Rheinmetall

Rheinmetall 155mm Artillery Shell Production Ramp (Annual)

155mm production

Estimated

Rheinmetall Group Sales

Group sales

Rheinmetall Order Backlog

Rheinmetall Backlog

Rheinmetall Vehicle Segment Deliveries by Platform (Annual)

Platform	FY 2023 Deliveries	FY 2024 Deliveries + Direction	FY 2025 Deliveries + Direction
Leopard 2 (main armament + co-production with KMW)	Multiple export deliveries (Czechia + Norway + others); spares + support	Continued export ramp; Norway A7 + Czechia + Romania activity	Continued export deliveries + spares (Norway A7 + Czechia + others); demand underpinned by European recapitalization
Puma IFV (Bundeswehr)	Continued series production; Bundeswehr fleet completion	Final Bundeswehr Lot 4 deliveries; Tranche 4 acquisition discussions	Bundeswehr series production winding down; further Tranche discussions ongoing
Lynx KF41 (Hungary + Italy + export)	~60 Hungarian deliveries; production ramping	~80+ Hungarian + early Italian production; further export campaigns	Italy framework for 1,000+ Lynx announced (Jan 2025); Hungarian production continues; first KF41 testbed delivered to Italian Army
Boxer (UK + Australia + Slovenia + Lithuania)	UK MIV production accelerating; Australian Boxer CRV deliveries; Lithuanian + Slovenian activity	UK Boxer Block 2 production; Australian Boxer + Lithuanian + UK + others	Boxer MIV program launches cited as a key FY2025 sales driver; UK + Australian + Lithuanian production
KF51 Panther (Hungary + early customers)	Hungarian partnership announced; prototype + early-LRIP development	Hungarian production launch preparation; multiple export prospects (Italy + others)	Italy framework for up to 380 Panther MBTs announced (Jan 2025); Hungarian production preparation continues
Total Vehicle Systems segment revenue	~€3.7B	~€4.5B+ (Vehicle Systems + Weapons & Ammunition + Sensors combined)	€4,992M Vehicle Systems segment sales (+32% YoY)
Editorial. Why this matters			Rheinmetall is the marquee European land-systems pure-play + the cleanest beneficiary of European NATO defense-spending acceleration. The marquee question: as European NATO members scale toward 2.5% to 3% of GDP + as Eastern European recapitalization programs scale, does combined vehicle deliveries cross 1,500 units/year by FY2027?

Rheinmetall Weapon and Ammunition Sales

Weapon and Ammunition sales

KPI data tables

Rheinmetall operating metrics behind the KPI charts, newest period first (up to 24 periods per chart). Periods use each company's own fiscal labels where the source does; each table names its source.

Rheinmetall 155mm Artillery Shell Production Ramp (Annual) (shells per year (155mm))
Period	155mm production
FY 2030 (target)	1,500,000 (estimated)
FY 2027 (target)	1,100,000 (estimated)
FY 2022	70,000

Source: Rheinmetall March 2026 investor presentation, Weapon and Ammunition 155mm capacity chart (2022 70,000; 2027 ~1,100,000; 2030 ~1,500,000): https://ir.rheinmetall.com/media/document/cfc8fcaa-90a2-4402-a205-7d5cd7efb1bd/assets/Rheinmetall_AG_2026_Investor_Presentation_March.pdf. FY 2025 conference call (1.1 million 155mm full shots in 2027): https://ir.rheinmetall.com/media/document/5c1fb862-5f13-4cc2-83d8-6367f0e1b2e6/assets/2026-03-11-Rheinmetall-Conference-Call-2025-FY.pdf.

Rheinmetall Group Sales (EUR millions)
Period	Group sales
FY 2025	9,935
FY 2024	9,751
FY 2023	7,176
FY 2022	6,410
FY 2021	5,658

Source: Rheinmetall FY 2025 annual report news (11 Mar 2026), sales EUR 9,935m / restated 2024 EUR 7,715m: https://www.rheinmetall.com/en/media/news-watch/news/2026/03/2026-03-11-rheinmetall-presents-annual-report-for-2025. FY 2024 annual report key figures, sales 9,751 / 7,176 / 6,410 / 5,658: https://ir.rheinmetall.com/media/document/0138f185-ccd4-4521-837b-e49cb68730b5/assets/DE0007030009-JA-2024-EQ-E-00.pdf. FY 2024 figures news: https://www.rheinmetall.com/en/media/news-watch/news/2025/03/2025-03-12-rheinmetall-financial-figures-fiscal-year-2024.

