Rheinmetall Ag · XETR:RHM

Rheinmetall — Investor Day (November 2025)

91 slides from Rheinmetall's investor day presentation, Nov 18, 2025

  1. Slide 1: Closing Gaps – Our Vision 2030

    CLOSING GAPS OUR VISION 2030 Armin Papperger, CEO CAPITAL MARKETS DAY – 18. November 2025 © Rheinmetall AG I 25. September 2025

  2. Slide 2: Expansion is the common denominator

    CLOSING GAPS Expansion is the common denominator Dramatic spending increase Become the largest European ▪ NATO target of 5%* by 2035 fighting force ▪ Germany 3.5% by 2029 ▪ ReBuild 30 years Capabilities ▪ ReArm underspending ▪ ReEquip Expansion into Expansion across the portfolio ▪ Air Land – ▪ Vehi

  3. Slide 3: Russia threatens further escalation

    Cold war NATO- CLOSING GAPS border Russia threatens further escalation Scenarios and timetable: 1 Local war or attack on neighbouring 2 1 countries possible in about 6 months 1 2 Regional war in the Baltic Sea region within 1 approximately two years 3 Large-scale war on the European 3 continent with

  4. Slide 4: German spending underpins aspiration to build largest European army by 2029

    CLOSING GAPS German spending underpins aspiration to build largest European army by 2029 In €bn 50.2 62.4 82.7 93.4 136.5 152.8 ~180.0 Base budget 17 24 26 Special fund ▪ 2025 and 2026 still benefitting from German special fund ▪ Increasing general defence budget from 2027 onwards to meet 3.5% NATO

  5. Slide 5: Lead times differ depending on product type and complexity

    CLOSING GAPS Lead times differ depending on product type and complexity Sourcing & Production & €25m decision Order intake Quality control Delivery planning assembly Ammunition 6-12 months Logistic vehicles ~12 months Medium weight wheeled 12-18 months Main battle tanks 24 months Soldier systems 12

  6. Slide 6: Germany upgrades – we can deliver!

    CLOSING GAPS Germany upgrades – we can deliver! ~€35bn ~€80bn Digitization Ammunition ~€35bn ~€80bn Satellites Navy >€50bn ~€10bn 40,000 vehicles Air defence 2/3 logistic vehicles ~€10bn Drones 6 © Rheinmetall AG I CMD 2025 Market potentials.

  7. Slide 7: Ukraine´s strategic industrial partner

    CLOSING GAPS Ukraine´s strategic industrial partner Combat Special vehicles Forces Ammo Sales1 €1.3bn UxV Backlog2 €1.7bn Air Monitoring Support vehicles SAN Defence & Com. 7 © Rheinmetall AG I CMD 2025 1 FY 2024 2 9m 2025 both only direct exposures to Ukraine

  8. Slide 8: Significant progress already made on the growth path

    CLOSING GAPS Significant progress already made on the growth path RHM BACKLOG SALES OPERATING MARGIN >30% In €m, CAGR In €m, CAGR In %, in pp +2.7 35-40% defence growth ~80,000 flat civil business 15.2 ~15.5 +45% 9,751 12.8 54,973 7,176 38,290 2023 2024 2025e 2023 2024 2025e 2023 2024 2025e ▪ Strong

  9. Slide 9: Success through partnering

    CLOSING GAPS Success through partnering Rockets & missiles JV Space JV 60% share for Rheinmetall 60% share for Rheinmetall Production start 2027 Production start Q2 2026 Using existing technology and Speeding-up time to market knowledge Soft consolidation by Partnerships with companies formation of

  10. Slide 10: The German cross-domain system house in the defence industry

    CLOSING GAPS The German cross-domain system house in the defence industry Weapon Ammunition Systems Service Digitization Training and Simulation 10 © Rheinmetall AG I CMD 2025

  11. Slide 11: Rheinmetall as European player and consolidator

    CLOSING GAPS Rheinmetall as European player and consolidator Germany (largest location) ▪ Unterlüss: Vehicles, Ammunition ▪ Kassel: Vehicles ▪ Kiel: Vehicles, Electronics GB Vehicles Poland Vehicles ▪ Bremen: Soldier Systems, Electronics, Air Defence, Active locations Shipbuilding (NVL) ▪ Munich: Ve

  12. Slide 12: New organisation 2026 onwards

    CLOSING GAPS New organisation 2026 onwards Weapon and Vehicle Systems Air Defence1 Digital1 Naval2 Ammunition 12 © Rheinmetall AG I CMD 2025 1 as of January 1st, 2026, working title 2 after closing.

