Rheinmetall Lowers 2026 Sales Outlook Again as Boxer Order Is Delayed

In brief

• Rheinmetall has cut its 2026 sales outlook for the second time in three months.
• Delays in German military projects and artillery ammunition deliveries are behind the revision.
• Shares fell about 16 percent in early trading and are roughly 60 percent below their peak.

Second downgrade in three months

Rheinmetall has reduced its sales forecast for 2026 again, only months after its previous cut. The company pointed to delays in German military projects and in deliveries of artillery ammunition as the reasons for the revision (Defense giant Rheinmetall plunges 16% after cutting outlook on stalled military contracts – CNBC). Reports indicate that the expected award of an order for the Boxer armoured vehicle has also slipped, adding to pressure on the outlook (Rheinmetall cuts 2026 sales forecast again as Boxer order slips – Investing.com).

Shares slump

The market reacted quickly. Shares of the Düsseldorf-based group dropped by about 16 percent in early trading, making Rheinmetall one of the weakest performers among companies in the Stoxx Europe 600 index (Rheinmetall znów rozczarował i jest najmocniej taniejącą spółką ze Stoxx Europe 600 – Puls Biznesu). Investors have pushed the stock down to levels last seen more than a year ago, and the share price is now roughly 60 percent below its peak (Krach na akcjach Rheinmetallu. Zbrojeniowy gigant już 60 proc. od szczytu – Bankier.pl).

Strong business, weaker timing

The downgrade does not reflect a collapse in demand. Rheinmetall still reported considerable growth in revenue and operating profit, and business volumes remain high (Rüstung: Rheinmetall macht viel mehr Geschäft, senkt aber Prognose – ZEIT ONLINE). The problem lies mainly in timing: large contracts that were expected to be signed and delivered in 2026 are now moving into later periods, which has forced management to trim its near-term targets (Business-Ticker: Rheinmetall streicht Prognosen zusammen – FAZ.NET).

What it means for investors

For shareholders, the key question is whether the delayed orders will arrive in the coming years or whether some will be cancelled. The company has not yet given a full picture of how much revenue will be shifted into 2027 and beyond. Until it does, analysts and investors are likely to remain cautious, and further volatility in the stock is possible.