Rheinmetall AG Q1 2026 revenue €1.94bn (+7.7% YoY) missed consensus by 15%, operating profit €224m (+17% YoY) fell 14% short.
Despite miss, company reaffirmed full-year sales target €14‑14.5bn (40‑45% growth) and ~19% operating margin with cash conversion >40%.
Order backlog rose 31% to €73bn, Q1 order nominations €4.90bn; acceleration expected from Murcia ammunition and Land Systems trucks.
Jefferies maintains “buy” rating, price target €2,220, citing potential €12bn F126 frigate and €12.5bn Boxer vehicle orders.