J P M O R G A N Europe Equity Research 24 June 2026 Rheinmetall Germany cancels planned EUR 12bn order for F126 frigates; a major setback for RHM (with one silver lining) Yesterday Germany decided to cancel a planned order with RHM for six F126 frigates with a total value of €12bn. The news was reported in the FT.com in the early hours of this morning and has been confirmed by RHM this morning. In our view, the news is a major setback for RHM, albeit we see one silver lining as explained below. Neutral RHMG ...