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Rheinmetall AG Call Transcript 2026
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RHEINMETALL
CONFERENCE CALL
Q1 2026
Armin Papperger, CEO
Klaus Neumann, CFO
May 7, 2026
Q1 2026 CONFERENCE CALL
RHEINMETALL
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.
© Rheinmetall AG | May 7, 2026
Q1 2026 CONFERENCE CALL
RHEINMETALL
Q1 2026 Group Highlights
Solid start to the year confirming confidence to achieve FY guidance
© Rheinmetall AG | May 7, 2026
Note: only continuing operations; change YoY; Capex without IFRS 16.
Q1 2026 CONFERENCE CALL
RHEINMETALL
Q1 2026 Group Highlights
Rheinmetall is a key industrial partner of the Bundeswehr
| TODAY | 2029 | up to 2035 | 2039+ |
|---|---|---|---|
| Increasing to 140% equipment level | Growing into the MCR's & on the personnel side | Being the strongest force in Europe | |
| Long term | |||
| Target picture | |||
| Short term | |||
| Focussed build-up | Medium term | ||
| Structured build-up | Technologically superior | ||
| armed forces | |||
| Maximising defence capability | Major build-up of sustainable armed forces, geared towards the Alliance |
Draft budget 2027 suggests 21% increase of defence spending to €145bn*
© Rheinmetall AG | May 7, 2026
MCR = Minimum Capability Requirements, *General defence spending EPL14 + special fund + military aid to Ukraine
Q1 2026 CONFERENCE CALL
RHEINMETALL
Q1 2026 Group Highlights
A promising start for our new SEA domain
- Acquisition of NVL closed on February 27, 2026
- Promising start of the integration process
- Steel cutting
- First ship launching ceremony
- Non-binding offer to acquire German Naval Yards, due diligence expected to start soon
- Q1 financials include one month of the new segment Naval Systems
- 2026 order intake potential driven by:
- F125 upgrade
- F126 new frigate contract*
- Successful internationalisation potential in Romania
© Rheinmetall AG | May 7, 2026
- Rheinmetall would act as prime contractor
Q1 2026 CONFERENCE CALL
RHEINMETALL
Q1 2026 Group Highlights
Autonomy is a top priority at Rheinmetall
Unmanned Ground Vehicles
- Mission master trials with various customers
- S-MET in US tender
- DOK-ING majority stake to further strengthen technology basis
Unmanned Air Vehicles
- Comprehensive drone and loitering ammunition portfolio
- CCA – strategic partnership with Boeing
- MoU with Lockheed Martin for European CCA, part of PLCD
Rheinmetall autonomy
Unmanned Surface Vessels
- JV with Kraken to manufacture USVs
- NVL AMC12 as testing platform for navigational & tactical autonomy
- Portfolio development from small to large USVs
© Rheinmetall AG | May 7, 2026
PLCD = Production Launch Centre Defence, CCA = Collaborative Combat Aircraft, USV = Unmanned Surface Vessel
Q1 2026 CONFERENCE CALL
RHEINMETALL
Q1 2026 Group Highlights
Rheinmetall is further expanding its leading role in drones for the Bundeswehr
| Bundeswehr drone portfolio | |
|---|---|
| Introduced systems: | |
| 1. | Black Hornet PD-100 |
| 2. | Mikado |
| 3. | ALADIN |
| 4. | LUNA |
| 5. | KZO |
| 6. | Heron 1 |
| 7. | Heron TP |
| Future systems: | |
| 1. | Euro drone |
| 2. | MQ28 |
| 3. | FV014 |
| Current and future Bundeswehr drones from Rheinmetall | |
| --- | |
| MQ-28 | Combat & Multirole |
| LUNA | Reconnaissance & Strike |
| KZO | Reconnaissance |
| FV014 | Loitering Munition |
| ALADIN | Reconnaissance |
| Range | 0 10 20 30 40 50 60 70 80 90 100 110 120 130 140 150 3.700 |
© Rheinmetall AG | May 7, 2026
future
current
Q1 2026 CONFERENCE CALL
RHEINMETALL
Q1 2026 Group Highlights
Strengthening our LAND and AIR domains through partnerships
Rheinmetall
Boeing
- Strategic partnership supports Germany’s planned 2029 deployment of a CCA, which comes on top to the existing programs with Lockheed Martin and Anduril
- MQ-28 Ghost Bat is a world leading, proven CCA that can be modified to meet Germany’s requirements
- Significant contribution to the operational capability of the German Air Force
Rheinmetall
Indra
