Rheinmetall Ag · XETR:RHM

Rheinmetall — FY 2024 Earnings Presentation

39 slides from Rheinmetall's earnings presentation, Mar 12, 2025

1. Slide 1: Conference Call FY 2024

   CONFERENCE CALL FY 2024 Armin Papperger, CEO Klaus Neumann, CFO March 12, 2025

2. Slide 2: Disclaimer

   FY 2024 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: FY 2024 Group Highlights: Rheinmetall with landmark performance

   FY 2024 CONFERENCE CALL FY 2024 Group Highlights 2022 Rheinmetall with landmark performance SALES OPERATING RESULT OPERATING MARGIN APPLICATIONS 9,751 1,478 15.2% >250,000 +36% +61% +2.4pp €m €m in % of sales globally OFCF OFCF RHM NOMINATION RHM BACKLOG DIVIDEND 1,045 118 26,843 54,973 8.10 +221 (3

4. Slide 4: Europe must emancipate itself and find its role in a global game of powers

   FY 2024 CONFERENCE CALL FY2024 Group Highlights Europe must emancipate itself and find its role in a global game of powers U.S. North Korea China / Taiwan Russia / Ukraine Middle East US temporarily stops Ukraine support „Whatever it takes!“ = Special Fund 2.0 „ReArm Europe“ = €800bn for Europe‘s se

5. Slide 5: Whatever it takes – Germany and the Zeitenwende 2.0

   FY 2024 CONFERENCE CALL FY 2024 Group Highlights Whatever it takes – Germany and the Zeitenwende 2.0  CDU/CSU and SPD have agreed on a multi-billion-euro financing package for defence and infrastructure  All defence spending above 1% of GDP would be exempt from the debt brake restrictions  In the

6. Slide 6: European NATO defence spend expected to grow to around 1,000 billion Euros

   FY 2024 CONFERENCE CALL FY 2024 Group Highlights European NATO defence spent expected to grow to around 1,000 billion Euros 2024 2025 2026 2027 2028 2029 2030 969 931 898 867 836 831 806 798 743 770 690 717 692 642 666 597 619 575 440 31%1,2 50%2 40%2 2.0% 2.5% 3.0% 3.5% 2.5% 3.0% 3.5% 2.5% 3.0% 3.5

7. Slide 7: Rheinmetall Backlog outpaces revenue growth

   FY 2024 CONFERENCE CALL FY 2024 Group Highlights Rheinmetall Backlog outpaces revenue growth Top 10 Nomination projects in 2024 In €bn +44%  7.1bn Frame contract 155mm (Ger, W+A) 55.0  3.0bn UTF frame contract (Ger, VS) 20.5  2.3bn Heavy Weapon Carrier (Ger, VS) 38.3 46% Germany  1.0bn NNbS (Ger

8. Slide 8: Next phase in the Ukrainian localization strategy

   FY 2024 CONFERENCE CALL FY 2024 Group Highlights Next phase in the Ukrainian localization strategy offers ~€2bn potential for 2025 Air Defence Vehicles Ammunition ~€300m ~€200m ~€1.5bn 8 © Rheinmetall AG I March 12, 2025

9. Slide 9: Strengthening our industrial ties with Ukraine

   FY 2024 CONFERENCE CALL FY 2024 Group Highlights Strengthening our industrial ties with Ukraine  Local Lynx production from 2027 onwards Maintenance JV  Ammunition production SOP end of 2026 RhUDI  Skyranger on Leo1 and additional Skynex In €m, % of group revenues (direct sales only) Ammunition J

10. Slide 10: Leonardo Rheinmetall Military Vehicle JV is in business

    FY 2024 CONFERENCE CALL FY 2024 Group Highlights Leonardo Rheinmetall Military Vehicle JV is in business  Joint venture established by end of Q1 2025  First prototypes to be delivered in Q4 2025  Five Lynx already under construction in Hungary  1,050 Lynx with 16 different variants  272 main ba

11. Slide 11: Strong growth path ahead in the United States

    FY 2024 CONFERENCE CALL FY 2024 Group Highlights Strong growth path ahead in the United States  Acquisition of Loc Performance successfully closed in November 2024  Paving Rheinmetall’s growth in the largest defence market globally  2027 target includes contribution from Loc Performance  Good cu

12. Slide 12: Vehicle Systems: Sales more than double over the next three years

    Vehicle Systems: Sales more than double over the next three years €8-9bn +30-35% €3.8bn Tactical Vehicles > €10bn €2.6bn Logistical Vehicles 2023 2024 2025e 2026e 2027e Vision 2030 12 © Rheinmetall AG I March 12, 2025

