Rheinmetall Ag · XETR:RHM

Rheinmetall — Q2 2026 Earnings Presentation

34 slides from Rheinmetall's earnings presentation, Aug 6, 2026

1. Slide 1: Conference Call Q2 2026

   CONFERENCE CALL Q2 2026 Armin Papperger, CEO Klaus Neumann, CFO August 6, 2026

2. Slide 2: Disclaimer

   Q2 2026 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: Q2 2026 Group Highlights

   Q2 2026 CONFERENCE CALL Q2 2026 Group Highlights Record Q2 provides confidence for a strong second half-year SALES OPERATING RESULT OPERATING MARGIN APPLICATIONS 3,289 562 17.1% >160,000 +69% +115% +3.7pp €m €m in % of sales €m YTD OFCF CAPEX RHM NOMINATION RHM BACKLOG -1,331 7.4% 11,371 80,467 -458

4. Slide 4: Execution well managed: on track to meet full-year guidance

   Q2 2026 CONFERENCE CALL Q2 2026 Group Highlights Execution well managed: we deliver and are on track to meet the full-year guidance Revenues in €m +39% 5,227 3,749 ▪ H1 growth rate in line with full-year guidance 3,289 ▪ Margin increase resulting from favourable product mix and 15.0% 1,949 increased

5. Slide 5: Naval Systems update: F126 timeline and background information

   Q2 2026 CONFERENCE CALL Q2 2026 Group Highlights Naval Systems update: F126 timeline and background information Reasons for cancellation (acc. to BMVg) ▪ Project delays ▪ Past cost overruns ▪ Litigation issues ▪ Assumed faster availability of MEKO alternative Business Impact ▪ Short-term ▪ Workforce

6. Slide 6: Rheinmetall presents the next generation frigate GMF 140

   Q2 2026 CONFERENCE CALL Q2 2026 Group Highlights Rheinmetall presents the next generation frigate GMF 140 ▪ Designed for operations in highly complex threat scenarios ▪ Combining air defence, ballistic missile defence, and anti- submarine warfare capabilities ▪ The AEGIS Combat System can be integra

7. Slide 7: Unmanned systems and air defence in focus at Eurosatory and ILA

   Q2 2026 CONFERENCE CALL Q2 2026 Group Highlights Unmanned systems and air defence in focus at Eurosatory and ILA MV-8 Komodo Unmanned Breaching System Skyranger on HX truck Containerized Missile Launcher for FV-014 SAR satellite Ruta Block 2 and Kryla 81mm EIMOS Integrated Mortar System K3 Scout Unm

8. Slide 8: EU NATO countries are collectively increasing defence spending

   Q2 2026 CONFERENCE CALL Q2 2026 Group Highlights EU NATO countries are collectively increasing defence spending – 5% confirmed Europe on track for higher spending … … with defence budgets up 120% since 2022… Defence spending as a % of GDP in 2026e Defence spending in €bn <2.0% Equipment % of German

9. Slide 9: Rheinmetall's portfolio tailored to NATO's capability focus areas

   Q2 2026 CONFERENCE CALL Q2 2026 Group Highlights Rheinmetall’s portfolio tailored to NATO’s capability focus areas Digital transformation Deep precision strike CBRN defence Surveillance Mobility and counter-mobility Space ▪ Rheinmetall continuously monitors NATO capability requirements ▪ NATO’s emph

10. Slide 10: Teaming and partnering in the European defence industry is a common strategy

    Q2 2026 CONFERENCE CALL Q2 2026 Group Highlights Teaming and partnering in the European defence industry is a common strategy Number of announcements since Q4 2023 ▪ Joint-Ventures play a crucial part in our strategy and provide 28 smart access to capacity, technology, markets and capital ▪ Some joi

11. Slide 11: Financials

    7 RHEINMETALL FINANCIALS

12. Slide 12: Outstanding Q2 growth lays solid foundation for year-end rally

    Q2 2026 CONFERENCE CALL Q2 2026 Financials Outstanding Q2 growth lays solid foundation for year-end rally Sales Operating result and margin in % in €m in €m +301 +1,339 (+115%) (+69%) 562 257 3,289 274 2 25 (17.1%) 1,074 8 1,949 262 (13.4%) Q2 2025 Operational FX M&A1 Q2 2026 Q2 2025 Operational FX

13. Slide 13: Impressive leverage with W+A and AD in the lead

    Q2 2026 CONFERENCE CALL Q2 2026 Financials Impressive leverage with W+A and AD in the lead in €m Operating result Sales Operating result margin Q2 2025 Q2 2026 Q2 2025 Q2 2026 Q2 2025 Q2 2026 Vehicle Systems 945 1,446 98 180 10.4% 12.5% Weapon and Ammunition 724 1,156 164 298 22.7% 25.8% Air Defence

14. Slide 14: Book-to-bill ratio above with high share of firm orders

    Q2 2026 CONFERENCE CALL Q2 2026 Financials Book-to-bill ratio above 3 with high share of firm orders Rheinmetall Nomination1 Rheinmetall Backlog2 in €m in €m 476% +44% 11,371 80,467 4,855 24,126 55,972 23,707 10,909 1,975 56,342 433 32,266 1,798 -256 -4,393 06/30/2025 06/30/2026 Q2 2025 Q2 2026 Fram

