Key facts: Rheinmetall may take over F126; due diligence, Q1 miss focus
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Rheinmetall is considering a takeover of Germany's F126 frigate program, potentially worth around €12bn, with a deal expected in Q2 following technical due diligence. The company reported a Q1 revenue and operating profit miss of approximately 15% and 14%, respectively, and emphasized the importance of Q2 for meeting 2026 guidance. Shares fell about 3.3% to €1,393.2 after the earnings release. CEO Armin Papperger anticipates due diligence results from German Naval Yards Kiel soon, aiming to submit a binding offer thereafter.
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