Rheinmetall cuts 2026 operating margin outlook to about 18.5% from about 19%

• Rheinmetall cut its 2026 sales forecast to about EUR 13.2 billion from EUR 13.7 billion–EUR 14.2 billion.
• Operating margin guidance fell to about 18.5% from about 19%.
• Operating free cash flow is now expected to be positive, replacing a cash conversion ratio target above 40%.
• Third-quarter sales rose 36% to EUR 3.15 billion; operating profit increased 62% to EUR 553 million.
• The order backlog climbed 38% to EUR 78.01 billion, while quarterly operating free cash flow was negative EUR 82 million.

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