Rheinmetall reported a significant increase in revenue in the first half of 2024, an increase of 33% to approximately 3.8 billion euros. This growth is part of the company's broader ambition to become one of the world's leading companies in the defense sector by the end of this decade.
Armin Papperger, CEO of Rheinmetall, outlined the company's strategic vision, stating that the company aims to reach an annual turnover of 40 billion euros by 2030. Papperger stressed that if the 10 billion euro revenue threshold is exceeded this year, an increase of 40% year-on-year will be achieved and the company will be well positioned to achieve its long-term goals.
Papperger also said that the expansion strategy will include both organic growth and acquisitions. Recent examples include the acquisition of American company Loc and Spanish firm Expal, which are expected to strengthen Rheinmetall's global product offerings.
In addition to revenue growth, Rheinmetall reported a significant increase in incoming orders and newly signed framework contracts, which more than doubled to 15.4 billion euros in the first half of 2024. The company's portfolio includes tanks, artillery systems, air defense systems, military trucks and ammunition. Rheinmetall plays an important role in supplying and modernizing NATO forces and has become a major supplier of military equipment to Ukraine.
