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© Rheinmetall AG I 25. September 2025 CLOSING GAPS OUR VISION 2030 Armin Papperger, CEO CAPITAL MARKETS DAY – 18. November 2025
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© Rheinmetall AG I CMD 20252 Expansion across the portfolio ▪ Vehicle Systems ▪ Weapon and Ammunition ▪ Air Defence ▪ Digital ▪ Naval Expansion into ▪ Air ▪ Space ▪ Naval Become the largest European fighting force ▪ ReBuild ▪ ReArm ▪ ReEquip Dramatic spending increase ▪ NATO target of 5%* by 2035 ▪ Germany 3.5% by 2029 30 years underspending Capabilities Capacities Land – Domain Focus CLOSING GAPS Expansion is the common denominator *3.5% core defence budget plus 1.5% related infrastructure.
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© Rheinmetall AG I CMD 20253 Scenarios and timetable: Local war or attack on neighbouring countries possible in about 6 months 1 2 3 Regional war in the Baltic Sea region within approximately two years Large-scale war on the European continent within approximately 5 years 3 Source: Danish defence Intelligence Service (2025) 1 2 1 1 1 1 Assumptions: ▪ No military involvement of the US ▪ War in Ukraine ended / frozen ▪ Russia continues to expand its military capabilities (continued war economy) ▪ NATO does not rearm to the same extent CLOSING GAPS Russia threatens further escalation Cold war NATO- border Todays NATO-border
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© Rheinmetall AG I CMD 20254 CLOSING GAPS German spending underpins aspiration to build largest European army by 2029 2024 2025 2026 2027e 2028e 2029e 2030e* 50.2 62.4 82.7 93.4 136.5 152.8 ~180.0 In €bn Source: Deutscher Bundestag *calculated with exp. BIP Germany by 2030. ▪ 2025 and 2026 still benefitting from German special fund ▪ Increasing general defence budget from 2027 onwards to meet 3.5% NATO target in 2029 ▪ Disproportionate share of equipment spend expected ▪ €350bn commitment appropriations secure spending beyond 2035 17 24 26 Special fund EPL 14 Special fund Base budget
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© Rheinmetall AG I CMD 2025 €25m decision Order intake Sourcing & planning Production & assembly Quality control Delivery 5 6-12 months ~12 months 12-18 months 24 months 12 months Ammunition Logistic vehicles Medium weight wheeled Main battle tanks Soldier systems Note: Lead time duration starts with order intake. CLOSING GAPS Lead times differ depending on product type and complexity
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© Rheinmetall AG I CMD 20256 CLOSING GAPS Germany upgrades – we can deliver! >€50bn 40,000 vehicles 2/3 logistic vehicles ~€35bn Satellites ~€10bn Drones ~€10bn Air defence ~€80bn Ammunition ~€35bn Digitization ~€80bn Navy Market potentials.
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© Rheinmetall AG I CMD 20257 Support vehicles Special Forces SAN Ammo Defence Air UxVSales1 €1.3bn Backlog2 €1.7bn 1 FY 2024 2 9m 2025 both only direct exposures to Ukraine CLOSING GAPS Ukraine´s strategic industrial partner vehicles Combat Com. Monitoring &
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© Rheinmetall AG I CMD 20258 2023 2024 2025e 35-40% defence growth flat civil business 7,176 9,751 >30% 2023 2024 2025e ~15.5 12.8 15.2 +2.7 2023 2024 2025e ~80,000 38,290 54,973 +45% ▪ Strong investment increase ▪ Germany in the lead In €m, CAGR In %, in ppIn €m, CAGR CLOSING GAPS Significant progress already made on the growth path ▪ Sales increase due to pre-war contracts ▪ Strongest sector sales increase ▪ Operating result rises disproportionately ▪ Positive mix-effects and economies of scale RHM BACKLOG SALES OPERATING MARGIN © Rheinmetall AG I CMD 2025
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© Rheinmetall AG I CMD 2025 9 CLOSING GAPS Success through partnering MoU for strategic partnership Integration of AAVs into RHMs Battlesuite digital platform Space JV 60% share for Rheinmetall Production start Q2 2026 Rockets & missiles JV 60% share for Rheinmetall Production start 2027 Soft consolidation by formation of JVs Using existing technology and knowledge Partnerships with companies Speeding-up time to market Time is of the essence Drone operating system Long term co-operation Already live
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© Rheinmetall AG I CMD 202510 Weapon Systems Service Ammunition Digitization CLOSING GAPS The German cross-domain system house in the defence industry Training and Simulation
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© Rheinmetall AG I CMD 2025 Poland Vehicles Latvia Ammunition 11 Germany (largest location) ▪ Unterlüss: Vehicles, Ammunition ▪ Kassel: Vehicles ▪ Kiel: Vehicles, Electronics ▪ Bremen: Soldier Systems, Electronics, Air Defence, Shipbuilding (NVL) ▪ Munich: Vehicles ▪ Weeze: Air (F-35) GB Vehicles Spain Ammunition Hungary Vehicles, Ammunition Romania Vehicles, Artillery, Powder Italy Vehicles, Ammunition, Air Defence, Radar Switzerland Ammunition, Air Defence Austria Vehicles, Ammunition Ukraine Vehicles, Ammunition Lithuania Ammunition Netherlands Vehicles Potential new locations Active locations Bulgaria Ammunition, Powder, Shipbuilding Croatia Shipbuilding CLOSING GAPS Rheinmetall as European player and consolidator
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© Rheinmetall AG I CMD 202512 CLOSING GAPS New organisation 2026 onwards Naval2Vehicle Systems Weapon and Ammunition Air Defence1 Digital1 1 as of January 1st, 2026, working title 2 after closing.
