Calepin des entreprises international 2026 VA.pdf — page 175

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RHEINMETALL
Business trends
	
 Rheinmetall revenues reached €9,751 million in 2024, up 35.9% year-on-year. Of the three divisions 
encompassing the group’s defence activities (78% of total sales in 2024), Weapon & Ammunition recorded 
the strongest growth (+58.5%), thanks to a sharp increase in ammunition deliveries to Germany, other NATO 
countries and Ukraine. Revenues in the Vehicle Systems and Electronic Solutions divisions grew by 45.3% and 
31% respectively year-on-year.
	
 In April 2025, KNDS Deutschland, KNDS France, Rheinmetall and Thales established a temporary consortium, 
each with a 25% stake, to develop the future MGCS (Main Ground Combat System) main battle tank, which is 
expected to be operational in 2045. Known as MGCS Project Company, this consortium is based in Cologne 
(Germany).
	
 At the Paris Air Show in June 2025, Rheinmetall entered into a strategic partnership to produce Anduril’s 
Barracuda cruise missiles and Fury UCAVs at its own factories.
	
 In September 2025, Rheinmetall reached an agreement with Lürssen Group to acquire the NVL Group military 
shipyard, which is involved in the construction of the German Navy’s future F126 frigates. Completion of the 
transaction is expected in early 2026.
Home market
	
 Germany is an important market for Rheinmetall, accounting for 30% of total sales in 2024, and 34% for defence 
activities.
	
 In January 2025, the Bundeswehr signed a 10-year, multi-billion euro framework agreement with Rheinmetall to 
implement the Tactical Wide Area Network for Land Based Operations (TaWAN LBO) mobile communication 
system, which will be mounted on the Piranha 5 8x8 wheeled armoured vehicle.
	
 In February 2025, the group signed a €3.1 billion framework contract with Germany’s Federal Office of 
Bundeswehr Equipment (BAAINBw) to continue supplying IdZ-ES VJTF 2023 soldier equipment until 2030 (up 
to 368 systems, each capable of equipping 34 soldiers).
	
 In August 2025, the Bundeswehr awarded the Rheinmetall MAN Military Vehicles subsidiary a 
€770 million contract to supply 963 logistic trucks, including in a version equipped with armoured cabs, and 
425 unprotected transport vehicles.
Export markets
	
 Rheinmetall has a strong international presence (70% of total sales and 66% of military sales in 2024).
	
 In July 2025, the Swedish Army awarded a contract worth over SEK 4 billion (€350 million) to the Rheinmetall 
Denel Munition subsidiary for the production of 155mm artillery projectiles from the Assegai family for Archer 
self-propelled howitzers, to be delivered by 2027.
	
 In August 2025, Rheinmetall signed a €250 million contract with the Czech Land Forces for the maintenance of 
Leopard 2A4 MBTs (KNDS Deutschland) and Büffel 3 recovery tanks (produced by the group).
	
 Rheinmetall signed a contract worth several hundred million euros in October 2025 to supply Ukraine with 
Skyranger 35 air defence systems. These vehicles are based on the chassis of a Leopard 1 tank (KNDS 
Deutschland) and armed with the group’s 35mm KDG 35/1000 cannon.
Technology and Innovation
	
 The group’s total R&D expenditure amounted to €502 million in 2024 (5.1% of revenues), of which €312 million 
from defence activities (3.2%).
	
 Rheinmetall delivered a Boxer Skyranger 30 8x8 wheeled armoured vehicle dedicated to short-range air 
defence to the Bundeswehr for testing in January 2025. Series deliveries will begin in 2027.	
	
	
	
STRATEGIC HIGHLIGHTS