Rheinmetall Evaluates Impact of F126 Programme Cancellation

Rheinmetall AG is currently assessing the effects of the cancellation of the F126 frigate program. Despite the second quarter showing a revenue growth rate above 60%, the cancellation might lead to a shortfall in the expected quarterly nomination of €20 billion. This is due to the significant role previously anticipated for the F126 project. Other segments, however, continue to show strong performance, including orders for loitering ammunition and the Romanian SAFE regime package.

The company is examining whether this cancellation might further affect the annual guidance. A detailed update will be shared with the Q2 earnings release on August 6, 2026. Without mitigating strategies, the revenue impact in 2026 could be as high as €300 million. For the mid-term, the contribution to the 2030 revenue guidance was projected at less than 3%. Rheinmetall is exploring future opportunities to offset this impact through other orders.