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© Rheinmetall AG I CMD 202513 Air- and missile defence Artillery systems Ammunition and missiles Drones and drone defence systems AI, Quantum-, Cyber- and electronic warfare Military mobility Strategic trailblazers and protectors of critical infrastructure ▪ Integrated ▪ Multi-layered ▪ Against the entire spectrum ▪ Modern artillery systems ▪ „Deep precision strikes“ ▪ Strategic reserves ▪ Production capacities ▪ Expansion and new build of ammo plants ▪ Complete range of UxVs ▪ Defensive and offensive capabilities using technologies ▪ EU-wide transport network ▪ Air transport and refueling ▪ (Space) ISR* and communications CLOSING GAPS Rheinmetall addresses all capability gaps Capability gaps according to Readiness 2030, *Intelligence, Surveillance and Reconnaissance
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© Rheinmetall AG I CMD 202514 2024 SALES OPERATING MARGIN CASH CONVERSION RATE 2025 9.8 15.2% 70.1% +35-40% defence growth flat civil business ~15.5% >40% 2030 ~50 >20% >50%* CLOSING GAPS Guidance 2030 * Three years rolling cash conversion rate Guidance 2030 applies to the new organization including M&A excl. US order wins in €bn
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© Rheinmetall AG I CMD 2025 © Rheinmetall AG I CMD 2025 15 VEHICLE SYSTEMS Segment 2030 Sales potential €13-15bn
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© Rheinmetall AG I CMD 202516 CLOSING GAPS German vehicle demand main driver behind RHM Nomination increase 2025 2026 2027 2028 2029 2030 Lynx €2-5bn€0.2-2bn €10-20bn€5-10bn Puma Boxer Panther Boxer Lynx Trucks Sup. vehicles Panther Sup. vehicles Boxer Fuchs Trucks Panther Boxer RCH 155 Fuchs Fuchs Trucks Sup. vehicles Boxer Trucks Int Sup. vehicles Int Int Int Cumulated Rheinmetall Nomination potential: >€65bn already booked. Only selected projects.
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© Rheinmetall AG I CMD 202517 11.2% 2024 12-13% 2025e Germany International 13-15% 2030e 3.8 +30-35% 13-15 Market environment Business drivers ▪ Building a 140% fleet in Germany (incl. reserve) ▪ Replacement of old soviet design equipment ▪ “More of the same” reduces R&D effort and risk ▪ Economies of scale ▪ Introduction of higher levels of automation CLOSING GAPS Vehicle Systems – Sales growth 2030 in €bn Operating Margin in %
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© Rheinmetall AG I CMD 202518 CLOSING GAPS Move from manufacturing to mass production translating into sales Boxer Medium wheeled Tracked IFV MBT Support vehicles Trucks Misc. ▪ Germany driving customer ▪ Boxer will be the dominant tactical platform ▪ Tracked IFV driven by international Lynx demand ▪ Sustainable demand for logistical vehicles Sales in €bn 2024 2025 2030 3.8 +30-35% 13-15
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© Rheinmetall AG I CMD 2025 1919 Numbers Numbers Numbers Numbers Numbers Numbers Numbers 209 today up to 300 Short-term 298 Short-term 143 Mid-term 205 Short-term up to 1050 Short-term 143 Mid-term Numbers up to 3800 Mid-term Est. Project start Est. Project start Est. Project start Est. Project start Est. Project start Est. Project start Est. Project start Est. Project start Short-term: <2 years Mid-term: <5 years CLOSING GAPS The LYNX – our IFV with star potential
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© Rheinmetall AG I CMD 202520 CLOSING GAPS Successful transformation of the U.S. business 2018 2024 2030+ New U.S. strategy established ▪ Shift from small programs ▪ More independence from European technology transfer Aiming for key wins in U.S. ▪ XM30, CTT, S-MET wins ▪ Competing for major programs in munitions ▪ Acquisition of Loc Performance U.S. as a Rheinmetall market ▪ $2bn* US annual revenue ▪ Becoming part of U.S. defence industrial base Limited Storefront Key Player Powerhouse *excl. large project wins
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© Rheinmetall AG I CMD 2025 © Rheinmetall AG I CMD 2025 21 WEAPON AND AMMUNITION Segment 2030 Sales potential €14-16bn
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© Rheinmetall AG I CMD 202522 CLOSING GAPS Sustainable demand over the planning period 2025e 2026e 2027e 2028e 2029e 2030e +24% CAGR ▪ Restocking cycle has not started yet ▪ Tactical vehicle ramp-up creates additional demand ▪ State-of-the-art capacity build-up ▪ Leading large caliber capacities Rheinmetall Nomination
