Rheinmetall Ag · XETR:RHM

Rheinmetall — Q3 2025 Earnings Presentation

27 slides from Rheinmetall's earnings presentation, Nov 6, 2025

  1. Slide 1: Conference Call Q3 2025

    CONFERENCE CALL Q3 2025 Armin Papperger, CEO Klaus Neumann, CFO November 6, 2025

  2. Slide 2: Disclaimer

    Q3 2025 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

  3. Slide 3: Q3 2025 Group Highlights

    Q3 2025 CONFERENCE CALL Q3 2025 Group Highlights Strong start of the second half sets the stage for Q4 SALES OPERATING RESULT OPERATING MARGIN APPLICATIONS 2,780 360 12.9% >200,000 +13% +19% +0.7 pp Thereof Defence: 2,306 (+17%) Thereof Defence: 361 (+7%) Thereof Defence: 15.7 % (-1.5 pp) €m €m in %

  4. Slide 4: Successful week in the UK

    Q3 2025 CONFERENCE CALL Q3 2025 Group Highlights Successful week in the UK Innovations presented at DSEI 2025 Telford gun shop groundbreaking ceremony Lockheed Martin and Rheinmetall presented the new Fuchs JAGM tank hunter ▪ ~€100m investment ▪ Creating ~100 highly skilled jobs at the Telford facil

  5. Slide 5: German parliament passes 2025 budget and returns to regular budget cycle

    Q3 2025 CONFERENCE CALL Q3 2025 Group Highlights German parliament passes 2025 budget and returns to regular budget cycle in €bn 117 +23% 9 95 26 ▪ Around 80 €25m-proposals on 9 First €25m proposals the agenda until year end 24 approved, incl. Jakal ▪ 1/3 is relevant for Rheinmetall and San-Boxer 83

  6. Slide 6: Rheinmetall expands into two new domains: Naval and Space

    Q3 2025 CONFERENCE CALL Q3 2025 Group Highlights Rheinmetall expands into two new domains: Naval and Space ▪ Lürssen and Rheinmetall reached an ▪ ICEYE and Rheinmetall formed a 40-60 JV agreement on Naval Vessels Lürssen on 23 September 2025 ▪ Potential sales in 2030 ~€5bn with above ▪ First market:

  7. Slide 7: Expanding the Weapon and Ammunition ecosystem

    Q3 2025 CONFERENCE CALL Q3 2025 Group Highlights Expanding the Weapon and Ammunition ecosystem ▪ Expansion of existing capacities in Spain, South Africa and Australia in progress ▪ Germany started trial production ▪ Groundbreaking of Lithuanian artillery ammunition plant and MoU for propellants cent

  8. Slide 8: Power Systems M&A progressing in the right direction

    Q3 2025 CONFERENCE CALL Q3 2025 Group Highlights Power Systems M&A progressing in the right direction ▪ Submission of final offers in Q4 ▪ Expected reclassification of PS as discontinued under IFRS 5 as of 31 December 2025 ▪ Tentative signing in Q1 2026 8 © Rheinmetall AG I November 6, 2025

  9. Slide 9: Financials

    FINANCIALS TAKING RESPONSIBILITY IN A CHANGING WORLD PF eveinmeraue

  10. Slide 10: Robust sales growth and further margin expansion

    Q3 2025 CONFERENCE CALL Q3 2025 Financials Robust sales growth and further margin expansion Sales Operating result and margin in % in €m in €m +59 +327 (+19%) (+13%) 360 238 119 2.780 302 63 (12.9%) 2.453 (12.3%) -30 -4 -1 Q3 2024 Operational FX M&A1 Q3 2025 Q3 2024 Operational FX M&A1 Q3 2025 ▪ Def

  11. Slide 11: Profitable growth in the defence business, led by Weapon and Ammunition

    Q3 2025 CONFERENCE CALL Q3 2025 Financials 2022 Profitable growth in the defence business, led by Weapon and Ammunition VEHICLE SYSTEMS WEAPON AND AMMUNITION Sales Op. result and margin Sales Op. result and margin in €m +8% in €m and % in €m +38% in €m and % +21% +4% 1,237 1,338 691 160 162 168 501

  12. Slide 12: Book-to-bill of 1.4 despite lower level of Rheinmetall Nominations in Q3

    Q3 2025 CONFERENCE CALL Q3 2025 Financials Book-to-bill of 1.4 despite lower level of Rheinmetall Nominations in Q3 Rheinmetall Nomination1 Rheinmetall Backlog2 in €m in €m +23% -36% 6,053 63,803 7,143 763 51,906 3,881 8,060 555 23,985 3,380 15,896 1,500 27,950 32,675 2,364 2,721 -455 -895 09/30/202

