Rheinmetall Ag · XETR:RHM

Rheinmetall — Investor Presentation (December 2023)

80 slides from Rheinmetall's investor presentation, December 2023

1. Slide 1: Securing Tomorrow - Investor Presentation December 2023

   SECURING TOMORROW Investor Presentation December 2023

2. Slide 2: Agenda

   Agenda Rheinmetall at a glance Market & Drivers Four divisions under one roof Quarterly Update Outlook Responsibility @ Rheinmetall Appendix © Rheinmetall AG I December 2023 2

3. Slide 3: Rheinmetall at a glance: Selected key business highlights

   Rheinmetall at a glance Selected key business highlights Sales by division Result by division In €m In €m -8% -12% 12% 23% 9% Weapon and Ammunition 41% Weapon and Ammunition Electronic Solutions Electronic Solutions 13% 6.410 Vehicle Systems 754 Vehicle Systems 22% 17% Sensors and Actuators Sensors

4. Slide 4: Four divisions under one roof

   Rheinmetall at a glance Four divisions under one roof RHEINMETALL GROUP Holding Holding Weapon and Electronic Vehicles Power Power Ammunition Solutions Systems Systems Systems  Mid & Large  Integrated  Tactical Vehicles  Air management  Aftermarket Caliber Ammo Electronic  Logistic Vehicles 

5. Slide 5: Next steps of our strategic vision implemented

   Rheinmetall at a glance Next steps of our strategic vision implemented TRANSFORMATION GROWTH PORTFOLIO TECHNOLOGY SUSTAINABILITY DIVISIONAL STRUCTURE Accelerated growth ACTIVE PORTFOLIO TECHNOLOGIES in ESG AS INTEGRAL UPDATED becomes tangible MANAGEMENT FOCUS STRATEGY COMPONENT  New civil division

6. Slide 6: Historic financial development

   Rheinmetall at a glance Historic financial development Sales, operating result and operating margin Operating FCF and operating FCF to Sales In €m / in % 6,410 In €m / in % oFCF oFCF/Sales 11.8% 6,148 6,255 10.5% 7.4 5,896 8.3% 5,602 5,658 Op. Margin 4.7 5.0 5,405 4.0 2.9 8.0% 8.1% Sales 419 6.3% 6.

7. Slide 7: Markets & Drivers

   Markets & Drivers © Rheinmetall AG I December 2023 7

8. Slide 8: Participating in the defence super cycle

   Markets & Drivers Participating in the defence super cycle 2023 2022 NATO spending > 2% Ukraine invasion 1990 Demand for 100bn fund next Upscaling of generation Downscaling systems of forces Inflection forces and and point Return to treaty modernization armament Out of and territorial NATO defence a

9. Slide 9: Favorable market dynamics support our strategy

   Markets & Drivers Favorable market dynamics support our strategy Faster shift Transformation in Jump in defence Accelerated Disrupted supply Geopolitical towards Automotive Sustainability spending technologization chains transformation renewable energy industry  Increasing  War in the  War accele

10. Slide 10: German defence spending based on three pillars

    Markets & Drivers German defence spending based on three pillars Defence Budget Special Fund Ukraine Relief Fund Moderate growth Significant investment Germany Top 3 supporter* in €bn potential 1.2% Personnel Equipment  Land  8€bn 50.1 51.8 52.0 52.0 in 2024 2023 2024 2025 2026 Digitization Air 

11. Slide 11: Defence projects with short-term implementation potential

    Markets & Drivers: Start of a new era in German defence policy Defence projects with short-term implementation potential Lead time Sales period Ammunition 6-12 months ~10 years Trucks ~12 months ~10 years 8x8 and 6x6 12-18 months 6-7 years Puma 24 months 6-7 years Soldier Systems 12 months 4-5 years

12. Slide 12: Our mission is to become the first choice for Ukraine's armed forces

    Markets & Drivers: Ukraine Our mission is to become the first choice for Ukraine‘s armed forces 1 2 3 4 5 Funding by GER & Ring Swaps Direct Deliveries Service & Sustainment Local Cooperation other states © Rheinmetall AG I December 2023 12

