The fact that shares of Germany’s leading defense contractor Rheinmetall lost 5 percent at the stock exchange yesterday and another 17 percent today is potentially good news—signalling that expected defense contracts have not been realized. In particular, a contract for the production of up to 3,000 wheeled light tanks of the “Boxer” type, a deal that would involve several billion euros if realized, has not yet been signed. Rheinmetall CEO Armin Papperger now does not expect any contract by the end of 2026 and hopes it will be realized sometime in 2027. It is interesting to note that contrary to big announcements on rearmament projects, many of them, including a frigate project for naval missions in the Baltic Sea, officially justified with the urgency to defend against a Russian attack by 2029 at the latest, don’t get off the ground.

Over the first nine months of 2026, Rheinmetall’s stock, which at the beginning of the year stood at 1,900 euros, has lost more than half its value on paper, and the market capitalization of the company has shrunk to just under 50 billion euros