• Rheinmetall increased revenue by 8% to nearly €2 billion in Q1 2026, and operating profit by 17% to €224 million, but growth slowed and missed analyst expectations.
  • Rheinmetall’s stock fell below €1,300, the lowest since April 2025, after JPMorgan dropped its ‘outperform’ rating and cut its price target.
  • Rheinmetall plans to acquire German Naval Yards Kiel (GNYK) to expand its naval business, competing with Thyssenkrupp for contracts such as the F126 frigate program.
  • It is also considering a 50:50 joint venture with OHB to build a satellite-based communication system for the German military, with annual investments of €7 billion.
  • The drop in Rheinmetall’s stock is part of a broader 0.9% decline in the DAX due to renewed tensions in the Strait of Hormuz and uncertainty over the US-Iran ceasefire.

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