Rheinmetall sinks as Germany shelves major warships contract

Paul Jarvis & Isolde MacDonogh / Bloomberg06-24

Rheinmetall AG shares plunged Wednesday as Germany withdrew from a key warship contract, dealing a blow to investor confidence in the defence contractor following years of huge gains.(June 24): ...

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The project's value had been estimated at approximately 10 billion.\nInstead, Berlin will buy vessels from another German manufacturer, TKMS AG & Co, a government statement said. TKMS shares rose as much as 12%.\nThe cancellation implies a roughly 2 billion writeoff for Rheinmetall, according to Morgan Stanley analysts led by Marie-Ange Riggio. More broadly, it shakes the market's confidence in German defence procurement and contract visibility, they wrote.\n\n\"This is clearly a negative news,\" Riggio told clients. \"The potential cancellation comes as a clear surprise, particularly as Rheinmetall had been confident the contract would be secured before the summer break.\"\nGermany's decision unravels a key project for Rheinmetall, which acquired shipbuilder Naval Vessels Lürssen after the defence ministry arranged for the latter company to take over as the lead contractor for the F126 project.\nThe setback adds to Rheinmetall's difficult year. Its shares have slid more than 36% in 2026 after a series of lacklustre earnings reports and as investors rotated out of land defence plays in favour of drone and air defence manufacturers. The firm has lost roughly 26 billion in market value this year, reversing some of the steep gains driven by higher European military spending.\nMwb Research analyst Jens-Peter Rieck lowered his price target on Rheinmetall after the news, warning that \"the cancelled programme is not supportive for their ambitious guidance\". He has a 1400-per-share target on the stock, still well above the current 981.60 price.\nRieck also highlighted the more conservative projections at rival tankmaker KNDS NV, which is planning an initial public offering in Frankfurt and Paris. On Wednesday, its current shareholders - the French state and Wegmann & Co GmbH - said they are proceeding with the sale, offering a 20% stake in the firm.\nUploaded by Arion Yeow","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":false,"editions":null,"column":"","sentiment":"-1","news_tag":"policyRegulatory","news_rank":0,"isVideo":false,"video":null,"symbols":[],"gpt_button":0,"need_auth":false,"need_login_tip":false,"code":"91000000","status":"200"},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"isLaohu8Offline":false,"tenantId":"TBGLOBAL","deviceId":"web-server-community-laohu8-v3","version":"4.44.0","shortVersion":"4.44.0","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2646493668","isCrawlerRequest":true}