Defence & Space

Rheinmetall wins major order for artillery ammunition

Rheinmetall Denel Munition wins major 155mm ammunition contract. Order worth several hundred million euros, deliveries from 2025 until 2027. It…

2025-07-04 | Redakcja | 3 minutes

A contractor has been selected for the repair of Mk 75 guns on Polish OHP frigates

The Gdynia Naval Port Command has published information on the outcome of the tender procedure for the repair of two…

2025-07-02 | Rafał Muczyński | 3 minutes

SIPRI: Nuclear risks grow as new arms race looms

The Stockholm International Peace Research Institute published a report entitled SIPRI Yearbook 2025, which, among other things, discusses the issue of…

2025-06-16 | Redakcja | 10 minutes

Polish 35 mm SA-35 Self-Propelled Anti-Aircraft Gun with PIT-Radwar

During the recent MSPO trade fair in Kielce, the company PIT-Radwar presented its proposal for a 35 mm self-propelled anti-aircraft gun…

2025-06-13 | Przemysław Gurgurewicz | 13 minutes

Rheinmetall wins major order for artillery ammunition

Rheinmetall Denel Munition wins major 155mm ammunition contract. Order worth several hundred million euros, deliveries from 2025 until 2027. It…

2025-07-04 | Redakcja | 3 minutes

A contractor has been selected for the repair of Mk 75 guns on Polish OHP frigates

The Gdynia Naval Port Command has published information on the outcome of the tender procedure for the repair of two…

2025-07-02 | Rafał Muczyński | 3 minutes

SKW Cryptographic Security Certificate for Polish Comp@n Radio Set from the WB Group

The WB Group announced that the Comp@n system radio set, developed by its subsidiary Radmor, along with the Cryptographic Document Management…

2025-06-14 | Redakcja | 4 minutes

Advancing multi-domain EW operations: Rohde & Schwarz unveils latest innovations at AOC Europe

Rohde & Schwarz demonstrates the next generation of SIGINT/EW systems, sensor fusion and signal analysis solutions, designed to meet the evolving…

2025-05-12 | Redakcja | 2 minutes

Autonomous and Unmanned Systems by Łukasiewicz – PIAP at the OPEX 2025 Training Ground in Italy

During the HEDI OPEX 2025 experimental campaign at the CEPOLISPE training ground in Italy, the Łukasiewicz Research Network – Industrial…

2025-06-28 | Redakcja | 4 minutes

Paris Air Show 2025: Debut of Foudre – the French HIMARS

As previously announced by Turgis & Gaillard, the 55th International Paris Air and Space Show served as the venue for the…

2025-06-23 | Radosław Niesobski | 2 minutes

Rheinmetall wins major order for artillery ammunition

Rheinmetall Denel Munition wins major 155mm ammunition contract. Order worth several hundred million euros, deliveries from 2025 until 2027. It…

2025-07-04 | Redakcja | 3 minutes

Polish Ministry of National Defence: New Contract for K2 Tanks and Support Vehicles Imminent

In Warsaw, Deputy Prime Minister and Minister of National Defence Władysław Kosiniak-Kamysz, along with Secretary of State at the Ministry…

2025-07-02 | Redakcja | 10 minutes

Bayraktar TB2 and FlyEye Drones to Support Polish Police Manhunt for Killer Near Limanowa

The Bayraktar TB2 drone and FlyEye systems will support the Polish police in the search for 57-year-old Tadeusz Duda, suspected…

2025-06-30 | Rafał Muczyński | 5 minutes

Galvion’s European Production Hub in Poland is formally opened by the Ambassador of Canada tothe Republic of Poland

Canadian company Galvion announced that the Canadian Ambassador to Poland, Catherine Godin, officially opened the European Production Hub in Gdańsk.

2025-06-26 | Redakcja | 4 minutes

Rheinmetall wins major order for artillery ammunition

Rheinmetall Denel Munition wins major 155mm ammunition contract. Order worth several hundred million euros, deliveries from 2025 until 2027. It…

2025-07-04 | Redakcja | 3 minutes

A contractor has been selected for the repair of Mk 75 guns on Polish OHP frigates

The Gdynia Naval Port Command has published information on the outcome of the tender procedure for the repair of two…

2025-07-02 | Rafał Muczyński | 3 minutes

East Shield and the Baltic Defense Line: Cooperation and Investment in Defense Are the Cornerstone of Europe’s Security

East Shield, the Baltic Defense Line, the integration of available deterrence and defense capabilities, and EU defense funding were the…

2025-07-02 | Redakcja | 2 minutes

Russia Loses World’s Largest Helicopter, Mi-26, in Ukrainian Attack on Crimea

The Security Service of Ukraine reported that during a special operation at the Kirovske military airfield in occupied Crimea, a Pantsir-S1 air…

