Rheinmetall's Nordic Expansion and U.S. Army Order Keep Order Book Filling Despite 38% Year-to-Date Slide
Published on 10/03/2026 at 09:10 | Editorial boerse-global.de
Rheinmetall closed Friday's session at EUR 959.80, a gain of 1.0% on the day, though the defense contractor's shares remain 38% below where they started the year. The stock is still a long way from its 52-week peak of EUR 2,007.00 — a gap that has investors paying close attention to how management is executing across its sprawling portfolio of programs.
That portfolio is deliberately diversified, spanning land systems, naval services and space-based reconnaissance, all aimed at meeting long-term contractual commitments to government customers on both sides of the Atlantic.
American Rheinmetall Wins MK93 Order
One of the more concrete pieces of that puzzle sits in the United States, where subsidiary American Rheinmetall has landed a U.S. Army contract to build 3,104 new MK93 softmount gun mounts and modernize 245 existing units. The deal deepens the American subsidiary's integration into U.S. military procurement programs and locks in multi-year utilization of its land systems production lines.
Company figures put the total contract value at USD 20.7 million, equivalent to EUR 18.05 million. Deliveries to the Army are scheduled for completion by October 2027.
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Norwegian Site Adds Development and Logistics Capacity
Rheinmetall is also broadening its industrial footprint in northern Europe. On Thursday, subsidiary Rheinmetall Nordic AS opened a new facility in Skoppum, Norway, expanding the group's capabilities in development, production, systems integration, logistics and customer support. The Scandinavian move fits into the Düsseldorf-based company's broader push to build out its European supply and support infrastructure for defense equipment.
Naval Maintenance Deal and NanoLink Funding
Closer to home, the Naval Systems Division secured a multi-year framework agreement from the General Customs Directorate on September 23. The contract covers maintenance, repairs and rapid-response emergency services for four new LNG-powered customs vessels, giving the division a steady stream of service revenue on the maritime side.
Technology development is advancing in parallel. Rheinmetall announced on September 22 that subsidiary Pierburg Pump Technology GmbH will receive public funding under the NanoLink project, which aims to develop industrial production processes for NanoLam capacitors.
Satellite Program Reaches Orbit
The group's space ambitions took a tangible step forward as well. Working with partner Argotec, Rheinmetall developed its first satellite for air defense purposes, which launched aboard a SpaceX Falcon 9 from Vandenberg Space Force Base. The reconnaissance program is designed to run for several years, with a second satellite in the series firmly scheduled for launch in 2028.
Berenberg Stays Bullish, Insider Buying Continues
Analyst sentiment offers some counterweight to the stock's weak year-to-date performance. Berenberg maintained its "Buy" rating on September 25 and kept a price target of EUR 1,600, according to media reports. CEO Armin Theodor Papperger also picked up additional shares in the company via a directors' dealing disclosure filed in late September.
Investors will get a clearer picture of how the year has actually unfolded when Rheinmetall publishes its third-quarter 2026 results on November 5. Until then, the market will keep weighing the steady flow of contract wins across land, sea and space against a share price that has yet to recover its earlier highs.
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