Rheinmetall Ag · XETR:RHM

Rheinmetall — Investor Presentation (September 2023)

80 slides from Rheinmetall's investor presentation, September 2023

1. Slide 1: Rheinmetall Investor Presentation September 2023

   PASSION FOR TECHNOLOGY Rheinmetall Investor Presentation September 2023 © Rheinmetall AG I 1

2. Slide 2: Agenda

   Investor Presentation Agenda Rheinmetall at a glance Market & Drivers Five divisions under one roof Quarterly Update Outlook Responsibility @ Rheinmetall Appendix © Rheinmetall AG I September 2023 2

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

   Investor Presentation 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

4. Slide 4: Five divisions under one roof

   Investor Presentation Rheinmetall at a glance Five divisions under one roof RHEINMETALL GROUP Holding Holding Weapon and Electronic Vehicles Sensors and Materials Ammunition Solutions Systems Actuators and Trade  Mid & Large  Integrated  Tactical Vehicles  Pump Technology  Aftermarket Caliber A

5. Slide 5: Our strategic vision is becoming a reality

   Investor Presentation Rheinmetall at a glance Our strategic vision is becoming a reality TRANSFORMATION GROWTH PORTFOLIO TECHNOLOGY SUSTAINABILITY DIVISIONAL STRUCTURE ACCELERATED GROWTH ACTIVE PORTFOLIO TECHNOLOGY FOCUS ESG INTEGRAL PART OF WELL IMPLEMENTED IN ALL END MARKETS MANAGEMENT DEFINED THE

6. Slide 6: Historic financial development

   Investor Presentation 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 Historic

7. Slide 7: Markets & Drivers

   Markets & Drivers © Rheinmetall AG I September 2023 7

8. Slide 8: Participating in the defence super cycle

   Investor Presentation Markets & Drivers Participating in the defence super cycle 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 territori

9. Slide 9: Status quo on German potential

   Investor Presentation Markets & Drivers: Status quo on German potential All major projects included in special fund and annual budget €100bn special fund RHM Projects Defence base budget Apparel and  Ammo  Headsets with built-in hearing protection  Negotiation of framework personal €2 bn ~€2 bn 

10. Slide 10: Defence projects with short-term implementation potential

    Investor Presentation 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 Syste

11. Slide 11: Rheinmetall has been a partner to support the Ukraine

    Investor Presentation Taking responsibility in a changing world Rheinmetall has been a partner to support the Ukraine INDIRECT SUPPORT Ring Swap CZE: 14 Leo 2A4; 1 BPz Ring Swap SVK | 14 Leo 2A4; 1 BPz Ring Swap SVK | 40 x WLS Ring Swap GRC | 40 SPz Marder Büffel Büffel 5 Tanker Superstructures DIRE

12. Slide 12: Rheinmetall delivers and is ready to do more

    Investor Presentation Taking responsibility in a changing world Rheinmetall delivers and is ready to do more Leopard 1 Leopard 2 Marder  Access to ~ 100 Leopard 1  Access to ~ 50 Leopard 2  140-150 Marder on Stock WA  80-90 vehicles offered to Ukraine  29 in overhaul for Ring Swaps with  60 ve

13. Slide 13: Main challenges are addressed

    Investor Presentation Markets & Drivers: Start of a new era in German defence policy Main challenges are addressed Highest risk: availability of raw materials Personal / Recruiting  Enormous demand for raw materials e.g. steel,  ~1,500 – 3,000 additional people needed electronics  Rheinmetall has

14. Slide 14: Preparing for the new accelerated growth cycle

    Investor Presentation Markets & Drivers: Transformation for growth Preparing for the new accelerated growth cycle Capacity growth M&A Innovations Plants and People Game changing acquisition  Main Battle Tanks of Spanish EXPAL Systems  Panther  Drones  Artillery Closed July 2023  Infantry Fighti

