Rheinmetall's Naval and Munitions Wins Fail to Move a Stock Stuck 38% Lower
Published on 09/29/2026 at 14:11 | Editorial boerse-global.de
Rheinmetall has stacked up a fresh round of contract awards across its naval services, artillery munitions and industrial technology units — yet none of it has been enough to shift sentiment on a stock that continues to slide.
The Düsseldorf-based defence group's Naval Systems division secured a multi-year framework agreement from Germany's General Customs Directorate on 23 September. The deal covers maintenance, repairs and emergency call-outs for four new customs vessels powered by liquefied natural gas. It extends Rheinmetall's footprint in the upkeep of specialised government ships, locking in a steady stream of work on the maritime side of its business.
That maritime win landed just over a week after a considerably larger payday on land. On 14 September, according to media reports, the company booked an order for 155mm artillery shells from an unnamed international customer, with a price tag in the low triple-digit millions of euros. The contract covers a five-figure quantity of the large-calibre rounds, which were already rolling off Rheinmetall's production lines when the deal was announced. Deliveries are scheduled to wrap up entirely by the end of 2027.
Berenberg Stays Bullish Despite the Selloff
The order flow has done little for the share price. Rheinmetall closed Thursday's session at EUR 971.00, leaving it down 37% since the start of the year. By Tuesday the stock had slipped further to EUR 959.70, a daily decline of 1.2%, stretching the year-to-date loss to 38%.
Should investors sell immediately? Or is it worth buying Rheinmetall?
The pressure traces back to diplomatic signals surrounding the war in Ukraine. Reports of possible negotiations triggered broad profit-taking across European defence names on Thursday, with investors cashing in after months of gains. Rheinmetall declined to comment on the sector-wide moves.
Not everyone is rattled. On Friday, Berenberg reaffirmed its "Buy" rating and kept its price target at EUR 1,600. Analyst Chris Armstrong pointed to sustained fiscal stimulus and growing export demand, naming Rheinmetall alongside Renk and OHB as companies best placed to benefit from rising government defence budgets.
NanoLam Funding and a British Test Rig
Away from the battlefield, Rheinmetall's subsidiary Pierburg Pump Technology is in line for roughly EUR 1.5 million in state funding for the NanoLink project, aimed at developing innovative production methods for NanoLam high-performance capacitors. At its Hartha site in Saxony, the group plans total investments exceeding EUR 4.4 million in manufacturing processes for those same components.
Elsewhere, Rheinmetall put networked unmanned systems through their paces at NATO's REPMUS26 exercise in Portugal, testing maritime infrastructure protection concepts. A containerised variant is being pitched to the German Navy as a deployable solution. In the UK, Rheinmetall's Telford facility has commissioned a new vibration testing rig that is currently supporting development of the Challenger 3 main battle tank.
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