Rheinmetall Delivers First Caracal Vehicles, Books 69 More Schakal Units as Shares Retreat on Abu Dhabi Uncertainty

Rheinmetall's shares closed Friday at €1,032.60, down 2.0%, as investors fretted over the prospect of peace negotiations involving Russia, Ukraine and the United States. Media reports pointed to the talks planned for November in Abu Dhabi as the source of the nervousness, with no specific company announcement behind the sector-wide move. The pullback swept across German defence names, Rheinmetall among them.

Twin Contract Wins for the Artec Venture

On the corporate side, the Düsseldorf-based group reported Thursday that OCCAR, the European procurement organisation, had placed an order for a further 69 Schakal wheeled infantry fighting vehicles with Artec, the joint venture Rheinmetall runs alongside KNDS Deutschland. Thirty-five of the vehicles are destined for the Bundeswehr, while the Dutch armed forces are set to take the remaining 34.

A day later, Rheinmetall announced it had handed over the first series-production Caracal vehicles to the German and Dutch militaries. The ceremony itself took place on Thursday at the company's Dutch production site in Ede. Under current planning, more than 1,500 of the vehicles are to be delivered by 2030.

Brokerage Trims Target, Keeps Buy Rating

Deutsche Bank Research cut its price target on Rheinmetall on Tuesday, lowering it to €1,650 from €1,800. The analysts left their "Buy" rating in place, so the reduction in the target did not amount to a downgrade of the recommendation.

Arson Investigation at Kassel-Calden

Attention also turned to Rheinmetall's construction site at Kassel-Calden airport, where three pieces of construction machinery burned in the night to Friday and additional equipment was damaged. Police are examining a purported claim of responsibility published online, though its authorship remains unclear. According to Tagesschau, the state security service is also investigating. Authorities suspect arson, although no confirmed cause has yet been announced.

Naval Showcase and a New British Gun Line

Rheinmetall said Friday it will present its naval portfolio at Euronaval, running from 3 to 6 November 2026. The lineup includes the Kraken K3 drone, the Millennium Gun naval cannon and the MASS decoy system. In a further operational step, the company opened its "UK Gun Hall" in Telford on 22 October, a facility intended for the independent manufacture of large-calibre weapons in Britain.

Results Date Set

Investors have a fixed date for the next set of figures: Rheinmetall's financial calendar has the third-quarter 2026 report scheduled for 5 November 2026.