Rheinmetall Ag · XETR:RHM

Rheinmetall — Q1 2026 Earnings Presentation

32 slides from Rheinmetall's earnings presentation, May 7, 2026

Slide 1: Conference Call Q1 2026
CONFERENCE CALL Q1 2026 Armin Papperger, CEO Klaus Neumann, CFO May 7, 2026
Slide 2: Disclaimer
Q1 2026 CONFERENCE CALL 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 obje
Slide 3: Q1 2026 Group Highlights
Q1 2026 CONFERENCE CALL Q1 2026 Group Highlights Solid start to the year confirming confidence to achieve FY guidance SALES OPERATING RESULT OPERATING MARGIN APPLICATIONS 1,938 224 11.6% >80,000 +8% +17% +0.9pp €m €m in % of sales €m Q1 2026 OFCF CAPEX RHM NOMINATION RHM BACKLOG -285 7.1% 4,866 72,9
Slide 4: Rheinmetall is a key industrial partner of the Bundeswehr
Q1 2026 CONFERENCE CALL 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 Being the strongest force in Europe & on the personnel side Long term Target picture Medium term Short term
Slide 5: A promising start for our new SEA domain
Q1 2026 CONFERENCE CALL 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 exp
Slide 6: Autonomy is a top priority at Rheinmetall
Q1 2026 CONFERENCE CALL Q1 2026 Group Highlights Autonomy is a top priority at Rheinmetall Unmanned Air Vehicles ▪ Comprehensive drone and loitering ammunition portfolio AIR ▪ CCA – strategic partnership with Boeing ▪ MoU with Lockheed Martin for European CCA, Unmanned Ground Vehicles part of PLCD ▪
Slide 7: Rheinmetall is further expanding its leading role in drones for the Bundeswehr
Q1 2026 CONFERENCE CALL Q1 2026 Group Highlights Rheinmetall is further expanding its leading role in drones for the Bundeswehr Bundeswehr drone portfolio Current and future Bundeswehr drones from Rheinmetall Introduced systems: 1. Black Hornet PD-100 MQ-28 Combat & Multirole| Loyal Wingman | Stealt
Slide 8: Strengthening our LAND and AIR domains through partnerships
Q1 2026 CONFERENCE CALL Q1 2026 Group Highlights Strengthening our LAND and AIR domains through partnerships Rheinmetall Boeing Rheinmetall Indra ▪ Strategic partnership supports Germany‘s planned ▪ MoU to further deepen strategic cooperation 2029 deployment of a CCA, which comes on top to the ▪ Pro
Slide 9: Partnership with Destinus to enter the market for deep strike capabilities
Q1 2026 CONFERENCE CALL 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 na
Slide 10: Intensive discussions with Middle East customers confirm increased demand
Q1 2026 CONFERENCE CALL Q1 2026 Group Highlights Intensive discussions with Middle East customers confirm increased demand Air defence systems Ammunition Missiles ▪ Successful use of our ▪ High consumption of ▪ Heavy use of various systems in the Golf region ammunition with existing missile types le
Slide 11: Rheinmetall fully addresses all Ukrainian priority areas
Q1 2026 CONFERENCE CALL 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 de
Slide 12: Disposal of Power Systems is nearing the finish line
Q1 2026 CONFERENCE CALL Q1 2026 Group Highlights Disposal of Power Systems is nearing the finish line ▪ Negotiations in the final phase ▪ Signing expected in Q2 2026 12 © Rheinmetall AG I May 7, 2026
Slide 13: Financials
7 RHEINMETALL FINANCIALS
Slide 14: Sound first quarter with margin expansion
Q1 2026 CONFERENCE CALL Q1 2026 Financials Sound first quarter with margin expansion setting the base for a strong H1 Sales Operating result and margin in % in €m in €m +33 +138 (+17%) (+8%) 224 117 1,938 191 15 (11.6%) 1,800 43 18 1 (10.6%) -22 Q1 2025 Operational FX M&A1 Q1 2026 Q1 2025 Operationa
Slide 15: Operational performance improved across all segments
Q1 2026 CONFERENCE CALL Q1 2026 Financials Operational performance improved across all segments Operating result in €m Sales 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 1
Slide 16: Q1 book-to-bill ratio above 2x
Q1 2026 CONFERENCE CALL Q1 2026 Financials Q1 book-to-bill ratio above 2x and adding ~€6bn Naval backlog Rheinmetall Nomination1 Rheinmetall Backlog2 in €m in €m +31% -55% 10,713 72,999 5,495 55,566 23,567 9,348 22,987 4,866 1,253 43,938 32,579 3,361 4,037 -424 -1,995 Q1 2025 Q1 2026 Q1 2025 Q1 2026
Slide 17: Preparations for higher sales growth in full swing
Q1 2026 CONFERENCE CALL Q1 2026 Financials Preparations for higher sales growth in full swing Operating free cash flow1 Working Capital in €m inin€m €m -527 Customer Supplier Inventory 243 +28% +451 +579 -615 996 -253 12/31/2025 3/31/2026 Comments ▪ Weapon and Ammunition and Air Defence with largest
Slide 18: Debt KPIs remain on a comfortable level
Q1 2026 CONFERENCE CALL Q1 2026 Financials Debt KPIs remain on a comfortable level even after Naval Systems acquisition Update Financing & Comments Equity ratio ▪ Net Debt / EBITDA at 0.39x 33.6% 30.7% ▪ Acquisition of NVL paid from existing liquidity and available credit facilities ▪ Current total
Slide 19: Robust supply-chains insulated against impact from Iran war
Q1 2026 CONFERENCE CALL Q1 2026 Financials Robust supply-chains insulated against impact from Iran war Energy accounts for only 1% of sales Energy costs 2026 coverage ratio at 77% for electricity and 84% for gas Raw materials Active stockpiling and further supplier diversification Price pass through
Slide 20: Outlook
7 RHEINMETALL OUTLOOK
Slide 21: Rheinmetall Nomination expected to gather momentum in Q2
Q1 2026 CONFERENCE CALL Outlook Rheinmetall Nomination expected to gather momentum in Q2 in €bn RHM Nomination YTG ~€76bn 14.0 - 14.5 RHM Nomination Q2 2026 backlog ~60 coverage >€20bn ~97% ~18 Boxer 73 Arminius ~2 Schakal NVL 5 MBT ~135 Loitering FV014 Ukraine package Ammunition Lynx F126 et al. Am
Slide 22: Backend loaded sales development
Q1 2026 CONFERENCE CALL Outlook Backend loaded sales development Sales 100% 100% ▪ Reverse quarterly seasonality in H1 2026 ▪ Q1 2026 compares against high previous year ▪ Q1 2025 benefitted from pull forward effects 62% ~64% ▪ Strong acceleration expected in Q2 2026 led by H2 ▪ Strong growth in Wea
Slide 23: Full Year Guidance 2026 confirmed
Q1 2026 CONFERENCE CALL Outlook Full Year Guidance 2026 confirmed 2025 2026e 2030 (continued business only) €14.0 - 14.5bn Sales €9.9bn Growth: + 40 – 45%, ~50 thereof organic + 28 – 31% Operating Margin 18.5% ~19% >20% OFCF to operating result1 (“Cash conversion rate”) 66.2% >40% >50% 23 © Rheinmet
Slide 24: Thank you for your attention!
Q1 2026 CONFERENCE CALL Q&A Thank you for your attention! Armin Papperger, CEO Klaus Neumann, CFO 24 © Rheinmetall AG I May 7, 2026
Slide 25: Investor relations contacts and next events
Q1 2026 CONFERENCE CALL Investor relations contacts and next events Dirk Winkels, Head of Investor Relations Tel: +49 162 2688921 Email: dirk.winkels@rheinmetall.com Events Documents Anika Marker, Investor Relations Manager Tel: +49 171 4174060 Email: anika.marker@rheinmetall.com Carl-Philip Schniew
Slide 26: Appendix
7 RHEINMETALL APPENDIX
Slide 28: Statement of financial position
Q1 2026 CONFERENCE CALL Statement of financial position 28 © Rheinmetall AG I May 7, 2026
Slide 30: Derivation of diluted earnings per share
Q1 2026 CONFERENCE CALL Derivation of diluted earnings per share 30 © Rheinmetall AG I May 7, 2026
Slide 32: Taking responsibility in a changing world
Q1 2026 CONFERENCE CALL TAKING RESPONSIBILITY IN A CHANGING WORLD

