Rheinmetall Ag · XETR:RHM

Rheinmetall — FY 2025 Earnings Presentation

35 slides from Rheinmetall's earnings presentation, Mar 11, 2026

1. Slide 1: Conference Call FY 2025

   CONFERENCE CALL FY 2025 Armin Papperger, CEO Klaus Neumann, CFO March 11, 2026

2. Slide 2: Disclaimer

   FY 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: FY 2025 Group Highlights

   FY 2025 CONFERENCE CALL FY 2025 Group Highlights Strong 2025 execution sets the scene for the journey to 2030 SALES OPERATING RESULT OPERATING MARGIN HEADCOUNT 9,935 1,841 18.5% ~29,000 +29% +33% +0.5 pp €m €m in % of sales €m FY OFCF CAPEX RHM NOMINATION RHM BACKLOG 1,218 7.8% 26,448 63,761 +15% +9

4. Slide 4: Macro Highlights

   FY 2025 CONFERENCE CALL Macro Highlights The world order we knew is at stake ▪ Disruption of the geopolitical order ▪ Rapid escalation of conflicts around the globe ▪ Multiple hot wars with geopolitical and economic impact Diplomatic crisis Major armed conflicts with geopolitical impact 4 © Rheinmet

5. Slide 5: Higher spend for missile restocking and air defence inevitable

   FY 2025 CONFERENCE CALL Macro Highlights Higher spend for missile restocking and air defence inevitable Countries under attack Missile consumption Air defence Turkyie In the first 72 hours, the US… Air defence in the Middle East: Cyprus Syria Tactically capable, but strategically stressed Lebanon Is

6. Slide 6: Transformation of orders into growth

   FY 2025 CONFERENCE CALL FY 2025 Group Highlights Transformation of orders into growth Macro Rheinmetall Geopolitics Financing Orders Preparation Revenue ▪ Increasing Germany ~€80bn ▪ Capacity build-up tensions €100bn special fund CAGR ▪ Recruitment ~35% ▪ Thrive for Europe >300,000 CVs European ▪ SA

7. Slide 7: All domains now under one roof

   FY 2025 CONFERENCE CALL FY 2025 Group Highlights All domains now under one roof ▪ Acquisition of Naval Vessels Lürssen closed on February 27, 2026 ▪ Takeover of 9 sites and ~2,100 employees ▪ Expected consolidated sales of €1.3-1.5bn for 10 months in 2026 ▪ Potential sales in 2030 ~€5bn with >15% Ma

8. Slide 8: Pulling all levers to ready capacity until 2027

   FY 2025 CONFERENCE CALL Operations Pulling all levers to ready capacity until 2027 Digital Systems Air Defence ▪ Acquisition of majority share in blackned Vehicle ▪ Convert €3bn backlog ▪ 500 software engineers Systems into sales ▪ Initial TaWAN demo Weapon and successfully completed, ▪ Prepare addi

9. Slide 9: Rheinmetall partners to participate in one of the largest space programs

   FY 2025 CONFERENCE CALL Digital Systems Rheinmetall partners to participate in one of the largest space programs Rationale ▪ Bundeswehr to set-up independent network for SAR and COM satellites ▪ Total budget €35bn ▪ First SAR service contract already signed by Rheinmetall ICEYE Space Solutions with

10. Slide 10: Rheinmetall passes next milestone in the drone business

    FY 2025 CONFERENCE CALL Digital Systems Rheinmetall passes next milestone in the drone business ▪ “Design for manufacturing” optimizes production costs ▪ Modular design allows for future upgrades ▪ 100% Rheinmetall warhead already qualified ▪ Industrial scalability and ready for mass production ▪ De

11. Slide 11: Financials

    7 RHEINMETALL FINANCIALS

12. Slide 12: Favourable leverage propels operational performance

    FY 2025 CONFERENCE CALL FY 2025 Financials Favourable leverage propels operational performance Sales Operating result and margin in % in €m in €m +452 +2,220 (+33%) (+29%) 1,841 1,777 506 9,935 1,389 389 65 (18.5%) 7,715 -64 (18.0%) -2 FY 2024 Operational FX M&A1 FY 2025 FY 2024 Operational FX M&A1

13. Slide 13: Profitable growth across all segments, well on track for 2030

    FY 2025 CONFERENCE CALL FY 2025 Financials Profitable growth across all segments, well on track for 2030 Operating result in €m Sales Operating result margin 2024 2025 delta 2024 2025 delta 2024 2025 Vehicle Systems 3,790 4,992 31.7% 425 583 37.2% 11.2% 11.7% Weapon and Ammunition 2,783 3,532 26.9%

14. Slide 14: Strong shareholder participation, even in times of expansion

    FY 2025 CONFERENCE CALL FY 2025 Financials Strong shareholder participation, even in times of expansion Earnings per share1 Dividend per share2 in € in €, payout ratio in % +42% +31% 11.50 25.28 19.36 8.10 45.5% 41.8% 2024 2025 2024 2025 1 Continuing operations only, undiluted, pre ppa, pre special

15. Slide 15: Update Power Systems disposal

    FY 2025 CONFERENCE CALL FY 2025 Financials Update Power Systems disposal ▪ As announced in the ad-hoc statement from December 17th 2025, Power System will be reported under IFRS 5 as discontinued operations ▪ Still aiming to sign a contract for the disposal of the automotive business in Q2/Q3 2026 l

