Rheinmetall AG

Investor Presentation • Sep 15, 2025

Propelling Rheinmetall to the all-domain level Acquisition of Naval Vessels Lürssen B.V. & Co. KG

Armin Papperger, CEO

September 15th 2025

Naval business identified as a growth area due to the increasing strategic relevance of the maritime sector

Naval

Air

Significance of the naval domain for current and future conflicts has increased, particularly in the Baltic Sea, the Middle East, and the Indo-Pacific theater.

Rheinmetall aims to participate in the ambition of the alliance to strengthen its naval defence capabilities by 2030

Acquisition is a major consolidation move and complements Rheinmetall's portfolio

Space

Land

1	Market Dynamics	4
2	Company Overview	8
3	Strategic Rational	14
4	Acquisition Summary	17

1	Market Dynamics	4
2	Company Overview	8
3	Strategic Rational	14
4	Acquisition Summary	17

Market Dynamics First draft budget suggests high navy investment needs

More than 20% of the total German draft commitment appropriations* are aiming to strengthen the German navy's defence readiness over the next decade

*Verpflichtungsermächtigung

Based on current German draft budget and financial plan

Market Dynamics Positive international market outlook for NVL-relevant vessel categories

Market Dynamics Rheinmetall's network to unlock international market potential

USA

• USA lack shipyard capacities – offering additional potential together with partners
• Leverage existing network for further internationalisation

Middle East

• Potential high demand especially for corvettes and smaller ship classes
• NVL has not made strong marketing efforts in the region in the past

Europe

• Germany, Italy, Greece and Turkey as most promising markets
• Potential joint European programs, especially led by Germany

APAC

▪ Indonesia, Singapore, New Zealand and further countries with strong demand not only by navies but also coast guards

1	Market Dynamics	4
2	Company Overview	8
3	Strategic Rational	14
4	Acquisition Summary	17

Company Overview

Family owned-business with focused portfolio, strong team and solid outlook

• Naval Vessels Lürssen B.V. & Co. KG (NVL) is a wellestablished, German ship builder with refit & repair business
• 145+-year history as a Defence group under the umbrella of the family-owned Lürssen Group
• NVL was setup independently from Lürssen Yachts in 2021

Key capabilities – New Build, Refit & Repair and Services for…		Current backlog > €5bn
		Program	# vessels
			Corvettes K130	5
Frigates	Corvettes	Offshore Patrol Vessels	SIGINT Flottendienstboot 424	3
			Frigates F126	4+2
Patrol Boats	Supply Vessels	Minesweeper Units	Further International Orders	10+

Company Overview Strong German footprint and strategic international hubs

Blohm + Voss, Hamburg

• 451.000qm shipyard area
• 7 docks
• 2.100m waterfront

Norderwerft, Hamburg

• 60.000qm shipyard area
• 3 floating docks
• 450m waterfront

Neue Jadewerft, Wilhelmshaven 3

• 40.000qm area
• 2 floating docks
• 440m waterfront

Peene-Werft, Wolgast 4

• 250.000qm shipyard area
• 1 dry dock, 1 ship lift
• 950m waterfront

International Locations

▪ Croatia, Bulgaria, Egypt, Singapore and Brunei

Company Overview Systems house concept to generate profitable growth in line with RHM targets

Significant potential to scale both revenues and profitability by…

…further organic growth in the German market

…securing prime contractor positions in additional programs

…international expansion targeting European, US, and APAC markets

▪ Especially well-positioned due to planned network of partnerships

…capturing extensive workshare in future naval programs with solutions from sensors to effectors by Rheinmetall and its partners, which would allow to

• capture a greater share of total program revenues, and
• drive the product mix toward the higher-margin electronic systems

Company Overview NVL already delivers above industry average profitability

NVL has distinguished itself by...

…very well-structured operations , focused on efficiency and delivery

…a proprietary high-performance project management system

…clear focus on surface vessels

Company Overview Replication of system house approach creates new margin potential

NVL current playing field	Rheinmetall + Partners future playing field
Ship / Hull Construction	Combat Management Systems & Communications	Sensors & Radars	Weapons Systems	Other (e.g. training, simulation)
~25-40% of program revenues	~15-25%	~10-20%	~15-25%	~0-10%
>12% INDICATIVE margin potential	>20%	>15%	>20%	>20%

NVL with focus on shipbuilding;

System house approach expected to improve margins materially!

1	Market Dynamics	4
2	Company Overview	8
3	Strategic Rational	14

Strategic rational Rheinmetall to become a partner

Access the naval domain	Rheinmetall to become a systems house provider in the naval domain
Unprecedented German naval powerhouse	Establishment of a comprehensive, German naval heavyweight that combines shipbuilding with Rheinmetall's effector and electronics competencies as well as a strong partnership network
Expand capacities	Opportunity to expand Rheinmetall's industrial base in Northern Germany to further support the production of the Vehicle Systems divisions based on material and technology competencies
Outstanding market position	Above industry average profitability combined with excellent project management skills

Strategic rational Two pillars for future value creation

Building a German navy hub Infrastructure & Capacities

• NVL existing competencies combined with Rheinmetall's portfolio and partner networks has the potential to create a hub for surface vessels

• Integrated system house approach offers potential for

  • Main and secondary marine guns
  • Missile defence
  • Sensors and components for sensors
  • Battle management systems
  • Miscellaneous electronical components

• Using NVL's capabilities, capacities and infrastructure to support Rheinmetall's Vehicle Systems, e.g.:

  • Welding
  • Coating
  • Piping
  • Cutting
• Significant capex savings to prepare for necessary capacity expansion especially in the tactical vehicles

1	Market Dynamics	4
2	Company Overview	8
3	Strategic Rational	14
4	Acquisition Summary	17

Acquisition Summary Closing the circle – all domains under the Rheinmetall umbrella

Transaction	▪ Rheinmetall acquires 100% of privately owned Naval Vessels Lürssen B.V. & Co. KG, Bremen ▪ Creation of new naval business segment
Rationale	▪ Unique asset to enter the naval business with high growth potential ▪ Two pillar approach for value creation ▪ Experienced and highly skilled workforce
Financing	▪ Detailed financing structure to be finalized until closing depending on prevailing market conditions
Timeline	▪ Parties agreed to the transaction September 15th 2025 ▪ Closing expected latest beginning of 2026 pending regulatory approval in several jurisdictions

Disclaimer

This presentation contains "forward-looking statements" within the meaning of the US Private Securities Litigation Reform Act of 1995 with respect to Rheinmetall's financial condition, results of operations and businesses and certain of Rheinmetall's plans and objectives. These forward-looking statements reflect the current views of Rheinmetall's management with respect to future events.

In particular, such forward-looking statements include the financial guidance contained in the outlook.

Forward-looking statements are sometimes, but not always, identified by their use of a date in the future or such words as "will", "anticipates", "aims", "could", "may", "should", "expects", "believes", "intends", "plans" or "targets". By their nature, forward-looking statements are inherently predictive, speculative and involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements. In particular, such factors may have a material adverse effect on the costs and revenue development of Rheinmetall. Further, the economic downturn in Rheinmetall's markets, and changes in interest and currency exchange rates, may also have an impact on Rheinmetall's business development and the availability of financing on favorable conditions. The factors that could affect Rheinmetall's future financial results are discussed more fully in Rheinmetall's most recent annual and quarterly reports which can be found on its website at www.rheinmetall.com.

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Please note that all figures in this presentation have been rounded on a standalone basis. This can result in minor differences when adding figures together or calculating % shares.