Rheinmetall — Q1 2026 Earnings Presentation on 6ix

Rheinmetall — Q1 2026 Earnings Presentation

Slide 1: Conference Call Q1 2026

Slide 2: Disclaimer

Slide 3: Q1 2026 Group Highlights

Slide 4: Rheinmetall is a key industrial partner of the Bundeswehr

Slide 5: A promising start for our new SEA domain

Slide 6: Autonomy is a top priority at Rheinmetall

Slide 7: Rheinmetall is further expanding its leading role in drones for the Bundeswehr

Slide 8: Strengthening our LAND and AIR domains through partnerships

Slide 9: Partnership with Destinus to enter the market for deep strike capabilities

Slide 10: Intensive discussions with Middle East customers confirm increased demand

Slide 11: Rheinmetall fully addresses all Ukrainian priority areas

Slide 12: Disposal of Power Systems is nearing the finish line

Slide 13: Financials

Slide 14: Sound first quarter with margin expansion

Slide 15: Operational performance improved across all segments

Slide 16: Q1 book-to-bill ratio above 2x

Slide 17: Preparations for higher sales growth in full swing

Slide 18: Debt KPIs remain on a comfortable level

Slide 19: Robust supply-chains insulated against impact from Iran war

Slide 20: Outlook

Slide 21: Rheinmetall Nomination expected to gather momentum in Q2

Slide 22: Backend loaded sales development

Slide 23: Full Year Guidance 2026 confirmed

Slide 24: Thank you for your attention!

Slide 25: Investor relations contacts and next events

Slide 26: Appendix

Slide 27: Income Statement

Slide 28: Statement of financial position

Slide 29: Cashflow Statement

Slide 30: Derivation of diluted earnings per share

Slide 31: Adjusted PnL

Slide 32: Taking responsibility in a changing world