Overview
- Rheinmetall reported 2025 revenue of €9.94 billion (+29%) and an operating result of €1.84 billion (+33%) with an 18.5% margin, and proposed a €11.50 per‑share dividend.
- Guidance for 2026 calls for €14.0–€14.5 billion in sales (+40–45%) and an operating margin around 19%, with management pointing to missile restocking and air‑defense demand.
- The order backlog reached a record €63.8 billion at year‑end; the company says it could rise toward €135 billion by year‑end, though framework deals limit timing visibility.
- Rheinmetall says its air‑defense systems are being used in the Iran conflict and that it is well placed to help the U.S. replenish missile stockpiles, including solid rocket motors.
- Shares fell about 5% after results and guidance trailed some estimates and as delays on certain government orders persisted, even as capacity expands via new munitions plants and the NVL naval acquisition.