German defence stocks slip after U.S.-Iran talks plan, Rheinmetall's pre-close call comments

Shares in German defence companies fall; a local trader points to reassuring geopolitical signals as the U.S. and Iran agreed to hold talks in Oman on Friday

Renk R3NK.DE and Hensoldt HAGG.DE slip around 1.3-2.8% while Rheinmetall RHMG.DE drops close to 6%

Analysts point to a pre-close call Rheinmetall held with analysts, during which it gave what they see as weak preliminary forecasts for 2026

Berenberg says Rheinmetall sees FY 2026 revenues of around 13.6 billion euros ($16.05 billion) due to lower-than-expected growth in all defence divisions

The number is below an LSEG consensus of 2026 sales at 15.7 billion euros

"The weak FY26 guidance is a surprise and little explanation was offered for this on the call", Berenberg says

JPMorgan expects Rheinmetall's growth ramp-up to be more challenging than previously thought

($1 = 0.8474 euros)