Summary:
Perhaps—the preliminary figures certainly provide a strong case for it. On July 29, 2026, Rheinmetall reported preliminary Q2 results in an ad hoc announcement that surprised even optimistic analysts: Revenue climbed by about 69% to EUR 3.289 billion—well above the company’s own forecast of “over 60% growth,” which had been communicated in early July. The jump in earnings was even more pronounced: Operating profit rose to EUR 562 million, about 20% above the analyst consensus of EUR 469.9 million. All business segments contributed to this increase. The stock reacted promptly—rising from around EUR 1,078 in the morning to as high as EUR 1,167.40 at one point, an increase of over 7% during the trading day. The downside: Rheinmetall expects a significantly negative operating free cash flow for the quarter, due to deferred advance payments and preparations for capacity expansions. The company will not provide the full details of its half-year results until August 6, 2026.
Key highlights:
• Q2 2026 (preliminary): Revenue of EUR 3.289 billion (+69% YoY) — exceeds the company’s own forecast by over 60%
• Operating profit: EUR 562 million — approximately 20% above the analyst consensus (EUR 469.9 million)
• Order backlog: over EUR 80 billion
• New orders: Loitering munitions contract with the Bundeswehr, SAFE order package with Romania
• Stock: +7.42% during the trading day to as high as EUR 1,167.40
• Warning sign: significantly negative operating free cash flow expected for the quarter
• F126 delivery (July 2, 2026) remains a drag, but has long been offset operationally
• Full half-year report: August 6, 2026
Buy now $RHM (-1.68%) ?
