Rheinmetall AG reported preliminary first-quarter 2026 revenue of €1.938 billion. This figure represents a 7.7% year-over-year increase. Revenue fell short of the €2.3 billion market consensus. Operating profit rose by €33 million. Total operating profit reached €224 million. The operating profit margin of 11.6% met market expectations.
Delivery delays caused the revenue shortfall. The company expects growth to accelerate in the second quarter. Production will scale at the Murcia site in Spain and within the Weapons and Ammunition segment. Rheinmetall reaffirmed its full-year 2026 guidance of 40-45% revenue growth. The company targets a full-year operating margin of approximately 19%.
The order backlog grew 31% compared to the previous year. Total backlog reached approximately €73 billion. Rheinmetall shares rose 2.50% following the announcement.