  13. Slide 13: Rheinmetall addresses all capability gaps

    CLOSING GAPS Rheinmetall addresses all capability gaps Artillery Drones and Military systems drone defence mobility ▪ Modern artillery systems ▪ EU-wide systems ▪ Complete transport ▪ „Deep precision range of UxVs network strikes“ Air- and Ammunition AI, Quantum-, Strategic missile and missiles Cybe

  14. Slide 14: Guidance 2030

    CLOSING GAPS Guidance 2030 Guidance 2030 applies to the new organization including M&A excl. US order wins in €bn 2024 2025 2030 +35-40% SALES 9.8 defence growth ~50 flat civil business OPERATING MARGIN 15.2% ~15.5% >20% CASH CONVERSION RATE 70.1% >40% >50%* 14 © Rheinmetall AG I CMD 2025 * Three ye

  15. Slide 15: Vehicle Systems

    Segment VEHICLE SYSTEMS 2030 Sales potential €13-15bn 15 © Rheinmetall AG I CMD 2025

  16. Slide 16: German vehicle demand main driver behind RHM Nomination increase

    CLOSING GAPS German vehicle demand main driver behind RHM Nomination increase Boxer Boxer Trucks Boxer Trucks Trucks Int Panther Lynx Panther Panther Fuchs Sup. Int vehicles Puma Trucks Sup. RCH 155 Boxer vehicles Int Lynx Sup. Boxer Fuchs Cumulated Rheinmetall vehicles Int Nomination potential: Sup

  17. Slide 17: Vehicle Systems – Sales growth 2030

    CLOSING GAPS Vehicle Systems – Sales growth 2030 13-15 in €bn Operating Margin in % 13-15% +30-35% 3.8 11.2% 12-13% 2024 2025e Germany International 2030e Market environment Business drivers ▪ Building a 140% fleet in Germany (incl. reserve) ▪ “More of the same” reduces R&D effort and risk ▪ Replace

  18. Slide 18: Move from manufacturing to mass production translating into sales

    CLOSING GAPS Move from manufacturing to mass production translating into sales 13-15 Sales in €bn ▪ Germany driving customer ▪ Boxer will be the dominant tactical platform ▪ Tracked IFV driven by international Lynx demand +30-35% ▪ Sustainable demand for logistical vehicles 3.8 2024 2025 2030 Boxer

  19. Slide 19: The LYNX – our IFV with star potential

    CLOSING GAPS The LYNX – our IFV with star potential Numbers up to 3800 Numbers 209 Numbers up to 300 Est. Project Mid-term Est. Project today Est. Project Short-term start start start Numbers 298 Est. Project Short-term start Numbers 143 Est. Project Mid-term start Numbers 143 Numbers up to 1050 Num

  20. Slide 20: Successful transformation of the U.S. business

    CLOSING GAPS Successful transformation of the U.S. business 2018 2024 2030+ Limited Storefront Key Player Powerhouse New U.S. strategy established Aiming for key wins in U.S. U.S. as a Rheinmetall market ▪ Shift from small programs ▪ XM30, CTT, S-MET wins ▪ $2bn* US annual revenue ▪ More independenc

  21. Slide 21: Weapon and Ammunition

    Segment WEAPON AND AMMUNITION 2030 Sales potential €14-16bn 21 © Rheinmetall AG I CMD 2025

  22. Slide 22: Sustainable demand over the planning period

    CLOSING GAPS Sustainable demand over the planning period Rheinmetall Nomination +24% CAGR 2025e 2026e 2027e 2028e 2029e 2030e ▪ Restocking cycle has not started yet ▪ Tactical vehicle ramp-up creates additional demand ▪ State-of-the-art capacity build-up ▪ Leading large caliber capacities 22 © Rhein

