Rheinmetall AG

Latest Results (31.08.2026):

Rheinmetall AG — Q2 2026 (first half 2026): The company reported record H1 2026 sales and profitability, with consolidated sales of €5,227 million (+39% YoY) and an operating result of €786 million (+74% YoY), producing a Group operating margin of 15.0%. Management adjusted full‑year sales guidance to €13.7–14.2 billion after the cancellation of the F126 frigate programme (negative impact up to €300 million), while maintaining an expected FY operating margin of around 19%. Operating free cash flow was negative at €‑1,616 million due to timing of advance payments, inventory build‑up and continued capacity investments; order momentum remains very strong (Backlog €80.5 billion, Rheinmetall Nomination €16.2 billion).

Key H1 numbers

Consolidated sales €5,227m (+39% YoY); operating result €786m (+74% YoY); operating margin 15.0% (H1 2025: 12.1%). Earnings per share from continuing operations €8.43 (H1 2025: €4.69).

Q2 momentum

Second quarter operating result climbed to €562m (up 115% YoY) and Q2 operating margin reached a new high of 17.1%, driven by favorable product mix and production leverage.

Guidance & F126 impact

Following cancellation of the F126 frigate programme, Rheinmetall reduced 2026 naval sales by up to €300m and now expects full‑year sales of €13.7–14.2bn (organic growth 28–31%) with an operating margin around 19%.

Cash flow & investments

Operating free cash flow: €‑1,616m (vs €‑631m prior year). Negative swing driven by a shift in advance payments, higher receivables at quarter end, inventory build‑up for future quarters and continued high capex to expand capacity.

Order book & nominations

Rheinmetall Backlog rose to €80.5bn (30 June 2026) and Rheinmetall Nomination increased to €16.2bn (+28% YoY). Management notes a book‑to‑bill ratio >3, underpinning strong forward workload.

Vehicle Systems

Sales €2,431m (+28%); operating result €275m (margin 11.3%, up from 9.4%). Nomination rose to €6,691m and backlog to €28,829m, driven by Puma and Lynx orders and logistics vehicle deliveries.

Weapon & Ammunition

Sales €1,757m (+33%); operating result €417m (margin 23.7%). Nomination €3,097m and backlog €25,274m, with major ammo and artillery orders for multiple European customers.

Air Defence

Sales €478m (+62%); operating result €76m (margin 16.0%). Nomination surged to €1,534m (+517%) and backlog to €4,218m, led by Skynex and Skyranger orders.

Digital Systems

Sales €820m (+23%); operating result €63m (margin 7.7%). Backlog improved to €20,646m (+80% YoY), though nomination declined year‑on‑year after a strong prior period.

Naval Systems (newly reported)

Four months post‑takeover: sales €334m, operating result €33m (margin 9.8%). Nomination €1,004m in the period; backlog €6,255m. FY naval sales reduced by up to €300m because of F126 cancellation.