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© Rheinmetall AG I CMD 202523 28.4% 2024 27-29% 2025e Germany International 29-31% 2030e 2.8 +30-35% 14-16 Market environment Business drivers ▪ High NATO inventory requirements ▪ Undersupplied market ▪ High consumption in Ukraine ▪ Best in class backward integration ▪ Economies of scale ▪ Higher degree of automation CLOSING GAPS Weapon and Ammunition – Sales growth 2030 in €bn Operating Margin in %
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© Rheinmetall AG I CMD 202524 CLOSING GAPS New capacities enable growth Artillery Rocket Factory Med-cal Tank Misc. ▪ Ramp-up to ~1.5m artillery rounds by 2030 ▪ Rocket motor facility live from 2027 ▪ Increasing need for med-caliber due increasing number of turreted platforms Sales in €bn 2024 2025e 2030e 2.8 +30-35% 14-16
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© Rheinmetall AG I CMD 202525 CLOSING GAPS Rheinmetall is one of the world‘s leading ammunition manufacturers 2022 2027 2030 70.000 ~1.100.000 ~1.500.000 ARTILLERY 155mm TANK 120mm 2022 2027 2030 60.000 ~240.000 ~240.000 MED-CAL 20-35mm 2022 2027 2030 1.000.000 >3.400.000 ~4.000.000 PROPULSION 2022 2027 2030 5.000 t ~12.000 t ~20.000 t Capacity p.a.
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© Rheinmetall AG I CMD 202526 CLOSING GAPS The artillery powerhouse on the way to 1.5m full shots ▪ Expansion and new construction of capacities ▪ Efficiency gains due to higher degree of automation ▪ Full backward integration within reach New capacity implemented since the war started Pre war capacity and upgrade New capacities in build up / planning
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© Rheinmetall AG I CMD 202527 CLOSING GAPS Rheinmetall is closing the gap on the missile market ▪ Total production capacity of up to 5,000 t rocket motor propellants p.a. ▪ Production start in Q3 2026 ▪ Engine casing ▪ Nozzle and component manufacturing ▪ Production of composite propellant ▪ Production in JV with Lockheed Martin ▪ JV will market and assemble ▪ First focus on ATACMS and Hellfire missiles ▪ Expansion also into Naval missiles ▪ Up to 10,000 missiles p.a. ▪ First revenues in 2027 Rocket Motors Missiles
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© Rheinmetall AG I CMD 2025 © Rheinmetall AG I CMD 2025 28 AIR DEFENCE Segment 2030 Sales potential €3-4bn
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© Rheinmetall AG I CMD 2025 29 CLOSING GAPS Recurring German orders keep RHM nominations on elevated level 2025e 2026e 2027e 2028e 2029e 2030e Rheinmetall Nomination
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© Rheinmetall AG I CMD 202530 15.6% 2024 16-17% 2025e Germany International 24-26% 2030e 0.6 ~30-35% 3-4 Market environment Business drivers ▪ SHORAD becoming a top priority ▪ Russian testing of Eastern European borders and civil infrastructure increases demand for SHORAD ▪ Cutting edge technology ▪ Down-selected SHORAD system in ESSI* ▪ Economies of scale ▪ Proficiency of ecosystem SHORAD incl. sensors, effectors and ammunition CLOSING GAPS Air Defence – Sales growth 2030 *European Sky Shield Initiative in €bn Operating Margin in %
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© Rheinmetall AG I CMD 202531 CLOSING GAPS Obvious capability gap triggers massive demand surge ▪ Drone attacks changed the battlefield ▪ Localisation of drones at western infrastructure shows missing protection capabilities ▪ European Sky Shield aims to improve air defence capabilities ▪ Rheinmetall’s short range gun- based system have already proven their effectiveness at the frontline Sales in €bn 2024 2025 2030 0.6 ~30-35% 3-4
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© Rheinmetall AG I CMD 202532 ▪ Drones are a new element of the battlefield ▪ Ukraine lacks efficient SHORAD capabilities ▪ Protection against drones has become a key challenge ▪ Gun based air defence is a game changer ▪ Most western army currently have inefficient cUAV resources CLOSING GAPS Drones are part of the battlefield, but can be effectively countered Lessons learned from the war in Ukraine
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© Rheinmetall AG I CMD 2025 33 CLOSING GAPS Over 90% of attacks can be stopped with gun based air defence 0% Class I Class II Class III Other Air vehicles Cruise Missiles Ballistic Missiles 90% of attacks 10% of attacks Gun based Missile based The war in Ukraine shows Our Skyranger solution ▪ Up to 4km protection radius ▪ Gun based air defence ▪ Turret is platform agnostic ▪ 30mm / 35mm AHEAD ammunition Source: OSINT and Rheinmetall Drones
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© Rheinmetall AG I CMD 202534 CLOSING GAPS Skyranger 35 on Leopard chassis
