"The technology group's order books remain at record levels," said the Dusseldorf-based firm in a Thursday statement announcing the quarterly results.
Rheinmetall's Q1 headline results and guidance
Rheinmetall reported Q1 2026 sales of €1.9 billion, an eight percent year-on-year increase. The company left its full-year guidance unchanged, forecasting group sales between €14 billion and €14.5 billion for 2026, up from €9.9 billion in 2025. In its statement the firm predicted a "significant growth acceleration" for Q2 driven by anticipated "large-volume" naval and automotive-based orders.
Naval systems: NVL acquisition, one-month consolidation, and a €5.5 billion backlog
For the first time Rheinmetall disclosed figures for a newly created naval systems division after completing its acquisition of Naval Vessels Luerssen (NVL). The company said the naval systems department has recorded an order backlog of €5.5 billion. Rheinmetall noted, however, that because of "the initial consolidation at the end of February, the quarterly figures only include one month of [naval system] operations."
Upon closing the NVL takeover, Rheinmetall said it planned to develop and produce "state-of-the-art navy and coastguard vessels, as well as maritime autonomous surface systems." Both parties agreed not to disclose the purchase price for NVL.
Division-level performance and March naval sales
Rheinmetall broke down revenues by division: air defense rose 43 percent to €192 million; digital systems increased 16 percent to €349 million; and tracked and wheeled vehicles reached €985 million, a marginal rise of 3 percent. The company reported that its naval systems business generated €77 million in sales in March, largely attributable to new-build surface ship programs.
The manufacturer specifically said that Germany’s fleet service vessel (FDB424) and the Bulgarian Multi-Purpose Modular Patrol Vessel (MMPV 90) "made significant contributions" to that March sales figure.
Orders in play: German Type 424 program and Bulgaria's MMPV 90
Prior to the NVL sale, the source noted NVL was in the process of delivering a German Navy order for three new Type 424 intelligence ships intended to replace OSTE-class vessels. The company's March naval sales were identified as coming largely from new-build surface ship programs, with the FDB424 and the Bulgarian MMPV 90 cited as notable contributors.
Those program names—Type 424, FDB424, and MMPV 90—appear explicitly in the company's statement as drivers of the initial commercial activity reported inside the newly consolidated naval systems division.
What this means for the German Navy, Bulgarian procurement, and Rheinmetall's investors
- German Navy: The German Navy has an active Type 424 intelligence ship program that transfers into Rheinmetall's naval portfolio through the NVL acquisition; the delivery pipeline for three new Type 424 ships was already under way at the time of the sale.
- Bulgarian procurement: Bulgaria's MMPV 90 patrol vessel program was named by the manufacturer as a significant contributor to March naval sales, indicating ongoing production or delivery activity that now falls under Rheinmetall's consolidated naval reporting.
- Rheinmetall investors and management: The company is portraying a near-term growth inflection tied to naval and automotive orders. The €5.5 billion naval backlog, a single month of naval sales in Q1 of €77 million, and an unchanged annual guidance of €14–€14.5 billion frame expectations for Q2 acceleration—but the purchase price for NVL was not disclosed, leaving integration costs and cash impacts unstated in the announcement.
Rheinmetall's Q1 release frames the company's entry into shipbuilding as both strategic and immediately consequential: an identifiable backlog, early March revenues tied to named vessel programs, and an explicit forecast for stronger Q2 momentum. The immediate test will be converting the €5.5 billion backlog into booked revenue while integrating NVL's operations after only one month of consolidation in Q1. Investors and defense procurement watchers will be looking for subsequent quarterly reports that show whether the "significant growth acceleration" the company predicts materializes and how the undisclosed terms of the acquisition affect overall performance.
