Rheinmetall increases sales by 33% during first half of 2024

Rheinmetall's first-half-year results were boosted by the Bundeswehr's order of 123 heavy weapon carriers on 21 March. (Rheinmetall)

Rheinmetall announced on 8 August that it had increased sales to EUR3.8 billion (USD4.15 billion) during the first half of 2024, a 33% increase from the 2023 figures, and the group's operating result increased by 91% to EUR404 million. The company attributed its continued improvement in business performance to orders from the Bundeswehr and European Union (EU) and NATO members, along with military aid to Ukraine.

Describing this as unprecedented growth for his company, Rheinmetall CEO Armin Papperger expected annual sales growth of around EUR2 billion in the coming years. “This very positive development is only possible because we invested early and have been following a strategic plan since 2014, when Crimea was invaded,” he said. “We massively expanded capacities, made acquisitions, and are now also additionally building new plants in countries like Lithuania, Hungary, Romania, and Ukraine.”

In the first half of 2024, Rheinmetall Vehicle Systems' sales, mainly of wheeled and tracked military vehicles, reached EUR1.3 billion, a EUR288 million or 28% increase from 2023. The largest order was for the Bundeswehr's heavy weapon carrier (HWC) based on the Boxer 8×8 armoured vehicle, with a volume of EUR1.6 billion and the associated EUR620 million service contract.

Rheinmetall Weapon and Ammunition's weapon systems and ammunition sales exceeded EUR1 billion in the first half of 2024, a EUR508 million or 93% increase over 2023, mainly due to higher ammunition deliveries, with major orders for Germany and Ukraine. Rheinmetall Expal Munitions, the result of an acquisition on 31 July 2023, contributed EUR230 million to this growth.