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Rheinmetall's defence orders surge, 2027 rebound forecast

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2026-08-19 09:49 UTC → 2026-08-20 00:52 UTC · added ~~removed~~

Analysts continue to see a turnaround for European defence stocks, with Morningstar’s Loredana Muharremi projecting a market upswing by late-2026 and a pronounced rebound in 2027 as German framework agreements convert to firm contracts. Rheinmetall’s share price remains significantly below its early-2025 peak. Q2 2026 results confirmed a 69% year-on-year revenue rise to €3.289 billion and an operating profit of €562 million, which was approximately 20% above analyst expectations. The company’s order backlog reached €80.5 billion by the end of the second quarter, supported by a €5.7 billion Romanian order, a UK order for 72 RCH-155 artillery systems, a US Army Project Sustainment award, and an 18-month Pentagon contract for autonomous hybrid unmanned ground vehicles. Rheinmetall has set a target to reach a backlog of between €100 billion and €120 billion by the end of 2026. Expanding its maritime footprint, Rheinmetall secured a multi-million euro contract from the Danish Armed Forces to supply its MASS (Multi Ammunition Softkill Systems) decoy system for Absalon-class and Iver Huitfeldt-class frigates, with deliveries starting in Q4 2027. In August 2026, the company strengthened ties with the Bundeswehr through an expanded order for Modular Medical Facilities (MSE). This new call-off includes 149 systems valued at over €500 million, bringing the total to 165 units with a gross value exceeding €600 million; production is expected to begin in Q1 2027. In the United Kingdom, Rheinmetall is expanding its footprint through the Raytheon UK-led Omnia consortium, securing a share of the £2 billion Army Collective Training Service (ACTS) programme valued at nearly €1 billion. Additionally, the company opened the Advanced Land Autonomy Centre of Excellence (ALACOE) in the UK to focus on autonomous systems using PATH AI-enabled technology for complex or GPS-degraded environments. Technological development has also accelerated.

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