Rheinmetall Shares Crash 17% As Second Outlook Cut Hits German Defence Giant

Rheinmetall shares fell nearly 17% on Thursday after the German defence contractor cut its 2026 outlook for the second time since August, guiding sales to about €13.2 billion versus its prior €13.7–14.2 billion range and an operating margin of roughly 18.5% instead of 19%. The company attributed the downgrade to delays, marking a fresh setback for a stock that had been a standout performer on European defence spending. The second cut in quick succession undermines management credibility on medium-term targets and raises questions about execution across its order book. Investors will watch for detail on the specific programmes behind the delays and whether the 2026 margin floor holds.