Rheinmetall Ag · XETR:RHM

Rheinmetall — Investor Presentation (March 2023)

75 slides from Rheinmetall's investor presentation, March 2023

1. Slide 1: Rheinmetall Investor Presentation March 2023

   PASSION FOR TECHNOLOGY Rheinmetall Investor Presentation March 2023 © Rheinmetall AG I

2. Slide 2: Agenda

   Agenda Rheinmetall at a glance Market & Drivers Five divisions under one roof Financials Outlook Responsibility @ Rheinmetall Appendix © Rheinmetall AG I March 2023 2

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

   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 and Actuators Sensors

4. Slide 4: Five divisions under one roof

   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 Ammo Electronic  Logis

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

   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 STRATEGY  Reporting

6. Slide 6: Historic financial development

   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 2.9 8.0% 8.1% Sales 41

7. Slide 7: Markets & Drivers

   Markets & Drivers © Rheinmetall AG I March 2023 7

8. Slide 8: Taking responsibility in a changing world

   Taking responsibility in a changing world We develop technologies for the protection of people and a sustainable development “Peace cannot be taken for granted, it needs dialogue, but where necessary also deterrence and determination” Force protection is our President of the Federal Republic of Germ

9. Slide 9: Rheinmetall has been a partner to support Ukraine

   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 DIRECT SUPPORT Trucks Ammu

10. Slide 10: Rheinmetall delivers and is ready to do more

    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 vehicles under contract:

11. Slide 11: Germany: Acceleration of defence spending more backend loaded

    Markets & Drivers: Germany Acceleration of defence spending more backend loaded Total Defence expense 50.4 58.6 >70 Special fund NATO 2% goal: in €bn CONFIRMED  0.0 8.4 Backend loaded Olaf Scholz Defence Budget 50.5 50.1 50.1 50.1 50.1 German Federal Chancellor 46.9 45.6 43.2 “Our [German] army mus

12. Slide 12: Status quo on German potential: special fund and annual budget

    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  Gladius Soldier Syste

13. Slide 13: German decisions expected to gain momentum

    Markets & Drivers: Status quo on German potential German decisions expected to gain momentum Equipment Ammunition Digitization  Puma upgrade  Large caliber  Gladius Soldier System WA  105mm  2nd lot Puma (tracked)  First call-off  120mm  Marder Continuesuccessor (wheeled) to drive forward t

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

    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 Closing expected for  Infantry Fighting Vehicles summer

15. Slide 15: Defence projects with short-term implementation potential

    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 Systems 12 months 4-5 years

16. Slide 16: Main challenges are addressed

    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 increased raw materia

17. Slide 17: Rheinmetall's global production capacities

    Markets & Drivers: Start of a new era in German defence policy Rheinmetall‘s global production capacities Germany UK Vehicles • Kassel: Vehicles • Unterlüss: Vehicles, Ammunition Canada Electronics, Vehicles • Kiel: Vehicles, Electronics • Bremen: Soldier Systems, Electronics, Air Defence • Munich:

18. Slide 18: Participating in the defence super cycle

    Markets & Drivers Participating in the defence super cycle 100bn fund 2022 Ukraine invasion Demand for 1990 next generation Upscaling of systems Downscaling forces and of forces Inflection Return to treaty modernization and point and territorial armament Out of NATO defence area 2% target missions 2

19. Slide 19: NATO spending has accelerated

    Markets & Drivers: NATO NATO spending has accelerated NATO total expenditures in trillion US-$ +23.3% New members to join NATO 1,268 +0.3% 1,136 1,155 1,105 1,026 1,013 1,029 0,910 0,912 Recently announced defence budget increases previous value (1.41 %) (2.10 %) (2.02 %) target value 2% 3% 2.5 % pr

20. Slide 20: Significant reduction in export risk due to high NATO order backlog

    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 March 2023 * includes 30 NATO member states, global par

21. Slide 21: Home markets offer further potentials for growth

    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 program as demand market“ m

22. Slide 22: LYNX pipeline refilled with larger potential in Southern Europe and USA

    Markets & Drivers LYNX pipeline refilled with even larger potential in Southern Europe  Italy Greece Tender expected in 2023 USA US Army Bradley replacement ~4.000 vehicles ~ € 40 bn Tender: 2021-2023 Australia Tender expected in 2023 Potential start of production: 2028 Hungary Land 400 Phase III S

23. Slide 23: US tenders pursued with a new market approach

    Markets & Drivers: Creating additional markets US tenders pursued with a new market approach Next Generation Vehicle Platforms Next Generation Munitions Lynx – Optionally Manned Fighting Vehicle  Americanization of Lynx next-gen platform  Strong all American team  Next contract decision in 2023 $

24. Slide 24: Modernization of Southern Europe

    Markets & Drivers: Creating additional markets Modernization of Southern Europe 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: Replacement of the Ariete total of 40 vehicles to replace

25. Slide 25: Platform sales are just the tip of the iceberg

    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 415 345 688 1,000 to 50 years