15. Slide 15: Rheinmetall's global production capacities

    Investor Presentation 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,

16. Slide 16: NATO spending has accelerated

    Investor Presentation Markets & Drivers: NATO NATO spending has accelerated NATO total expenditures in billion US-$ based on 2015 prices and exchange rates New members to join NATO +2.1% CAGR 1,100 1,036 1,052 999 1,018 910 913 904 929 896 Recently announced defence budget increases previous value (

17. Slide 17: Significant reduction in export risk due to high NATO order backlog

    Investor Presentation 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 September 2023 * includes 30 NATO

18. Slide 18: Home markets offer further potentials for growth

    Investor Presentation Markets & Drivers: Home Markets Home markets offer further potentials for growth OUR HOME MARKETS Germany Australia UK Hungary  Largest customer  Established „home market“  JV with BAE serves „home  Established „home market“ with  Commitment to 2% goal and  Land 400 progr

19. Slide 19: US tenders pursued with a new market approach

    Investor Presentation Markets & Drivers: Creating additional markets US tenders pursued with a new market approach Next Generation Vehicle Platforms Next Generation Munitions XM30 – Infantry Fighting Vehicle  Americanization of Lynx next-gen platform  Strong all American team  Winner to be announ

20. Slide 20: Modernization of Southern Europe offers additional potential

    Investor Presentation Markets & Drivers: Creating additional markets Modernization of Southern Europe offers additional potential Italy Greece  10 year budget with up to €8bn for the  IFV Marder already participated in Greece renovation of the armored vehicle fleet Independence Parade  MBT: Upgra

21. Slide 21: Platform sales are just the tip of the iceberg

    Investor Presentation Markets & Drivers: Product life cycle potential Platform sales are just the tip of the iceberg – success creates opportunities Security Civil ~+10% Rheinmetall creates +42% ~1,6 additional business 1,161 opportunities over the 1,005 ~550 820 473 entire life cycle of up 415 345

22. Slide 22: Key sales drivers of our business

    Investor Presentation Markets & Drivers: Key sales drivers of our business Weapon and Ammunition Vehicle Systems Electronic Solutions  German MoD wants to invest over  Start of prototype phase for XM30  Digitization of the German Forces WA by 2031 €20bn in munition and CTT* VS  Gladius Soldier S

23. Slide 23: European initiatives to strengthen defence autonomy

    Investor Presentation Markets & Drivers: New business European initiatives to strengthen defence autonomy Air Defence MBT Long Range Artillery Ammo Restocking AirESSI: Defense Establish and Main MGCSBattle Tank Long Range  Multiple Artillery interconnected Ammo  Short Restocking term supply to s

24. Slide 24: Acquisition of EXPAL positions Rheinmetall for high growth

    Investor Presentation Markets & Drivers: Lessons learned from war in Ukraine Acquisition of EXPAL positions Rheinmetall perfectly for high growth scenario NATO requires a Ukraine war puts Industry capacities minimum of 30 days of restocking at risk overwhelmed ammo inventory • Demand expected to sur

25. Slide 25: EXPAL Acquisition Summary

    Investor Presentation Markets & Drivers: EXPAL Acquisition Summary Strategic move to strengthen our core business Financial Transaction Rationale Timeline evaluation  Rheinmetall acquires  Readily available state-  Financial Data for FY  Signing on November 100% of privately of-the-art capacitie

26. Slide 26: EXPAL product portfolio

    Investor Presentation Markets & Drivers: EXPAL product portfolio Full offering of mission-critical products to expand our business Mortar & Air Fuzes and Mortar Combat Eng. Artillery Med Cal Grenades Armament missile Systems DEMIL et al propulsion 41%* 17%* 12%* 5%* 6%* 6%* 13%* Field Artillery Mort

27. Slide 27: EXPAL: A unique opportunity offering a superior value proposition

    Investor Presentation Markets & Drivers: EXPAL Key investment Highlight A unique opportunity offering a superior value proposition Commercial Fit Portfolio Fit Sustainable Sales Growth Sustainable Profitability Scalable Mass Production Horizontal Diversification Continous market growth Lean cost str