- MoU to further deepen strategic cooperation
- Production of military vehicle systems for Spanish, European and Latin American Armed Forces
- Next step: Formation of a JV to bid for the procurement of up to 3,000 military trucks for the Spanish army
© Rheinmetall AG | May 7, 2026
Q1 2026 CONFERENCE CALL
RHEINMETALL
Q1 2026 Group Highlights
Partnership with Destinus to enter the market for deep strike capabilities
- Destinus is a Netherlands-based European defence technology company focused on scalable strike and interception systems
- The aim is to establish a joint venture under the name „Rheinmetall Destinus Strike Systems“ in H2 2026
- Rheinmetall will own the majority share of 51%
- JV includes cruise missiles and ballistic rocket artillery
- Focus is on manufacturing, assembling, testing and delivering
- The aim is to meet the requirements of national and international customer
- Start of production planned for Q4 2026 / Q1 2027
Already short-term multi-million potential
© Rheinmetall AG | May 7, 2026
Q1 2026 CONFERENCE CALL
RHEINMETALL
Q1 2026 Group Highlights
Intensive discussions with Middle East customers confirm increased demand
| Air defence systems | Ammunition | Missiles |
|---|---|---|
| Successful use of our systems in the Golf region | High consumption of ammunition with existing systems | Heavy use of various missile types left stocks depleted |
| High demand for additional systems | Increased need to replenish empty ammunition stocks for air defence systems | Refill empty stocks for various missile products incl. fins, bodies, nose cones and other precision machined parts |
| Negotiations already initiated, up to 10 systems for delivery in 2026 |
© Rheinmetall AG | May 7, 2026
Q1 2026 CONFERENCE CALL
RHEINMETALL
Q1 2026 Group Highlights
Rheinmetall fully addresses all Ukrainian priority areas
Current focus
- Strengthening Ukrainians combat vehicle fleet with Lynx KF41
- Air defence supported with Skyranger on Leopard 1 chassis deliveries
- Ongoing ammunition supply with increasing demand for long-range artillery
European Union decided to release financial support package
- €90bn Ukraine support loan of which €60bn earmarked for the procurement of defence goods
- Loan will be used, amongst other things, to cover Ukraine’s priority areas
- Short-term delivery schedule
© Rheinmetall AG | May 7, 2026
Q1 2026 CONFERENCE CALL
RHEINMETALL
Q1 2026 Group Highlights
Disposal of Power Systems is nearing the finish line
- Negotiations in the final phase
- Signing expected in Q2 2026
© Rheinmetall AG | May 7, 2026
E RHEINMETALL
FINANCIALS
Q1 2026 CONFERENCE CALL
RHEINMETALL
Q1 2026 Financials
Sound first quarter with margin expansion setting the base for a strong H1
- Murcia catch-up only starting from Q2 onwards
- Naval system consolidated from March onwards
-
Q1 2025 included pull forwards from Q2 2025
-
Margins improved across all segments
- Leverage effect continues to be favourable
14 © Rheinmetall AG | May 7, 2026 Note: continuing operations only. ¹ including Naval Systems, blackned, Resonant, EOD services, NC-Hagedorn
Q1 2026 CONFERENCE CALL
RHEINMETALL
Q1 2026 Financials
Operational performance improved across all segments
in €m
| Sales | Operating result | Operating result margin | ||||
|---|---|---|---|---|---|---|
| Q1 2025 | Q1 2026 | Q1 2025 | Q1 2026 | Q1 2025 | Q1 2026 | |
| Vehicle Systems | 953 | 985 | 81 | 94 | 8.5% | 9.6% |
| Weapon and Ammunition | 599 | 601 | 116 | 117 | 19.3% | 19.4% |
| Air Defence | 135 | 192 | 17 | 30 | 12.5% | 15.6% |
| Digital Systems | 301 | 349 | 10 | 18 | 3.3% | 5.2% |
| Naval Systems | - | 77 | - | 8 | - | 10.1% |
| Non Divisional / Consolidation | -188 | -266 | -33 | -43 | - | - |
| Rheinmetall Group | 1.800 | 1.938 | 191 | 224 | 10.6% | 11.6% |
© Rheinmetall AG | May 7, 2026
Q1 2026 CONFERENCE CALL
RHEINMETALL
Q1 2026 Financials
Q1 book-to-bill ratio above 2x and adding ~€6bn Naval backlog
Rheinmetall Nomination¹
¹ Rheinmetall Nomination = Frame Utilization + Order Intake + Frame Nomination.
