Rheinmetall exceeds expectations in the second quarter – Order backlog over 80 billion euros

According to the latest figures, operating result increased to 562 million euros. Rheinmetall thereby significantly exceeded the average analyst estimate – the result was almost 20 percent above the market expectation of 469.9 million euros. In the prior-year period, operating result had stood at 276 million euros.

Revenue and result grow across all segments

As the company further stated, all segments contributed to this improvement in revenue and result compared with the prior year. The Rheinmetall share rose by more than 5 percent on Wednesday midday.

The Rheinmetall backlog rose above the 80-billion-euro threshold in the second quarter. This order backlog includes binding orders and framework contracts. Among the order intake of the quarter, the company said, were the contract for Loitering Munition with the Bundeswehr and the order package signed with Romania under SAFE.

Order backlog crosses the 80-billion-euro threshold

Preparations for capacity expansions continued to be pursued unchanged, it said. Funds continue to flow into preparations for capacity expansions in order to serve the growing order situation.

Capacity expansion running at full speed

The picture was less pleasing for cash flow: a significantly negative Operating Free Cash Flow (OFCF) is expected for the second quarter. The company cited delayed advance payments and the build-up of inventories for subsequent quarters as reasons. In addition, higher customer receivables from the high level of revenue recognition at quarter-end and the inventory build-up for subsequent quarters weighed negatively on OFCF. Operationally, however, there will be a significant outflow of free cash, it added as further explanation.

Cash flow under pressure – analysts remain bullish

Rheinmetall plans to present the precise half-year figures on August 6, 2026. The company is listed on the DAX (ISIN: DE0007030009, WKN: 703000, LEI Code: 5299001OU9CSE29O6S05) and is headquartered at Rheinmetall Platz 1, 40476 Düsseldorf.

Outlook: Half-year figures on August 6

Analysts reacted swiftly to the preliminary numbers: Berenberg Bank (Joh. Berenberg, Gossler & Co. KG) confirmed its Buy rating on July 8, 2026; Bernstein Research rated the stock Outperform on the same day. On July 10, 2026, Jefferies & Company Inc. followed with a Buy recommendation.

The contact for inquiries is, according to the disclosure, Dr. Philipp von Brandenstein. The inside information (EQS News ID: 2373536) was disseminated on 29.07.2026 CET/CEST via the EQS News-Service; it was reported, among others, by dpa-AFX.