Rheinmetall AG

Investor Presentation • Nov 6, 2025

Armin Papperger, CEO Klaus Neumann, CFO

November 6, 2025

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.

All written or oral forward-looking statements attributable to Rheinmetall or any group company of Rheinmetall or any persons acting on their behalf contained in or made in connection with this presentation are expressly qualified in their entirety by factors of the kind referred to above. No assurances can be given that the forward-looking statements in this presentation will be realized. Except as otherwise stated herein and as may be required to comply with applicable law and regulations, Rheinmetall does not intend to update these forward-looking statements and does not undertake any obligation to do so.

This presentation does not constitute an offering of securities or otherwise constitute an invitation or inducement to any person to underwrite, subscribe for or otherwise acquire or dispose of securities in Rheinmetall AG or any of its direct or indirect subsidiaries.

Rheinmetall AG and its affiliates are neither associated with nor provide any support to American Depository Receipts programs (ADR) or comparable offerings or investment schemes related to shares in Rheinmetall AG in the United States of America or any other jurisdiction. Therefore, neither Rheinmetall AG nor any of its affiliates has and or will accept any responsibility or liability whatsoever in relation to such ADR programs or comparable investment schemes.

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.

Strong start of the second half sets the stage for Q4

Q3 2025 Group Highlights Successful week in the UK

Lockheed Martin and Rheinmetall presented the new Fuchs JAGM tank hunter

Growing Skyranger family: Mission Master CXT2 Skyranger 762

Next generation ship protection with the MASS Nova 2

Innovations presented at DSEI 2025 Telford gun shop groundbreaking ceremony

• ~€100m investment
• Creating ~100 highly skilled jobs at the Telford facility
• Production start expected in 2027
• Caliber range: med-cal, 120mm and 155mm

Defence Secretary John Healey and CEO Armin Papperger at DSEI, 11 September 2025

German parliament passes 2025 budget and returns to regular budget cycle

September October November December 2026 budget to be passed by Bundestag Bundestag approved the 2025 budget on 18 September

Rheinmetall expands into two new domains: Naval and Space

• Lürssen and Rheinmetall reached an agreement on Naval Vessels Lürssen
• Potential sales in 2030 ~€5bn with above average industry margins
• Purchase price undisclosed
• Closing expected latest 31 January 2026

• ICEYE and Rheinmetall formed a 40-60 JV on 23 September 2025
• First market: Germany
• Immediate need for up to 40 SAR* satellites
• Expected Rheinmetall Nomination of ~€2bn in the next two quarters

Expanding the Weapon and Ammunition ecosystem

• Expansion of existing capacities in Spain, South Africa and Australia in progress
• Germany started trial production
• Groundbreaking of Lithuanian artillery ammunition plant and MoU for propellants center of excellence signed
• New ammunition plant in Latvia signed
• Bulgarian JV for powder and 155mm established
• Romania JV for powder established

Power Systems M&A progressing in the right direction

Robust sales growth and further margin expansion

• Weapon and Ammunition with strongest growth
• M&A contribution mainly from Loc Performance and Blackned

• All segments with positive contribution
• Defence margin at 15.7%

Profitable growth in the defence business, led by Weapon and Ammunition

Book-to-bill of 1.4 despite lower level of Rheinmetall Nominations in Q3

¹Rheinmetall Nomination = Frame Utilization (W+A, ES, VS) + Order Intake (W+A, ES, VS) + Frame Nomination (W+A, ES, VS) + Booked Business (PS).

²Rheinmetall Backlog = Order backlog (signed and fixed contracts) + Frame Backlog (signed frameworks incl. truck and ammunition framework agreements for several years) + Nominated backlog (inventory figure aligned to the annual sales planning PS based on the nomination letters of the booked business).

Operating Free Cash Flow still affected by inventory build-up and low prepayments

• Higher inventories again mostly related to Vehicle Systems
• Later start of truck deliveries compared to 2024

Comfortable balance sheet enables next acquisition moves

Update convertible

• Current total number of shares: 46,002,534
• Series A conversion completed
• Series B approximately 50% converted

Outlook

Record Nominations expected for Q4

Rheinmetall Backlog in €bn

Outlook

95% backlog coverage provides high confidence for full-year guidance

Armin Papperger, CEO Klaus Neumann, CFO

Q&A

Thank you for your attention!