² Rheinmetall Backlog = Order backlog (signed and fixed contracts) + Frame Backlog (signed framework agreements for several years).
Rheinmetall Backlog²
³ Rheinmetall AG I May 7, 2026
© Rheinmetall AG I May 7, 2026
Q1 2026 CONFERENCE CALL
RHEINMETALL
Q1 2026 Financials
Preparations for higher sales growth in full swing
Comments
- Weapon and Ammunition and Air Defence with largest contribution for inventory build-up
- Capex levels on comparable level, driven by capacity expansions, especially in Weapon and Ammunition as well as Vehicle Systems
© Rheinmetall AG | May 7, 2026
1 Continuing operations only.
Q1 2026 CONFERENCE CALL
RHEINMETALL
Q1 2026 Financials
Debt KPIs remain on a comfortable level even after Naval Systems acquisition
Update Financing & Comments
- Net Debt / EBITDA at 0.39x
- Acquisition of NVL paid from existing liquidity and available credit facilities
- Current total number of shares: 46,663,521
- Series A conversion completed
- Series B approximately 92% converted per end of April 2026
- Moody's rating update to Baa1 with positive outlook
Equity ratio
Net financial position¹
in €m
-667
-829
03/31/2025
03/31/2026
© Rheinmetall AG | May 7, 2026
¹ Continuing operations only.
Q1 2026 CONFERENCE CALL
RHEINMETALL
Q1 2026 Financials
Robust supply-chains insulated against impact from Iran war
| Energy costs | Energy accounts for only 1% of sales
2026 coverage ratio at 77% for electricity and 84% for gas |
| --- | --- |
| Raw materials | Active stockpiling and further supplier diversification |
| Pricing | Price pass through mechanisms and hedging protect the margins |
© Rheinmetall AG | May 7, 2026
E RHEINMETALL
OUTLOOK
Q1 2026 CONFERENCE CALL
RHEINMETALL
Outlook
Rheinmetall Nomination expected to gather momentum in Q2
© Rheinmetall AG | May 7, 2026
YTG = Year to go, QTG = Quarter to go, CTTP = Collective Training Transformation Programme
Q1 2026 CONFERENCE CALL
RHEINMETALL
Outlook
Backend loaded sales development
- Reverse quarterly seasonality in H1 2026
- Q1 2026 compares against high previous year
- Q1 2025 benefitted from pull forward effects
- Strong acceleration expected in Q2 2026 led by
- Strong growth in Weapon and Ammunition across all calibres
- Truck call-off starting earlier than in 2025
- Increasing digital sales
- Different M&A contribution
- Q1 2025 full quarter with Loc Performance contribution
- Q1 2026 only one month of Naval Systems
© Rheinmetall AG | May 7, 2026
Reported data
Forecast
Q1 2026 CONFERENCE CALL
RHEINMETALL
Outlook
Full Year Guidance 2026 confirmed
| | 2025 | 2026e
(continued business only) | 2030 |
| --- | --- | --- | --- |
| Sales | €9.9bn | €14.0 - 14.5bn
Growth: + 40 – 45%,
thereof organic + 28 – 31% | ~50 |
| Operating Margin | 18.5% | ~19% | >20% |
| OFCF to operating result¹
("Cash conversion rate") | 66.2% | >40% | >50% |
© Rheinmetall AG | May 7, 2026
¹ Based on operating result definition pre-ppa and special items
Q1 2026 CONFERENCE CALL
RHEINMETALL
Armin Papperger, CEO
Q&A
Thank you for your attention!