13. Slide 13: Great opportunities ahead and challenges under control

    Markets & Drivers Great opportunities ahead and challenges under control Opportunities Challenges Re-stocking, re-equipping, re-building Supply chains de-risked Expanding our global footprint Record number of applications Benefitting from operating leverage Accelerating business well managed © Rhein

14. Slide 14: RBSL JV in prime spot to modernize the UK armed forces

    Markets & Drivers: Home Markets RBSL JV in prime spot to modernize the UK armed forces  Key supplier to the land domain with Boxer MIV and Challenger upgrade  Currently waiting for the 3. lot Boxer contract and exploration of further Boxer variants including Sales GBAD  Frame work contracts for a

15. Slide 15: Heavy Weapon carrier - export from down under

    Markets & Drivers: Home Markets Heavy Weapon carrier – export from down under leverages MILVEHCOE  Digitization and Domain Sea offer a huge potential, especially Land 125 soldier systems  Heavy weapon carrier is one of the largest Sales Australian defence export contracts  Growing our ammunition

16. Slide 16: The United States has the potential to become a new home market

    Markets & Drivers: Home Markets The United States has the potential to become a new home market by late 20s  Rheinmetall Common Tactical Trucks (CTT) performs  XM30: down selected to final testing stage Sales  Next generation Howitzer • Successful testing of L52 gun CAGR ~55% 2022 2023e 2026e © R

17. Slide 17: Rheinmetall Expal Munitions is our beachhead for the Spanish market

    Markets & Drivers: Home Markets Rheinmetall Expal Munitions is our beachhead for the Spanish market  Expal acquisition opens new possibilities to do business in Spain  Intensification of our traditional ammo business  Rheinmetall Expal Munitions (REM) is part of the consortia to supply long range

18. Slide 18: Hungary has developed into a new home market

    Markets & Drivers: Home Markets Hungary has developed into a new home market Rheinmetall is the strategic partner of the Hungarian forces BUILD UP OF WIN-WIN SITUATION EXTENSIVE BUSINESS REALIZATION EXPORT CAPACITIES AND THROUGH MUTUAL POTENTIAL OPPORTUNITIES CAPABILITIES SUPPORT CAGR ~36% Sales 202

19. Slide 19: Strong intensification of our Hungarian engagement across all divisions

    Markets & Drivers: Home Markets Strong intensification of our Hungarian engagement across all divisions Vehicle Systems Weapon and Ammunition Electronic Solutions Ammo plant JV for Hybrid 8x8 digitization of the armed forces LYNX RDX plant Skyranger HERO Loitering Munition PANTHER © Rheinmetall AG I

20. Slide 20: Rheinmetall's global production capacities

    Markets & Drivers: Start of a new era in German defence policy Rheinmetall’s global production capacities Germany UK Vehicles • Kassel: Vehicles Canada Electronics, Vehicles • Unterlüss: Vehicles, Ammunition • Kiel: Vehicles, Electronics • Bremen: Soldier Systems, Electronics, Air Defence Spain Ammu

21. Slide 21: Defence budgets start to accelerate

    Markets & Drivers: NATO Strong reaction to the war: Defence budgets start to accelerate NATO Europe and Canada defence expenditure % Annual real change in % Increased demand for defence systems in NATO countries* 9 8.3 8 7 5.9 6 5 4.6 4.3 4 3.6 Ships Vehicles Airplanes 3.0 2.8 3 2.0 2 1.6 1 0 -1 -0.

22. Slide 22: Significant reduction in export risk due to high NATO order backlog

    Markets & Drivers: NATO Significant reduction in export risk due to high NATO order backlog  NATO and related countries*  RoW FY 2022 FY 2021 FY 2018 FY 2015 13% 12% 27% 35% 87% 88% 65% 73% 5.8 €bn 8.6 €bn 13.9 €bn 15.1 €bn © Rheinmetall AG I December 2023 * includes 30 NATO member states, global

23. Slide 23: Platform sales are just the tip of the iceberg

    Markets & Drivers: Product life cycle potential Platform sales are just the tip of the iceberg – success creates opportunities Security Civil CAGR ~+10% Rheinmetall creates In m€ +42% ~1,600 additional business 1,161 opportunities over the 1,005 ~550 820 473 entire life cycle of up 415 345 688 1,000

