Rheinmetall has cut its full-year sales forecast for the second time in 2026, citing delays to the €12bn Arminius project to build Boxer armoured vehicles for the German military. The Düsseldorf-based defence giant reported record operating profits of €1.3bn for the first nine months, with sales up 38% to €8.4bn, driven by surging European defence spending. However, it lowered its consolidated sales target to €13.2bn from a previous range of €13.7bn–€14.2bn.
The company stated that negotiations for the Arminius deal are in their final phase and the project cannot be commissioned until next year. This follows a previous setback in August when Berlin scrapped a €15bn frigate project, prompting a €300mn forecast cut. The Arminius contract involves co-producing roughly 1,800 Boxer vehicles with Franco-German firm KNDS, with potential for thousands more.
CEO Armin Papperger previously valued the programme at over €12.4bn, with a possible total value exceeding €38bn if additional orders are placed.
Source: Financial Times Companies · Summarized by HeadlinesBriefing