Rheinmetall's Factory Floor Stays Busy Even as the Stock Sags
Published on 10/31/2026 at 12:11 | Editorial boerse-global.de
Rheinmetall shares slipped 2.0% yesterday, caught in a downdraft that swept across German defence names rather than any company-specific disclosure. Press reports pinned the weakness on the broader sector backdrop and unease over possible peace talks involving Russia, Ukraine and the United States, with the Ukraine discussions slated for early November in Abu Dhabi and the approaching earnings season both weighing on sentiment. No corporate announcement was identified as the trigger for the decline.
The next confirmed date on Rheinmetall's calendar is the third-quarter report, due on 5 November 2026.
Caracal handover and a British gun hall
Against that softer market tone, the company's industrial machine kept rolling. Rheinmetall announced delivery of the first series-production Caracal vehicles to the Bundeswehr and the Dutch armed forces, with a handover ceremony held on Thursday. More than 1,500 vehicles are slated for delivery by 2030, according to company figures.
Manufacturing capacity is expanding on several fronts at once. On 22 October Rheinmetall opened its "UK Gun Hall" in Telford, designed to give Britain an independent large-calibre weapons production capability. Six days earlier, on 16 October, Rheinmetall Expal Munitions commissioned a new medium-calibre line at its Albacete site, with annual capacity put at roughly three million munitions components.
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Schakal order grows to 291 vehicles
The order book received a fresh addition on Thursday, when the Artec joint venture between Rheinmetall and KNDS Deutschland was tasked by OCCAR with building another 69 Schakal wheeled infantry fighting vehicles. Thirty-five of the vehicles are destined for the Bundeswehr and 34 for the Dutch armed forces, lifting the total number of Schakal units to be delivered to 291.
Analysts, meanwhile, have been fine-tuning their models. Deutsche Bank Research trimmed its price target on Tuesday to EUR 1,650 from EUR 1,800 while keeping its "Buy" rating — a lower marker that came without any change to the purchase recommendation.
Naval showcase ahead, Mangalia in the fold
Rheinmetall also flagged its presence at Euronaval, running from 3 to 6 November, where the Kraken K3 unmanned surface vessel will be shown to a wider audience for the first time. The naval push extends to shipbuilding: roughly two weeks ago the group reported winning the joint takeover of the Mangalia shipyard alongside MSC, at a combined purchase price of about EUR 138 million. The Romanian yard is expected to play a role in building four naval vessels ordered by the Romanian government.
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Separately, reports surfaced yesterday 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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