24. Slide 24: Artillery: Supply-demand imbalanced

    Supply-demand ARTILLERY imbalanced! Estimated demand in €bn 60 No linear development due to assumed loss of platforms Mortar 40 Med-Cal 20 Artillery Aircraft Bombs 0 3 7 15 30 Assumed total Western-European capacity Different conflict scenarios in days excluding Rheinmetall of < 200k rounds © Rheinm

25. Slide 25: Artillery: First volume, then range

    First volume, ARTILLERY then range! Rheinmetall invests in capacities… … and technologies  Development of long range capabilities  improved barrel performance  Long range ammunition  Loitering ammunition in cooperation with UVision  Rocket artillery for the European market © Rheinmetall AG I De

26. Slide 26: Artillery: Growth propellant

    ARTILLERY Growth propellant! ~4€bn ~700.000 rounds From 2025 +600% Q3 2023 350,000 1.5€bn +250% Q1 2022 100,000 Sales 0 Weapon and Ammunition 155mm production capacity (full shot) 2019 2020 2021 2022 2023e 2024e 2025e 2026e © Rheinmetall AG I December 2023 26

27. Slide 27: Main Battle Tank: The cats are back

    MAIN BATTLE TANK The cats are back! OPPORTUNITY – Growing MBT market creates potential MGCS Panther CAPTURE – Win key opportunities, Grow business INDUSTRIALISE – Increase capacity, Global supply chain EDF Leopard EXECUTE – Operational excellence to drive margin © Rheinmetall AG I December 2023 27

28. Slide 28: Panther - 100% Rheinmetall

    Markets & Drivers: Big Tickets PANTHER - 100% Rheinmetall! Firepower Protection Unrivalled lethality with the 130mm Future The first MBT adopting an integrated Gun system (FGS) and optimised sensor-to- survivability concept of on and off platform shooter-links. sensors coupled with active, reactive

29. Slide 29: F-35: Gate opener for our Domain Air

    Gate opener for our F-35 Domain Air  Rheinmetall is a partner in the world’s biggest defence project  Rheinmetall will be the only German company with in-depth technological knowledge of the 5th generation of fighter jets  First deliveries scheduled for 2027 50 42 40 34 105 12 32 36 64 35 20 20 2

30. Slide 30: Center fuselage is the nucleus to grow our Domain Air

    Markets & Drivers: Big Tickets Center fuselage is the nucleus to grow our Domain Air The CF is the entry gate for additional F-35 parts Other Avionic Parts Already a qualified F-35 ammunition supplier Ammo RHM in the pole to take over sustainment services Sustainment Center fuselage is the core F-35

31. Slide 31: Leading provider of Air Defence

    European Sky Shield Initiative (ESSI) Leading provider of AIR DEFENCE Ground Based Air Defence Order potential 2023-26 of up to 5€bn ESSI Participants Potential other European customers for Skyranger © Rheinmetall AG I December 2023 31

32. Slide 32: Integrated SHORAD approach against a wide range of threats

    BIG TICKETS Integrated SHORAD approach against a wide range of threats Sensors  Skymaster – Battle Management Systems  Tactical Acquisition Radars  Multi-Sensor Unit Effectors  Revolver Gun Mk3  Twin Gun  High Energy Laser  SkyKnight Missile Launcher Unit  Non-lethal jammers Platforms  Stat

33. Slide 33: Logistics, Logistics, Logistics! Trucks

    User Group Logistics, Logistics, TRUCKS Logistics!  War in Ukraine has underpinned importance of logistics  Germany is financing the next truck lot via special fund  Austria is the most recent member of the HX-User Group  Rheinmetall expands Vienna capacity from 2,200 to around 4,500 vehicles p.

