Rheinmetall cut its 2026 outlook, citing delays in the German military’s Arminius Boxer program and difficulties related to the acceptance testing of artillery ammunition. The group now expects revenue of around 13.2 billion euros, down from a previous range of 13.7 billion to 14.2 billion euros, and an operating margin of about 18.5% instead of 19%. Despite improving quarterly results, with revenue of 3.15 billion euros and operating profit of 553 million euros, the shares fell as much as 15% in early trading. The order backlog reached 78 billion euros, but the delays heightened investor concerns about the timetable and scope of the Boxer program and the future of traditional defense technologies.
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