Shares of Rheinmetall fell nearly 17% on Thursday after the German defence group lowered its 2026 forecast for the second time since August. The company now expects sales of about €13.2 billion, below its earlier range of €13.7 billion to €14.2 billion, and an operating margin near 18.5% instead of 19%. Rheinmetall blamed delays to the German army’s Arminius order for Boxer armoured vehicles, now expected next year, along with setbacks in artillery ammunition acceptance tests. Advance payments will slip into 2027, hurting its cash conversion goal, and revenue from its partnership with Dutch firm Destinus has also been delayed. RBC called the update clearly negative and said it may add to doubts about traditional defence makers. Third-quarter sales still rose 32% to €3.15 billion. The stock is now down about 46% this year.

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