Positive operating result in a very challenging quarter Non-cash impairments due to corona crisis

Conference Call Q2 Düsseldorf, 6 August 2020

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

In particular, such forward-looking statements include the financial guidance contained in the outlook for 2020.

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. 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. 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-Rheinmetall AG and its affiliates are neither associated with nor provide any support to American Depository Receipts programmes (ADR) or comparable offerings or affiliates has and or will accept any responsibility or liability whatsoever in relation to such ADR programmes or comparable investment schemes.

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 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.

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

Ad-hoc summary Management took action to cope with industry changes

Impairment details Structurally weaker market expectations trigger impairment in Automotive

Q2 non-cash impairment charges of €300m booked in Automotive
Impairment details:

Impairment details  Q2 non-cash impairment charges of €300m booked in Automotive
	Impairment details:

	 Business split:
	 Hardparts	€291m
	 Mechatronics	€6m
	 Aftermarket	€3m

		Structurally weaker market expectations trigger impairment in Automotive
		Q2 non-cash impairment charges of €300m booked in Automotive



	Business split	Balance sheet split
		 Goodwill	€88m
Mechatronics	€6m	 Property, plant and equipment	€185m
Aftermarket	€3m	 Others	€27m

Restructuring details First measures of restructuring in Automotive communicated

Evaluation of strategic options in the Automotive segment ad-hoc announced July 27th
Total accrual volume of €40m will be booked in Q3 with cash-effect between 2020-22

Hardparts [~€24m]:

Closure of US small bore pistons site until 2022/23
Relocation of production to low-cost countries
Adjustment of capacities to market demand in Brazil, Germany and the Czech Republic

Mechatronics [~€16m]:

Adaptation of capacities
Realignment of structures to reduce dependency on combustion engine
Preparation for new markets: transfer of technology to new applications

Targeted savings of 40 to 50 €m already effective in 2022/23

Crisis management with focused activities Smooth restart from lockdown and cash

Protect our people

Health and safety first!
Ensuring protection for our employees
Global Corona incident monitoring
Internal communication of measures
Quick supply of personal protection equipment (PPE) and disinfectants
Daily Corona board-reports
6 CEO letters
Hygiene concept was successful
Low infection rate (<0.3%)
Order intake for PPE of up to €100m in 2020

Secure cost

Cash

Stop of all non-essential expenses in Automotive
Minimize capex spending
Selective inventory management for bottle neck products
Solid liquidity position

Cost

Extensive and fast-acting cost cutting measures
Adjust to "new normal" demand level
Global "Kurzarbeit" regimes in Automotive
Automotive op. leverage ~27%
Total headcount reduction of 11%
Automotive labor cost per cut by 23%
Q2 Auto capex reduced by 55%
Supply chain resilient in both segments
Smooth re-start of our activities aligned with demand recovery

Q2 2020 Group: Key financial data Corona impact overshadowed excellent Defence performance

Analyst Conference Call Q2 2020

Q2 2020 Group: Operating free cash flow Automotive earnings drop main cause for weak cash flow generation in Q2

Operating free cash flow bridge in €m

Low operational performance and impairment charges, both in Automotive
D&A inflated by corresponding impairments
Opportunistic sourcing in Automotive and business related increase of NWC in Defence

Active capex management in both segments

Capex review yields strong cash reduction

Both segments will reduce capex in 2020
Automotive to contribute most with a reduction between 25 to 30%
H1 Automotive capex already cut by €31m or 46%

IFRS 16 peak in 2020

IFRS 16 impact includes non-cash effect of €73m in 2020 after €64m in 2019
Single biggest effect in 2020 results from long-term lease agreement for MilVehCoE/Australia of €52m

Q2 2020 Group: Group key financials Balance sheet and financials remain solid after impairment

Net financial debt and Net financial debt/EBITDA (LTM)

Equity ratio remains on solid level
Net debt and KPI with normal seasonality
0.75 Cash on balance €586m
0.25 Undrawn credit lines of €0.7bn per end of Q2
0.00 Investment grade rating with stable outlook

Q2 2020 Automotive: Highlights Management implemented extensive and fast-acting saving measures

Summary savings measures

in €m

Global measures

Hiring freeze in all Automotive entities
Total Automotive staff reduced by 11%
"Kurzarbeit" savings of €19m