Klaus Neumann, CFO
© Rheinmetall AG | May 7, 2026
Q1 2026 CONFERENCE CALL
RHEINMETALL
Investor relations contacts and next events
Dirk Winkels, Head of Investor Relations
Tel: +49 162 2688921
Email: [email protected]
Anika Marker, Investor Relations Manager
Tel: +49 171 4174060
Email: [email protected]
Carl-Philip Schniewind, Investor Relations Manager
Tel: +49 175 2453310
Email: [email protected]
Events
Documents
Click or scan
© Rheinmetall AG | May 7, 2026
E RHEINMETALL
APPENDIX
Q1 2026 CONFERENCE CALL
RHEINMETALL
Income Statement
Income Statement of the Rheinmetall Group
| € million | Q1 2026 | Q1 2025 |
|---|---|---|
| Sales | 1,938 | 1,800 |
| Changes in inventories and work performed by the enterprise and capitalised | 522 | 233 |
| Total operating performance | 2,459 | 2,033 |
| Other operating income | 31 | 24 |
| Cost of materials | 1,264 | 1,019 |
| Personnel costs | 671 | 559 |
| Amortisation, depreciation and impairment | 101 | 88 |
| Other operating expenses | 279 | 214 |
| Result from investments accounted for using the equity method | 7 | (5) |
| Other financial result | (1) | (6) |
| Earnings before interest and taxes (EBIT) | 181 | 165 |
| Interest income | 6 | 2 |
| Interest expenses | 28 | 26 |
| Earnings before taxes (EBT) | 160 | 141 |
| Income taxes | (39) | (39) |
| Earnings from continuing operations | 120 | 102 |
| Of which non-controlling interests | 20 | 24 |
| Of which Rheinmetall AG shareholders | 100 | 78 |
| Earnings from discontinued operations | 10 | 5 |
| Of which non-controlling interests | (1) | - |
| Of which Rheinmetall AG shareholders | 11 | 6 |
| Earnings after taxes | 130 | 107 |
| Of which non-controlling interests | 19 | 24 |
| Of which Rheinmetall AG shareholders | 111 | 84 |
| Basic earnings per share | € 2.42 | € 1.91 |
| Basic earnings per share from continuing operations | € 2.18 | € 1.78 |
| Basic earnings per share from discontinued operations | € 0.24 | € 0.13 |
| Diluted earnings per share | € 2.42 | € 1.91 |
| Diluted earnings per share from continuing operations | € 2.18 | € 1.78 |
| Diluted earnings per share from discontinued operations | € 0.24 | € 0.13 |
© Rheinmetall AG | May 7, 2026
Q1 2026 CONFERENCE CALL
RHEINMETALL
Statement of financial position
Statement of financial position of Rheinmetall Group as of 31 March 2026
| € million | 31/3/2026 | 31/12/2025 |
|---|---|---|
| Assets | ||
| Goodwill | 2,057 | 1,354 |
| Other intangible assets | 1,891 | 1,244 |
| Right-of-use assets | 401 | 338 |
| Property, plant and equipment | 2,166 | 1,962 |
| Investment property | 17 | 2 |
| Investments accounted for using the equity method | 267 | 213 |
| Other non-current assets | 699 | 592 |
| Deferred taxes | 233 | 165 |
| Non-current assets | 7,732 | 5,871 |
| Inventories | 5,717 | 4,721 |
| Contract assets | 1,217 | 957 |
| Trade receivables | 1,741 | 1,907 |
| Other current assets | 547 | 384 |
| Income tax receivables | - | 11 |
| Cash and cash equivalents | 1,329 | 1,650 |
| Assets held for sale | 1,324 | 1,270 |
| Current assets | 11,874 | 10,901 |
| Total assets | 19,606 | 16,772 |
Statement of financial position of Rheinmetall Group as of 31 March 2026
| € million | 31/3/2026 | 31/12/2025 |
|---|---|---|
| Equity and liabilities | ||
| Share capital | 119 | 118 |
| Capital reserves | 1,576 | 1,394 |
| Retained earnings | 3,644 | 3,503 |
| Treasury shares | (4) | (4) |
| Rheinmetall AG shareholders' equity | 5,335 | 5,011 |
