• Rheinmetall secures Danish order worth double-digit millions of euros.
• Company faces criticism over delayed deliveries from German procurement officials.
• Revenue projection cut by €300 million due to F126 frigate programme cancellation.
• Shares down 26% year-to-date.

Rheinmetall's delivery issues may indicate a structural slowdown, which could impact its valuation and investor confidence. The company's ability to convert its order book into revenue and profit may be a key factor in determining its future success, and the Danish order could suggest that European demand for defence equipment remains robust.