Country specific measures

Voluntary redundancy programmes
Early retirement schemes
Working hour adjustment

Q2 2020 Automotive: Highlights Fast-acting cost cutting helped Q2 performance

Smooth restart of production after lockdown
Sales volumes declined as expected, with sequential monthly improvement
Outperformance of relevant market* by almost 10pp -15.3
Successful implementation of strict cost measures improved operating leverage to 27% 338
- Lower results and opportunistic sourcing burdened OFCF

Q2 2020 Automotive: Divisional highlights Dramatic volume decline drove results negative

Q2 2020 Automotive: Highlights All end-markets impacted by volume drop

260 153 52 254 108 160 58 20 338 726 -53% ⁹² ⁶⁸ 28 23 117 260 LV: 55% LV: 64% Sales split LV/ Non-LV in €m / in % Sales split Non-LV in €m / in % Q2 2020 Q2 2019 Q2 2020 Q2 2019

		Delta absolute in %
	Diesel	-102 -63.8%
	Gasoline	-146 -57.5%
-41%	other LV	-32 -61.8%
	LV Business	-280 -60.2%
	Truck	-68 -57.8%
	Large Bore	-8 -33.4%
153	other	-7 -25.0%
49	Aftermarket	-24 -26.3%
15 21 68	Non-LV Business	-107 -41.2%

Q2 2020 Automotive: China performance Sales recovery and positive margin development

Comments on the quarter
Sales increase of +3% compares to a market recovery of 9% (IHS Markit 4 August, 2020) Sales development held back by customer mix All plants operational, business activity
approaching 100% pre corona level
EBIT further recovered
JV EBIT margin increased from 6.8% to 8.3%

Joint Venture Wholly owned foreign enterprise

Q2 2020 Automotive: Regional sales split Automotive with stronger performance in Europe and USMCA

*IHS data adjusted for China volumes to match Automotive regional sales split; ** China Total Management View

Q2 2020 Defence: Highlights Outstanding performance

Resilient demand environment
Order intake above expectations
Strong sales and operating result increase driven by WA and VS including early deliveries at customer request and unplanned sales for medical protection equipment 10.3
OFCF declined on higher business activities and increased capex Q2

	Quarterly sales and margin development			Comments on quarterly performance
In €m and %				 Resilient demand environment
	1,324 15.8 901	 Order intake above expectations
746 8.1 7.8	823 740 10.3 3.9			for medical protection equipment		Strong sales and operating result increase driven by WA and VS including early deliveries at customer request and unplanned sales
Q2 Q3 Q4	Q1	Q2				OFCF declined on higher business activities and increased capex
In €m			Q2 2019	Q2 2020	∆	YTD 2019	YTD 2020	∆
Order intake*			501	752	50.1%	1,065	1,483	39.2%
Sales			746	901	20.8%	1,375	1,641	19.3%
Operating result			60	93	55.0%	69	122	76.8%
Operating margin in %	8.1%	10.3%	220 bp	5.0%	7.4%	240 bp
Special item			-2	-2		-2	-2
EBIT			58	91	56.9%	67	120	79.1%
Operating Free Cash Flow			-131	-141	-7.6%	-224	-293	-30.8%
			-17.6%	-15.7%	190 bp	-16.3%	-17.9%	-160 bp
Operating FCF / Sales

Q2 2020 Defence: Divisional highlights Favorable volume growth and product mix

Weapon & Ammunition

Q2 2020 • Early shipment on customer request helped Q2
10.3% • Unplanned first deliveries of PPE*

Electronic Systems

8.2% • Solid sales driven by VJTF and Gladius projects

Vehicle Systems

10.5% • Strong tactical vehicle sales
- Ramp-up of Boxer projects

*Personnel protective equipment

Q2 2020 Defence: Order overview Stronger than expected order intake

German framework contract for 2.000 load handling systems with first order

Stronger than average first half helps to meet FY guidance

Stronger than average first half 2020 (+19%)
Customer induced shift of sales into Q2 at the expense of Q3 -1%
- Confirmation of FY sales growth of 6-7% guidance implies weaker H2 y-o-y H1
  - FY growth still backend loaded driven by high Q4 sales volume in Division WA