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© Rheinmetall AG I CMD 202535 Skynex (~€60m) 4xRGMK3, 1xMSU, 1xCN1, Interceptor Drones Rheinmetall’s proven C-UAS options for securing one facility Ø-Cost for protecting a single facility* Number of critical infrastructure facilities in Germany ~€42m 1.926 Costs for protecting Germany’s critical infrastructure facilities ~€81bn× = Skyranger (~€60m) 4x SR35 on Lynx, Interceptor Drones Skyspotter (~€7m) Passive Emitter Locator, 1xMSU 1.926 Critical Infrastructure Facilities** Transport Hubs Bundeswehr Health Energy-/ Water Supply Information/ Telecommunication Finance 684 347 290 275 116 214 **Source: Bundesamt für Sicherheit in der Informationstechnik, 30.09.2025*Costs vary depending on different characteristics of facilities and the associated protection requirements CLOSING GAPS Protecting critical infrastructure creates huge potential Source: Rheinmetall
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© Rheinmetall AG I CMD 202536 Costs for securing 100km ~€1.9bn Costs for securing Germanys Eastern Border (1.286km) ~€24.6bn The example shows how many systems would be needed to provide seamless protection (Air Defense/Drone Wall) over a length of 100 km. Seamless protection is not realistically feasible. CLOSING GAPS Fictional seamless air defence wall Source: Rheinmetall
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© Rheinmetall AG I CMD 2025 © Rheinmetall AG I CMD 2025 37 DIGITAL Segment 2030 Sales potential €8-10bn
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© Rheinmetall AG I CMD 202538 CLOSING GAPS Steady orders across a broad portfolio 2025e 2026e 2027e 2028e 2029e 2030e IdZ Satellites IdZ F-35 Satellites F-35 D-LBO F-35 D-LBO IdZ Simulation Sensors F-35 Simulation Sensors Leo Upgrade Only selected projects. Rheinmetall Nomination
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© Rheinmetall AG I CMD 202539 11.1% 2024 ~15% 2025e Germany International 17-19% 2030e 1.2 ~40% 8-10 Market environment Business drivers ▪ Forces move from analog to digital to create efficiencies and to dominate the battlefield ▪ Cross-domain integration ▪ Germany with increasing digitization needs ▪ Satellite business with first contract in Q4 2025, second contract following CLOSING GAPS Digital Systems – Sales growth 2030 in €bn Operating Margin in %
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© Rheinmetall AG I CMD 202540 CLOSING GAPS Efficient sensor to shooter chain requires full digitization IES Digital solutions Global Business Aerospace Services Drones & Loitering Space ▪ Digital solutions and soldier systems are key drivers for growth led by German contracts ▪ Drone and space business already with significant contribution in 2030 ▪ First F-35 fighter jets entering sales period Sales in €bn 2024 2025 2030 1.2 ~40% 8-10
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© Rheinmetall AG I CMD 202541 SHARED INFORMATION SPACE Battlefield Effectiveness “Double the firepower within three years, triple it by the end of the decade.” General Sir Roly Walker, Chief of General Staff UK on Next Generation Digital Forces “Anyone who doesn’t digitize, loses.” Lieutenant General Vetter, BMVg Head of CIT Department and Chief Information Officer ▪ Decisive edge in modern warfare is digital: information, speed, and connectivity beat armor ▪ Ukraine shows: software-defined warfare outpaces hardware-heavy doctrines ▪ Battlefield effectiveness is driven by data integration, not platform size CLOSING GAPS Digital superiority wins wars – not just tanks and ammo
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© Rheinmetall AG I CMD 202542 2024 2025e 13-15 14-16 3-4 8-10 ~5 2030e Vehicle Systems Weapon and Ammunition Air Defence Digital Naval M&A 35-40% defence growth flat civil business ~50 9.8 +32% CAGR CLOSING GAPS Unfolding the next chapter of growth! in €bn ▪ Weapon and Ammunition grows into its capacity ▪ Vehicle Systems profits from large vehicle programs, led by Germany ▪ Air Defence reflects increasing threats especially from drones ▪ Thrive for battlefield superiority propels Digital ▪ New Naval segment benefits from “Marine 2035”
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© Rheinmetall AG I CMD 2025 Capital Market Day – Chief Operating Officer 18. November 2025| René Gansauge 43
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© Rheinmetall AG I CMD 2025 Rheinmetall I RFS What we have achieved 2022-2025… 44 © Rheinmetall AG I CMD 2025