2025-06-29 | Rafał Muczyński | 4 minutes

Finland Ministry of Defense selects ICEYE for space-based intelligence and surveillance capabilities

The Polish-Finnish company ICEYE and the Finnish Ministry of Defense have signed a Letter of Intent that enables the Finnish Defense…

2025-06-27 | Redakcja | 3 minutes

Axiom Mission 4: The Historic Spaceflight of Sławosz Uznański-Wiśniewski

June 25, 2025, will go down in history as the day when the second Pole in our history flew into…

2025-06-25 | Rafał Muczyński | 5 minutes
Shooting

CZ Shooting Team athletes take home 13 medals from the CZ Extreme Euro Open

Sport shooters representing Ceska zbrojovka brought back six gold, four silver, and three bronze medals from Hodonice, along with four…

2025-07-04 | Redakcja | 4 minutes

Upgraded Z8i Scope from SWAROVSKI OPTIK

Swarovski Optik, the Austrian optics manufacturer with nearly 80 years of tradition, has unveiled an upgraded version of its Z8i…

2025-07-03 | Mariusz Piwowar | 3 minutes

Upgraded Z8i Scope from SWAROVSKI OPTIK

Swarovski Optik, the Austrian optics manufacturer with nearly 80 years of tradition, has unveiled an upgraded version of its Z8i…

2025-07-03 | Mariusz Piwowar | 3 minutes

Streamlight introduces the SL-SideSaddle

Streamlight, Inc., a leading provider of high-performance lighting tools, announces the SL-SideSaddle series, a new hands-free lighting solution built for outdoor adventure…

2025-07-01 | Redakcja | 3 minutes

IFRE 2025: Maskpol Showcases Protective Suits and Gas Masks

Maskpol, a company within the Polish Armaments Group (PGZ), presented part of its product range—protective suits and gas masks—at the 5th…

2025-06-17 | Michał Ihnatów | 2 minutes

UF PRO Introduces Waist/Flex Belts to Its Product Line

UF PRO, a Slovenian manufacturer of professional apparel and part of the Mehler Systems group, is adding a new accessory to its lineup…

2025-06-06 | Michał Ihnatów | 2 minutes

CZ Shooting Team athletes take home 13 medals from the CZ Extreme Euro Open

Sport shooters representing Ceska zbrojovka brought back six gold, four silver, and three bronze medals from Hodonice, along with four…

2025-07-04 | Redakcja | 4 minutes

Enforce Tac 2025 starts on February 24th

Enforce Tac is an international trade fair aimed at law enforcement officers, experts from government agencies, and representatives of the…

2025-01-30 | Michał Ihnatów | 4 minutes

CZ Introduces the New CZ P-10 C PORTED Model

CZ P-10 C PORTED – a compact pistol with tamed recoil thanks to an integrated compensator.

2025-07-02 | Redakcja | 3 minutes

Meprolight MMX3 and MMX4 – Lightweight Magnifiers with Quality Optics

The Mepro MMX3 and MMX4, a new line of compact magnifiers from the Israeli manufacturer. How do they perform in practice and…

2025-06-27 | Krzysztof Ptak | 8 minutes

Paris Air Show 2025: Bayraktar TB3 Debuts

The 55th edition of the International Paris Air and Space Show, held in the French capital, provided an opportunity for…

2025-06-19 | Radosław Niesobski | 3 minutes

Setting Up a Shooting Belt: An Example with Clawgear

To assist with shooting training and beyond, various belts and gear configurations have been developed and customized to suit individual needs. It’s…

2024-11-28 | Łukasz Kołodziejski | 14 minutes

Over 100% increase in gun permits in Poland in 2024

The Polish Police have released statistical data on firearm permits issued in 2024. An increasing number of Poles now hold…

2025-02-20 | Michał Ihnatów | 5 minutes

Firearms In Poland 2023: Number of permits continues to grow

The National Police Headquarters has released statistics regarding the number of firearm permits and firearms themselves in the hands of…

2024-02-17 | Michał Ihnatów | 5 minutes

5 Best Value ATN Rifle Scopes Under €1500

ATN is a leading manufacturer of daytime optics, smart night vision, and thermal vision technology. The innovative features and ergonomic designs…

2022-11-11 | Redakcja | 8 minutes

MILMAG Visits Grand Power

Grand Power is a Slovak manufacturer of the acknowledged good quality firearms. Take part in our guided tour with English subtitles.