2020 Guidance update

AUTOMOTIVE	Sales decline of ~15% in Q3 with an operating leverage expected
	around 30%
DEFENCE	Second half on the level of last year's strong performance
	*as of 4 August 2020

FY 2020 Guidance Trading update

Management still refrains to provide a detailed Automotive FY guidance. Automotive is currently targeting an operating result corridor between €-30m and break-even, if current circumstances do not change substantially (e.g. no additional lockdown or comparable business disruption and no material change in IHS growth assumptions* for H2)

Guidance specified:

sales growth expectation of 6-7% and
operating margin around 10%

Next events and IR contacts UBS Quo Vadis Investor Trip 2020 Berenberg u. Goldman Sachs German Corporate Conference

Next Events

Bankhaus Lampe Deutschlandkonferenz

Commerzbank Corporate Conference

Morgan Stanley Industrials CEOs unplugged

All investor meetings will be conducted as

IR Contacts

Dirk Winkels Head of IR Tel: +49-211 473-4749 Email: [email protected]

René Weinberg Senior Investor Relations Manager Tel: +49-211 473-4759 Email: [email protected] Corporate Presentation Annual Reports Interim Reports Q3 2020 Earnings call 6 November 2020 telephone conferences

Rosalinde Schulte Investor Relations Assistant Tel: +49-211 473-4718

Quick link to documents

Email: [email protected]

APPENDIX

Group: Quarterly development

Group: Free cash flow summary

			Group: Free cash flow summary

YTD 2019	YTD 2020	Δ YTD '19/'20	in €m	Q2 2019	Q3 2019	Q4 2019	Q1 2020	Q2 2020	Δ Q2 '19/'20

110 133	-234 414	-344 281	Net Income Amortization / depreciation	76 68	60 71	184 75	18 75	-252 339	-328 271
-1	-42	-41	Change in pension accruals	1	-15	-1	-43	1	-
242	138	-104	Cash Flow	145	116	258	50	88	-57
-233	-373	-140	Changes in working capital and other items	-108	-159	423	-182	-191	-83
-111	-314	-203	Changes in other items	-57	-22	87	-10	-70	-13
-103	-314	-211	Net cash used in operating activities	-19	-64	769	-142	-172	-153
-104	-95	9	Cash outflow for additions to tangible and intangible assets	-60	-63	-120	-46	-49	11

Automotive: Quarterly development

Sales by division

in €m

Operational result by division in €m

Automotive: Free Cash Flow summary

			Automotive: Free Cash Flow summary

YTD 2019	YTD 2020	Δ YTD	in €m	Q2	Q3	Q4	Q1	Q2	Δ Q2
		'19/'20		2019	2019	2019	2020	2020	'19/'20
72	-298	-370	Net Income	38	30	30	3	-301	-339
79	353	274	Amortization / depreciation	41	41	43	45	309	268
-1	-33	-32	Change in pension accruals	-	-15	-2	-32	-1	-1
150	22	-128	Cash Flow	79	56	71	16	7	-72
-58	-51	7	Changes in working capital and other items	29	-3	92	-46	-4	-33
-39	-82	-43	Changes in other items	-8	-8	-18	1	-82	-74
53 -67	-110 -36	-163 31	Net cash used in operating activities Cash outflow for additions to tangible and intangible assets	99 -38	45 -39	145 -63	-30 -19	-80 -17	-179 21

Defence: Quarterly development

Sales by division

in €m

Operational result by division in €m

Defence: Free Cash Flow summary

			Defence: Free Cash Flow summary
YTD 2019	YTD 2020	Δ YTD '19/'20	in €m	Q2 2019	Q3 2019	Q4 2019	Q1 2020	Q2 2020	Δ Q2 '19/'20


36	75	39	Net Income	35	37	172	11	64	29
50	57	7	Amortization / depreciation	26	29	30	28	29	3
1	2	1	Change in pension accruals	2	1	1	-1	3	1
87 -180	134 -322	47 -142	Cash Flow Changes in working capital and other items	62 -136	67 -151	203 331	40 -138	96 -183	34 -47
-96	-46	50	Changes in other items	-35	5	111	-24	-22	13
-188	-234	-46	Net cash used in operating activities	-108	-80	646	-124	-110	-2
-36	-59	-23	Cash outflow for additions to tangible and intangible assets	-22	-24	-52	-28	-31	-10