Investor relations contacts and next events

Dirk Winkels, Head of Investor Relations

Tel: +49 162 2688921

Email: dirk.winkels@rheinmetall.com

Anika Marker, Investor Relations Manager

Tel: +49 171 4174060

Email: anika.marker@rheinmetall.com

Carl-Philip Schniewind, Investor Relations Manager

Tel: +49 175 2453310

Email: carl-philip.schniewind@rheinmetall.com

Jillis Hansmann, Investor Relations Manager

Tel: +49 151 67104002

Email: jillis.hansmann@rheinmetall.com

Rosalinde Schulte, Investor Relations Assistant

Tel: +49 211 4734718

Email: rosalinde.schulte@rheinmetall.com

Events Documents

Click or scan

Segment overview

in €m	Sales				Operating result	Operating result margin
	Q3 2024	Q3 2025	delta	Q3 2024	Q3 2025	delta	Q3 2024	Q3 2025
Vehicle Systems	1,237	1,338	8.1%	162	168	3.6%	13.1%	12.5%
Weapon and Ammunition	501	691	38.0%	133	160	20.6%	26.5%	23.2%
Electronic Solutions	392	516	31.6%	43	57	32.8%	10.9%	11.0%
Power Systems	487	473	-3.0%	18	18	4.4%	3.6%	3.9%
Non-divisional / Consolidation	-164	-237	-44.6%	-53	-43	19.4%
Rheinmetall Group	2,453	2,780	13.3%	302	360	19.3%	12.3%	12.9%
Thereof defence:	1,967	2,306	17.2%	338	361	7.0%	17.2%	15.7%

Statement of financial position

€ million	09/30/2025	12/31/2024
Assets
Goodwill	1,456	1,426
Other intangible assets	1,310	1,376
Right-of-use assets	350	334
Property, plant and equipment	2,123	1,853
Investment property	17	20
Investments accounted for using the equity method	320	346
Other non-current assets	646	585
Deferred taxes	160	172
Non-current assets	6,382	6,112
Inventories	5,280	3,989
Contract assets	867	692
Trade receivables	2,041	1,959
Other current assets	484	350
Income tax receivables	48	57
Cash and cash equivalents	557	1,184
Assets held for sale		-
Current assets	9,276	8,231
Total assets	15,658	14,344

€ million	09/30/2025	12/31/2024
Equity and liabilities
Share capital	118	112
Capital reserves	1,397	696
Retained earnings	3,161	3,247
Treasury shares	(4)	(4)
Rheinmetall AG shareholders' equity	4,672	4,050
Non-controlling interests	480	414
Equity	5,152	4,465
Provisions for pensions and similar obligations	468	527
Other non-current provisions	283	285
Non-current financial debts	1,198	1,871
Other non-current liabilities	54	58
Deferred taxes	331	356
Non-current liabilities	2,334	3,097
Other current provisions	904	807
Current financial debts	1,232	552
Contract liabilities	4,140	3,866
Trade liabilities	1,385	1,151
Other current liabilities	429	288
Income tax liabilities	82	118
Liabilities directly related to assets held for sale	-	-
Current liabilities	8,172	6,782
Total equity and liabilities	15,658	14,344

Income Statement

€ million	Q3 2025	Q3 2024	Q1-Q3 2025	Q1-Q3 2024
Sales	2,780	2,453	7,515	6,268
Changes in inventories and work performed by the enterprise and capitalized	170	(130)	771	301
Total operating performance	2,950	2,323	8,285	6,569
Other operating income	43	51	130	133
Cost of materials	1,539	1,170	4,338	3,295
Personnel costs	692	572	2,092	1,731
Amortization, depreciation and impairment	117	95	355	277
Other operating expenses	321	247	897	751
Result from investments accounted for using the equity method	(4)	(12)	(8)	(17)
Other financial result	(4)	(8)	-	(18)
Earnings before interest and taxes (EBIT)	315	270	724	613
Interest income	2	5	12	14
Interest expenses	27	28	80	86
Earnings before taxes (EBT)	290	247	657	541
Income taxes	(86)	(74)	(178)	(161)
Earnings from continuing operations	203	173	479	379
Earnings from discontinued operations	1	-	(8)	(73)
Earnings after taxes	204	173	470	306
Of which:
Non-controlling interests	51	38	103	61
Rheinmetall AG shareholders	152	135	368	245
Basic earnings per share	€ 3.34	€ 3.11	€ 8.16	€ 5.64
Basic earnings per share from continuing operations	€ 3.32	€ 3.11	€ 8.34	€7.32
Basic earnings per share from discontinued operations	€ 0.02	-	€ (0.18)	€ (1.68)
Diluted earnings per share	€ 3.31	€ 3.05	€ 8.09	€ 5.70
Diluted earnings per share from continuing operations	€ 3.30	€ 3.05	€ 8.27	€ 7.26
Diluted earnings per share from discontinued operations	€ 0.01		€ (0.18)	€ (1.56)