28. Slide 28: Excess capacities allow for flexible adjustment to demand expansion

    Investor Presentation Markets & Drivers: EXPAL Key investment Highlight Excess capacities allow for flexible adjustment to demand expansion Artillery Medium Calibre In rounds In rounds >250,000 >350,000 >1,000,000 >2,000,000 >1,000,000 >100,000 Rheinmetall Expal Combined Capacity Rheinmetall Expal C

29. Slide 29: Attractive financial profile with superior margins and cash conversion

    Investor Presentation Markets & Drivers: EXPAL Key investment Highlight Attractive financial profile with superior margins and cash conversion Strong backlog to turbo • Current backlog of ~€520m charge organic growth • Strong acceleration sparked by increasing demand • Company’s total capacity offer

30. Slide 30: The civil market is changing, we are prepared!

    Investor Presentation 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  S

31. Slide 31: Well prepared to address market potentials

    Investor Presentation 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

32. Slide 32: Green ambitions as a clear global trend for cleaner mobility

    Investor Presentation Markets & Drivers: Clean Mobility Green ambitions as a clear global trend for cleaner mobility g CO2/km Europe USA China 162 Q4 Q1 130 2030: NEV 40% of total Sales ‘20 ‘21 but 121 117 Until 2060: Survival of ICE 108 95 100 93 81 89 70 59g (-37%) 73 Trump Admin target Old target

33. Slide 33: Declining ICE volumes and accelerated growth for alternative powertrains

    Investor Presentation Markets & Drivers: LV growth Declining ICE volumes and accelerated growth for alternative powertrains IHS LV production forecast* In million units +4% 97 90 86 87 82 11% 13% 18% 24% 47% 9% 11% 13% 14% 16% 81% 76% 69% 62% 37% 2022 2023 2024 2025 2030 Note: BEV includes: BEV with

34. Slide 34: From combustion engine to alternative powertrain

    Investor Presentation Markets & Drivers: Mobility market trends From combustion engine to alternative powertrain Mechenical Coolant Pumps ICE Solenoid Valves Variable valve train Electronic throttle Electronic Coolant valve Engine Blocks Valves Heat pumps Exhaust Flaps Engine Bearings EGR Module Ele

35. Slide 35: Diverse portfolio for truck applications

    Investor Presentation 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

36. Slide 36: Sensors & Actuators: Prepared for future growth

    Investor Presentation 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 +10% CAGR

37. Slide 37: Five Divisions under one roof

    Five Divisions under one roof © Rheinmetall AG I September 2023 37

38. Slide 38: Division Overview: Vehicle Systems

    Investor Presentation Five divisions under one roof Division Overview: Vehicle Systems Results In €m / in % Sales Operating Result OFCF and Margin 11.4% 9.2% 1,883 2,270 258 321 174 81 2021 2022 2021 2022 2021 2022 Products Market profile Key Competitors Differentiators Market position TACTICAL VEHI

39. Slide 39: Division Overview: Weapon and Ammunition

    Investor Presentation Five divisions under one roof Division Overview: Weapon and Ammunition Results In €m / in % Sales Operating Result OFCF and Margin 20.8% 17.6% 132 1,233 1,470 -207 218 306 2021 2022 2021 2022 2021 2022 Products Market profile Key Competitors Differentiators Market position MID

40. Slide 40: Division Overview: Electronic Solutions

    Investor Presentation Five divisions under one roof Division Overview: Electronic Solutions Results In €m / in % Sales Operating Result OFCF and Margin 10.6% 11.1% 1.063 52 932 118 -52 99 2021 2022 2021 2022 2021 2022 Products Market profile Key Competitors Differentiators Market position  Integrat

41. Slide 41: Division Overview: Sensors and Actuators

    Investor Presentation Five divisions under one roof Division Overview: Sensors and Actuators Results In €m / in % Sales Operating Result OFCF and Margin 7.8% 6.9% 1,315 1,382 103 95 48 29 2021 2022 2021 2022 2021 2022 Products Market profile Key Competitors Differentiators Market position  Actuator

