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Rheinmetall
Rheinmetall (RHM) investor relations material
Rheinmetall Pre-close call summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Pre-close call summary4 Feb, 2026
Executive summary
Only the defense business will be disclosed for 2025, with the automotive business reported as discontinued; NVL business expected to be closed in Q1 2026, with 10 months consolidated for 2026 onwards.
Defense business is projected to grow 30%-35% in 2025, with margins of 18.5%-19%.
Major German defense orders totaling EUR 67 billion are expected over the next four quarters, with additional international orders from Romania, Italy, and Ukraine.
Arminius contract for Boxer vehicles includes EUR 12.5 billion fixed until 2030 and a EUR 25 billion option for 2030-2035.
Trading performance and revenue trends
Defense business revenue for 2026 is expected at EUR 15-16 billion (including NVL), with a 12% consolidation effect.
Segment breakdown for 2026: ammunition EUR 5 billion, vehicle systems up to EUR 6 billion, digital systems EUR 2 billion, air defense EUR 1 billion, naval up to EUR 1.5 billion.
Ammunition business expected to grow from EUR 3.5 billion to EUR 5 billion in 2026.
Profitability and margins
Operating margin for 2026 is guided at 18%-20% (net figure, including consolidation).
Margin for 2025 expected in the range of 18.5%-19%.
Boxer contract total value and phases
What drives 2026's strong cash environment?
Murcia facility's role in 2026 ammunition growth
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Next Rheinmetall earnings date
Q4 202511 Mar, 2026
Rheinmetall
Next Rheinmetall earnings date
Q4 202511 Mar, 2026
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Frequently asked questions
Rheinmetall AG is a technology company specializing in defense and automotive solutions. The company operates through two primary divisions: Defense and Automotive. In the Defense segment, Rheinmetall develops and manufactures military systems, including vehicle systems, ammunition, weapons, and electronic components for armed forces worldwide. In the Automotive segment, it provides products such as engine components, emission control systems, and thermal management solutions for the automotive industry. The company is headquartered in Düsseldorf, Germany, and its shares are listed on the FSE (Frankfurt Stock Exchange).
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