Rheinmetall Seals DOK-ING Takeover and Lands New Ukraine Order as Shares Rebound Past €1,000

Rheinmetall shares jump 2.91% to €1,033, buoyed by a new Ukrainian artillery contract and completion of DOK-ING acquisition. Stock recovers from June sell-off, but year-to-date still down 35.5%.

Rheinmetall shares stormed back above the psychologically important €1,000 mark on Wednesday, lifted by a fresh Ukrainian artillery contract and the completion of a strategic acquisition in Croatia. The stock gained 2.91% to €1,033.00, snapping a punishing June sell-off that had dragged the defense group deep into the red.

The company finalized its purchase of a 51% stake in DOK-ING, a Croatian specialist in unmanned ground systems, effective July 1, 2026. The newly formed subsidiary, renamed Rheinmetall Unmanned Vehicles, will absorb DOK-ING’s hybrid Komodo platform — a vehicle engineered to haul extreme heavy payloads — into Rheinmetall’s Panther KF51 main battle tank program as an unmanned support system. The founder retains the remaining shares.

Alongside the takeover, Rheinmetall secured another substantial ammunition contract from Ukraine. The order covers low five-digit quantities of long-range artillery projectiles and propellant charges, with a value in the high double-digit millions of euros. Production is already under way at the company’s Expal facility in Spain, and deliveries are due by early 2027. Crucially, management will book the revenue in the second quarter of 2026, fulfilling a promise of stronger order intake for that period.

The twin catalysts gave investors a reason to step back in after a torrid start to the year. Year-to-date, Rheinmetall shares have shed 35.5% of their value, retreating from a record high of €1,995.00 set last September. The bounce above €1,000, while still far below the 200-day moving average, has encouraged some analysts to call a near-term floor.

Rheinmetall continues to ramp up artillery shell production, targeting an annual output of one million rounds in the near future, rising to 1.5 million by the end of the decade. The group’s order backlog stood at €73 billion at the end of the first quarter, with the munitions segment alone accounting for roughly €25.8 billion. For the full year 2026, management has guided for revenue of up to €14.5 billion and an operating margin of around 19%.

The next major test for the stock comes on August 6, 2026, when Rheinmetall publishes its full second-quarter results. That report will offer the first detailed look at how the DOK-ING integration and the latest Ukraine deal are feeding through to the bottom line.