42. Slide 42: Division Overview: Materials and Trade

    Investor Presentation Five divisions under one roof Division Overview: Materials and Trade Results In €m / in % Sales Operating Result OFCF and Margin 9.1% 7.8% 651 743 68 39 51 24 2021 2022 2021 2022 2021 2022 Products Market profile Key Competitors Differentiators Market position AFTERMARKET  Dai

43. Slide 43: Quarterly Update

    Quarterly Update © Rheinmetall AG I September 2023 43

44. Slide 44: Q2 2023 Group highlights: Momentum compounding

    Investor Presentation Q2 2023 Group highlights Momentum compounding Solid Q2 financials RHM nomination tripled EXPAL deal closed  Sales rose 6% to €1,498m  RHM nomination growths to  EXPAL closed July 31st  Operating result improved €4,092m mostly driven by  €1.2bn pre-closing to €118m Ukrainia

45. Slide 45: Time becomes number one priority in German defence procurement

    Investor Presentation Q2 2023 Market update: Germany Time becomes number one priority in German defence procurement „The top priority for all of us in the future is the time factor. (…) The goal is first and foremost to realize the product that can be used by the troops as quickly a possible.“ „By 2

46. Slide 46: Rheinmetall set to benefit from accelerated German procurement

    Investor Presentation Q2 2023 Market update: Germany Rheinmetall set to benefit from accelerated German procurement NATO increases target Germany nears 2% Germany boosts procurement  All contracts signed by end of Q1 ‘24  Preference for market available Now: >2% solutions  Re-prioritization of sp

47. Slide 47: Massive increase of order intake over the last couple of weeks

    Investor Presentation Q2 2023 Market update: Germany Massive increase of order intake over the last couple of weeks  50 Puma 2nd lot €501m - delivery 2025-2027  57 heavy tractor units >€50m - delivery 2023-2024 Q2  367 load-handling systems >€285m - delivery fulfilled Q3 2023 >€8bn  3,058 Caraca

48. Slide 48: Rheinmetall supports Ukraine in all areas

    Investor Presentation Taking responsibility in a changing world Rheinmetall supports Ukraine in all areas RHM nomination 2023 Order intake already > €1bn with more to come in 2023 Expected Miscellaneous   Leopard 1  Surveil Spire 14 Leopard 2 &  Mobile air ammunition  Luna NG defence 3 lots Mar

49. Slide 49: Ukraine picks Rheinmetall to strengthen strategic capabilities

    Investor Presentation Taking responsibility in a changing world Ukraine picks Rheinmetall to strengthen strategic capabilities Strategic cooperation with Ukraine signed Closing expected end of Q3 Maintenance of Ammunition Air defence military vehicles med & large cal stationary & mobile JV with Ukro

50. Slide 50: International pipeline filled with major project wins

    Investor Presentation Q2 2023 Market update: international markets International pipeline filled with major project wins Australia Norway Austria  Contract with Australian  Largest single call-off from  Supply of key components  Framework contract for Navy for MASS ship existing contract with fo

51. Slide 51: Update on European customer potential for tank ammunition

    Investor Presentation Q2 2023 Market update: international markets Update on our European customer potential for tank ammunition 200 More than 2,700 Rheinmetall smoothbore gun users! Existing user 120 New pot. user / upgrade ~120 32 ~70 148 18 247 208 + 14 60-70 14 + 70 14 60 13 134 ~200 37 ~326 327

52. Slide 52: Bienvenida Rheinmetall EXPAL Munitions!

    Investor Presentation Q2 2023 Operational update ¡Bienvenida Rheinmetall EXPAL Munitions!  Acquisition closed July 31st  Acquisition value of €1.2bn before purchase price adjustment  Development and manufacturing of artillery ammunition, mortar grenades, medium caliber ammunition and rocket propu

53. Slide 53: Transformation in the civil market progressing

    Investor Presentation Q2 2023 Operational update Transformation in the civil market progressing Emission reduction Alternative powertrain Innovations  Strategic truck contract for  New customer for H2O  Pilot project for curb stone valves with emission reduction recirculation blower charger succe