  23. Slide 23: Weapon and Ammunition – Sales growth 2030

    CLOSING GAPS Weapon and Ammunition – Sales growth 2030 14-16 in €bn Operating Margin in % 29-31% +30-35% 2.8 28.4% 27-29% 2024 2025e Germany International 2030e Market environment Business drivers ▪ High NATO inventory requirements ▪ Best in class backward integration ▪ Undersupplied market ▪ Econom

  24. Slide 24: New capacities enable growth

    CLOSING GAPS New capacities enable growth 14-16 Sales in €bn ▪ Ramp-up to ~1.5m artillery rounds by 2030 ▪ Rocket motor facility live from 2027 ▪ Increasing need for med-caliber due increasing number of turreted platforms +30-35% 2.8 2024 2025e 2030e 24 © Rheinmetall AG I CMD 2025 Artillery Rocket F

  25. Slide 25: Rheinmetall is one of the world's leading ammunition manufacturers

    CLOSING GAPS Rheinmetall is one of the world‘s leading ammunition manufacturers 2022 70.000 ARTILLERY 2027 ~1.100.000 155mm 2030 ~1.500.000 TANK 2022 60.000 120mm 2027 ~240.000 2030 ~240.000 MED-CAL 2022 1.000.000 2027 >3.400.000 20-35mm 2030 ~4.000.000 2022 5.000 t PROPULSION 2027 ~12.000 t 2030 ~2

  26. Slide 26: The artillery powerhouse on the way to 1.5m full shots

    CLOSING GAPS The artillery powerhouse on the way to 1.5m full shots ▪ Expansion and new construction of capacities ▪ Efficiency gains due to higher degree of automation ▪ Full backward integration within reach Pre war capacity and upgrade New capacity implemented since the war started New capacities

  27. Slide 27: Rheinmetall is closing the gap on the missile market

    CLOSING GAPS Rheinmetall is closing the gap on the missile market Rocket Motors Missiles ▪ Total production capacity of up to 5,000 t ▪ Production in JV with Lockheed Martin rocket motor propellants p.a. ▪ JV will market and assemble ▪ Production start in Q3 2026 ▪ First focus on ATACMS and Hellfire

  28. Slide 28: Air Defence

    Segment AIR DEFENCE 2030 Sales potential €3-4bn 28 © Rheinmetall AG I CMD 2025

  29. Slide 29: Recurring German orders keep RHM nominations on elevated level

    CLOSING GAPS Recurring German orders keep RHM nominations on elevated level Rheinmetall Nomination 2025e 2026e 2027e 2028e 2029e 2030e 29 © Rheinmetall AG I CMD 2025

  30. Slide 30: Air Defence – Sales growth 2030

    CLOSING GAPS Air Defence – Sales growth 2030 3-4 in €bn Operating Margin in % 24-26% ~30-35% 0.6 15.6% 16-17% 2024 2025e Germany International 2030e Market environment Business drivers ▪ SHORAD becoming a top priority ▪ Cutting edge technology ▪ Russian testing of Eastern European borders and ▪ Down

  31. Slide 31: Obvious capability gap triggers massive demand surge

    CLOSING GAPS Obvious capability gap triggers massive demand surge 3-4 Sales in €bn ▪ Drone attacks changed the battlefield ▪ Localisation of drones at western infrastructure shows missing protection capabilities ▪ European Sky Shield aims to improve air defence capabilities ▪ Rheinmetall’s short ran

  32. Slide 32: Drones are part of the battlefield, but can be effectively countered

    CLOSING GAPS Drones are part of the battlefield, but can be effectively countered Lessons learned from the war in Ukraine ▪ Drones are a new element of the battlefield ▪ Ukraine lacks efficient SHORAD capabilities ▪ Protection against drones has become a key challenge ▪ Gun based air defence is a ga

