Rheinmetall Flags Alarming Missile Shortfalls as Robotics Push Accelerates

Rheinmetall's CEO calls Europe's missile inventories alarmingly low as the arms maker expands unmanned systems and books new munitions orders.

Europe's missile stockpiles are running dangerously thin, according to Rheinmetall chief executive Armin Papperger, who on 17 September described the continent's inventories as "alarmingly low." The warning came alongside his forecast that robots and automated systems will take on a markedly larger role in defense over the coming years — a shift that the Düsseldorf-based arms maker is already positioning itself to exploit.

Building Out the Autonomous Portfolio

Rheinmetall's move toward autonomous technology is visible across several fronts. In Canada, the company broke ground on 16 September at its Québec site, expanding manufacturing and development capacity for land-based unmanned systems. Its American subsidiary, American Rheinmetall, meanwhile picked up a U.S. Marine Corps order worth $7.28M, awarded on 10 September through the Defense Logistics Agency and prime contractor ADS Inc. The package covers twelve Mission Master SP autonomous ground vehicles, five amphibious Marine kits and additional equipment.

The company is broadening its combat and support vehicle lineup as well. Rheinmetall UK and Mercedes-Benz UK unveiled two new members of their joint "Wolf Pack" family — the Timber Wolf and Silver Wolf tactical vehicles — on 16 September at the DVD 2026 trade fair. A day later, the British subsidiary invested in a new vibration testing facility at its Telford site, which currently supports work on the Challenger 3 main battle tank among other programs.

Munitions Demand Keeps Production Lines Busy

Classic ammunition remains a dependable pillar. On 14 September, Rheinmetall booked an order from an international customer for a five-digit quantity of 155-mm artillery shells, with a contract value in the low triple-digit millions of euros. Production has already begun, and deliveries are scheduled for completion by 2027.

At sea, the group tested networked unmanned systems as part of the NATO exercise REPMUS26, aimed specifically at protecting harbors and critical maritime infrastructure through automated reconnaissance and defense solutions.

Analysts Stay Wary Despite Bullish Calls

Sentiment on the equity has been more guarded. JPMorgan reportedly placed the stock on a "Negative Catalyst Watch" on 10 September while keeping its fundamental rating at "Neutral." Bernstein, by contrast, reaffirmed its "Outperform" rating. Shares changed hands at EUR 1,011.00, a modest daily decline of 0.3%, leaving the stock roughly 50% below its 52-week high of EUR 2,007.00 set in early October of last year. Year-to-date, the shares are down 35%.

Investors will get their next look at the company's story on 24 September in Munich, where Rheinmetall is slated to present at the Baader Bank investment conference.