2022-05-23 | Redakcja | 1 minutes

Meprolight MMX3 and MMX4 – Lightweight Magnifiers with Quality Optics

The Mepro MMX3 and MMX4, a new line of compact magnifiers from the Israeli manufacturer. How do they perform in practice and…

2025-06-27 | Krzysztof Ptak | 8 minutes

Streamlight TLR-7 HL-X – a Bayonet of Light for Your Weapon

The devil’s not so scary once you shine a light on him—and he’s certainly easier to neutralize in the spotlight. A weapon-mounted flashlight…

2025-06-09 | Anna Mielczarek | 6 minutes

EOTECH Holographic Sight – History, Technology, Practice

The holographic sight is a device known for nearly 30 years and used by professionals around the world. A favorite sight of many…

2024-09-02 | Michał Gaweł | 12 minutes

Steep growth at Rheinmetall in the first quarter of 2025 – operating result in defence business almost doubled

The Düsseldorf-based Rheinmetall AG technology group concludes the first quarter of 2025 with new record values in both sales and income.

8th May 2025. The growth curve at Rheinmetall continues to trend steeply upwards. The Düsseldorf-based technology group concludes the first quarter of 2025 with new record values in both sales and income. Demand in the defence business remains high and the market situation continues to gain momentum, particularly driven by the geopolitical developments since the beginning of the year. The Group’s civilian business, on the other hand, remains behind the previous year due to the continued weak market conditions.

Keyfacts

  • Dynamic continues: Group sales grew by 46% in the first three months to €2.3 billion – defence business increased by 73%
  • Group operating result significantly increased by 49% from €134 million to €199 million; the operating result in defence business almost doubled
  • Group operating result margin climbs to 8.7%
  • Orders increased significantly: Rheinmetall Nomination increased by 181% to €11 billion
  • Order Backlog: Rheinmetall Backlog increases significantly to €63 billion
  • Operating free cash flow improves by €454 million to €266 million
  • Annual forecast 2025 confirmed, further upside potential

Image: Rheinmetall AG

The Group once again achieved a significant improvement in operating free cash flow due to increased customer advance payments, which leads to a further increase in the flexibility of the financial cushion.

Due to the current market situation, the continued very good order situation and the expected business development in the second quarter of 2025, the management confirms at least the current annual guidance for the expected sales growth and operating profit margin for the Group. As already stated in the previous ad hoc announcement on April 28, 2025, the Group sees the possibility to adjust the annual guidance if the expected increase in demand due to the latest geopolitical developments materializes.

Armin Papperger, Chair of the Executive Board of Rheinmetall AG, on the company development:

Rheinmetall is needed – customers are buying entire factories from us today. Europe must prepare itself for a new era in which we must oppose the threat to our liberal values with all our strength. Rheinmetall stands firmly by its responsibility in this epochal break.

Armin Papperger:

We must and will deliver. We are experiencing growth like never before in the Group and are getting closer to our goal of becoming a global defence champion. Future-oriented cooperations testify to this. We also have promising projects in the USA, the UK, Italy or Ukraine and numerous major orders in the pipeline that will secure further sales growth in the coming years. We are also massively expanding our capacities with the construction of new plants and strategic acquisitions.

Rheinmetall Group: Profitable sales growth of 46% – Rheinmetall Nomination increased by 181%

After the first three months, Group sales increased noticeably by €724 million or 46% to €2,305 million compared to the previous year (previous year: €1,581 million). Of this, 70% of sales were generated abroad. In the defence business, i.e. excluding the Group’s civilian activities, sales growth was as high as 73%. In the first quarter, sales rose from €1,038 million to €1,795 million here.

At Group level, the operating result as at March 31, 2025 – after deduction of holding costs – was €199 million, up €66 million or 49% on the previous year’s figure of €134 million. The Group’s operating profit margin increased slightly to 8.7% after the end of the first quarter of 2025 (previous year: 8.5%). The Group’s defence activities saw its operating result rise to €206 million, up from €105 million in the previous year. With growth of 96%, it has almost doubled.

Basic earnings per share improved from €1.13 to €1.92 in the first three months of the 2025 fiscal year compared to the same period of the previous year (continuing operations).

Operating free cash flow improved significantly year-on-year by €454 million to €266 million, compared to €187 million in the same period of the previous year. The main driver for the positive development of the operating free cash flow is the improvement in working capital as a result of increased advance payments received, particularly from the TaWAN contract with the German Armed Forces.

The Rheinmetall Nomination increased significantly by 181% compared to the same period of the previous year. It increased to €11 billion in the first three months (previous year: €4 billion). Among other things, this was due to orders from Germany – here primarily from the special fund for the German Armed Forces.

Rheinmetall’s backlog reached a new all-time high of €63 billion at the end of the first quarter (previous year: €40 billion) due to several major orders. In addition to orders on hand, the order backlog also includes the call-offs expected from framework agreements in place with defence customers and the potential from customer agreements with civilian clients.

