Rheinmetall Reports Record Profits Amid European Military Expansion

The German defense giant sees unprecedented growth in military contracts, driven by geopolitical tensions and increased NATO spending.

Rheinmetall's revenue surged by 36% in 2024 to €9.75 billion, with operating profits reaching a record €1.48 billion, up 61% year-over-year.
The company’s order backlog hit €55 billion, a 44% increase from the previous year, reflecting robust demand for military equipment from NATO countries.
CEO Armin Papperger described the current period as an 'epoch of rearmament in Europe,' emphasizing long-term growth prospects for the defense sector.
Rheinmetall plans to increase its workforce by 20%, growing from 32,000 to approximately 40,000 employees within two years, while repurposing some automotive production facilities for military manufacturing.
The company continues to play a pivotal role in supporting Ukraine, supplying weapons and building local production facilities, while CEO Papperger remains under police protection due to reported threats.