While 2024 sales grew 35%, boosted by increased demand, there was a dip in sales at its power systems and trade divisions at the start of of the year.

Since the start of the war in Ukraine, the company moved quickly to meet Europe’s growing need for military spending.

Rheinmetall expects sales to surge 25% to 30% this year, after coming in slightly under 10 billion euros in 2024, and an operating margin of 15.5%, slightly above last year's 15.2%. The defence business makes up 80% of the company's sales.

Rheinmetall has become the popular way to play the European rearmament trend. Perhaps too popular. Following a 23% increase in a week, Rheinmetall’s market capitalization has now risen above that of any other European pure-play military contractor,