Rheinmetall Targets Up to 45% Sales Growth for 2026 After Record Results
Rheinmetall's growth outlook rests on a swelling backlog following its pivot to a pure defense focus.
Overview
- The company reported 2025 sales of €9.9 billion and a record core operating profit of €1.8 billion, delivering an 18.5% margin.
- For 2026, management guides revenue of €14.0–€14.5 billion with an operating margin around 19%.
- The order backlog reached €63.8 billion at end‑2025 and is projected to more than double to €135 billion by end‑2026 on contracts from Germany, NATO partners and Ukraine.
- Rheinmetall is selling its automotive unit, has acquired naval shipbuilder NVL, and is ramping ammunition output including a new European flagship plant targeting up to 350,000 artillery shells a year by 2027.
- A dividend of €11.50 per share is proposed for 2025, while the stock fell about 5.9% on the day of the announcement despite the upbeat outlook.