16. Slide 16: Book-to-bill ratio again over 2x and backlog reaching new record highs

    FY 2025 CONFERENCE CALL FY 2025 Financials Book-to-bill ratio again over 2x and backlog reaching new record highs Rheinmetall Nomination1 Rheinmetall Backlog2 in €m in €m 9% +36% 26,448 63,761 24,335 11,583 46,943 22,914 11,518 16,215 19,867 40,847 16,554 30,728 -3,738 -5,001 FY 2024 FY 2025 FY 2024

17. Slide 17: Significant customer prepayments boost operating free cash flow

    FY 2025 CONFERENCE CALL FY 2025 Financials Significant customer prepayments boost operating free cash flow Operating free cash flow1 Working Capital in €m +162 inin€m €m Customer Supplier Inventory IFRS-5 1,218 249 -69% +1,438 -1,236 1,056 -449 200 1,082 123 2,043 +451 -384 12/31/2024 12/31/2025 938

18. Slide 18: Positive net financial position paves the way for more M&A

    FY 2025 CONFERENCE CALL FY 2025 Financials Positive net financial position paves the way for more M&A Update convertible Equity ratio ▪ Current total number of shares: 31.1% 33.5% 46,516,641 ▪ Series A conversion completed ▪ Series B approximately 83% converted per end of February 2026 12/31/2024 12

19. Slide 19: Outlook

    7 RHEINMETALL OUTLOOK

20. Slide 20: Rheinmetall backlog expected to more than double in 2026

    FY 2025 CONFERENCE CALL Outlook Rheinmetall backlog expected to more than double in 2026 in €bn RHM Nomination ~€80bn ~16 14.0 - 14.5 Romania 2026 backlog Italy coverage excl. Ukraine NVL effects ~55 et al. already ~91% NVL impact ~€18bn ~12 Boxer 5-6 Ammunition ~135 Armoured vehicles Trucks 63,8 Rh

21. Slide 21: Boxer will be the backbone of the German army

    FY 2025 CONFERENCE CALL Outlook Boxer will be the backbone of the German army ▪ Rheinmetall expects a total potential of ~€38bn from Project Arminius until 2035 ▪ Majority of the workshare will be kept in Germany ▪ Advance payments between 20% to 30% expected, enabling next level of automation First

22. Slide 22: Service component in host nation concept offers €7bn order potential

    FY 2025 CONFERENCE CALL Outlook Service component in host nation concept offers €7bn order potential1 STRATEGIC RELEVANCE IS GROWING ▪ Germany as the hub of Europe ▪ RHM has strong USPs (existing contracts & confidentiality) BILLION-DOLLAR BUDGETS ▪ Significant demand for infrastructure and utility

23. Slide 23: D-LBO is one of the most complex digitization programs globally

    FY 2025 CONFERENCE CALL Outlook D-LBO is one of the most complex digitization programs globally Retrofit/Update for all Bundeswehr vehicles, modernizing command & communication equipment Up to €10bn total volume with 2 Rheinmetall led consortia, managing 20+ subcontractors Vehicle Hardware Software

24. Slide 24: We have a clear vision for 2026

    FY 2025 CONFERENCE CALL Outlook We have a clear vision for 2026: Integration of NVL Capacity ramp-up Order execution 24 © Rheinmetall AG I March 11, 2026

25. Slide 25: Setting sail for 2030

    FY 2025 CONFERENCE CALL Outlook Setting sail for 2030 2026e2 2025 2025 pro forma (continued business only) (w/o application IFRS 5) €14.0 - 14.5bn Sales Growth: + 40 – 45%, 9,935 11,854 thereof organic + 28 – 31% Operating Margin ~19% 18.5% 16.0% OFCF to operating result1 (“Cash conversion rate”) >4

26. Slide 26: Segment Guidance

    FY 2025 CONFERENCE CALL Segment Guidance Sales Operating result margin In €bn FY 2025 FY 2026e FY 2025 FY 2026e Vehicle Systems 5.0 5.9 – 6.0 11.7% 12 – 13% Weapon and Ammunition 3.5 4.9 – 5.0 29.3% 29 – 30% Digital Systems1 1.8 2.2 – 2.3 13.0% ~12% Air Defence1 0.8 0.9 – 1.0 17.4% ~19% Naval System

27. Slide 27: Q&A Thank you for your attention!

    FY 2025 CONFERENCE CALL Q&A Thank you for your attention! Armin Papperger, CEO Klaus Neumann, CFO 27 © Rheinmetall AG I March 11, 2026

28. Slide 28: Investor relations contacts and next events

    FY 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

29. Slide 29: Appendix

    7 RHEINMETALL APPENDIX

30. Slide 30: Statement of financial position

    FY 2025 CONFERENCE CALL Statement of financial position 30 © Rheinmetall AG I March 11, 2026

31. Slide 31: Income Statement

    FY 2025 CONFERENCE CALL Income Statement 31 © Rheinmetall AG I March 11, 2026

32. Slide 32: Cashflow Statement

    FY 2025 CONFERENCE CALL Cashflow Statement 32 © Rheinmetall AG I March 11, 2026

33. Slide 33: Derivation of diluted earnings per share

    FY 2025 CONFERENCE CALL Derivation of diluted earnings per share 33 © Rheinmetall AG I March 11, 2026

34. Slide 34: Adjusted PnL

    FY 2025 CONFERENCE CALL Adjusted PnL 19.36 EUR 34 © Rheinmetall AG I March 11, 2026

35. Slide 35: Taking responsibility in a changing world

    FY 2025 CONFERENCE CALL TAKING RESPONSIBILITY IN A CHANGING WORLD

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