Rheinmetall Ag · XETR:RHM

Rheinmetall — Investor Day (November 2024)

15 slides from Rheinmetall's investor day presentation, Nov 19, 2024

1. Slide 1: Strengthening Horizons: Growth in a disruptive world

   STRENGTHENING HORIZONS Growth in a disruptive world Dagmar Steinert, CFO CAPITAL MARKETS DAY - 19. November 2024

2. Slide 2: 9M 2024 Review and agenda topics

   9M 2024 REVIEW ND / CONSOLIDATION MINORITIES PURCHASE PRICE ALLOCATION CAPITAL ALLOCATION MID-TERM GUIDANCE 2 © Rheinmetall AG I CMD 2024 2

3. Slide 3: Substantial 9M 2024 Rheinmetall sales and margin progress

   STRENGTHENING HORIZONS Substantial 9M 2024 Rheinmetall sales and margin progress Sales1) Operating result and margin (in €m) (in €m / in %) +36% +72% 6,268 705 4,618 410 11.3% 8.9% 9M 2023 9M 2024 9M 2023 9M 2024 3 © Rheinmetall AG I CMD 2024 1) Continuing operations only 2) pre ppa 3) undiluted pre

4. Slide 4: Non-Divisional / Consolidation

   STRENGTHENING HORIZONS Non-Divisional / Consolidation Sales consolidation (in €m / in % of sales) ~6% ~8% ~7% ~6%  Growth momentum reflected in higher sales consolidation ~-600  Intra-divisional projects continuing to increase 2024e 2025e 2026e 2027 target  IT transformation ongoing Operating res

5. Slide 5: Financial housekeeping

   STRENGTHENING HORIZONS Financial housekeeping PPA Minority interest in net income (in €m) (in €m) Other Expal Loc Performance* ~134 ~220 ~127 ~123 ~120 ~170 70 ~120 ~80 52 2023 2024e 2025e 2026e 2027 target 2023 2024e 2025e 2026e 2027 target 5 © Rheinmetall AG I CMD 2024 *Loc Performance preliminary

6. Slide 6: Maintaining a balanced capital allocation

   STRENGTHENING HORIZONS Maintaining a balanced capital allocation Capex M&A Debt Dividend Buyback Leverage  Supporting rapid  Building M&A  Low leverage  Attractive payout  Authorized capital growth with track record leaves room to be ratio between 35- renewed at the increased Capex in  Definin

7. Slide 7: Growth enabling Capex

   STRENGTHENING HORIZONS Growth enabling Capex Vehicle Weapon and Electronic Top 2025 projects Power Systems Systems Ammunition Solutions  HX3  Unterlüss  F-35 Weeze  LORICA (H2)  Panther  Romania  Panther  Product  Boxer  Lithuania  Air Defence development  Lynx  Ukraine  Expal ~9% ~7%

8. Slide 8: Successful M&A track record

   STRENGTHENING HORIZONS Successful M&A track record Expal Systems REEQ Loc Performance Closed 08/2023 Closed 03/2024 Closing expected 12/2024 Automecanica Resonant Closed 04/2024 Closing expected 01/2025 Acquisitions 2023 2024 TOMORROW Disposals Large bore pistons Small bore pistons Further portfolio

9. Slide 9: Four key criteria for strategic M&A

   STRENGTHENING HORIZONS Four key criteria for strategic M&A REEQ Resonant Pistons Expal Loc Performance Portfolio Technology Optimization Geography Expal Capacity Expal Loc Performance Loc Performance Automecanica Automecanica 9 © Rheinmetall AG I CMD 2024

10. Slide 10: Low leverage ratio allows us to stay opportunistic

    STRENGTHENING HORIZONS Low leverage ratio allows us to stay opportunistic 2024 2025 2026 2027 2028 2029ff Equity ratio Net debt / EBITDA 57 0 80 21 73 150 137 >30% <3 500 (29.6%) (0.88) 500 45 5 40 4  We want to maintain our investment grade rating 35 3 comfort zone comfort zone Baa2 stable outlook

11. Slide 11: Strong dividend growth rate over the last decade

    STRENGTHENING HORIZONS Strong dividend growth rate over the last decade  35-40% of net income before PPA paid out to investors  Dividend expected to grow 5.7 4.3 39% 3.3 2.4 2.1 2.0 1.7 1.5 1.1 0.3 DPS in € 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 11 © Rheinmetall AG I CMD 2024

12. Slide 12: Solid growth and profitability 2027

    STRENGTHENING HORIZONS Solid growth and profitability 2027 Operating result by Division Sales ~€20bn Group targets Operating margin ~18% CCR >40% ~18% Operating Margin Target 2027 >26% >18% 13-15% 6% W+A ES VS PS Sales €6-7bn €4-5bn €8-9bn ~€2bn Legend: Width of rectangles represents expected sales

13. Slide 13: Key messages

    STRENGTHENING HORIZONS Key messages  Focus on growth  Balanced capital allocation  Plenty of M&A fire power  Continued shareholder value creation 13 © Rheinmetall AG I CMD 2024

14. Slide 14: 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

15. Slide 15: Taking responsibility in a changing world

    TAKING RESPONSIBILITY IN A CHANGING WORLD

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