	Group: Income Statement
H1 2019	H1 2020	Δ		Q2 2019	Q2 2020	Δ
2,814 In €m	2,597	-217	Sales	1,471	1,239	-232
164	158	-6	Changes in inventory and other own work capitalized	74	32	-42
2,978	2,754	-224	Total operating performance	1,545	1,271	-274
78	51	-27	Other operating income	42	25	-17
1,588	1,431	-157	Cost of materials	824	627	-197
842	848	6	Personnel expenses	421	406	-15
133	414	281	Amortization, depreciation and impairment	68	339	271
332	312	-20	Other operating expenses	167	152	-15
13	-14	-27	Income from investments carried at equity	8	-13	-21
- 3	-17	-14	Other net financial income	1	-24	-25
170	-232	-402	Earnings before interests and taxes (EBIT)	115	-266	-381
4	4	-	Net interest income	2	2	-
- 22	-24	-2	Interest expenses	-11	-12	-1
152	-252	-404	Earnings before taxes (EBT)	107	-276	-383
- 42	18	60	Income taxes	-31	25	56
110	-234	-344	Earnings after taxes	76	-252	-328
			Of which:
4	2	-2	Minority interests	3	-3	-6
105	-235	-340	Rheinmetall AG shareholders	73	-248	-321
	182	-121	EBITDA	183	73	-110
303

Group: Income Statement

In €m H1 2019 H1 2020 Δ Q2 2019 Q2 2020 Δ 110 -234 -344 Net income 76 -252 -328 133 414 281 Amortization, depreciation and impairments 68 339 271 -1 -2 -1 Changes in pension provisions 1 1 - -1 - 1 Income from disposition of non-current assets -1 0 1 -42 -9 33 Changes in other provisions -70 -68 2 -233 -373 -140 Changes in inventories -108 -192 -84 -13 14 27 Pro rata income from investments carried at equity -8 13 21 6 6 - Dividends received from investments carried at equity 1 6 5 7 -24 -31 Other non-cash expenses and income 4 -24 -28 -103 -314 -211 Cashflows from operating activities -19 -172 -153 -90 -77 13 Cashflows from investing activities 127 -33 -160 8 64 56 Cashflows from financing activities 21 86 65 -184 -327 -143 Changes in financial resources 130 -119 -249 -183 -334 -151 Total change in financial resources 129 -119 -248 724 920 196 Cash and cash equivalents 31.12.2019 724 920 196 541 586 45 Cash and cash equivalents 30.06.2020 541 586 45 - -14 0 0 -68 -65 3 Changes in receivables, liabilities (without financial debts) and prepaid & deferred items 17 3 Allocation of CTA assets to secure pension and partial retirement obligations - -42 -42 1 -6 -7 -1 0 1 Changes in cash and cash equivalents due to exchange rates

Group: Cash Flow Statement

Group: Balance Sheet

Group: Balance Sheet
	31.12.2019	30.06.2020	Δ		31.12.2019	30.06.2020	Δ
Non-current assets	3,195	2,905	-290	Equity	2,272	1,848	-424
In €m Goodwill	567	475	-92	Share capital	112	112	-
In €m Other intangible assets	233	242	9	Additional paid-in capital	553	556	3
Usage rights	204	193	-11	Retained earnings	1,478	1,065	-413
Property, plant and equipment	1,361	1,110	-251	Treasury shares Rheinmetall AG shareholders' equity	-17 2,125	-13 1,719	4 -406
Investment property	42	39	-3	Minority interests	146	128	-18
Investments carried at equity	309	285	-24	Non-current liabilities	2,365	2,304	-61
Other non-current financial assets	255	271	16	Provisions for pensions and similar obligations	1,169	1,132	-37
Deferred taxes	224	289	65	Other non-current provisions	214	195	-19
Current assets	4,220	4,104	-116	Non-current financial debts	880	870	-10
Inventories	1,463	1,653	190	Other non-current liabilities	86	86	-
Contractual assets	388	450	62	Deferred taxes	16	21	5
Trade receivables	1,147	1,111	-36	Current liabilities	2,779	2,857	78
Liquid financial assets	20	0	10	Other current provisions	709	703	-6
Other current financial assets	242	252	11	Current financial debts	112	302	190
Income tax receivables	41	52	-20	Contractual liabilities	948	931	-17
Cash and cash equivalents	920	586	-334	Trade liabilities Other current liabilities	695 215	588 243	-107 28
Assets for disposal	-	-	-	Income tax liabilities	99	90	-9
Total assets	7,415	7,009	-406		7,415	7,009	-406
				Total liabilities

