If this is indeed a Nazi pin-up poster; then it is unusual in portraying a scantily-clad woman wearing a swastika armband against the National Flag of the Third Reich. German Fascist art forbade 'degenerate' art forms (Entartete Kunst) and generally promoted art that was 'heroic and Germanic'. Women were generally portrayed as mothers or patriotic workers; Romantic themes were permitted; but generally not erotic.

Might this be an example of British or American propaganda poster art encouraging the German soldier to think about returning home? Pictures From History