34. Slide 34: Digitization: Our path to a digital future

    Top Projects DIGITIZATION Gladius and D-LBO Digitalization of HDF Our path to a digital future Land 125 Analog Digitized Digitalized Digital Transformation © Rheinmetall AG I December 2023 34

35. Slide 35: Major partner for digitization of the German army

    Markets & Drivers: Big Tickets Rheinmetall is a major partner for the digitization of the German army Gladius Soldier System D-LBO TAWAN System Panzergrenadier Personnel Equipment Networking PUMA to Digitalization of the Tactical Wide Area Soldier German Forces Network Already in use for VJTF, In se

36. Slide 36: The civil market is changing, we are prepared

    Markets & Drivers: Civil business portfolio The civil market is changing, we are prepared! Innovative ICE Well equipped Diversify into new Market disruptions portfolio with Electrification applications started well managed solutions for clean Portfolio successfully mobility  Successful  Grow marke

37. Slide 37: Well prepared to address market potentials

    Markets & Drivers: Civil business portfolio Well prepared to address market potentials Electrification Industrial Technology  Drive market penetration  Digital solutions for mobility and industry applications  Well equipped Electrification Portfolio  Technology leader in DC-link capacitors  H2

38. Slide 38: Declining ICE volumes and accelerated growth for alternative powertrains

    Markets & Drivers: LV growth Declining ICE volumes and accelerated growth for alternative powertrains IHS LV production forecast* In million units +2% 97 91 92 88 89 13% 18% 23% 29% 11% 48% 13% 15% 16% 16% 76% 69% 62% 55% 36% 2023 2024 2025 2026 2030 Note: BEV includes: BEV with Fuel Cell and REx BE

39. Slide 39: Mobility market trends: From combustion engine to alternative powertrain

    Markets & Drivers: Mobility market trends From combustion engine to alternative powertrain Mechanical coolant pumps ICE Solenoid valves Variable valve train Electronic throttle Electronic coolant valve Engine blocks valves Heat pumps Exhaust flaps Engine bearings EGR module Electronic oil pumps Stru

40. Slide 40: Diverse portfolio for truck applications

    Markets & Drivers: Trucks Diverse portfolio for truck applications Permaglide bearings for truck compressors and truck hydraulics Main coolant pumps Auxiliary coolant pumps Electrical oil pumps Bushings for Sales injection pumps in €m Main-bearings 600 ~386 ~436 ~404 Connecting rod bearings 400 ~290

41. Slide 41: Sensors & Actuators: Prepared for future growth

    Markets & Drivers: Sensors & Actuators Prepared for future growth Outperforming the Innovative solutions Growth in alternative Diversify into market for clean mobility powertrains (AP) new applications * Estimated sales development in €bn G r o w t h c a t a l y s t s CAGR +10% Tighter Regulation of

42. Slide 42: Division Overview: Vehicle Systems

    Five divisions under one roof Division Overview: Vehicle Systems Sales and operative margin Sales in €bn Operative margin in % ~25-30% <5.0 +20,6% 1.9 2.3 ~13% 9.2% 11.4% 2021 2022 2026e Products Market profile Key Competitors Differentiators Market position TACTICAL VEHICLES  Logistic Vehicles  I

43. Slide 43: Division Overview: Weapon and Ammunition

    Five divisions under one roof Division Overview: Weapon and Ammunition Sales and operative margin Sales in €bn Operative margin in % ~30% >4.0 +19,2% 1.2 1.5 ~26% 17.6% 20.8% 2021 2022 2026e Products Market profile Key Competitors Differentiators Market position MID & LARGE CALIBER AMMO  Weapon and

44. Slide 44: Division Overview: Electronic Solutions

    Five divisions under one roof Division Overview: Electronic Solutions Sales and operative margin Sales in €bn Operative margin in % ~30% <3 +14,1% 0.9 1.1 ~14% 10.6% 11.1% 2021 2022 2026e Products Market profile Key Competitors Differentiators Market position  Integrated Electronic Systems  Intern

45. Slide 45: Division Overview: Sensors and Actuators

    Five divisions under one roof Division Overview: Sensors and Actuators Sales and operative margin Sales in €bn Operative margin in % ~13% +5,1% ~2.0 1.3 1.4 ~10% 7.8% 6.9% 2021 2022 2025e Products Market profile Key Competitors Differentiators Market position  Actuators  Wide technology portfolio

46. Slide 46: Division Overview: Materials and Trade

    Five divisions under one roof Division Overview: Materials and Trade Sales and operative margin Sales in €bn Operative margin in % ~10% +14,1% <1.0 0.7 0.7 >10% 7.8% 9.1% 2021 2022 2025e Products Market profile Key Competitors Differentiators Market position AFTERMARKET  Daido  Broad material and