Group 2015 –	2019: Key figures (as reported)
in €m		2015	2016	2017	2018	2019
Balance Sheet	Total assets	5.730	6.150	6.101	6.759	7.415
	Shareholder's equity	1.562	1.781	1.870	2.173	2.272

	Equity ratio (in %)	27,3	29,0	30,7	32,1	30,6
	Pension liabilities	1.128	1.186	1.080	972	1.169
	Net financial debt	-81	19	230	-30	-52
	Net financial debt / EBITDA	0,17	-0,03	-0,37	0,04	0,07
	Net gearing (in %)	5,2	-1,1	-12,3	1,4	2,3
Income	Sales	5.183	5.602	5.896	6.148	6.255
statement	Operating result	287	353	400	491	505
	Operating margin (in %)	5,5	6,3	6,8	8,0	8,1
	EBITDA	490	581	626	836	792
	EBIT	287	353	385	518	512
	EBIT margin (in %)	5,5	6,3	6,5	8,4	8,2
	EBT	221	299	346	485	477
	Net income	160	215	252	354	354
	Earnings per share (in EUR)	3,88	4,69	5,24	7,10	7,77
		1,10	1,45	1,70	2,10	2,40
	Dividend per share (in EUR)
	ROCE (in %)	10,6	12,3	13,8	17,1	15,4
CF statement Headcount	Free cashflow from operations Employees (Dec. 31) according to capacity	29 20676	161 20993	276 21610	-35 22899	314 23780

Segments 2015 –					2019: Key figures
				Automotive								Defence
2015	2016	2017	2018	2019			in €m	2015	2016	2017	2018	2019
2.621	2.670	2.922	2.888	2.705		Order intake		2.693	3.050	2.963	5.565	5.186
445	458	520	478	447		Order backlog (Dec. 31)		6.422	6.656	6.416	8.577	10.399
2.592	2.656	2.861	2.930	2.736		Sales		2.591	2.946	3.036	3.221	3.522
216	223	249	262	184		Operating result		90	147	174	254	343
8,3	8,4	8,7	8,9	6,7		Operating margin (in %)		3,5	5,0	5,7	7,9	9,8
335	356	367	421	348		EBITDA		175	239	268	403	450
216	223	227	266	186		EBIT		90	147	172	247	341
8,3	8,4	7,9	9,1	6,8		EBIT margin (in %)		3,5	5,0	5,7	7,7	9,7
167 96	149 105	154 106	161 26	143 73		Capex OFCF		96 -38	95 103	89 238	101 -29	166 266
10.934	10.820	11.166	11.710	11.405		Employees (Dec. 31) according to capacity		9.581	10.002	10.251	10.948	12.100
1.450	1.499	1.621	1.664	1.525		Sales		881	1.111	1.175	1.056	1.018
118	140	176	171	118	Mechatronics	Operating Result	Weapon &	73	108	117	121	123
8,1%	9,3%	10,9%	10,3%	7,7%		Margin	Ammunition	8,3%	9,7%	10,0%	11,5%	12,1%
952	921	968	988	937		Sales	Electronic	759	745	691	839	948
73	62	60	65	28	Hardparts	Operating Result	Solutions	12	25	20	46	75
7,7%	6,7%	6,2%	6,5%	3,0%		Margin		1,5%	3,4%	2,9%	5,5%	7,9%
285	319	358	367	361		Sales	Vehicle	1.195	1.392	1.480	1.568	1.787
27	29	33	36	35	Aftermarket	Operating Result	Systems	-9	29	53	108	150
9,5%	9,1%	9,2%	9,7%	9,8%		Margin		-0,8%	2,1%	3,6%	6,9%	8,4%
									Analyst Conference Call Q2 2020			35