15. Slide 15: Strong fix order backlog supports future growth

    Q2 2026 CONFERENCE CALL Q2 2026 Financials Strong fix order backlog supports future growth in €bn 33.6 46.9 Frame Backlog 10% 44% CAGR 80.5 50% 45%* 38% 24.1 Fix Order Backlog 90% 56.0 50% 92% 40.7 23.7 13.0 <2.5 Years >2.5 Years 16% 56.3 ▪ Short-term sales growth expectations supported by 21.2 18.4

16. Slide 16: Continued build-up of inventories to secure supply readiness

    Q2 2026 CONFERENCE CALL Q2 2026 Financials Continued build-up of inventories to secure supply readiness Operating free cash flow1 Working Capital in €m in €m -985 Customer Supplier Production +324% 243 Q1 Q2 -285 1,527 +1,913 -874 613 -677 +451 12/31/2025 6/30/2026 -631 -1,331 Comments ▪ Inventory b

17. Slide 17: Downscaling of 2026 capex spending

    Q2 2026 CONFERENCE CALL Q2 2026 Financials Downscaling of 2026 capex spending In % of sales 16% ▪ Re-prioritisation of recently announced eastern European energetic production sites ▪ Project related adjustments to spending 8-9% schedule in other segments ▪ Capex optimisation resulting from improved

18. Slide 18: Successful return to the bond market

    Q2 2026 CONFERENCE CALL Q2 2026 Financials Successful return to the bond market Update Financing & Comments Equity ratio ▪ Bond issuance in Q2 33.6% ▪ Issue size: €500m senior, unsecured 28.0% ▪ Maturity date: 2031 ▪ Coupon: 3.375% ▪ Net debt / EBITDA at 1.12x 6/30/2025 06/30/2026 ▪ Current total nu

19. Slide 19: Outlook

    7 RHEINMETALL OUTLOOK

20. Slide 20: Substantial order pipeline for H2 with focus on armoured vehicles

    Q2 2026 CONFERENCE CALL Outlook Substantial order pipeline for H2 with focus on armoured vehicles Rheinmetall Backlog in €bn >100 MBT / IFV Boxer Caracal Jackal 80.5 80.5 Int. Ammunition Ukraine Naval 6.3 3% 2% RoW Boxer Arminius DS 20.6 34% Trucks AD 4.2 NATO Ammunition W+A Rocket Engines 25.3 61%

21. Slide 21: Key capacity expansions and civil conversions are on track and on time

    Q2 2026 CONFERENCE CALL Outlook Key capacity expansions and civil conversions are on track and on time Ammunition Air Defence Artillery plant Artillery plant Med-cal plant Ukraine Lithuania Albacete Skyranger turret assembly Neuss Explosives & Propulsion RDX plant Blending facility Powder plant Varp

22. Slide 22: Various promising US opportunities taking shape

    Q2 2026 CONFERENCE CALL Outlook Various promising US opportunities taking shape Vehicle Systems XM30 CTT RCH155 Unmanned Ground Vehicles Ammunition Weapon + PGU-48/B – 25mm FAP MK340 – 30mm KETF Precision Grenadier System Radford Army Ammunition Plant (Air Force) (Navy) 22 © Rheinmetall AG I August

23. Slide 23: We delivered on our promised H1 growth

    Q2 2026 CONFERENCE CALL Outlook We delivered on our promised H1 growth 13,700 – 14,200 ▪ As expected, strong acceleration in Q2 ▪ Backlog coverage of 95% provides high confidence ~39% ▪ Back-end loaded H2 9,935 ▪ Q3 sales growth in line with guided annual 39% growth rate Q4 ~24% ▪ Expected one-time

24. Slide 24: Updated full-year Guidance 2026

    Q2 2026 CONFERENCE CALL Outlook Updated full-year Guidance 2026 2026e old 2026e new (continued business only) (continued business only) €14.0 - 14.5bn €13.7 - 14.2bn Sales Growth: + 40 – 45%, Growth: + 37 – 42%, thereof organic + 28 – 31% thereof organic + 28 – 31% Operating Margin ~19% ~19% OFCF to

25. Slide 25: Thank you for your attention!

    Q2 2026 CONFERENCE CALL Q&A Thank you for your attention! Armin Papperger, CEO Klaus Neumann, CFO 25 © Rheinmetall AG I August 6, 2026

26. Slide 26: One more thing…

    Q2 2026 CONFERENCE CALL One more thing… We are pleased to announce that our CMD 2026 will be held in Hamburg on 26th and 27th of November at the Naval Systems site. 26 © Rheinmetall AG I August 6, 2026 Note: Participation by invite only. Live webcast available to the public.

27. Slide 27: Investor relations contacts and next events

    Q2 2026 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

28. Slide 28: Appendix

    7 RHEINMETALL APPENDIX

29. Slide 29: Income Statement

    Q2 2026 CONFERENCE CALL Income Statement 29 © Rheinmetall AG I August 6, 2026

30. Slide 30: Statement of financial position

    Q2 2026 CONFERENCE CALL Statement of financial position 30 © Rheinmetall AG I August 6, 2026

31. Slide 31: Cashflow Statement

    Q2 2026 CONFERENCE CALL Cashflow Statement 31 © Rheinmetall AG I August 6, 2026

32. Slide 32: Derivation of diluted earnings per share

    Q2 2026 CONFERENCE CALL Derivation of diluted earnings per share 32 © Rheinmetall AG I August 6, 2026

33. Slide 33: Adjusted PnL

    Q2 2026 CONFERENCE CALL Adjusted PnL 33 © Rheinmetall AG I August 6, 2026

34. Slide 34: Taking responsibility in a changing world

    Q2 2026 CONFERENCE CALL TAKING RESPONSIBILITY IN A CHANGING WORLD

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