47. Slide 47: Quarterly Update

    Quarterly Update © Rheinmetall AG I December 2023 47

48. Slide 48: Q3 2023 Group Highlights: Third quarter sets the pace

    Q3 2023 Group Highlights Third quarter sets the pace Sales: Operating result: Operating margin: OFCF: €1,758m €191m 10.8% -€102m (+24.2% PY) (+59.2% PY) (+2.3 pp PY) (-€65m PY)  Outstanding Rheinmetall nomination propels backlog to €36.5bn  Expal integration successfully initiated with upgraded sa

49. Slide 49: Great customer feedback from international trade fairs

    Q3 2023 Group Highlights Great customer feedback from international trade fairs DSEI London AUSA Washington  Presentation of our vision for the digitalized  Showcasing of upgraded solutions for the U.S. battlefield Army's critical modernization priorities  Focus on unmanned systems and air defenc

50. Slide 50: Germany: German order boost continues in 2024

    Q3 2023 Market update: Germany German order boost continues in 2024 In €bn 7.5  Q3 included: Caracal, Ammunition (tank & artillery) and Luna NG  Q4 expectation of ~ €1.5bn orders  €13-15bn German order potential for 2024: Ammunition, tactical and logistical vehicles and digitization 1.0 1.1  Som

51. Slide 51: Rheinmetall to become a leading industrial partner for Ukraine

    Q3 2023 Market update: international markets Rheinmetall to become a leading industrial partner for Ukraine Business with Ukraine has already materially increased  Order intake jumps to €1.9bn YTD  Sales exceed €400m, but significantly stronger impact in 2024 anticipated © M. Froch  Further suppl

52. Slide 52: Heavy weapon carrier on the horizon

    Q3 2023 Market update: international markets Heavy weapon carrier on the horizon – work in progress  German-Australian letter of cooperation signed in Q3  Negotiations in the final stage  MILVEHCOE to produce > 100 vehicles for ~€2.5bn  Boxer based solution with a manned turret to strengthen the

53. Slide 53: Our Panther finds a new home

    Q3 2023 Market update: international markets Our Panther finds a new home „We are producing a Lynx, we are buying a Leopard and we have joined in the development of the Panther.“ Viktor Orban Customer funded development agreement provided by Hungary for the development of the Panther. Our recently o

54. Slide 54: A new group structure to suit our needs

    Rheinmetall Group A new group structure to suit our needs Rheinmetall Group Rheinmetall Group Current reporting structure Weapon and Sensors and Electronic Solutions Vehicle Systems Materials and Trade Ammunition Actuators New reporting structure as of January 1st 2024 Already in place Weapon and El

55. Slide 55: Q3 2023: Key financial data - Strong leverage pushes results

    Q3 2023: Key financial data Strong leverage pushes results Sales 1) Operating result and margin in % 1,2) Earnings per share 1) in €m in €m in €m +59.2% +24.2% (+71) +40.0% (+343) 17 333 41 54 1 (1.2%) 191 2.31 (23.5%) (2.9%) 1,758 (3.8%) (-0.3%) -32 (-2.2%) 1,415 1.65 120 10.8% 8.5% Q3 2022 Operati

56. Slide 56: Q3 2023: Divisions

    Q3 2023: Divisions Weapon and Ammunition elevates group margin to 10.8% in €m Sales* Operating Result* Margin* Q3 2022 Q3 2023 delta Q3 2022 Q3 2023 delta Q3 2022 Q3 2023 Vehicle Systems 469 659 40.5% 46 82 77.7% 9.9% 12.5% Weapon and Ammunition 285 437 53.6% 38 89 135.9% 13.2% 20.3% Electronic Solu

57. Slide 57: Inventory build-up in preparation for year-end rally

    Q3 2023: Key financial data Inventory build-up in preparation for year-end rally Operating free cash flow1) Working Capital1) in €m in €m +251 -110 +9 -785 -105 +1,287 +2,152 -219 +1,751 Q1 -462 FY 2022 Δ Δ Δ Δ 9M 2023 Inventory Trade receivables Trade liabilities Others -102 Comments -427 Q2 -179 

