Rheinmetall Ag Unsp/Adr (RNMBY) Q4 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Ladies and gentlemen, welcome to the Rheinmetall AG full year 2025 conference call. I'm Moritz, your chorus call operator. I would like to remind you that all participants will be in a listen-only mode and the conference is being recorded. The presentation will be followed by a question and answer session. You can register for questions at any time by pressing star and one on your telephone. For operator assistance, please press star and zero. The conference must not be recorded for publication or broadcast. At this time, it's my pleasure to hand over to Armin Papeka, CEO. Please go ahead, sir. Thank you very much. Good afternoon. I start with page number three, and I welcome you to the full year call of the Rheinmetall Group. The year 2025 was a good year for Rheinmetall, We had smaller impacts from the ammunition side because of the accident that we had in Murcia. But I think with nearly 10 billion cells, it's a good year. The operating result is growing 33% to 1.841 billion, and the operating margin is growing up to 18.5%. Important is to understand that we no longer have our civilian business In include that figures so about 2 billion on sales Also reduction on headcounts on the headcount side. We are now without naval and without the in business on 29,000 people very positive we see the operational free cash flow and Even if we had this strong growth of nearly 30% on the defense side, we had an operational free cash flow of 1.218 billion, which is a plus of 15% in comparison to last year. CapEx is on a level of 7.8%. That's important because we continue to grow. As you know, we invest into all these factories to build up the capacities. On the nomination side, We have a delay this year in 26. There is something swapped into 26, but still the Rametal nomination g...