  33. Slide 33: Over 90% of attacks can be stopped with gun based air defence

    CLOSING GAPS Over 90% of attacks can be stopped with gun based air defence The war in Ukraine shows Our Skyranger solution 90% of attacks 10% of attacks ▪ Up to 4km protection radius ▪ Gun based air defence ▪ Turret is platform agnostic Gun based ▪ 30mm / 35mm AHEAD ammunition Missile based Class I

  34. Slide 34: Skyranger on Leopard chassis

    CLOSING GAPS Skyranger 35 on Leopard chassis 34 © Rheinmetall AG I CMD 2025

  35. Slide 35: Protecting critical infrastructure creates huge potential

    CLOSING GAPS Protecting critical infrastructure creates huge potential 1.926 Critical Infrastructure Facilities** 116 Skynex (~€60m) Skyranger (~€60m) Skyspotter (~€7m) 4xRGMK3, 1xMSU, 1xCN1, 4x SR35 on Lynx, Passive Emitter Locator, Interceptor Drones Interceptor Drones 1xMSU 275 Information/ Telec

  36. Slide 36: Fictional seamless air defence wall

    CLOSING GAPS Fictional seamless air defence wall ~ €1.9bn Costs for securing 100km ~ €24.6bn Costs for securing Germanys Eastern Border (1.286km) The example shows how many systems would be needed to provide seamless protection (Air Defense/Drone Wall) over a length of 100 km. Seamless protection is

  37. Slide 37: Digital

    Segment DIGITAL 2030 Sales potential €8-10bn 37 © Rheinmetall AG I CMD 2025

  38. Slide 38: Steady orders across a broad portfolio

    CLOSING GAPS Steady orders across a broad portfolio Rheinmetall Nomination 2025e 2026e 2027e 2028e 2029e 2030e IdZ IdZ Satellites F-35 Simulation Simulation Satellites F-35 F-35 D-LBO Sensors Sensors D-LBO IdZ F-35 Leo Upgrade 38 © Rheinmetall AG I CMD 2025 Only selected projects.

  39. Slide 39: Digital – Sales growth 2030

    CLOSING GAPS Digital – Sales growth 2030 8-10 in €bn Operating Margin in % 17-19% 1.2 ~40% 11.1% ~15% 2024 2025e Germany International 2030e Market environment Business drivers ▪ Forces move from analog to digital to create ▪ Germany with increasing digitization needs efficiencies and to dominate th

  40. Slide 40: Efficient sensor to shooter chain requires full digitization

    CLOSING GAPS Efficient sensor to shooter chain requires full digitization 8-10 Sales in €bn ▪ Digital solutions and soldier systems are key drivers for growth led by German contracts ▪ Drone and space business already with significant contribution in 2030 ▪ First F-35 fighter jets entering sales per

  41. Slide 41: Digital superiority wins wars – not just tanks and ammo

    CLOSING GAPS Digital superiority wins wars – not just tanks and ammo ▪ Decisive edge in modern warfare is digital: information, speed, and connectivity beat armor ▪ Ukraine shows: software-defined warfare outpaces hardware-heavy doctrines ▪ Battlefield effectiveness is driven by data integration, no

  42. Slide 42: Unfolding the next chapter of growth!

    CLOSING GAPS Unfolding the next chapter of growth! in €bn ~50 ▪ Weapon and Ammunition grows M&A +32% into its capacity ~5 Naval CAGR ▪ Vehicle Systems profits from 8-10 Digital large vehicle programs, led by Germany 3-4 Air Defence ▪ Air Defence reflects increasing threats especially from drones Wea

  43. Slide 43: Capital Market Day – Chief Operating Officer

    Capital Market Day – Chief Operating Officer 18. November 2025| René Gansauge 43 © Rheinmetall AG I CMD 2025

  44. Slide 44: What we have achieved

    Rheinmetall I RFS What we have achieved 2022-2025… 44 © Rheinmetall AG I CMD 2025

  45. Slide 45: We have delivered the growth trajectory from 2022 - 2025

    Rheinmetall I CMD | COO RESORT We have delivered the growth trajectory from 2022 - 2025 s >2x (Defence) +25-30% 9,7 7,2 4,9 2022 2023 2024 2025E Revenue Development Rheinmetall (in mEUR) 45 © Rheinmetall AG I CMD 2025