Vehicle Systems: Sales nearly doubled compared to last year

Sales at Vehicle Systems, with activities primarily in the field of wheeled and tracked vehicles, amounted to €952 million after three months of the fiscal year of 2025, up €459 million or 93% on the previous year’s figure. The increase is due in particular to the delivery of swap body trucks for the German armed forces and the launch of tactical vehicle programs. Loc Performance, which was acquired on November 29, 2024, contributed €116 million to sales growth.

The Rheinmetall Nomination of the segment – the sum of the order intake and the volume of the newly concluded framework agreements with defence customers – was €464 million in the first three months of the fiscal year below the previous year’s quarter in which the service contract was booked with regard to the commissioning of the Heavy Weapons Carrier for the German Bundeswehr with €628 million.

The segment’s Rheinmetall backlog – the sum of the order backlog and call-offs expected from existing framework agreements with defence customers – was around €21 billion as at March 31, 2025, up €4 billion or 23% on the previous year’s figure. The operating result improved from €38 million to €81 million. With 8.5%, the operative margin was above the previous year’s figure of 7.7%.

Weapons and Ammunition: New record sales of around €600 million

Weapon and Ammunition achieved record sales of €599 million with its weapon systems and ammunition activities in the first three months of 2025 exceeding the previous year’s figure by €237 million or 66%. The increase compared to the same period of the previous year is attributable in particular to higher ammunition deliveries. Important projects included orders for artillery ammunition for NATO countries and Ukraine, as well as increased sales of tank ammunition.

Rheinmetall Nomination is at the level of the previous year at €826 million after the first three months in fiscal year 2025 (previous year: €836 million).

The Rheinmetall Backlog reached around €21 billion as of March 31, 2025. Compared to the previous year’s figure (March 31, 2024: €12 billion), the increase was €9 billion or 80%.

The operating result more than doubled by the end of the first quarter of 2025 with an increase of €63 million or 117% to €116 million (previous year: €53 million). Despite higher staff and material costs, the operating margin improved significantly from 14.7% to 19.3% The main driver for this is the significantly increased sales volume and the associated leverage effect.

Electronic Solutions: Rheinmetall Nomination increases by more than five times

Electronic Solutions, with its products in the areas of digitalization of the armed forces, infantry equipment, air defence and simulation, increased its sales by €141 million to €427 million after three months of the fiscal year 2025 (previous year: €287 million); this corresponds to growth of 49%. The increase in sales is essentially attributable to the framework agreement for intercom sets with hearing protection for the German army, the short-range air defence system LVS NNbS for the German customer, as well as the delivery of other Skyranger and Skynex air defence systems ordered in previous years, in each case to European customers.

Rheinmetall’s Nomination more than quintupled year-on-year by €8 billion or 435% to €10 billion. The largest individual orders in the first three months of the fiscal year 2025 related to the two framework orders for a deployable, platform-based communication and radio relay management system (TaWAN LBO) and the follow-up procurement of future soldier systems IdZ-ES, both for the German customer. Rheinmetall’s backlog as at March 31, 2025 was around €17 billion, a significant increase of 196% on the previous year’s figure (previous year: €6 billion).

The operating result improved significantly to €27 million by the end of the first quarter of 2025, compared to €17 million in the previous year. The operating margin increased to 6.3% (previous year: 6.0%) due to a favorable portfolio mix.

Power Systems: Sales below previous year due to economic market weakness

At €505 million, sales at Power Systems, which bundles technological expertise in civilian markets, were down on the previous year’s figure (previous year: €541 million). At €325 million, the booked business after the last three months of the fiscal year 2025 was down significantly on the previous year (previous year: €620 million). The decisive factor is the economic weakness phase of the automotive industry and the associated time delay of the projects. The nominated backlog as at March 31, 2025 fell by 17% to around €7 billion (previous year: €9 billion).

The operating result fell by 70% compared to the previous year to €9 million (previous year: €31 million). The main impact drivers were declining sales due to the weak market environment and a changed product focus. Therefore, the operating margin is at 1.8% (previous year: 5.8%).

Outlook: Current annual guidance is at least confirmed

After the first three months of the fiscal year 2025, Rheinmetall at least confirms the sales and result guidance for the entire fiscal year 2025 with a growth in group sales of 25% to 30% due to the expected business development until the end of the year (sales of the previous year: €9,751 million). Based on this sales forecast, Rheinmetall anticipates an improvement in operating result and an operating result margin of around 15.5% for the Group including acquisitions in the current fiscal year 2025 (operating result margin in fiscal year 2024: 15.2%), taking into account holding costs.

This outlook does not yet take into account the improvement in market potential that is expected to arise in the markets that are particularly relevant for Rheinmetall in Europe, Germany and Ukraine as a result of the geopolitical developments in recent weeks. Rheinmetall will therefore make any necessary guidance adjustments as the respective requirements of defence customers become more specific over the course of the year.

Press release

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