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© Rheinmetall AG I CMD 2025 Rheinmetall I CMD | COO RESORT s We have delivered the growth trajectory from 2022 - 2025 2022 2023 2024 2025E 4,9 7,2 9,7 +25-30% >2x (Defence) Revenue Development Rheinmetall (in mEUR) 45 © Rheinmetall AG I CMD 2025
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© Rheinmetall AG I CMD 2025 Rheinmetall I RFS 2026+ What is ahead of us? 46 © Rheinmetall AG I CMD 2025
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© Rheinmetall AG I CMD 2025 Rheinmetall I CMD | COO RESORT s Rheinmetall`s growth path from 2025 onwards 2025 2027 2030 ~50 ~ 2x revenue multiplier within next few years Revenue Development 2025+ (in mEUR) 47 © Rheinmetall AG I CMD 2025
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© Rheinmetall AG I CMD 2025 © Rheinmetall AG I CMD 2025 48 17.11.2025 SEGMENT WEAPON AND AMMUNITION
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© Rheinmetall AG I CMD 2025 Update Artilleriewerk Unterlüß – Load Assembly Pack Linie 49 Rheinmetall Weapon & Ammunition The new Rheinmetall Tempo! © Rheinmetall AG I CMD 202549
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© Rheinmetall AG I CMD 2025 50 RHEINMETALL I CMD | COO RESORT Capacity of 350.000 p.a. is installed! Process optimization & lessons learned implemented KEY FACTS Most modern & largest artillery plant in the world Build time of ~15month Fully automized to maximize output Revenue driver for 2026+ Blueprint for further expansion Rheinmetall Weapon & Ammunition Artillery Plant Unterlüß – WE CAN DELIVER! © Rheinmetall AG I CMD 2025
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© Rheinmetall AG I CMD 2025 51 RHEINMETALL I CMD | COO RESORT KEY FACTS JOINT PRODUCTION OF ROCKETS WITH LOCKHEED MARTIN UNTERLÜß TO PRODUCE AMONGST OTHERS THE ROCKET MOTOR UP TO 10.000 MISSILES PER YEAR! Rheinmetall Weapon & Ammunition Rocket Artillery Plant Unterlüß © Rheinmetall AG I CMD 2025
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© Rheinmetall AG I CMD 2025 Rheinmetall I CMD | COO RESORT Rheinmetall Large Caliber Volume Rheinmetall Weapon & Ammunition Increase in large-caliber gun production • Investment Program Unterlüß • 24/6 shift model introduced • Groundbreaking of UK Large caliber Gun Hall during DSEI 2025 • Multi supplier strategy executed • Full lifecycle of systems accounted for, including spare barrels 2022 2025 2027 60 150 200 140 280 ~400 Weapons Barrels
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© Rheinmetall AG I CMD 2025 RHEINMETALL I CMD | COO RESORT RHEINMETALL MEDIUM CALIBER MANUFACTURING OBERNDORF IN PROGRESS Rheinmetall Weapon & Ammunition Increase in medium-caliber gun production Future LYNX or equivalent 2022 2025 92 >140 >420 160 330 900 Weapons Barrels © Rheinmetall AG I CMD 202553
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© Rheinmetall AG I CMD 2025 RHEINMETALL I CMD | COO RESORT KEY FACTS Vertical Integration through complete value chain secured Rheinmetall Weapon & Ammunition Propelling Charges – Vertical Integration through complete value chain Propelling Charges Strategic acquisition of Hagedorn ensuring sufficient access to rare commodity Nitrocellulose (global bottleneck) Further diversification and additional capacity with new locations to reach 20.000T Past 18 months New Projects YE 2027 Propellant Modular Charge 2024 Kapa 25 2025 5.500 2.000 7.500 Firepower 4.000 YE 20027 12.000 TONS © Rheinmetall AG I CMD 202554
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© Rheinmetall AG I CMD 2025 ECOSYSTEM RHM RHEINMETALL I CMD | COO RESORTThe Rheinmetall Ecosystem Offering highly vertically integrated solutions to customers Rheinmetall Competencies Example of Ammunition Energetic Material Shell Forging Propulsion Systems Fuzing Explosives Filling Boosting Systems Igniting Engineering Plant Engineering Industrial Engineering Automization - PS Other Use Cases Rheinmetall's Manufacturing Ecosystem Real Estate Weapon Systems GLOBAL MANUFACTURING NETWORK © Rheinmetall AG I CMD 2025 55
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© Rheinmetall AG I CMD 2025 © Rheinmetall AG I CMD 2025 17.11.2025 SEGMENT VEHICLE SYSTEMS 56
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© Rheinmetall AG I CMD 2025 RHEINMETALL I CMD | COO RESORT VEHICLE CAPACITY Future Current Rheinmetall Vehicle Systems Our way to 1.000 IFVs per year 0 100 200 300 400 500 600 700 800 900 1.000 2025 2026 2027 2028 2029 2030 Vehicle DemandOutput capacity today Output capacity tomorrow • Extension of current footprint • More efficient manufacturing at large scale • Ramping-up new locations BOXER LYNX PUMA © Rheinmetall AG I CMD 2025 57