  46. Slide 46: What is ahead of us?

    Rheinmetall I RFS What is ahead of 2026+ us? 46 © Rheinmetall AG I CMD 2025

  47. Slide 47: Rheinmetall's growth path from 2025 onwards

    Rheinmetall I CMD | COO RESORT Rheinmetall`s growth path from 2025 onwards s ~45 ~ 2x revenue multiplier within next few years 2025 2027 2030 Revenue Development 2025+ (in mEUR) 47 © Rheinmetall AG I CMD 2025

  48. Slide 48: Weapon and Ammunition

    SEGMENT WEAPON AND AMMUNITION 48 © Rheinmetall AG I CMD 2025

  49. Slide 49: Update Artilleriewerk Unterlüß

    Rheinmetall Weapon & Ammunition The new Update Artilleriewerk Unterlüß Rheinmetall – Load Tempo! Assembly Pack Linie 49 © Rheinmetall AG I CMD 2025 49

  50. Slide 50: Artillery Plant Unterlüß – We can deliver!

    RHEINMETALL I CMD | COO RESORT Rheinmetall Weapon & Ammunition Artillery Plant Unterlüß – WE CAN DELIVER! KEY FACTS Most modern & largest artillery plant in the world Build time of ~15month Fully automized to maximize output Capacity of 350.000 p.a. is installed! Process optimization & lessons learn

  51. Slide 51: Rocket Artillery Plant Unterlüß

    RHEINMETALL I CMD | COO RESORT Rheinmetall Weapon & Ammunition Rocket Artillery Plant Unterlüß KEY FACTS JOINT PRODUCTION OF ROCKETS WITH LOCKHEED MARTIN UNTERLÜß TO PRODUCE AMONGST OTHERS THE ROCKET MOTOR UP TO 10.000 MISSILES PER YEAR! 51 © Rheinmetall AG I CMD 2025

  52. Slide 52: Increase in large-caliber gun production

    Rheinmetall I CMD | COO RESORT Rheinmetall Weapon & Ammunition Increase in large-caliber gun production Rheinmetall Large Caliber Volume • Investment Program Unterlüß 2022 2025 2027 • 24/6 shift model introduced • Groundbreaking of UK Large caliber Gun Hall during DSEI 2025 Weapons 60 150 200 • Mult

  53. Slide 53: Increase in medium-caliber gun production

    RHEINMETALL I CMD | COO RESORT Rheinmetall Weapon & Ammunition Increase in medium-caliber gun production LYNX or equivalent RHEINMETALL MEDIUM CALIBER MANUFACTURING OBERNDORF 2022 2025 Future Weapons 92 >140 >420 Barrels 160 330 900 IN PROGRESS 53 © Rheinmetall AG I CMD 2025

  54. Slide 54: Propelling Charges – Vertical Integration through complete value chain

    Rheinmetall Weapon & Ammunition RHEINMETALL I CMD | COO RESORT Propelling Charges – Vertical Integration through complete value chain Propelling Charges KEY FACTS Vertical Integration through complete value chain secured Strategic acquisition of Hagedorn ensuring sufficient access to rare commodity

  55. Slide 55: The Rheinmetall Ecosystem

    The Rheinmetall Ecosystem RHEINMETALL I CMD | COO RESORT Offering ECOSYSTEM RHM highly vertically integrated solutions to customers Rheinmetall's Manufacturing Ecosystem Engineering Rheinmetall Competencies Other Use Cases Example of Ammunition Plant Engineering Energetic Propulsion Fuzing Material

  56. Slide 56: Vehicle Systems

    SEGMENT VEHICLE SYSTEMS 56 © Rheinmetall AG I CMD 2025

  57. Slide 57: Our way to 1.000 IFVs per year

    RHEINMETALL I CMD | COO RESORT Rheinmetall Vehicle Systems Our way to 1.000 IFVs per year VEHICLE CAPACITY Current Future 1.000 BOXER 900 • Extension of current footprint 800 • More efficient manufacturing at large scale 700 • Ramping-up new locations 600 500 LYNX 400 300 200 100 PUMA 0 2025 2026 20

