German defense giant Rheinmetall cut its full-year guidance late Wednesday, citing delays to military contracts and ammunition deliveries.

It marks the company's second outlook cut since August, when Germany scrapped plans to build warships in what would have been Rheinmetall's biggest order since World War II.

The defense company now expects sales to rise to around 13.2 billion euros ($14.9 billion) in 2026, down from a prior outlook range of between 13.7 billion and 14.2 billion euros. It is expected to have an operating margin of around 18.5%, down from the previously expected 19%.

Rheinmetall said it revised its 2026 guidance due to delays in the German military's Arminius project, a major German military procurement program for Boxer armored vehicles, and setbacks in artillery ammunition acceptance testing.

The Arminius contract, now expected to be commissioned next year, involves vehicles manufactured by ARTEC, a joint venture between Rheinmetall and the Franco-German defense group…