---
title: "Key facts: Rheinmetall may take over F126; due diligence, Q1 miss focus"
type: "News"
locale: "en"
url: "https://longbridge.com/en/news/285650786.md"
description: "Rheinmetall is considering a takeover of Germany's F126 frigate program, potentially worth around €12bn, with a deal expected in Q2 following technical due diligence. The company reported a Q1 revenue and operating profit miss of approximately 15% and 14%, respectively, and emphasized the importance of Q2 for meeting 2026 guidance. Shares fell about 3.3% to €1,393.2 after the earnings release. CEO Armin Papperger anticipates due diligence results from German Naval Yards Kiel soon, aiming to submit a binding offer thereafter."
datetime: "2026-05-08T02:05:36.000Z"
locales:
  - [zh-CN](https://longbridge.com/zh-CN/news/285650786.md)
  - [en](https://longbridge.com/en/news/285650786.md)
  - [zh-HK](https://longbridge.com/zh-HK/news/285650786.md)
---

# Key facts: Rheinmetall may take over F126; due diligence, Q1 miss focus

-   Rheinmetall says it did technical due diligence and may sign a Q2 deal to take over Germany’s delayed F126 frigate program, potentially ~€12bn; NVL could be general contractor; talks ongoing1
-   Rheinmetall Q1 missed revenue and operating profit by ~15% and ~14%. Management says Q2 is crucial to defend 2026 guidance; 64% of full-year revenue set for H2. Shares fell ~3.3% to €1,393.2
-   Rheinmetall said CEO Armin Papperger expects due diligence on German Naval Yards Kiel within weeks and plans to submit a binding offer after receiving the results.3
-   Rheinmetall (RHM) opened about 2.6% lower after its earnings release. Move happened at market open and contrasted with mixed European session where autos lifted the DAX while some industrials fell.4
-   Rheinmetall said its Naval Systems acquisition opened a new market segment and drove profitable growth, expanding the company’s market presence and improving profitability in that unit.5

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