Rheinmetall's Production Lines Expand as Brokers Trim 2030 Expectations
Published on 10/28/2026 at 22:31 | Editorial boerse-global.de
Rheinmetall has spent the past week opening factories and signing deals, but the market's attention is fixed on a date three weeks out: the defence group's capital markets day, scheduled for 25–27 November 2026 at Blohm+Voss. Before that, on 5 November 2026, Rheinmetall will publish its third-quarter report. Both events now sit under a cloud of revised analyst expectations.
Deutsche Bank Research cut its price target on Tuesday from EUR 1,800 to EUR 1,650 while keeping a "Buy" rating. Analyst Christoph Laskawi flagged expectations ahead of the capital markets day as the key uncertainty. Investors, in his view, are bracing for lower 2030 targets, while near-term order intake remains unclear — and could yet offset a significant reduction in guidance. Rheinmetall shares slipped 1.2% on the day.
UBS followed a day earlier, on 20 October, lowering its target from EUR 1,600 to EUR 1,360 and maintaining its "Buy" call. Analyst Sven Weier attributed the move to the likelihood that Rheinmetall sets more conservative goals at the capital markets day.
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Two Vehicle Programs, One Reported Order
The most substantial potential catalyst comes from Italy. According to a Reuters report dated 22 October, the joint venture between Leonardo and Rheinmetall has secured two orders from the Italian army worth a combined EUR 3.7 billion. Reuters cited the Italian newspaper MF; Rheinmetall declined to comment, according to the news agency. The reported contracts cover A2CS combat vehicles and a new generation of main battle tanks — two distinct vehicle programs for the Italian army.
Munitions and Gun Barrels
On the industrial side, Rheinmetall Expal Munitions commissioned a new medium-calibre production line at its Albacete site on 16 October. Annual capacity is put at roughly 1.2 million projectiles and about 1.8 million cartridge cases, on an investment of around EUR 20 million.
Just over a week earlier, Rheinmetall opened its "UK Gun Hall" in Telford, dedicated to independent production of large-calibre weapons. At full utilisation, the facility is designed to turn out up to 245 barrels in both calibres per year, along with more than 50 breech mechanisms. The investment forms part of the more than GBP 200 million Rheinmetall has spent in the United Kingdom over the past five years. The production ramp-up is expected to create up to 100 highly skilled jobs.
A Shipyard in Romania
Rheinmetall and MSC were also jointly awarded the contract to acquire the Mangalia shipyard in Romania around the same time. The purchase price is approximately EUR 138 million, with closing announced for a few weeks later. The yard is intended to enable dual-use shipbuilding and, according to Rheinmetall, will participate in the construction of four Romanian naval vessels.
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