Glossary

Glossary


bn	billions	LBP	Large bore piston
bp	basis points	LEP	Life extension programme
CAGR	compounded average growth rate	LV	Light vehicle
CER	Constant Exchange Rates	m	million
CP CTA	Commercial Paper Contractual trust agreement	MIV MGCS	Mechanized Infantry Vehicle Main Ground Combat Vehicle
D&A	Depreciation & Amortization	NWC	Net working capital
e	expected	OEM	Original Equipment Manufacturer
EA	Export approval	Op.	operational
EBIT	Earnings before Interest and Tax	Op. res.	Operating result
EBITDA	Earnings before Interest, Tax , Depreciation and Amortization	Operating FCF	Operating free cash flow
EBT	Earnings before Tax	Op. margin	Operating margin
EIB	European Investment Bank	P&L	Profit & Loss Account
EPS	Earnings per share	PPE	Personnel Protection Equipment
EPL	Einzelplan	PY	Previous Year
EV	Electric Vehicle	rep	reported
FTE	Full Time Equivalents	ROCE	Return on capital employed
FX GDP	Foreign exchange rate Gross Domestic Product	RoW SOP	Rest of the World Start of production
HEV	Hybrid and Electric Vehicles	USMCA	USA, Mexico, Canada
IDZ	Infanterist der Zukunft	WACC	Weighted average cost of capital
IFRS	International Financial Reporting Standards	WLTP	Worldwide Harmonized Light-Duty Vehicles Test Procedure
IFV	Infantry Fighting Vehicle	WFoE	Wholly foreign owned enterprise
JV	Joint Venture
			Analyst Conference Call Q2 2020	36

AI assistant

Rheinmetall AG — Call Transcript 2020

356_ip_2020-08-06_e0c0ba4c-49d4-4457-98e5-1f5f63a52d6d.pdf

Positive operating result in a very challenging quarter Non-cash impairments due to corona crisis

Disclaimer

Ad-hoc summary Management took action to cope with industry changes

Impairment details Structurally weaker market expectations trigger impairment in Automotive

Restructuring details First measures of restructuring in Automotive communicated

Hardparts [~€24m]:

Mechatronics [~€16m]:

Targeted savings of 40 to 50 €m already effective in 2022/23

Crisis management with focused activities Smooth restart from lockdown and cash

Protect our people

Secure cost

Cash

Cost

Q2 2020 Group: Key financial data Corona impact overshadowed excellent Defence performance

Q2 2020 Group: Operating free cash flow Automotive earnings drop main cause for weak cash flow generation in Q2

Operating free cash flow bridge in €m

Active capex management in both segments

Capex review yields strong cash reduction

IFRS 16 peak in 2020

Q2 2020 Group: Group key financials Balance sheet and financials remain solid after impairment

Net financial debt and Net financial debt/EBITDA (LTM)

Q2 2020 Automotive: Highlights Management implemented extensive and fast-acting saving measures

Global measures

Country specific measures

Q2 2020 Automotive: Highlights Fast-acting cost cutting helped Q2 performance

Q2 2020 Automotive: Divisional highlights Dramatic volume decline drove results negative

Q2 2020 Automotive: Highlights All end-markets impacted by volume drop

Q2 2020 Automotive: China performance Sales recovery and positive margin development

Q2 2020 Automotive: Regional sales split Automotive with stronger performance in Europe and USMCA

Q2 2020 Defence: Highlights Outstanding performance

Q2 2020 Defence: Divisional highlights Favorable volume growth and product mix

Weapon & Ammunition

Electronic Systems

Vehicle Systems

Q2 2020 Defence: Order overview Stronger than expected order intake

German framework contract for 2.000 load handling systems with first order

Stronger than average first half helps to meet FY guidance

2020 Guidance update

FY 2020 Guidance Trading update

Next events and IR contacts UBS Quo Vadis Investor Trip 2020 Berenberg u. Goldman Sachs German Corporate Conference

IR Contacts

Rosalinde Schulte Investor Relations Assistant Tel: +49-211 473-4718

Quick link to documents

APPENDIX

Group: Quarterly development

Group: Free cash flow summary

Automotive: Quarterly development

Automotive: Free Cash Flow summary

Defence: Quarterly development

Defence: Free Cash Flow summary

Group: Income Statement

Group: Cash Flow Statement

Group: Balance Sheet

Glossary

More from Rheinmetall AG

Rheinmetall AG Call Transcript 2020