58. Slide 58: Q3 2023: Balance Sheet - Expal takeover fully absorbed

    Q3 2023: Balance Sheet Expal takeover fully absorbed Gross debt and maturity profile 1) Comments in €m 2024 2025 2026 2027 2028 2029ff  Convertible bonds issued in Q1 with a nominal value of 2,445 0 80 12 €1.0bn, due to IFRS accounting split into a debt and an equity 271 Leasing & Others 73 57 comp

59. Slide 59: Nomination and Backlog: Already €10 billion backlog increase

    9M 2023: Nomination and Backlog Already €10 billion backlog increase and more to come in €bn 2.4 -4.6 36.5 4.7 8.9 7.5 26.6 Nominated Backlog 8.1 8.1 Frame Backlog 3.4 14,5 Rheinmetall Nomination1) 9M23 Order Backlog 19.5 15.1 2) 2) RHM Backlog FY22 Order Intake Frame Nomination Booked Business Sale

60. Slide 60: Outlook

    OUTLOOK © Rheinmetall AG I December 2023 60

61. Slide 61: Minimal effort to reach full year sales guidance

    Outlook Minimal effort to reach full year sales guidance in €bn ~0.4 7.4 – 7.6 2.6  Only ~€400m to go to meet FY sales guidance  Service  Around €2.6bn call-offs from framework 4.6 business contracts expected  Civil chemicals  Confident to close gap with strong order  Materials pipeline in Q4

62. Slide 62: FY 2023 guidance confirmed

    Outlook FY 2023 guidance confirmed Group Guidance Rheinmetall EXPAL 2022 2023e Munitions Between Sales ≥ €190m € 6.4 bn €7.4 to 7.6 bn Operating Margin ~ 12% ≥ 25% 11.8% 4-6% OFCF Operating free cash flow €-152 m to sales Sales guidance includes FX effects. Rheinmetall EXPAL Munitions fully consolid

63. Slide 63: Internationalization of the defence business continues

    Outlook Internationalization of the defence business continues 25% RoW 36% Germany ~11 USA €bn* Spain Ukraine UK Australia Hungary 39% Weapon and Ammunition 2022 Vehicle Systems Electronic Solutions 2026e © Rheinmetall AG I December 2023 *Divisional sales share in % before consolidation 63

64. Slide 64: Mid-term guidance drill-down

    Outlook Mid-term guidance drill-down Operating result by Division (in €, in %) Operating Margin Target 2026 > 15% 26% 10 % 14% 13% minimum 9% profitability hurdle W+A ES VS PS Sales >4bn <3bn <5bn <3bn Legend: Width of rectangles represents expected sales in 2026. The size of the rectangles represen

65. Slide 65: Our new financial Group targets 2026

    Outlook Our new financial Group targets 2026 are… Growth continues Sales target 13-14 €bn Improved profitability Operating margin target* >15% CASH CONVERSION RATE Cashflow to operating result* >50% © Rheinmetall AG I December 2023 *Based on new operating result definition pre-ppa 65

66. Slide 66: Existing backlog supports our growth targets

    Outlook Existing backlog supports our growth targets 13-14 Rheinmetall Backlog in €bn Booking level p.a. ~20% 7.4-7.6 >85% Way-to-go >95% >60% 0.4 0.2 1.7 >45% Recurring 0.3 0.6 business* Order Backlog Sales YTD 4.6 Frame Backlog Nominated Backlog 2023e 2024e 2025e 2026e © Rheinmetall AG I December

67. Slide 67: Sustainability is a central component of our corporate strategy

    Rheinmetall at a glance Sustainability is a central component of our corporate strategy FRAME-WORKS & INITIATIVES CSR-DIA* GRI UN GC CDP SBTi TCFD SASB Since 2017 Since 2017 Joined in 2021 Applied in 2021 Commitment Q4 2021 2022 2022 ACTION ENVIRONMENT ENVIRONMENT SOCIAL GOVERNANCE  Carbon Carbon

68. Slide 68: Diversified capital allocation continues

    Financials Diversified capital allocation continues Capex M&A Debt Dividend Buyback Leverage  Supporting growth  Fire power  Setting leverage  Payout ratio of 35-  Renewal of the with peak in 2024 remains high with targets and 40% of net income authorized capital and then gradually focus on con

