Rheinmetall shares plunge after second guidance cut in three months

Rheinmetall shares fell 13 percent on Thursday, the biggest decline in the STOXX 600, after the German defence group cut its 2026 sales forecast to about 13.2 billion euros from a previous range of 13.7 billion to 14.2 billion euros.

Why it matters: The second outlook cut in three months, blamed on a delayed Boxer vehicle award and slower ammunition approvals, raises execution questions for Europe's largest ammunition and vehicle supplier just as rearmament demand peaks.

Data as of Reuters report of November 5, 2026, read in full in this run; the guidance figures are Rheinmetall's as reported by Reuters, single-sourced to that report in this run. Developing item.

Rheinmetall cut its 2026 sales forecast to about 13.2 billion euros, from 13.7 billion to 14.2 billion euros, and lowered its operating margin target to about 18.5 percent from around 19 percent, saying revenue and advance payments linked to Germany’s Arminius Boxer vehicle programme would move into next year and that slower batch approvals would delay artillery ammunition revenue. Shares fell 13 percent on Thursday, the biggest decline in the STOXX 600, in the group’s second outlook cut in three months.

The warning came despite a strong third quarter, in which sales rose to 3.15 billion euros from 2.31 billion euros a year earlier and operating profit rose 62 percent to 553 million euros, while order intake of 2.89 billion euros ran below sales and operating free cash flow was negative 82 million euros.

Rheinmetall shares plunge after second guidance cut in three months

Sources