Weapon and Ammunition: Backlog more than doubles to around €12 billion
Weapon and Ammunition generated sales of €362 million in the first quarter of 2024,
outperforming the figure for the previous year by €149 million or 70%. The increase as against
the same period of the previous year relates to higher ammunition call-offs by customers in
particular. Key projects included artillery orders for Germany and Ukraine. The sales growth
includes €101 million from Rheinmetall Expal Munitions, which was acquired as of July 31, 2023
and thus made a crucial contribution to sales growth. Intragroup sales accounted for €29 million
of this.
Rheinmetall Nomination amounted to €836 million in the first three months of 2024, up
significantly on the prior-year figure (€595 million). There were significant new orders at
Rheinmetall Expal Munitions. Further growth was generated in Near East countries and Australia
in particular with indirect fire products.
Rheinmetall Backlog more than doubled, rising by €6,394 million or around 123% to €11.6 billion
as of March 31, 2024 (previous year: €5.2 billion). The main factor driving this was the signing of
two multi-year ammunition framework agreements in the second half of 2023 for the German
customer and the Ukrainian armed forces.
Operating earnings more than doubled in the first three months of 2024, rising by €30 million or
129% to €53 million (previous year: €23 million). Despite higher staff and non-staff costs, the
operating margin improved significantly from around 11% to around 15%. This includes an
earnings contribution of €37 million from Rheinmetall Expal Munitions.
Electronic Solutions: Sales growth of 26%
Electronic Solutions, which produces solutions in the field of armed forces digitalization, infantry
equipment, air defence and simulation, increased its sales by around 26% or €59 million to
€287 million in the first quarter of fiscal 2024 (previous year: €227 million). This sales growth is
essentially thanks to the Skyranger 30 mobile air defence system for the German customer and
other delivery shares for the Puma infantry fighting vehicle.
As a result of the five-fold increase in incoming orders, Rheinmetall Nomination rose from
€339 million in the same period of the previous year to €1,812 million. Key incoming orders in
the first three months of 2024 related to the development contract for the short and very short
range air defence protection system and the delivery agreement for the Skyranger 30 mobile air
defence system for the German customer. Rheinmetall Backlog amounted to €5,751 million as
of March 31, 2024, up significantly by €2,129 million on the prior-year figure (€3,622 million).
Operating earnings improved to €17 million in the first three months of 2024 after €12 million in
the previous year. The operating margin rose to 6.0% as a result of sales (previous year: 5.4%).
Power Systems: Operating earnings up by 29%
Sales in Power Systems, in which Rheinmetall bundles its technological expertise for civilian
markets, were stable year-on-year at €541 million (previous year: €541 million). The sales
growth in the US region compensated for the decline in sales in Europe. Booked business was
down significantly year-on-year at €620 million in the first three months of fiscal 2024 (previous
year: €1,230 million). Nominated Backlog fell by 3% to €8,461 million as of March 31, 2024
(previous year: €8,741 million).
Operating earnings climbed by 29% to €31 million in the first quarter of 2024 (previous year:
€24 million). The increase is thanks to the positive effect of higher sales prices and a better
product mix. The improvement in the at-equity result of a Chinese joint venture also had a
positive effect on operating earnings. The operating margin is therefore 5.8% (previous year