German government's cancellation of F126 super-frigate project, which was to become country's largest ships since World War II, became one of key factors why Rheinmetall revised its 2026 fiscal year sales forecast and ultimately, due to program cancellation, lowered it by €300 million — to €13.7-14.2 billion.
Recall Rheinmetall was to become savior of F126 project frigates — after timeline failure by Damen Schelde Naval Shipbuilding from Netherlands, specifically naval division of German defense giant was to take on completing these ships and finish project execution.
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However, final forecasted cost of six F126 frigates from sound €8 billion grew to cosmic €18 billion, so ultimately in June this year Germany made decision to cancel project, replacing it with smaller but significantly cheaper MEKO A-200 DEU frigates.
This is first time naval division is included in Rheinmetall financial section as separate segment, since only in early March 2026 German concern completed acquisition of naval division of Naval Vessels Lürssen (NVL) company, which became basis of Rheinmetall Naval Systems maritime systems direction. So over four months, Naval Systems division revenue comprised €334 million.
This is primarily thanks to following already-available projects:
- FDB424 (Flottendienstboot Klasse 424) electronic intelligence ship construction program for German Navy
- K130 Braunschweig-class corvettes, at final stage (for German Navy)
- MBV707 (Marinebetriebsstoffversorger 707) refueling tankers replacing obsolete Rhön class (also for German Navy)
- and MMPV 90 (Multi-Purpose Modular Patrol Vessel 90) patrol ships, already for Bulgaria
Additionally, over last four months (since completing Naval Vessels Lürssen acquisition) division received orders for over €1 billion, this sum primarily provided by deal for building ships for Romania, as well as repair contracts and small orders.
This involves €920 million deal within European SAFE loan program, for which Romania ordered for its Navy two patrol ships and two diver-training boats.
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