Europe · Business news · Corporate · 06 Aug 2026
EU Industrials
Rheinmetall reported first-half 2026 sales of €5,227m, up 39%, and an operating result of €786m, up 74%, for a 15.0% margin; the second-quarter margin reached 17.1%. New business booked (Rheinmetall Nomination) was €16.2bn and the book-to-bill ratio was above 3. Operating free cash flow was minus €1,616m because of shifted advance payments, inventory build-up and heavy investment. After the cancellation of Germany's F126 frigate programme it lowered its 2026 sales forecast by €300m to €13.7bn–€14.2bn, kept organic growth of 28%–31% and guided to an operating margin of around 19%.
Rheinmetall is the largest listed German defence contractor, and its order intake reflects the rise in European defence budgets that also feeds BAE Systems, Leonardo, Thales, Saab, Hensoldt and Renk. The exposure is government procurement: orders arrive in large programme decisions and can be withdrawn, as the F126 cancellation shows, and cash arrives with customer advance payments, which explains negative cash flow in a period of record profit. Suppliers of steel, explosives and electronics are tied to the same production ramp-up.
Reported by Rheinmetall — “Rheinmetall’s H1: Strong sales growth and record profitability” ↗ on 06 Aug 2026.
Official series on 06 Aug 2026 or the last day before it, and the latest observation.
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