Rheinmetall AG Revenue Below Expectations Despite Growth

Rheinmetall AG reported its preliminary results for the first quarter of 2026, revealing an increase in both revenue and operating profit compared to the same period in 2025. The company achieved a revenue of EUR 1.938 billion, marking a 7.7% year-on-year growth. Despite this growth, the results fell short of the market expectation of EUR 2.3 billion.

The operating profit saw an increase of EUR 33 million, reaching EUR 224 million, with the operating profit margin improving to 11.6% from 10.5% the previous year, aligning with market forecasts. The backlog has also seen a significant rise, reaching EUR 73 billion, up 31% from the previous year.

The company anticipates a stronger growth in Q2 2026, driven by increased deliveries in its Weapons and Ammunition segment. Rheinmetall reaffirms its 2026 full-year guidance, forecasting a revenue growth of 40-45% and an operating margin around 19%.