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© Rheinmetall AG I CMD 2025 RHEINMETALL I CMD | COO RESORT Rheinmetall Vehicle Systems Current and future footprint of IFV production RHM´S IFV FOOTPRINT – TOMORROW 1.000 VEHICLES New RHM´S IFV FOOTPRINT – TODAY 400 VEHICLES Existing Kassel Unterlüß © Rheinmetall AG I CMD 2025 58
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© Rheinmetall AG I CMD 2025 RHEINMETALL I CMD | COO RESORT Rheinmetall Vehicle Systems Kassel: manufacturing blueprint for upscaling Boxer Future – Lean and dedicated assembly Current - Multi product service concept BOXER KEILER KODIAK BÜFFEL FUCHS More of the same allows for serial and lean production! BEST PRACTICE VIENNA KASSEL PLANT BOXER ONLY © Rheinmetall AG I CMD 202559
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© Rheinmetall AG I CMD 2025 Assembly Transportation system for chassis Integration of smart tools Measurement cell welding Automated laser scanner Logistics Expansion high rack concept Upgrade to SAP EWM Paint shop Sanding and Masking hall for chassis incl. automated paint line with paint-spray robots Commissioning PUMA turret commissioning stand Welding Robot L Large components - IFV chassis RHEINMETALL I CMD | COO RESORT 60 17.11.2025 Rheinmetall Vehicle Systems Further areas of productivity optimizations Introduction of large scale process optimization lead to increase in efficiency by up to 40% © Rheinmetall AG I CMD 2025
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RHEINMETALL I CMD | COO RESORT Rheinmetall Vehicle Systems Further Areas of Production Optimizations – Zoom-in Welding 61 © Rheinmetall AG I CMD 2025
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© Rheinmetall AG I CMD 2025 © Rheinmetall AG I CMD 2025 62 17.11.2025 SEGMENT Digitization & Air Defence
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© Rheinmetall AG I CMD 2025 RHEINMETALL I CMD | COO RESORT KEY FACTS Air defence systems in high demand Significant Ramp-up of production capacities Diversification of supplier base to ensure needed material Rheinmetall Air Defence Air Defence as key to drone protection SUI capacity of ~140 p.a. under installment with SOP in Q1/26 TOTAL CAPACITY by 2027 ~400 p.a. – 8 per week ITA capacity of ~140 p.a. under installment with SOP in Q2/26 DE capacity of ~100 p.a. under installment with SOP in Q3/26 © Rheinmetall AG I CMD 202563
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© Rheinmetall AG I CMD 2025 RHEINMETALL I CMD | COO RESORT 15 per day CAPACITY HERO 30 15 per day CAPACITY HERO 120 8 per day CAPACITY HERO 400 CAPACITY & POTENTIAL KEY FACTS Drone production is key for the future battlefield Loitering munition is a market ready solution Production line in Italy to tackle large demand Rheinmetall Electronic Solutions Drone production in Italy 64 © Rheinmetall AG I CMD 2025
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© Rheinmetall AG I CMD 2025 RHEINMETALL I CMD | COO RESORT Resilient Supply Chains ❖ Diversification of supplier base ❖ Strengthen risk management frameworks ❖ Development multi sourcing options Upscaling of Volumes ❖ Expanding capacity via dual Sourcing ❖ Strategies for securing delivery ❖ Stock piling ❖ Opto-electronical components ❖ Linters ❖ Alternative technologies and sources ❖ Germanium ❖ Wood pulp Group Purchasing Rapid business expansion is accelerating the need for more robust and scalable supply chain capabilities 65 © Rheinmetall AG I CMD 2025
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© Rheinmetall AG I CMD 2025 Rheinmetall I CMD | COO RESORT KEY TAKE AWAYS Major capacity increases already executed - Ammunition and IFV capabilities 2027 growth already in progress / completed - Propellant, IFVs and Air Defence Strong demand allows for lean manufacturing - Automization and supplier diversification Deep vertical integration allows for execution in record time - Rheinmetall factory blue prints for expansion Product diversification implementation started - Rocket Artillery & drone assembly Supplier Risk mitigation executed - i.e. Linters for propellant & Rare Earth Elements 66 © Rheinmetall AG I CMD 2025
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© Rheinmetall AG I 25. September 2025 CLOSING GAPS OUR VISION 2030 Klaus Neumann, CFO CAPITAL MARKETS DAY – 18. November 2025 67 © Rheinmetall AG I CMD 2025
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© Rheinmetall AG I CMD 2025 9M 2025 REVIEW ND / CONSOLIDATION FINANCIAL HOUSEKEEPING CAPITAL ALLOCATION HEDGING MID-TERM GUIDANCE 68