| Non-controlling interests | 680 | 604 |
| Equity | 6,015 | 5,614 |
| Provisions for pensions and similar obligations | 293 | 278 |
| Other non-current provisions | 313 | 280 |
| Non-current financial debts | 1,061 | 1,155 |
| Other non-current liabilities | 11 | 10 |
| Deferred taxes | 549 | 363 |
| Non-current liabilities | 2,228 | 2,086 |
| Other current provisions | 1,274 | 891 |
| Current financial debts | 1,096 | 126 |
| Contract liabilities | 6,351 | 5,642 |
| Trade liabilities | 1,415 | 1,186 |
| Other current liabilities | 313 | 318 |
| Income tax liabilities | 172 | 200 |
| Liabilities directly related to assets held for sale | 742 | 708 |
| Current liabilities | 11,363 | 9,071 |
| Total equity and liabilities | 19,606 | 16,772 |
© Rheinmetall AG | May 7, 2026
Q1 2026 CONFERENCE CALL
RHEINMETALL
Cashflow Statement
Statement of cash flows of the Rheinmetall Group
| € million | Q1 2026 | Q1 2025 |
|---|---|---|
| Earnings after taxes | 130 | 107 |
| Amortisation / depreciation / impairment of property, plant and equipment, intangible assets and investment property | 123 | 112 |
| Allocation of CTA assets to secure pension and partial retirement obligations | (5) | (4) |
| Other changes in pension provisions | 2 | (3) |
| Changes in other provisions | 137 | 90 |
| Changes in working capital | (350) | 122 |
| Changes in receivables, liabilities (without financial debt) and prepaid and deferred items | (106) | (5) |
| Pro rata income / loss from investments accounted for using the equity method | (0) | 4 |
| Dividends received from investments accounted for using the equity method | - | 6 |
| Other non-cash expenses and income | 10 | (10) |
| Cash flow from operating activities¹ | (155) | 420 |
| Of which continuing operations | (148) | 379 |
| Of which discontinued operations | (7) | 49 |
| Cash outflows in property, plant and equipment, intangible assets and investment property | (150) | (153) |
| Cash inflows from the disposal of property, plant and equipment, intangible assets and investment property | 1 | 0 |
| Cash outflows for investments in consolidated companies and financial assets | (990) | - |
| Cash flow from investing activities | (1,138) | (145) |
| Of which continuing operations | (1,126) | (123) |
| Of which discontinued operations | (13) | (22) |
| Other profit distributions | (7) | (5) |
| Increase in shares in consolidated subsidiaries | 21 | 37 |
| Borrowing of other financial debts | 990 | 90 |
| Repayment of other financial debts | (45) | (494) |
| Cash flow from financing activities | 959 | (371) |
| Of which continuing operations | 973 | (360) |
| Of which discontinued operations | (14) | (11) |
Statement of cash flows of the Rheinmetall Group
| € million | Q1 2026 | Q1 2025 |
|---|---|---|
| Changes in cash and cash equivalents | (334) | (96) |
| Changes in cash and cash equivalents due to exchange rates | 4 | (6) |
| Total change in cash and cash equivalents | (330) | (102) |
| Opening cash and cash equivalents 1/1 | 1,758 | 1,184 |
| Closing cash and cash equivalents 31/3 | 1,428 | 1,083 |
| Closing cash and cash equivalents 31/3 from discontinued operations | 99 | |
| Closing cash and cash equivalents as per consolidated statement of financial position 31/3 | 1,329 | 1,083 |
¹ Included in this: net cash flow from interest: €-1 million (previous year: €-22 million); net cash from income tax: €-56 million (previous year: €-59 million).