69. Slide 69: Successful placement of €1 billion convertible bonds

    Financials Successful placement of € 1 billion convertible bonds Transaction Terms Highlights Execution Date 31-Jan-23 | Effective Date 07-Feb-23 Total Deal Size €1.0bn (split in 2 equally sized series) Underlying Shares 3.2m Shares / 7.4% Share Capital Tenor Series A: 5 Years Series B: 7 Years  Du

70. Slide 70: We feel comfortable with our current leverage ratio

    Financials We feel comfortable with our current leverage ratio Equity ratio: Net debt / Ebitda: Investment Grade rating: >30% <3 Baa2 stable outlook (29.6%) (1.95) (Moodys) Maturity profile 1) 2023 2024 2025 2026 2027 2028 2029ff  We feel comfortable with 30% + equity ratio 12 73 57 0 80  We want

71. Slide 71: Successfully structuring growth

    Financials Successfully structuring growth Sales consolidation (in €m / in % of sales) ~9% ~10% ~8% ~7% Increased consolidation driven by ~(700) ~(900) growing structures 2023e 2024e 2025e 2026 target  Growth momentum reflected in higher sales consolidation Operating result consolidation (in €m / i

72. Slide 72: Capex peak in 2024 to support our strong growth trajectory

    Financials Capex peak in 2024 to support our strong growth trajectory Vehicle Weapon and Electronic Top 2024 projects Power Systems Non-Divisional Systems Ammunition Solutions  Hungary  Expal  F-35  Logistic  IT  Panther  Hungary  Panther centre  Vienna  Aschau  Invent  South Africa ~7%

73. Slide 73: Key Figures

    Key Figures 2022 2021 2020¹ 2019 2018² SALES/EARNINGS Sales € million 6,410 5,658 5,405 6,255 6,148 Of which generated abroad % 70.5 65.9 64.4 68.9 72.3 Operating result € million 754 594 446 505 491 Operating margin % 11.8 10.5 8.3 8.1 8.0 EBIT € million 731 608 398 512 518 EBIT margin % 11.4 10.8

74. Slide 74: Balance Sheet

    Balance Sheet € million 12/31/2022 12/31/2021 € million 12/31/2022 12/31/2021 Assets Equity and liabilities Goodwill 483 481 Share capital 112 112 Other intangible assets 338 287 Capital reserves 566 561 Right-of-use assets 209 214 Retained earnings 2.140 1.755 Property, plant and equipment 1.137 1.

75. Slide 75: Income Statement

    Income Statement Income statement of the Rheinmetall Group for fiscal 2022 € million 2022 2021 Sales 6.410 5.658 Changes in inventories and work performed by the enterprise and capitalized 153 117 Total operating performance 6.563 5.775 Other operating income 221 134 Cost of materials 3.183 2.745 Pe

76. Slide 76: Consolidated and adjusted income statement

    Consolidated and adjusted income statement 9m in €m Operating result pre-ppa © Rheinmetall AG I December 2023 Note: continuing operations only 76

77. Slide 77: Cashflow Statement

    Investments in property, plant and equipment, intangible assets and investment property (349) (271) Cash inflows from the disposal of property, plant and equipment, intangible assets 19 3 and investment property Cash inflows from for the disinvestments in consolidated companies and financial assets

78. Slide 78: Group - forecast business performance in 2023

    Outlook Group - forecast business performance in 2023 2023 2022 Sales Group € million sales growth to €7.4 bn to €7.6 bn 6,410 Division Vehicle Systems € million sales growth 25% to 30% 2,270 Division Weapon and Amunition € million sales growth 25% to 30% 1,470 Division Electronic Solutions € millio

79. Slide 79: Next events and IR contacts

    Next events and IR contacts Next Events IR Contacts Kepler Cheuvreux, CEO Tour, virtual 12 Dec Dirk Winkels CoBa Oddo BHF German Investment Seminar 8-10 Jan Head of Investor Relations Tel: +49 162 2688921 Baader German Corporate Day 11 Jan Email: dirk.winkels@rheinmetall.com Oddo BHF Forum 11/12 Jan

80. Slide 80: Disclaimer

    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-lo

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