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© Rheinmetall AG I CMD 2025 CLOSING GAPS Strong momentum across all key financial metrics 9M 2024 9M 2025 6,268 7,515 +20% 11.3% 9M 2024 11.1% 9M 2025 705 835 +18% Sales (in €m) Operating result and margin (in €m / in %) 1) Continuing operations only, undiluted, pre ppa69 9M 2024 9M 2024 7.32 8.34 +14% Earnings per share1) (in €)
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© Rheinmetall AG I CMD 2025 CLOSING GAPS Non-Divisional / Consolidation 2025e 2026e 2027e 2028e 2029e 2030e Operating result consolidation (in €m / in % of operating result) 2025e 2026e 2027e 2028e 2029e 2030e ~6% ~4% ~1% ~1% Sales consolidation (in €m / in % of sales) ▪ Higher share of cross-divisional projects ▪ IT transformation finalized by end of 2026 ▪ Non-divisional R&D covered by incremental revenues ~13% ~12% ~10% ~9% 70 ~7% ~6% ~1% ~1%
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© Rheinmetall AG I CMD 2025 CLOSING GAPS Financial housekeeping – PPA and minorities 2023 2024 2025e 70 125 ~160 Other Expal Loc Performance Other includes for example RMMV, RBSL, RPS, 4iG PPA (in €m) 71 PPA ▪ Based on our past acquisitions, PPA will decrease over time ▪ New acquisitions will lead to an increase, which we can give color on once the respective deal is closed Minorities ▪ In the short term, we expect wholly owned subsidiaries to outperform joint ventures ▪ As our business with JV partners picks up, minorities will also increase over time
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© Rheinmetall AG I CMD 2025 BuybackDividendCapex CLOSING GAPS Capital allocation prioritizes growth 72 ▪ Adding more capacities to meet demand ▪ Investing > €8bn over the next five years (excl. capital contributions) Working Capital ▪ Increasing inventories of critical raw materials to ensure supply resilience ▪ Advance procurement ▪ Continue on strong track record ▪ Ambition to add ~€1bn in sales p.a. ▪ Maintaining the payout ratio between 35-40% of net income before PPA ▪ 8.10€ p/s for FY24 and expected to rise further ▪ Buybacks as last optionality M&A Growth Shareholder returns
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© Rheinmetall AG I CMD 2025 5% 2% 2024 ~5% ~6% ~-1% 2025e ~5% ~11% ~-5% 2026e ~5% ~8% ~-4% 2027e ~5% ~2% 2028e ~5% 2029e ~5% 2030e CLOSING GAPS Investing today to build the Rheinmetall of tomorrow Base CAPEX Growth CAPEX Contribution from JV partners Main drivers for growth capex drivers in the short-term: ▪ Large scale vehicle programs with much higher degree of production automation ▪ Higher share of capex heavy chemical plants to expand the energetics capacity (e.g. Romania, Bulgaria)Investment CFFinancing CF Capex (in % of sales) Capex without IFRS1673
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© Rheinmetall AG I CMD 2025 12/31/2024 -200 -325 1,800 2030e 1,438 CLOSING GAPS Operating working capital increases to support program ramp-ups Customer Our customers generally support our growth with down payments Aiming for ~20% Supplier We support our suppliers in a liquidity preserving manner with prefinancing arrangements also being considered Inventory Anticipating higher demand leading to increasing inventory, esp. for raw materials (e.g. cotton linters, armor steel, electronics etc.) Working Capital in €m 74
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© Rheinmetall AG I CMD 2025 CLOSING GAPS Active M&A is a key element of growth over the next years 75 Company phase Regions Cluster Size Type ▪ ~€1bn in revenues ▪ <2,000 employees ▪ Acquisition ▪ Joint-Ventures ▪ Strategic partnerships ▪ Financing rounds ▪ Maturity ▪ (Early) growth ▪ Autonomous & robotics ▪ Digitization & connectivity ▪ Weapon & ammunition ▪ Electrification & new energy ▪ Services ▪ Fabrication & assembly ▪ Europe ▪ North America ▪ Australia
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© Rheinmetall AG I CMD 2025 Hedging Strategy Currency Hedging Commodity Hedging CLOSING GAPS Mitigating risks through commodity and currency hedging 76 ▪ Price escalation clauses ▪ Matching (purchase price = selling price) ▪ Financial hedging, if possible and instruments are available (LME & EEX) ▪ Hedging risk expected to decrease after Power Systems disposal ▪ Focus on transactional risk rather than translational ▪ FX forwards and swaps are the used instruments ▪ Currencies (volumes FY24): CHF (48%), GBP (12%), USD (9%), AUD (8%), ZAR (7%), Others (16%)
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© Rheinmetall AG I CMD 2025 0% 5% 10% 15% 20% 25% 30% 35% 40% 45% 0% 5% 10% 15% 20% 25% 30% 35% 40% Operating Profit CAGR (2025-2030) Sales CAGR (2025-2030) Growth and Profitability Landscape (bubble size = Operating Margin 2030e) CLOSING GAPS We are a leading defence player across key performance metrics in this cycle US peerEuropean peerGerman peer Source: Bloomberg data, Rheinmetall calculations US tech company 77