26. Slide 26: Unique opportunity to step up our aviation business

    Markets & Drivers: New business Unique opportunity to step up our aviation business  F-35 assembly in order to create German value generation  LOI with Lockheed Martin / Northrop Grumman signed in February 2023  Long-term contract under negotiation to support European F-35 demand © Rheinmetall AG

27. Slide 27: Key sales drivers of our business

    Markets & Drivers: Key sales drivers of our business Weapon and Ammunition Vehicle Systems Electronic Solutions  Growth of German ammo budget  Start of prototype phase for OMFV  Digitization of the German Forces WAbn from €0.7 to €1.2 and CTT* VS  Gladius Soldier Systems  Additional ammo budget

28. Slide 28: European initiatives to strengthen defence autonomy

    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 strengthen European air

29. Slide 29: Lessons learned from war in Ukraine

    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 surge • Almost no NATO pa

30. Slide 30: EXPAL Acquisition Summary

    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 capacities 2023e*: ~€400m sales

31. Slide 31: EXPAL product portfolio

    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 Mortar Airforce and Airbom

32. Slide 32: EXPAL Key investment Highlight

    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 structure Sufficient Exte

33. Slide 33: Excess capacities allow for flexible adjustment to demand expansion

    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 Combined Capacity Morta

34. Slide 34: Attractive financial profile with superior margins and cash conversion

    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 Sales growth • Company’s total capacity offers scope f

35. Slide 35: The civil market is changing, we are prepared!

    Markets & Drivers: Civil business portfolio The civil market is changing, we are prepared! Innovative ICE Well equipped Diversify into new portfolio with Market disruptions Electrification applications started solutions for clean well managed Portfolio successfully mobility  Successful  Grow marke

36. Slide 36: Well prepared to address market potentials

    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-link capacitors  H2

37. Slide 37: Green ambitions as a clear global trend for cleaner mobility

    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 73 59g (-37%) Trump Admin target Old target Biden Admin target ~4

38. Slide 38: Declining ICE volumes and accelerated growth for alternative powertrains

    Markets & Drivers: LV growth Declining ICE volumes and accelerated growth for alternative powertrains IHS LV production forecast* In million units +4% 97 +3% +2.1% 88 91 85 BEV AP 82 23% Hybrid ICE 11% 14% 19% 45% ICE 19% 26% 32% 39% 9% 12% 14% 63% 15% 17% 81% 74% 81% 74% 68% 61% 68% 61% 37% 37% 202

39. Slide 39: Mobility market trends: From combustion engine to alternative powertrain

    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 Electronic Oil Pumps Stru

40. Slide 40: Diverse portfolio for truck applications

    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 rod bearings 400 ~290

41. Slide 41: Sensors & Actuators: Prepared for future growth

    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 Tighter Regulation of

42. Slide 42: Five Divisions under one roof

    Five Divisions under one roof © Rheinmetall AG I March 2023 42

43. Slide 43: Division Overview: Vehicle Systems

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

44. Slide 44: Division Overview: Weapon and Ammunition

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

45. Slide 45: Division Overview: Electronic Solutions

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

46. Slide 46: Division Overview: Sensors and Actuators

    Five divisions under one roof Division Overview: Sensors and Actuators Results In €m / in % Sales Operating Result OFCF and Margin 1.315 1.382 7.8% 6.9% 48 29 103 95 2021 2022 2021 2022 2021 2022 Products Market profile Key Competitors Differentiators Market position  Actuators  Wide technology po

47. Slide 47: Division Overview: Materials and Trade

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

48. Slide 48: Financials

    FINANCIALS © Rheinmetall AG I March 2023 48

49. Slide 49: FY 2022 Group Highlights: Another record year

    FY 2022 Group Highlights Transformation for growth becomes tangible with another record year Rheinmetall €9.156 bn  Growing demand across all five divisions Nomination * (2021: €8.0 bn) Rheinmetall €26.572 bn  Rheinmetall Backlog reaches new record level Backlog * (2021: €23.9 bn) €6.410 bn  Tota

50. Slide 50: AGM to decide on record dividend proposal

    FY 2022 Group Highlights AGM to decide on record dividend proposal Earnings and dividend per share in € Payout ratio in % 13 +30% 45 12 +18% 36,5 40,4 40 11 35 10  Earnings per share grew 18% 9 30 8 7 25  Dividend proposal rises to €4.30 6 20 5 10,64 9,04 4 15  Payout ratio at ~40% 3 10 2 4,30 3.

