none;text-decoration-skip-ink:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;\">https:\/\/www.rheinmetall.com\/en\/media\/news-watch\/news\/2026\/08\/2026-08-06-rheinmetall-news-half-yearly-financial-report-h1<\/span><\/a><\/p><\/li><\/ul><br>","protected":false},"excerpt":{"rendered":"<p>Votre portefeuille ne d\u00e9pend pas de l'ampleur d'une annonce politique. Ce qui compte, c'est la part de cet argent qui est finalement inject\u00e9e dans les actifs que vous d\u00e9tenez.<\/p>","protected":false},"author":2,"featured_media":1367,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"colormag_page_container_layout":"default_layout","colormag_page_sidebar_layout":"default_layout","footnotes":""},"categories":[17],"tags":[],"class_list":["post-1368","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-global-wealth-planning"],"magazineBlocksPostFeaturedMedia":{"thumbnail":"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261005_adb634-150x150.png","medium":"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261005_adb634-300x200.png","medium_large":"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261005_adb634-768x512.png","large":"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261005_adb634-1024x683.png","1536x1536":"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261005_adb634.png","2048x2048":"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261005_adb634.png","trp-custom-language-flag":"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261005_adb634-18x12.png","colormag-highlighted-post":"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261005_adb634-392x272.png","colormag-featured-post-medium":"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261005_adb634-390x205.png","colormag-featured-post-small":"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261005_adb634-130x90.png","colormag-featured-image":"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261005_adb634-800x445.png","colormag-default-news":"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261005_adb634-150x150.png","colormag-featured-image-large":"https:\/\/www.rotharia.com\/wp-content\/uploads\/2026\/10\/rotharia_image_20261005_adb634-1200x600.png"},"magazineBlocksPostAuthor":{"name":"William","avatar":"https:\/\/secure.gravatar.com\/avatar\/82207cc30d613dea4e5fc4ce5dad6b48bc98e8cde6e3910b0adcb2b12199eab1?s=96&d=mm&r=g"},"magazineBlocksPostCommentsNumber":false,"magazineBlocksPostExcerpt":"Your portfolio does not respond to the size of a political announcement. 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