Rheinmetall grew significantly in the third quarter, Handelsblatt reports, but has lowered its expectations for the current year because orders have been delayed.

Reuters puts the new guidance at revenue of about €13.2bn for 2026 and an operating margin of about 18.5%, down from about 19%. It cites delayed defence contracts and ammunition deliveries that pushed expected revenue into next year.

That makes this a story about timing, not demand. Elsewhere in German industry this week the weakness is in demand. BMW issued a profit warning on Tuesday, and the suppliers Schaeffler and Bosch are cutting costs. Defence had looked insulated from that slowdown because of European rearmament spending. Delayed orders rather than lost ones suggest the pipeline is intact but slower to turn into revenue. If the delays run into next year, the question becomes whether defence procurement is less dependable than investors assumed.

The next dates are already in view. Previews cited by Ad-hoc-news.de put a decision on Boxer at December 9 and the Arminius vehicle contract at year-end.

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