Cashflow Statement

€ million	Q1-Q3 2025	Q1-Q3 2024
Earnings after taxes	470	306
Amortization / depreciation / impairment of property, plant and equipment, intangible assets and investment property	355	277
Allocation of CTA assets to secure pension and partial retirement obligations	(21)	(13)
Other changes in pension provisions	1	(5)
Income / expenses from disposals of non-current assets and divestments in consolidated companies	14	66
Changes in other provisions	4	94
Changes in working capital	(967)	(151)
Changes in receivables, liabilities (without financial debt) and prepaid and deferred items	(54)	(174)
Pro rata income / loss from investments accounted for using the equity method	8	16
Dividends received from investments accounted for using the equity method	10	9
Other non-cash expenses and income	(35)	67
Cash flow from operating activities	(215)	493
Of which continuing operations	(215)	510
Of which discontinued operations	-	(17)
Cash outflows in property, plant and equipment, intangible assets and investment property	(598)	(416)
Cash inflows from the disposal of property, plant and equipment, intangible assets and investment property	8	6
Cash outflows/inflows from divestments in consolidated companies and financial assets	4	(13)
Cash outflows for investments in consolidated companies and financial assets	(39)	(13)
Cash flow from investing activities	(625)	(437)
Of which continuing operations	(625)	(430)
Of which discontinued operations	-	(8)

€ million	Q1-Q3 2025	Q1-Q3 2024
Dividends Rheinmetall AG	(369)	(248)
Other profit distributions	(51)	(30)
Increase in shares in consolidated subsidiaries	37	-
Borrowing of other financial debts	975	297
Repayment of other financial debts	(362)	(469)
Cash flow from financing activities	231	(450)
Of which continuing operations	231	(327)
Of which discontinued operations	-	(122)
Changes in cash and cash equivalents	(609)	(394)
Changes in cash and cash equivalents due to exchange rates	(18)	(4)
Total change in cash and cash equivalents	(628)	(398)
Opening cash and cash equivalents January 1	1,184	873
Closing cash and cash equivalents September 30	557	474
Closing cash and cash equivalents September 30 from discontinued operations	-	-
Closing cash and cash equivalents according to statement of financial position September 30	557	474

Derivation of diluted earnings per share

					nii
	Continuing Operations	Discontinued Operations	Q1-Q3 2025	Continuing Operations	Discontinued Operations	Q1-Q3 2024
Earnings after taxes in € million - Rheinmetall AG shareholders	376	(8)	368	318	(73)	245
Adjustment for interest expense in respect of the convertible bond in € million	14	-	14	30		30
Tax effects on the adjustment for interest expense in respect of the convertible bond in € million	(4)		(4)	(9)	-	(9)
Diluted earnings after taxes in € million - Rheinmetall AG shareholders	386	(8)	378	339	(73)	266
Weighted number of shares in millions - basic		45.03		43.43
Effect from the potential conversion of the convertible bond in millions		1.64		3.23
Weighted number of shares in millions - diluted	46.67			46.66
Basic earnings per share	€ 8.34	€ (0.18)	€8.16	€7.32	€ (1.68)	€ 5.64
Diluted earnings per share	€ 8.27	€ (0.18)	€8.09	€7.26	€ (1.56)	€ 5.70
Adjusted diluted earnings per share (due to antidilutive effect)	-	-	-	-	-	-

Adjusted PnL

in €m	Q3 2024			Q3 2025				Delta (adjusted)
	Reported Spe	cial items	PPA	Adjusted	Reported Spec	ial items	PPA	Adjusted	Delta	Delta (rel.)
Sales	2.453	-2		2.451	2.780			2.779	328	12%
Changes in inventories and work performed by the enterprise and capitalized	-130		2	-128	170		3	173	301	174%
Total operating performance	2.323	-2	2	2.323	2.950		3	2.953	630	21%
Cost of materials	1.170			1.170	1.539			1.539	370	24%
Gross profit	1.153	-2	2	1.153	1.410		3	1.414	260	18%
Other operating income	51			51	43			43	-9	-20%
Personnel costs	572	-2		570	692	-6		686	116	17%
Depriciation	95		-25	71	117		-33	84	13	16%
Other operating expenses	247	-2		245	321			321	76	24%
Income from investments accounted for using the equity method	-12	1	2	-9	-4		3	-1	8	-979%
Other net financial income	-8			-8	-4			-4	4	-89%
EBIT	270	3	28	302	315	6	39	360	58	16%
Interest income	-23			-23	-25			-25	-2	8%
EBT	247	3	28	278	290	6	39	334	56	17%
Income taxes	-74	-1	-7	-82	-86		-7	-94	-12	13%
Earnings from continuing operations	173	2	21	197	203	5	32	240	44	18%
Earnings from discontinued operations					1			1		69%
Earnings after taxes	173	2	21	197	204	5	32	241	44	18%
of which:
Non-controlling interest	38			38	51			51	13	26%
Rheinmetall AG shareholder	135	2	21	159	152	5	32	190	31	16%
of which continued operations	135	2	21	158	152	5	32	189	31	16%
Basic adjusted earnings per share - continuing operations	3.11EUR			3.65EUR	3.32EUR			4.12EUR	0.47EUR	11%