  58. Slide 58: Current and future footprint of IFV production

    RHEINMETALL I CMD | COO RESORT Rheinmetall Vehicle Systems Current and future footprint of IFV production RHM´S IFV FOOTPRINT – TODAY 400 VEHICLES RHM´S IFV FOOTPRINT – TOMORROW 1.000 VEHICLES Unterlüß Kassel Existing New 58 © Rheinmetall AG I CMD 2025

  59. Slide 59: Kassel: manufacturing blueprint for upscaling Boxer

    RHEINMETALL I CMD | COO RESORT Rheinmetall Vehicle Systems Kassel: manufacturing blueprint for upscaling Boxer Current - Multi product service concept Future – Lean and dedicated assembly FUCHS BOXER BÜFFEL KEILER KODIAK BOXER ONLY KASSEL PLANT BEST PRACTICE VIENNA 59 More of the same allows for ser

  60. Slide 60: Further areas of productivity optimizations

    RHEINMETALL I CMD | COO RESORT Rheinmetall Vehicle Systems Further areas of productivity optimizations Welding Robot L Commissioning Large components - IFV chassis PUMA turret commissioning stand Measurement cell welding Assembly Transportation system for chassis Automated laser scanner Integration

  61. Slide 61: Further Areas of Production Optimizations – Zoom-in Welding

    Rheinmetall Vehicle Systems RHEINMETALL I CMD | COO RESORT Further Areas of Production Optimizations – Zoom-in Welding 61 © Rheinmetall AG I CMD 2025

  62. Slide 62: Digitization & Air Defence

    SEGMENT Digitization & Air Defence 62 © Rheinmetall AG I CMD 2025

  63. Slide 63: Air Defence as key to drone protection

    RHEINMETALL I CMD | COO RESORT Rheinmetall Air Defence Air Defence as key to drone protection KEY FACTS Air defence systems in high demand Significant Ramp-up of production capacities Diversification of supplier base to ensure needed material SUI capacity of ~140 p.a. under installment with SOP in Q

  64. Slide 64: Drone production in Italy

    RHEINMETALL I CMD | COO RESORT Rheinmetall Electronic Solutions Drone production in Italy KEY FACTS Drone production is key for the future battlefield Loitering munition is a market ready solution Production line in Italy to tackle large demand CAPACITY CAPACITY CAPACITY CAPACITY & POTENTIAL HERO 30

  65. Slide 65: Rapid business expansion is accelerating the need for robust supply chain

    Group Purchasing RHEINMETALL I CMD | COO RESORT Rapid business expansion is accelerating the need for more robust and scalable supply chain capabilities Resilient Supply Chains ❖ Diversification of supplier base ❖ Strengthen risk management frameworks ❖ Development multi sourcing options Upscaling o

  66. Slide 66: Key Take Aways

    Rheinmetall I CMD | COO RESORT Major capacity increases already executed - Ammunition and IFV capabilities 2027 growth already in progress / completed - Propellant, IFVs and Air Defence KEY TAKE Strong demand allows for lean manufacturing - Automization and supplier diversification AWAYS Deep vertic

  67. Slide 67: Closing Gaps – Our Vision 2030 (CFO)

    CLOSING GAPS OUR VISION 2030 Klaus Neumann, CFO CAPITAL MARKETS DAY – 18. November 2025 67 © Rheinmetall AG I CMD 2025 25. September 2025

  68. Slide 68: 9M 2025 Review, Capital Allocation, Hedging, Mid-term Guidance

    9M 2025 REVIEW ND / CONSOLIDATION FINANCIAL HOUSEKEEPING CAPITAL ALLOCATION HEDGING MID-TERM GUIDANCE 68 © Rheinmetall AG I CMD 2025