29 © Rheinmetall AG | May 7, 2026
Q1 2026 CONFERENCE CALL
RHEINMETALL
Derivation of diluted earnings per share
Derivation of diluted earnings per share
| Continuing operations | Discontinued operations | Q1 2026 | Continuing operations | Discontinued operations | Q1 2025 | |
|---|---|---|---|---|---|---|
| Earnings after taxes in € million – Rheinmetall AG shareholders | 100 | 11 | 111 | 78 | 6 | 84 |
| Adjustment for interest expense in respect of the convertible bond in € million | 2 | - | 2 | 10 | - | 10 |
| Tax effects on the adjustment for interest expense in respect of the convertible bond in € million | - | - | - | (3) | - | (3) |
| Diluted earnings after taxes in € million – Rheinmetall AG shareholders | 102 | 11 | 113 | 85 | 6 | 91 |
| Weighted number of shares in millions – basic | 46.14 | 43.84 | ||||
| Effect from the potential conversion of the convertible bond in millions | 0.53 | 2.83 | ||||
| Weighted number of shares in millions – diluted | 46.67 | 46.67 | ||||
| Basic earnings per share | € 2.18 | € 0.24 | € 2.42 | € 1.78 | € 0.13 | € 1.91 |
| Diluted earnings per share | € 2.18 | € 0.24 | € 2.42 | € 1.82 | € 0.12 | € 1.94 |
| Adjusted diluted earnings per share (due to antidilutive effect) | € 2.18 | € 0.24 | € 2.42 | € 1.78 | € 0.13 | € 1.91 |
© Rheinmetall AG | May 7, 2026
Q1 2026 CONFERENCE CALL
RHEINMETALL
Adjusted PnL
| in € million | Q1 2026 | Q1 2025 | Delta (adjusted) | |||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Reported | Special items | PPA | Adjusted | Reported | Special items | PPA | Adjusted | Delta | Delta (%) | |
| Sales | 1,938 | - | - | 1,938 | 1,800 | (1) | - | 1,799 | 139 | 7.7% |
| Changes in inventories and work performed by the enterprise and capitalised | 522 | - | - | 522 | 233 | - | 4 | 237 | 285 | 120.3% |
| Total operating performance | 2,459 | - | - | 2,459 | 2,033 | (1) | 4 | 2,036 | 424 | 20.8% |
| Cost of materials | 1,264 | - | - | 1,264 | 1,019 | - | - | 1,019 | 245 | 24.0% |
| Gross profit | 1,196 | - | - | 1,196 | 1,014 | (1) | 4 | 1,017 | 179 | 17.6% |
| Other operating income | 31 | - | - | 31 | 24 | - | - | 24 | 8 | 33.7% |
| Personnel costs | 671 | - | - | 671 | 559 | - | - | 559 | 112 | 20.0% |
| Amortisation, depreciation and impairment | 101 | - | (37) | 64 | 88 | - | (35) | 53 | 12 | 22.4% |
| Other operating expenses | 279 | (1) | - | 278 | 214 | (0) | - | 214 | 64 | 30.1% |
| Result from investments accounted for using the equity method | 7 | - | 5 | 12 | (5) | (1) | 3 | (3) | 14 | 570.5% |
| Other financial result | (1) | - | - | (1) | (6) | (15) | - | (21) | 19 | 93.3% |
| Earnings before interest and taxes (EBIT) / Operating result | 181 | 1 | 42 | 224 | 165 | (16) | 42 | 191 | 33 | 17.1% |
| Interest income/expenses | (22) | - | - | (22) | (24) | - | - | (24) | 3 | 10.3% |
| Earnings before taxes (EBT) | 160 | 1 | 42 | 202 | 141 | (16) | 42 | 167 | 35 | 21.1% |
| Income taxes | (39) | - | (10) | (49) | (39) | - | (10) | (49) | - | -0.2% |
| Earnings from continuing operations | 120 | 1 | 32 | 153 | 102 | (16) | 32 | 118 | 35 | 29.8% |
| Earnings from discontinued operations | 10 | - | - | 10 | 5 | - | - | 5 | 5 | 85.4% |
| Earnings after taxes | 130 | 1 | 32 | 163 | 107 | (16) | 32 | 123 | 40 | 32.3% |
| Of which: | - | - | ||||||||
| Non-controlling interest | 19 | - | - | 19 | 24 | - | - | 24 | -5 | -20.0% |
| Rheinmetall AG shareholders | 111 | 1 | 32 | 144 | 84 | (16) | 32 | 100 | 45 | 44.8% |
| of which continuing operations | 100 | 1 | 32 | 133 | 78 | (16) | 32 | 94 | 39 | 41.8% |
| Adjusted basic earnings per share from continuing operations | 2.18 EUR | 2.89 EUR | 1.78 EUR | 2.14 EUR | 0.75 EUR | 35.0% |
© Rheinmetall AG | May 7, 2026
Q1 2026 CONFERENCE CALL
RHEINMETALL