Rheinmetall's Caracal Handover and Schakal Top-Up Overshadowed by Sector-Wide Slide
Published on 10/31/2026 at 16:50 | Editorial boerse-global.de
Rheinmetall shares fell 2.0% to close at EUR 1,032.60 on Wednesday, caught in a broad downdraft across German defence names rather than any company-specific development. Press reports attributed the selling to the sector backdrop, citing unease over planned talks on Ukraine in Abu Dhabi in the first half of November and jitters ahead of upcoming quarterly results. RENK, HENSOLDT and TKMS all retreated alongside it.
OCCAR Adds 69 Schakal Vehicles
Against that softer market, the group's order book kept expanding. On Thursday Rheinmetall reported a fresh commission for Artec, its joint venture with KNDS Deutschland: OCCAR has ordered an additional 69 Schakal wheeled infantry fighting vehicles. Thirty-five of those are destined for the Bundeswehr, with the remaining 34 earmarked for the Dutch armed forces. The top-up lifts the total number of Schakal vehicles on order to 291.
Deutsche Bank Trims Target, Keeps Buy Rating
Deutsche Bank Research cut its price target on Rheinmetall on Tuesday, lowering it to EUR 1,650 from EUR 1,800, while leaving its "Buy" rating in place. The reduced target therefore did not come with any change to the brokerage's positive stance on the stock.
Should investors sell immediately? Or is it worth buying Rheinmetall?
First Caracal Vehicles Handed Over
On the operational front, Rheinmetall said it had delivered the first series-production Caracal vehicles to the German and Dutch armed forces. Under the company's plans, more than 1,500 of the vehicles are to be supplied by 2030. Rheinmetall Air Defence also struck an agreement with Silvus Technologies to supply passive high-frequency sensors for the Skynex air-defence system and the Skymaster command platform. The sensors are designed to detect threats without emitting signals of their own.
Telford Gun Hall Restores UK Large-Calibre Production
Rheinmetall opened its UK Gun Hall in Telford on 22 October, a facility the company says brings independent large-calibre weapons manufacturing back to Britain. The plant will produce 120-mm and 155-mm weapon systems, with capacity for up to 245 barrels a year at full output and more than 50 breeches annually.
Euronaval and Capital Markets Day on the Calendar
Looking ahead, Rheinmetall has confirmed its presence at Euronaval from 3 to 6 November 2026, where it will spotlight the Kraken K3 unmanned surface vessel, the Millennium gun and the MASS decoy system. Third-quarter results are scheduled for release on 5 November 2026, and the financial calendar sets 26–27 November 2026 for the company's Capital Markets Day.
Separately, reports emerged of a fire at a construction site at Kassel-Calden airport, where three pieces of construction machinery burned. Police suspect arson, and the state security service is investigating a possible political motive — a line of inquiry, not a confirmed finding.
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