  69. Slide 69: Strong momentum across all key financial metrics

    CLOSING GAPS Strong momentum across all key financial metrics Sales Operating result and margin Earnings per share1) (in €m) (in €m / in %) (in €) +20% +18% +14% 7,515 835 8.34 7.32 6,268 705 11.1% 11.3% 9M 2024 9M 2025 9M 2024 9M 2025 9M 2024 9M 2024 69 © Rheinmetall AG I CMD 2025 1) Continuing ope

  70. Slide 70: Non-Divisional / Consolidation

    CLOSING GAPS Non-Divisional / Consolidation Sales consolidation (in €m / in % of sales) ~13% ~12% ~10% ~9% ~7% ~6% ▪ Higher share of cross-divisional projects 2025e 2026e 2027e 2028e 2029e 2030e Operating result consolidation (in €m / in % of operating result) ~1% ~1% ▪ IT transformation finalized b

  71. Slide 71: Financial housekeeping – PPA and minorities

    CLOSING GAPS Financial housekeeping – PPA and minorities PPA PPA (in €m) ▪ Based on our past acquisitions, PPA will decrease over time Other Expal Loc Performance ▪ New acquisitions will lead to an increase, which we can give ~160 color on once the respective deal is closed 125 Minorities ▪ In the s

  72. Slide 72: Capital allocation prioritizes growth

    CLOSING GAPS Capital allocation prioritizes growth Working Dividend Buyback Capex Capital M&A ▪ Adding more ▪ Increasing ▪ Continue on ▪ Maintaining the ▪ Buybacks as last capacities to inventories of strong track payout ratio optionality meet demand critical raw record between 35-40% ▪ Investing >

  73. Slide 73: Investing today to build the Rheinmetall of tomorrow

    CLOSING GAPS Investing today to build the Rheinmetall of tomorrow Main drivers for growth capex drivers in the short-term: ▪ Large scale vehicle programs with much higher degree of production automation ▪ Higher share of capex heavy chemical plants to expand the energetics capacity (e.g. Romania, Bu

  74. Slide 74: Operating working capital increases to support program ramp-ups

    CLOSING GAPS Operating working capital increases to support program ramp-ups Working Capital in €m Customer Supplier Inventory Our customers We support our Anticipating higher generally support suppliers in a demand leading to our growth with liquidity preserving increasing 1,800inventory, down paym

  75. Slide 75: Active M&A is a key element of growth over the next years

    CLOSING GAPS Active M&A is a key element of growth over the next years ▪ Autonomous & robotics ▪ Acquisition ▪ Digitization & connectivity ▪ Joint-Ventures ▪ Weapon & ammunition ▪ Strategic partnerships ▪ Electrification & new energy ▪ Financing rounds ▪ Services Type ▪ Fabrication & assembly Cluste

  76. Slide 76: Mitigating risks through commodity and currency hedging

    CLOSING GAPS Mitigating risks through commodity and currency hedging Commodity Hedging Currency Hedging Hedging Strategy ▪ Price escalation clauses ▪ Focus on transactional risk rather than ▪ Matching (purchase price = selling price) translational ▪ Financial hedging, if possible and instruments ▪ F

  77. Slide 77: We are a leading defence player across key performance metrics

    CLOSING GAPS We are a leading defence player across key performance metrics in this cycle Growth and Profitability Landscape (bubble size = Operating Margin 2030e) 45% Operating Profit CAGR (2025-2030) 40% 35% 30% 25% 20% 15% 10% 5% 0% 0% 5% 10% 15% 20% 25% 30% 35% 40% Sales CAGR (2025-2030) German

  78. Slide 78: Operating margin targets on group level and by segment

    CLOSING GAPS Operating margin targets on group level and by segment Operating result margin by segment Sales ~€50bn Group targets Operating margin >20% CCR* >50% 20% 29-31% 24-26% 17-19% 13-15% >15% Weapon and Ammunition Air Defence Digital Vehicle Systems Naval Sales in €bn ~14-16 ~3-4 ~8-10 ~13-15

  79. Slide 79: Key messages

    CLOSING GAPS Key messages ▪ New mid-term targets confirm our commitment to long-term value creation ▪ Industry leading sales and profitability growth ▪ Strong balance sheet enables growth and leaves room for M&A 79 © Rheinmetall AG I CMD 2025

