Rheinmetall (RHM GY) assessing impact of F126 frigate programme cancellation

While the company confirms the provided trading update for the second quarter, i.e. meeting the expected revenue growth rate of above 60%, the program cancellation will result in a shortfall of the expected quarterly Rheinmetall Nomination of €20 billion including F126, despite strong order momentum in all other segments, including the first order for loitering ammunition in April and the Romanian order package under the SAFE regime at the end of May.
In sum, the total Rheinmetall Nomination volume is expected to reach low double digit Euro billion level in the second quarter.
The company is currently investigating, whether the order cancelation has any additional impact on the full year guidance and will provide a more detailed update with the Q2 earnings release on August 6th 2026.
In case that no mitigating measures can be identified, the 2026 revenue impact could reach a level of up to €300 million.
The planned contribution on the 2030 mid-term revenue guidance was below 3%. Rheinmetall will make every effort to mitigate this effect with other order wins in the future.