Rheinmetall Order Backlog (EUR billions)
Period	Rheinmetall Backlog
FY 2025	63.8
FY 2024	54.973
FY 2023	38.29
FY 2022	26.572

Source: Rheinmetall FY 2025 annual report news (11 Mar 2026), backlog EUR 63.8bn / restated 2024 EUR 46.9bn: https://www.rheinmetall.com/en/media/news-watch/news/2026/03/2026-03-11-rheinmetall-presents-annual-report-for-2025. FY 2024 annual report key figures, Rheinmetall Backlog 54,973 / 38,290 / 26,572 EUR million: https://ir.rheinmetall.com/media/document/0138f185-ccd4-4521-837b-e49cb68730b5/assets/DE0007030009-JA-2024-EQ-E-00.pdf.

Rheinmetall Weapon and Ammunition Sales (EUR millions)
Period	Weapon and Ammunition sales
FY 2025	3,532
FY 2024	2,783
FY 2023	1,756

Source: Rheinmetall FY 2025 annual report news (11 Mar 2026), Weapon and Ammunition sales EUR 3,532 million vs EUR 2,783 million: https://www.rheinmetall.com/en/media/news-watch/news/2026/03/2026-03-11-rheinmetall-presents-annual-report-for-2025. FY 2025 conference call division table (2,783 / 3,532): https://ir.rheinmetall.com/media/document/56ad79ed-b69a-467b-982e-86b4ce97a486/assets/2026-03-11-Rheinmetall-Conference-Call-2025-FY.pdf. FY 2024 figures news (12 Mar 2025), Weapon and Ammunition sales EUR 2,783 million vs EUR 1,756 million: https://www.rheinmetall.com/en/media/news-watch/news/2025/03/2025-03-12-rheinmetall-financial-figures-fiscal-year-2024.

Platform

FY 2023 Deliveries

FY 2024 Deliveries + Direction

FY 2025 Deliveries + Direction

Leopard 2 (main armament + co-production with KMW)

Multiple export deliveries (Czechia + Norway + others); spares + support

Continued export ramp; Norway A7 + Czechia + Romania activity

Continued export deliveries + spares (Norway A7 + Czechia + others); demand underpinned by European recapitalization

Puma IFV (Bundeswehr)

Continued series production; Bundeswehr fleet completion

Final Bundeswehr Lot 4 deliveries; Tranche 4 acquisition discussions

Bundeswehr series production winding down; further Tranche discussions ongoing

Lynx KF41 (Hungary + Italy + export)

~60 Hungarian deliveries; production ramping

~80+ Hungarian + early Italian production; further export campaigns

Italy framework for 1,000+ Lynx announced (Jan 2025); Hungarian production continues; first KF41 testbed delivered to Italian Army

Boxer (UK + Australia + Slovenia + Lithuania)

UK MIV production accelerating; Australian Boxer CRV deliveries; Lithuanian + Slovenian activity

UK Boxer Block 2 production; Australian Boxer + Lithuanian + UK + others

Boxer MIV program launches cited as a key FY2025 sales driver; UK + Australian + Lithuanian production

KF51 Panther (Hungary + early customers)

Hungarian partnership announced; prototype + early-LRIP development

Hungarian production launch preparation; multiple export prospects (Italy + others)

Italy framework for up to 380 Panther MBTs announced (Jan 2025); Hungarian production preparation continues

Total Vehicle Systems segment revenue

~€3.7B

~€4.5B+ (Vehicle Systems + Weapons & Ammunition + Sensors combined)

€4,992M Vehicle Systems segment sales (+32% YoY)

Editorial. Why this matters

Rheinmetall is the marquee European land-systems pure-play + the cleanest beneficiary of European NATO defense-spending acceleration. The marquee question: as European NATO members scale toward 2.5% to 3% of GDP + as Eastern European recapitalization programs scale, does combined vehicle deliveries cross 1,500 units/year by FY2027?

Rheinmetall 155mm Artillery Shell Production Ramp (Annual)

Rheinmetall Group Sales

Rheinmetall Order Backlog

Rheinmetall Vehicle Segment Deliveries by Platform (Annual)

Rheinmetall Weapon and Ammunition Sales

KPI data tables

Ask Sterling

Rheinmetall 155mm Artillery Shell Production Ramp (Annual)

Rheinmetall Group Sales

Rheinmetall Order Backlog

Rheinmetall Vehicle Segment Deliveries by Platform (Annual)

Rheinmetall Weapon and Ammunition Sales

Factory Footprint

Defense Milestones

Factory Footprint

Defense Milestones