Business · Companies · 8 hrs ago
Rheinmetall cuts 2026 forecast as major orders are delayed
Rheinmetall cut its 2026 business forecast after delays to major orders.
The Düsseldorf-based German defence company now expects about €13.2 billion in revenue, down from a previous range that reached €14.2 billion.
A planned German army order for Boxer armoured vehicles is delayed, and Rheinmetall no longer expects the initial contract this year.
The army’s Arminius project involves Boxer vehicles made by Rheinmetall and KNDS, with a first order previously estimated at €12.4 billion.
Artillery ammunition deliveries are also expected to slip, moving some sales into 2027.
The company now expects an operating margin of about 18.5%, compared with its earlier forecast of about 19%.
The lower outlook reflects revenue arriving later, although Rheinmetall’s third-quarter revenue rose 32% to €3.15 billion.
Rheinmetall cut its 2026 revenue forecast to about €13.2 billion from a previous range of €13.7 billion to €14.2 billion.
The company said it no longer expects a first major order for Boxer wheeled armoured vehicles to arrive in 2026.
It lowered its expected operating margin to about 18.5%, from around 19%.
Delays to artillery ammunition batch approvals are also expected to shift revenue into 2027.
In the third quarter, revenue rose 32% to €3.15 billion and operating profit increased 62% to €553 million.
- Who
- Rheinmetall, the German defence company, lowered its forecast. The delays involve planned Bundeswehr orders.
- What
- Rheinmetall cut its 2026 revenue and operating margin forecasts because of delays to major orders.
- When
- The company announced the revised forecast on Wednesday, November 4, 2026.
- Where
- Rheinmetall is based in Düsseldorf, Germany.
- Why
- The expected Boxer armoured-vehicle order will not arrive in 2026, and delays to artillery ammunition batch approvals are expected to shift revenue into 2027.
This story does not have two clearly opposing sides.
Rheinmetall chief Armin Papperger said he expected a contract with the German government for the Boxer project by the end of the year.
Rheinmetall recorded revenue of €3.15 billion and operating profit of €553 million.
Rheinmetall announced it no longer expected the first major Boxer order in 2026 and lowered its full-year forecast.
- 2026 revenue forecast
- About €13.2 billion
- Previous revenue forecast
- €13.7 billion to €14.2 billion
- Expected operating margin
- About 18.5%, down from around 19%
- Boxer project
- First order estimated at €12.4 billion; no longer expected in 2026
- Third-quarter revenue
- €3.15 billion, up 32% year on year
3 sources
What people are saying
the corresponding order intake can no longer be expected in 2026
These revenues will accordingly shift into 2027.