  13. Slide 13: Operating Free Cash Flow still affected by inventory build-up and low prepayments

    Q3 2025 CONFERENCE CALL Q3 2025 Financials Operating Free Cash Flow still affected by inventory build-up and low prepayments Operating free cash flow1 Working Capital in €m in €m -912 Customer Supplier Inventory 99 +66% 169 266 118 1,290 -187 -18 -325 +2,387 +1,438 -911 12/31/2024 09/30/2025 Q1 Comm

  14. Slide 14: Comfortable balance sheet enables next acquisition moves

    Q3 2025 CONFERENCE CALL Q3 2025 Financials Comfortable balance sheet enables next acquisition moves Update convertible Equity ratio ▪ Current total number of shares: 29.8% 32.9% 46,002,534 ▪ Series A conversion completed ▪ Series B approximately 50% converted 09/30/2024 09/30/2025 Net financial posi

  15. Slide 15: Outlook

    OUTLOOK TAKING RESPONSIBILITY IN A CHANGING WORLD PF eveinmeraue

  16. Slide 16: Record Nominations expected for Q4

    Q3 2025 CONFERENCE CALL Outlook Record Nominations expected for Q4 Rheinmetall Backlog in €bn ~80 SPOCK1 Skyranger 155mm Luchs 2 155mm SMArt Laser Light Modules 63.8 120mm Loitering ammunition Jackal Med-cal Puma 55.0 Lynx Leopard RCH 155 Trucks 38.3 FY2023 FY2024 9M 2025 Vehicle Systems Weapon and

  17. Slide 17: 95% backlog coverage provides high confidence for full-year guidance

    Q3 2025 CONFERENCE CALL Outlook 95% backlog coverage provides high confidence for full-year guidance 2025e 2024 +35-40% defence growth Sales €9.8bn flat civil business Operating Margin ~15.5% 15.2% OFCF to operating result* (“Cash conversion rate”) >40% 71% 17 © Rheinmetall AG I November 6, 2025 * B

  18. Slide 18: Thank you for your attention!

    Q3 2025 CONFERENCE CALL Q&A Thank you for your attention! Armin Papperger, CEO Klaus Neumann, CFO 18 © Rheinmetall AG I November 6, 2025

  19. Slide 19: Investor relations contacts and next events

    Q3 2025 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

  20. Slide 20: Appendix

    APPENDIX TAKING RESPONSIBILITY IN A CHANGING WORLD PF eveinmeraue

  21. Slide 21: Segment overview

    Q3 2025 CONFERENCE CALL Segment overview in €m Sales Operating result Operating result margin Q3 2024 Q3 2025 delta Q3 2024 Q3 2025 delta Q3 2024 Q3 2025 Vehicle Systems 1,237 1,338 8.1% 162 168 3.6% 13.1% 12.5% Weapon and Ammunition 501 691 38.0% 133 160 20.6% 26.5% 23.2% Electronic Solutions 392 5

  22. Slide 22: Statement of financial position

    Q3 2025 CONFERENCE CALL Statement of financial position 22 © Rheinmetall AG I November 6, 2025

  23. Slide 23: Income Statement

    Q3 2025 CONFERENCE CALL Income Statement 23 © Rheinmetall AG I November 6, 2025

  24. Slide 24: Cashflow Statement

    Q3 2025 CONFERENCE CALL Cashflow Statement 24 © Rheinmetall AG I November 6, 2025

  25. Slide 25: Derivation of diluted earnings per share

    Q3 2025 CONFERENCE CALL Derivation of diluted earnings per share 25 © Rheinmetall AG I November 6, 2025

  26. Slide 26: Adjusted PnL

    Q3 2025 CONFERENCE CALL Adjusted PnL in €m Q3 2024 Q3 2025 Delta (adjusted) Reported Special items PPA Adjusted Reported Special items PPA Adjusted Delta Delta (rel.) Sales 2.453 -2 2.451 2.780 2.779 328 12% Changes in inventories and work performed by the enterprise and capitalized -130 2 -128 170

  27. Slide 27: Q3 2025 CONFERENCE CALL

    Q3 2025 CONFERENCE CALL Pf ereinmerau TAKING RESPONSIBILITY IN A CHANGING WORLD

Rheinmetall — Q3 2025 Earnings Presentation on 6ix