Rheinmetall is trading 13% down at €873 on November 5, 2026, after its second 2026 outlook cut. - Expected sales were lowered to about €13.2 billion from €13.7–14.2 billion; operating-margin guidance fell to 18.5% from 19%. - Delays to the Arminius vehicle order and artillery-ammunition approvals shift revenue into 2027. - The update came despite strong quarterly operating profit; defense-sector spending worries are additional context, not the primary company-specific catalyst.