13. Slide 13: Weapon and Ammunition: We are growing into our new capacities

    Weapon and Ammunition: We are growing into our new capacities €6-7bn +30-35% €2.8bn Direct Fire > €10bn €1.8bn Indirect Fire Protection Systems Propulsion Systems Others 2023 2024 2025e 2026e 2027e Vision 2030 13 © Rheinmetall AG I March 12, 2025

14. Slide 14: Electronic Solutions: German digitalization and air defence key growth drivers

    Electronic Solutions: German digitalization and air defence are the key growth drivers ~€4-5bn +35-40% Integrated Electronic Systems > €6bn €1.7bn Air Defence & Radar Systems €1.3bn Global Business Product & Airborne Solutions Aeronautical Systems 2023 2024 2025e 2026e 2027e Vision 2030 14 © Rheinme

15. Slide 15: Power Systems: Navigating headwinds, cash flows intact

    Power Systems: Navigating headwinds, cash flows intact in €m, RoS in % -2% 2,084 2,038  Depressed market environment  Light vehicle deliveries in 2024 -1.6% globally (excl. China -3.7%) 6.4% 4.2%  Pronounced weakness in the OEM business could not be mitigated by the aftermarket business  Transfo

16. Slide 16: Financials

    FINANCIALS TAKING RESPONSIBILITY IN A CHANGING WORLD PF eveinmeraue

17. Slide 17: Strong acceleration across all defence segments

    FY 2024 CONFERENCE CALL FY 2024 Financials Strong acceleration across all defence segments Sales 1 Operating result and margin in % 1 in €m in €m +560 +2,575 (+61%) (+36%) 1,478 2,315 285 9,751 80 (15.2%) 918 482 7,176 -25 (12.8%) -2 Defence 7,648 Defence 1,456 5,079 868 Civil Civil Cons. 2,084 2,03

18. Slide 18: Dividend grows by more than 40%

    FY 2024 CONFERENCE CALL FY 2024 Financials Dividend grows by more than 40% Earnings per share 1,2 Dividend per share3 in € in €, payout ratio in % +42% +42% 8.10 20.75 5.70 14.65 39.0% 38.9% 2023 2024 2023 2024 18 © Rheinmetall AG I March 12, 2025 1) Continuing operations only 2) undiluted pre ppa 3

19. Slide 19: German orders boost RHM Backlog to 55 billion Euro

    FY 2024 CONFERENCE CALL FY 2024 Financials German orders boost RHM Backlog to 55 billion Euro +16,684 (+44%) 2,508 -9,751 12,816 11,518 54,973 -408 7,712 16,554 38,290 16,533 -3,738 Nominated Backlog 8,381 Frame Backlog 7,931 RHM Nomination1 26,843 30,728 Order Backlog 21,977 Fram Utilization RHM Or

20. Slide 20: OFCF surpasses 1 billion Euro mark for the first time

    FY 2024 CONFERENCE CALL FY 2024 Financials OFCF surpasses 1 billion Euro mark for the first time Operating free cash flow1 Working Capital1,2 in €m in €m +689 Customer Supplier Inventory Others -22% 1,045 169 -105 -1,185 745 118 356 +1,847 136 +1,438 Q1 946 784 FY 2023 FY 2024 Q2 Q3 Q4 -105 -187 Com

21. Slide 21: Balance sheet ready to support growth

    FY 2024 CONFERENCE CALL FY 2024 Financials Balance sheet ready to support growth Net financial position  Loc Performance acquisition fully financed by in €m cash and existing credit facilities -166 -322 Other  Strong liquidity profile  High cash levels of ~€1.2bn by end of 2024 -897 -917 Converti

22. Slide 22: Outstanding performance in all defence segments

    FY 2024 CONFERENCE CALL FY 2024 Financials Outstanding performance in all defence segments in €m Sales Operating Result Margin FY 2023 FY 2024 delta FY 2023 FY 2024 delta FY 2023 FY 2024 Vehicle Systems 2,609 3,790 45.3% 324 425 31.0% 12.4% 11.2% Weapon and Ammunition 1,756 2,783 58.5% 403 790 95.9%

23. Slide 23: Outlook

    OUTLOOK TAKING RESPONSIBILITY IN A CHANGING WORLD PF eveinmeraue

24. Slide 24: Already on track for record Rheinmetall Nomination 2025

    FY 2024 CONFERENCE CALL FY 2025 Outlook Already on track for record Rheinmetall Nomination 2025 Rheinmetall Nomination In €bn Lynx (Italy, Romania, Ukraine) ~40 Panther (Italy) Charges (Germany) 155mm (Ukraine) ~10 ~3 ~3 ~3 Various ~10 Air Defence TaWAN (Germany) Med-Cal Digitalization Soldier Syste

