Rheinmetall Cuts 2026 Sales Forecast Again on Delays

Rheinmetall cut its 2026 sales outlook for the second time this year, now forecasting about €13.2 billion, down from €13.7 billion to €14.2 billion, and lowered its expected operating margin to 18.5% from roughly 19%. The company cited delays to the German Boxer armored-vehicle procurement program, which it no longer expects to contribute to order intake this year, as well as slower artillery-ammunition contracts that will defer anticipated revenue. The downgrade contrasts with strong third-quarter results: revenue rose nearly a third to €3.15 billion and operating earnings increased 62% to €553 million. The latest cut follows Germany’s cancellation of a major frigate procurement project, which had already prompted Rheinmetall to reduce its outlook in August; its shares fell after the new announcement.