54. Slide 54: Solid improvement yields best Q2 ever

    Investor Presentation Q2 2023: Key financial data Solid improvement yields best Q2 ever Sales 1) Operating result and margin in % 1) Earnings per share 1,2) in €m in €m in €m +0.3% +6.4% 5 (+5) +5.0% (+90) 0 111 0 (4.8%) (0.0%) 118 1.27 1.27 (7.9%) 114 1.21 (0.0%) 1,498 -1 -21 (-0.3%) 1,408 (-1.5%)

55. Slide 55: Inventory build-up in anticipation of rising customer demand

    Investor Presentation Q2 2023: Key financial data Inventory build-up in anticipation of rising customer demand Operating free cash flow1) Working Capital1) in €m in €m -174 -2 +317 +810 -369 -105 +2,016 +1,751 Q1 -462 -219 FY 2022 Δ Δ Δ Δ H1 2023 Inventory Trade receivables Trade liabilities Others

56. Slide 56: Q2 2023: Balance Sheet, EXPAL financing completed

    Investor Presentation Q2 2023: Balance Sheet EXPAL financing completed Gross debt and maturity profile 1) Comments in €m 2023 2024 2025 2026 2027 2028 2029ff  Convertible bonds issued in Q1 with a nominal value of 2,242 0 80 12 €1.0bn, due to IFRS accounting split into a debt and an equity 252 Leas

57. Slide 57: Acceleration of the security business held back by civil performance

    Investor Presentation Q2 2023: Divisions Acceleration of the security business held back by civil performance in €m Sales* Operating Result* Margin* OFCF* Q2 2022 Q2 2023 delta Q2 2022 Q2 2023 delta Q2 2022 Q2 2023 Q2 2022 Q2 2023 delta Vehicle Systems 451 550 22.0% 46 57 23.2% 10.2% 10.3% (16) (253

58. Slide 58: Rheinmetall Nomination tripled versus previous year

    Investor Presentation Q2 2023: Nomination and Backlog Rheinmetall Nomination tripled versus previous year Rheinmetall Nomination 1) Rheinmetall Backlog 2) in €m in €m +191.0% 16.9% 4,092 30,050 545 Booked Business 155 Frame 25,708 8,806 Nominated Backlog Nomination 7,332 3,255 Frame Backlog 3,366 1,

59. Slide 59: Outlook

    OUTLOOK © Rheinmetall AG I September 2023 59

60. Slide 60: F-35 opens a new dimension for Rheinmetall

    Investor Presentation Outlook F-35 opens a new dimension for Rheinmetall  Ground-breaking of greenfield production plant in Weeze on July 1st  F-35 center fuselage production to commence in 2025  New plant due to produce at least 400 F-35A fuselage sections  Matches increased demand by countries

61. Slide 61: We invest in our future!

    Investor Presentation Outlook We invest in our future! CAPEX Working Capital in €m in €m ~15% 15% ~650-700 2,016 ~600 1,751 2023 target 2023 update 12/31/2022 06/30/2023  Urgent demand requires rapid investment in our  Substantial increase in inventories drives working capacities capital growth 

62. Slide 62: Pronounced backend loading as expected

    Investor Presentation Outlook Pronounced backend loading as expected ~44% ~56% ~27% ~73% Avg. H1 Sales Avg. H2 Sales Avg. H1 operating result Avg. H2 operating result >30% >50% +16% +4% +29% +13% Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 Sales Avg. 2020-22 2023 Operating result © Rheinmetall AG I September 2023 62

63. Slide 63: FY 2023 guidance confirmed

    Investor Presentation Outlook FY 2023 guidance confirmed Guidance 2023e EXPAL 2022 Between Sales €150-190m € 6.4 bn €7.4 to 7.6 bn Operating Margin Around 12% Around 25% 11.8% 4-6% OFCF Operating free cash flow €-152 m to sales Sales guidance includes FX effects and excludes contributions from acqui