25. Slide 25: Expansions well on track

    FY 2024 CONFERENCE CALL FY 2025 Outlook Expansions well on track Current annual production capacities  Tactical vehicles ~1,000  Logistical vehicles ~4,000 155mm  750,000 rounds capacity per YE 2024  New plant Unterlüss to be completed after just 14 months  Lithuania plant groundbreaking in Feb

26. Slide 26: Creating a European defence ecosystem

    FY 2024 CONFERENCE CALL FY 2025 Outlook Creating a European defence ecosystem Rheinmetall’s industrial footprint Rheinmetall is …  a true pan-European player  a driver for European consolidation  a leading system house for land-based operations world-wide and a key player in all current European

27. Slide 27: Q1 2025 Outlook: Strong start to the new year

    FY 2024 CONFERENCE CALL Q1 2025 Outlook Strong start to the new year Rheinmetall Nomination  Strong start led by bookings for digitalization contracts TaWAN and Soldier Systems (IdZ) Sales  Sales growth in line with guided annual growth rate Profitability  On previous year’s level Cash Flow  Hig

28. Slide 28: 2025e: Guidance upgrade expected in the short-term

    FY 2024 CONFERENCE CALL FY 2025 Outlook Guidance upgrade expected in the short-term 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% 28 © Rheinmetall AG I March 12, 2025 * Based on new operati

29. Slide 29: Q&A Thank you for your attention!

    FY 2024 CONFERENCE CALL Q&A Thank you for your attention! Armin Papperger, CEO Klaus Neumann, CFO 29 © Rheinmetall AG I March 12, 2025

30. Slide 30: Next events and IR contacts

    FY 2024 CONFERENCE CALL Next events and IR contacts Financial calendar Documents IR Contacts and next events Dirk Winkels, Head of Investor Relations Tel: +49 162 2688921 Email: dirk.winkels@rheinmetall.com Anika Marker, Investor Relations Manager Tel: +49 171 4174060 Email: anika.marker@rheinmetall

31. Slide 31: Appendix

    APPENDIX TAKING RESPONSIBILITY IN A CHANGING WORLD PF eveinmeraue

32. Slide 32: 2025 Segment Guidance

    FY 2024 CONFERENCE CALL 2025 Segment Guidance 32 © Rheinmetall AG I March 12, 2025

33. Slide 33: Weapon and Ammunition boosts performance in the fourth quarter

    FY 2024 CONFERENCE CALL FY 2024 Financials Weapon and Ammunition boosts performance in the fourth quarter in €m Sales Operating Result Margin Q4 2023 Q4 2024 delta Q4 2023 Q4 2024 delta Q4 2023 Q4 2024 Vehicle Systems 937 1,254 33.8% 142 143 0.7% 15.1% 11.4% Weapon and Ammunition 810 1,229 51.7% 228

34. Slide 34: Statement of financial position

    FY 2024 CONFERENCE CALL Statement of financial position Statement of financial position of Rheinmetall Group as of December 31, 2024 Equity and liabilities € million Notes 12/ 31/ 2024 12/ 31/ 2023 Share capital 112 112 Assets Capital reserves 696 676 Goodwill (18) 1,426 1,125 Retained earnings 3,24

35. Slide 35: Income Statement

    FY 2024 CONFERENCE CALL Income Statement Income statement of the Rheinmetall Group for fiscal 2024 € million Notes 2024 2023 Sales (9) 9,751 7,176 Changes in inventories and work performed by the enterprise and capitalized (10) 167 696 Total operating performance 9,918 7,872 Other operating income (

36. Slide 36: Cashflow Statement

    FY 2024 CONFERENCE CALL Cashflow Statement Statement of cash flows of Rheinmetall Group for fiscal 2024 € million 2024 2023 Earnings after taxes 808 586 Cash flow from investing activities (1,172) (1,175) 403 308 Of which continuing operations (1,165) (1,224) Amortization/ depreciation/ impairment o

37. Slide 37: Derivation of diluted earnings per share

    FY 2024 CONFERENCE CALL Derivation of diluted earnings per share Derivation of diluted earnings per share Continuing Discontinued Continuing Discontinued Operations Operations 2024 Operations Operations 2023 Earnings after taxes in € million - Rheinmetall AG shareholders 804 (87) 717 579 (44) 535 Ad

38. Slide 38: Adjusted PnL

    FY 2024 CONFERENCE CALL Adjusted PnL in €m FY 2023 FY 2024 Delta (adjusted) Special Special Reported PPA Adjusted Reported PPA Adjusted Delta Delta (rel.) items items Sales 7,176 -1 0 7,175 9,751 -2 0 9,748 2,573 26.4% Changes in inventories and work performed by the 696 0 3 699 167 0 7 174 -525 300

39. Slide 39: Taking responsibility in a changing world

    Pf ereinmerau TAKING RESPONSIBILITY IN A CHANGING WORLD

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