51. Slide 51: Key financial data: Fourth quarter with record performance

    Group Highlights: Key financial data Fourth quarter with record performance Sales* Operating result and margin in %* in €m in €m +503 (+27.7%) +133 (+44.7%) 445 29 29 6 8 (24.5%) (1.6%) (1.6%) 2,321 119 (2.1%) (2.6%) 431 428 (40.0%) 3 1,818 297 +18.6% +16.4% Q4 2021 Organic FX M&A Q4 2022 Q4 2021 Or

52. Slide 52: Cash Flow: Q4 almost on strong previous year level

    Group Highlights: Cash Flow Q4 almost on strong previous year level despite strategic working capital build up Operating Free Cash flow* Highlights / Comments  FY bridge (in €m) -610 (-133.2%)  Volume driven earnings growth -2 458 +98 -531  Working capital increase driven by lower than -95 expect

53. Slide 53: Balance Sheet: Negative cash flow impacts net financial position

    Group Highlights: Balance Sheet Negative cash flow impacts net financial position Equity and Equity ratio Net financial position* Pensions in % and €m Equity ratio Total equity In €m In €m 3.083 773 2.620 118 38,1 484 33,9 -426 31.12.2021 31.12.2022 31.12.2021 31.12.2022 31.12.2021 31.12.2022 Gross

54. Slide 54: Successful placement of €1 billion convertible bonds

    Group Highlights: Financing 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 Serie

55. Slide 55: Group Highlights: Divisions

    Group Highlights: Divisions Security business sets the quarter on a new performance level Sales* Operating Result* Margin* OFCF* Q4 2021 Q4 2022 delta Q4 2021 Q4 2022 delta Q4 2021 Q4 2022 Q4 2021 Q4 2022 delta Vehicle Systems 579 950 64.0% 70 138 97.6% 12.1% 14.5% 77 178 102 Weapon and Ammunition 5

56. Slide 56: Nomination and Backlog: Pick-up in demand becomes visible

    Group Highlights: Nomination and Backlog Pick-up in demand becomes visible Rheinmetall Nomination * Rheinmetall Backlog** In €m In €m +15% +11% 9,156 26,572 7,968 23,932 8.056 3.521 Nominated Backlog 6.520 Booked Business 3.191 6 3.427 Frame Frame Backlog 3.459 101 Nomination 5.629 15.089 Order Inta

57. Slide 57: Input factors: Currently no major obstacles in sight

    Group Highlights: Input factors Currently no major obstacles in sight Energy Supply Chain Recruitment  Energy saving WA measures in place  Raw material situation VS addressed  Successful recruitment of 5.391 with strategic buying of key raw employees  Supply and prices are secured Acquisition ma

58. Slide 58: Outlook

    OUTLOOK © Rheinmetall AG I March 2023 58

59. Slide 59: Guidance 2023

    Outlook Guidance 2023 2023e 2022 Sales Between €7.4 to 7.6 bn € 6.410 bn Operating Margin Around 12% 11.8% Operating free cash flow 4-6% OFCF to sales -€152 m Sales guidance includes FX effects and excludes contributions from acquisitions. Guidance will be updated after the EXPAL closing. © Rheinmet

60. Slide 60: Mid-term guidance: The supercycle 2.0 is happening

    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  Lynx Phase III  “Schwerer Waffentraeger” ~40%  Soldier Systems  Characal  Air defense projects Top potentia

61. Slide 61: Mid-term guidance: Double digit growth over the next years

    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 61 © Rheinmetall AG I March 2023

62. Slide 62: Our Financial Targets 2025 are...

    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 March 2023 62

63. Slide 63: Sustainability is a central component of our corporate strategy

    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 SOCIAL GOVERNANCE  Carbon Carbon neutral neut

64. Slide 64: New Executive Board remuneration policy with 20% share ESG targets

    Responsibility @ Rheinmetall New 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 target achievement

65. Slide 65: Appendix

    Appendix © Rheinmetall AG I March 2023 65

66. Slide 66: Clear capital allocation priorities

    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 (mid-term payout ratio

67. Slide 67: Growth needs to be organized

    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 intra- divisional Operat

68. Slide 68: Peak capex to support double digit growth

    Financials Peak capex to support double digit growth Germany UK RBSL RHM Hungary Australia; MilVehCoe  IT structure and div.  Mainly modernization  New Lynx production  Production expansion Operational modernization  Capex 2022- 2025  Capex 2022- 2025  Capex 2022- 2025  Capex 2022- 2025 ∑~€8

69. Slide 69: Milestones in acquisition strategy

    Acquisitions Milestones in acquisition strategy Zeppelin Drone 4iG Mobile manufacturer Polycharge Systems EMT 25.1% Stake Closing 12/2021 Closing 01/2022 Closing 2022 Closing 03/2022  Positioning further in a  Digitization strategy  Electrification strategy  Digitization strategy key internation

70. Slide 70: Key Figures

    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 EBIT margin % 11.4 10.8

71. Slide 71: Balance Sheet

    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 and equipment 1.137 1.

72. Slide 72: Income Statement

    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 materials 3.183 2.745 Pe

73. Slide 73: 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 Cash inflows from for the disinvestments in consolidated companies and financial assets

74. Slide 74: Next events and IR contacts

    Next events and IR contacts Next Events IR Contacts Bank of America, Global Industrials Conference 21 March Dirk Winkels Q1 Earnings call 04 May Head of Investor Relations Annual General Meeting 09 May Tel: +49-211 473-4749 Stifel, German Corporate Conference 12 May Email: dirk.winkels@rheinmetall.c

75. Slide 75: 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

Rheinmetall — Investor Presentation (March 2023) on 6ix