Rheinmetall Adds Passive Sensors to Skynex While OCCAR Order Lifts Schakal Fleet to 291
Published on 10/31/2026 at 15:21 | Editorial boerse-global.de
Rheinmetall's air-defence unit has struck a supply agreement with Silvus Technologies for passive RFeye HF sensors, a deal announced as the group's order book and its execution record both come under close scrutiny. The sensors are to be folded into the Skynex air-defence system and the Skymaster command platform, where they will detect and locate aerial targets without emitting signals of their own — filling gaps in the existing radar picture.
For investors, the arrangement is best read as a technical widening of the portfolio rather than a booked revenue or earnings contribution. What matters more is how the group converts demand into delivered systems and reported results, with third-quarter figures scheduled for 5 November 2026.
A Second Order Lands Alongside the Sensor Deal
The sensor news follows Thursday's disclosure that OCCAR has placed an additional order with Artec, the joint venture of Rheinmetall and KNDS Deutschland, for 69 more Schakal wheeled infantry fighting vehicles. Thirty-five of the vehicles are destined for the Bundeswehr, while the Dutch armed forces are to receive 34. The follow-on booking lifts the total number of Schakal vehicles on order to 291.
Analyst sentiment, though, has been moving in the other direction on price. Deutsche Bank Research cut its target for Rheinmetall on Tuesday to EUR 1,650 from EUR 1,800, while keeping its "Buy" rating — a lower marker that came without any change to the purchase recommendation. Morningstar, for its part, puts the long-term fair value at EUR 2,380 per share, an assessment by the research house rather than a near-term price forecast.
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Sector Drag, Not a Company Stumble
The stock came under pressure yesterday, shedding 2.0% as weak German defence names dragged the sector lower. According to media reports, the broader market backdrop and worries about possible peace talks involving Russia, Ukraine and the United States weighed on the group. No company announcement was cited as the trigger; the move was attributed to the industry-wide environment.
Separately, reports emerged yesterday of a fire at a construction site at Kassel-Calden airport, where three pieces of construction machinery burned. Police suspect arson, according to media accounts, and the state security service is investigating a possible political motive — a line of inquiry, not a confirmed finding.
Delivery Capability Is the Real Test
The technical expansion sits alongside difficulties in executing other programmes. Rheinmetall today rejected the charge that it alone is to blame for delays in Bundeswehr projects. On the Skyranger, the company pointed to the customer's decision more than a month ago to opt for a vehicle module that had not yet been fully developed.
A trial against Ukrainian drone pilots in Sweden was unsatisfactory, according to a Rheinmetall spokesman. A proof-firing is planned for April 2027, and the company intends to deliver series-production Skyranger units on the B0 vehicle module at its own risk in the third quarter of 2027.
Those caveats temper what new technical agreements can say about near-term business performance. Rheinmetall is broadening its air-defence offering into what Morningstar sees as strong demand, with the analysts expecting a clear rise in sales and earnings on the back of robust orders for ammunition and air defence — even as they anticipate fading momentum in the vehicle business. Development, testing and delivery must keep pace with growth expectations, and the quarterly report will be the next financial checkpoint.
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