  80. Slide 80: Outlook

    Outlook OUTLOOK 80 © Rheinmetall AG I CMD 2025

  81. Slide 81: Rheinmetall embraces all domains

    CLOSING GAPS Rheinmetall embraces all domains Digitization ➢ Traditional key player in LAND ➢ Focused access to AIR ➢ Developing NVL to prime status in SEA ➢ Partnering with ICEYE to conquer SPACE 81 © Rheinmetall AG I CMD 2025

  82. Slide 82: Naval

    Segment NAVAL 2030 Sales potential ~€5bn 82 © Rheinmetall AG I CMD 2025

  83. Slide 83: NAVAL covers 100% of the surface vessels demand

    CLOSING GAPS NAVAL covers 100% of the surface vessels demand Marine Zielbild 2035 with relevance for Naval 2025 Until 2029 Until 2035 Fleet size 2026 German 2035+** order intake potential Intelligence ships A423 A424 3 Fleet tankers A704 A707 3 Support ships A404 A405 6 A702 3 Korvettes K130 6-9 Fri

  84. Slide 84: Rheinmetall offers drones for every domain

    CLOSING GAPS Rheinmetall offers drones for every domain Mission Strike with HERO, Master Barracuda* and Interceptor Recon with LAND LUNA family SEA AIR Under contract Development Unmanned systems New integration 2025 expected sales of >€250m 84 © Rheinmetall AG I CMD 2025 * MoU signed for cooperatio

  85. Slide 85: Drone & Loitering munition portfolio for the modern battlefield

    CLOSING GAPS Drone & Loitering munition portfolio for the modern battlefield Barracuda 500M Cruise Missile | 45kg / 85kg Warhead LUNA NG Reconnaissance & Strike | +30kg Payload HERO 400 Loitering Munition | 10kg Warhead FV-014 Loitering Munition | 6kg TRITON Warhead HERO 120 Loitering Munition | 4,5

  86. Slide 86: Germany spends €35bn to create a resilient space structure until 2030

    CLOSING GAPS Germany spends €35bn to create a resilient space structure until 2030* Communication “We need … resilient structures comprising satellites, ground Intelligence, Surveillance and stations, launch capabilities and Reconnaissance services”* Navigation First contract expected in Q4 2025! Ge

  87. Slide 87: Fit for growth – the people challenge

    CLOSING GAPS Fit for growth – the people challenge in thousand FTE ▪ Soft labour market especially in comparable job profiles 70 ▪ Rheinmetall recognised as “Global employer of choice” ▪ Applications expected to exceed 275,000 in 2025 40 ▪ Extremely professional recruitment lowers time to fill 35 ra

  88. Slide 88: Risk is under control, execution clear focus

    CLOSING GAPS Risk is under control, execution clear focus Market Market ▪ NATO is lifting the core spending target to 3.5% by 2035 7 ▪ Germany is starting to order now to achieve 6 3.5% already in 2029 5 Execution 4 ▪ “Speed” building of Ammo and F-35 sites 3 ▪ Transition from “manufacturing” to “ma

  89. Slide 89: Order intake potentials Q4 2025 to Q2 2026 for major projects

    CLOSING GAPS Order intake potentials Q4 2025 to Q2 2026 for major projects IdZ Support Vehicles Safe financed Med Caliber Digital Lynx, air defence, H1 SMart Lynx and Ammo trucks and ammo Leopard Puma 2026 RCH 155 ROW Air Defence Boxer-Program Package Armoured Vehicles Satellites Lynx Skyranger Q4 L

  90. Slide 90: Key messages

    CLOSING GAPS Key messages ➢ In pole position to participate in NATO growth ➢ High margin growth over the planning period ➢ Best-in-class capacity ramp-up ➢ Dynamic portfolio management to capture further growth areas ➢ Challenges well managed 90 © Rheinmetall AG I CMD 2025

  91. Slide 91: Taking responsibility in a changing world

    TAKING RESPONSIBILITY IN A CHANGING WORLD 91 © Rheinmetall AG I CMD 2025

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