German defense giant Rheinmetall reported record sales and profit growth in the first half of 2026, hardly a surprise given the current security environment, as countries around the world ramp up purchases of weapons and military equipment. Orders from the Defense Forces of Ukraine played a significant role in this growth.
According to Rheinmetall's financial results for the first half of 2026, recently published on the company’s official website, revenue in its Weapons and Ammunition division increased by 33% compared with the same period last year, reaching €1.757 billion. This compares with €1.323 billion in the first half of 2025, meaning that revenue was €434 million higher this year.
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"The main sales drivers were an ammunition package for Hungary and artillery and medium-calibre ammunition for Ukraine," Rheinmetall stated in its report.
As of today, the German defense giant is not only one of the world's largest manufacturers of ammunition, but has also played a key role in supplying shells to Ukraine in recent years. Alongside its existing orders, which drove revenue growth in the first half of the year, the company has also secured new ones.
For instance, in just over a week in late June and early July, two contracts were signed for the supply of 155 mm ER02A1 B/B artillery shells. The first contract included M203 propellant charges, while the second called for DM72 modular propellant charges.
Although Rheinmetall has significantly expanded its ammunition production in recent years, reports in May 2026 indicated that the German company could supply only 8% of the 1.2 million long-range 155 mm artillery shells required by Ukraine, making them a key priority for the Ukrainian military.
Earlier, there have been cases where ammunition was available in warehouses, but there were no funds to purchase it for Ukraine. For instance, back in March, Rheinmetall CEO Armin Papperger complained about the situation, which was caused by delays in finalizing a €90 billion loan.
It should be noted that the German company is supplying Ukraine with 35-mm ammunition for self-propelled anti-aircraft systems, which have proven effective against Shahed drones.
In addition, plans to build an ammunition plant are also worth mentioning. However, as of the beginning of the year, work had not yet begun, reportedly due to the need to resolve organizational and regulatory issues.
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