64. Slide 64: The supercycle 2.0 is happening

    Investor Presentation Mid-term guidance: Security divisions The supercycle 2.0 is happening Top potentials  Sales contribution share of total sales estimates in %  Ammunition Germany  Trucks Germany  Puma  “Schwerer Waffentraeger”  Soldier Systems ~40%  Caracal  Air defense projects Top pote

65. Slide 65: Mid-term guidance: Double digit growth over the next years

    Investor Presentation Mid-term guidance: Double digit growth over the next 5 years 10.5% 11.8% ~13% In €bn, operating margin in % ~10.0-11.0 >20% ~2.5 6.4 11-12% ~1.5-2.0 ~5.7 10-12% 4.0-5.0 ~10% ~2.0 >10% <1.0 2021 2022 2025 target M&T S&A VS ES WA Consolidation 65 © Rheinmetall AG I September 2023

66. Slide 66: Our Financial Targets 2025 are...

    Investor Presentation Our Financial Targets 2025 are… ATTRACTIVE GROWTH PROFILE Sales target 2025 10-11 €bn HIGHER PROFITABILITY Operating margin target 2025 ~13% CASH GENERATION 4-6% Cashflow to sales target 2025 © Rheinmetall AG I September 2023 66

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

    Investor Presentation 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 GOVERN

68. Slide 68: Executive Board remuneration policy with 20% share ESG targets

    Investor Presentation Responsibility @ Rheinmetall Executive Board remuneration policy with 20% share ESG targets Short Term Incentive Long Term Incentive Overall payout cap: 250% Overall payout cap: 250% Target achievement per target (0% - 250%) Performance period (4 years forward looking) Overall

69. Slide 69: Clear capital allocation priorities

    Investor Presentation Financials Generating value for shareholders with clear capital allocation priorities Strategic priorities Funding of organic Strategic M&A  Sustainable financing of growth growth  Strong balance-sheet Return  Maintain investment grade of capital  Dividend to shareholders (

70. Slide 70: Successful placement of €1 billion convertible bonds

    Investor Presentation 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

71. Slide 71: Growth needs to be organized

    Investor Presentation Financials Growth needs to be organized Sales Consolidation (in €m / in % of Sales) 5.7% 6.5% 8.1% >10% Increased consolidation driven by ~1.300 growing structures 309 365 500  Sales consolidation reflects new growth dynamics 2020 2021 2022 2025 target  Ongoing increase of in

72. Slide 72: Peak capex to support double digit growth

    Investor Presentation Financials Peak capex to support double digit growth UK RBSL Germany RHM Hungary Australia; MilVehCoe  Mainly modernization  IT structure and div.  New Lynx production  Production expansion  Capex 2022- 2025 ∑~€80m Operational modernization  Capex 2022- 2025 ∑~€110m  Cap

73. Slide 73: Milestones in acquisition strategy

    Investor Presentation Acquisitions Milestones in acquisition strategy Zeppelin Drone 4iG Mobile manufacturer Polycharge EXPAL Systems 25.1% Stake Systems EMT Closing 12/2021 Closing 01/2022 Closing 2022 Closing 03/2022 Closing July 31st  Positioning further in a  Digitization strategy  Electrific

74. Slide 74: Key Figures

    Investor Presentation 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 EB

75. Slide 75: Balance Sheet

    Investor Presentation 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

76. Slide 76: Income Statement

    Investor Presentation 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 ma

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 Investor Presentation Cash inflows from for the disinvestments in consolidated companies

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

    Investor Presentation 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 Electro

79. Slide 79: Next events and IR contacts

    Investor Presentation Next events and IR contacts Next Events IR Contacts Commerzbank & ODDO BHF Corporate Conference 06 Sep Dirk Winkels Head of Investor Relations UBS, Quo Vadis Industrials Tour, virtual 15 Sep Tel: +49-211 473-4749 Berenberg and Goldman Sachs 12th German Corp. Conference 20 Sep E

80. Slide 80: Disclaimer

    Investor Presentation 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 object

Rheinmetall — Investor Presentation (September 2023) on 6ix