Defense giant Rheinmetall plunges 16% after cutting outlook on stalled military contracts

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German defense giant Rheinmetall cut its full-year guidance late Wednesday, citing delays to military contracts and ammunition deliveries. It marks the company's second outlook cut since August, when Germany scrapped plans to build warships in what would have been Rheinmetall's biggest order since World War II. The defense company now expects sales to rise to around 13.2 billion euros ($14.9 billion) in 2026, down from a prior outlook range of between 13.7 billion and 14.2 billion euros. It is expected to have an operating margin of around 18.5%, down from the previously expected 19%.