Rheinmetall's Two-Speed Story: Fresh Orders on the Floor, Hard Questions on the Horizon
Published on 10/29/2026 at 13:51 | Editorial boerse-global.de
Rheinmetall shares climbed 2.9% on Wednesday, lifted by a buoyant defence sector rather than any single catalyst. Media reports pointed to strong results from Norway's Kongsberg and a rotation of capital out of technology stocks as the tailwinds behind the advance. The company did its part with a fresh order announcement, but the day's trading also carried reminders that not every programme is running on schedule.
OCCAR places a further Schakal order
The procurement agency OCCAR has tasked ARTEC — the joint venture between Rheinmetall and KNDS Deutschland — with delivering 69 more Schakal wheeled infantry fighting vehicles. Rheinmetall pegged the value of its own share of the contract in the mid three-digit million-euro range. Of the vehicles ordered, 35 are destined for the Bundeswehr and 34 for the Royal Netherlands Army, with handovers scheduled between May 2032 and November 2033.
That contract landed alongside news from the naval side of the business. Rheinmetall and MSC were jointly awarded the Mangalia shipyard in Romania on 19 October, at a purchase price of EUR 138 million. The site is to be used for both civilian and military shipbuilding. The award had been flagged roughly a fortnight earlier, when Rheinmetall said it expected the deal to close within a few weeks.
Skyranger slips, and Diehl steps in
Not everything in the pipeline is moving to plan. Media reports on Friday described delays to Rheinmetall's Skyranger drone-defence system, prompting the German Army to procure 48 GARMR counter-drone systems from Diehl as an interim solution. Rheinmetall supplies the chassis for the Skyranger, while the turret — armed with a 30mm cannon — comes from Leonardo.
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The Italian side of the alliance is gathering pace, by contrast. Reports of further orders for Leonardo Rheinmetall Military Vehicles pushed the total to 51 vehicles. Reuters reported just over a week ago that the joint venture, owned equally by the two partners, was set to receive two contracts from the Italian Army worth a combined EUR 3.7 billion, covering A2CS combat vehicles and main battle tanks. Rheinmetall did not confirm the award.
Capacity grows in Telford
Manufacturing footprint is expanding as well. Rheinmetall opened its UK Gun Hall in Telford just over a week ago, a facility dedicated to producing 120mm and 155mm weapon systems.
Analysts, though, are focused on what comes next. Deutsche Bank Research cut its price target on Rheinmetall on Tuesday to EUR 1,650 from EUR 1,800, while keeping its "Buy" rating, according to dpa-AFX. Analyst Christoph Laskawi flagged the expectations dilemma hanging over the company's 2030 targets ahead of its Capital Markets Day, calling for credible evidence that the planned ramp-up can be delivered.
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The calendar offers two near-term checkpoints. Rheinmetall publishes its third-quarter 2026 report on 5 November, and the Capital Markets Day runs from 25 to 27 November in Hamburg.
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