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© Rheinmetall AG I CMD 2025 CLOSING GAPS Operating margin targets on group level and by segment 29-31% Weapon and Ammunition Digital >15% Naval 17-19% 20% Air Defence 24-26% Vehicle Systems 13-15% Legend: Width of rectangles represents expected sales in 2030. The size of the rectangles represents the operating result. Consolidation reflected. All data showing continuing operations only *three years rolling cash conversion rate. Operating result margin by segment Sales ~€50bn Operating margin >20% CCR* >50% Group targets 78 Sales in €bn ~14-16 ~13-15~3-4 ~5~8-10
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© Rheinmetall AG I CMD 2025 ▪ New mid-term targets confirm our commitment to long-term value creation ▪ Industry leading sales and profitability growth ▪ Strong balance sheet enables growth and leaves room for M&A CLOSING GAPS Key messages 79
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© Rheinmetall AG I CMD 2025 © Rheinmetall AG I CMD 2025 80 Outlook OUTLOOK
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© Rheinmetall AG I CMD 202581 CLOSING GAPS Rheinmetall embraces all domains ➢ Traditional key player in LAND ➢ Focused access to AIR ➢ Developing NVL to prime status in SEA ➢ Partnering with ICEYE to conquer SPACE Digitization
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© Rheinmetall AG I CMD 2025 © Rheinmetall AG I CMD 2025 82 NAVAL Segment 2030 Sales potential ~€5bn
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© Rheinmetall AG I CMD 2025 Fleet tankers 83 Until 2029 Until 2035 *FCSS = Future Combat Surface System, LRMV=Large Remote Missile Vessels, MCM=Mine Counter Measure; ** target by the Bundeswehr 2026 German order intake potential Fleet size 2035+**2025 Intelligence ships Frigates A707 A404 A702 A405 F123 F124 F125 K130 F126 F127 LRMV* MJ334 MCM-USV L-MCM MJ332 A424 A704 FCSS* A423 Unmanned systems MCM* Korvettes Support ships 3 3 6 3 6-9 3-4 6 6 12+ 18+ 3 6+ CLOSING GAPS NAVAL covers 100% of the surface vessels demand Marine Zielbild 2035 with relevance for Naval €15-20bn
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© Rheinmetall AG I CMD 202584 SEA LAND AIR Recon with LUNA family Strike with HERO, Barracuda* and Interceptor Mission Master Unmanned systems 2025 expected sales of >€250m Under contract Development New integration CLOSING GAPS Rheinmetall offers drones for every domain * MoU signed for cooperation with Anduril.
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© Rheinmetall AG I CMD 202585 CLOSING GAPS Drone & Loitering munition portfolio for the modern battlefield 20 40 50 60 70 80 90 100 110 120 130 140 150 9000 3010 910 Barracuda 500M LUNA NG HERO 400 Raider Hornet XR HERO 30 Interceptor Recce UAV Recce LM HERO 120 Cruise Missile | 45kg / 85kg Warhead Reconnaissance & Strike | +30kg Payload Loitering Munition | 6kg TRITON Warhead Loitering Munition | 10kg Warhead Loitering Munition | 4,5kg Warhead Loitering Munition | 0,5kg Warhead Counter UAV | 0,7kg Warhead Range (in km) Reconnaissance | Daylight & Thermal Camera Reconnaissance | IR & TV Camera Loitering Munition | 0,3kg Detonator
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© Rheinmetall AG I CMD 202586 German Satellite production Cooperation with AndøyaRheinmetall ICEYE Space Solutions GmbH Data Processing CustomerData as a Service Satellite launch Intelligence, Surveillance and Reconnaissance *Boris Pistorius , 3. BDI Weltraum Kongress, 25 September 2025 First contract expected in Q4 2025! Rheinmetall ICEYE Space Solutions GmbH Communication Navigation “We need … resilient structures comprising satellites, ground stations, launch capabilities and services”* CLOSING GAPS Germany spends €35bn to create a resilient space structure until 2030*
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© Rheinmetall AG I CMD 202587 35 40 70 2024 2025e 2030e ▪ Soft labour market especially in comparable job profiles ▪ Rheinmetall recognised as “Global employer of choice” ▪ Applications expected to exceed 275,000 in 2025 ▪ Extremely professional recruitment lowers time to fill rate to 71 days ( German Ø 125 days) ▪ Comprehensive inhouse training facilities (e.g. 17 up- /re-skilling measures for 290 employees at transformed Berlin site) in thousand FTE CLOSING GAPS Fit for growth – the people challenge © Rheinmetall AG I CMD 2025
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© Rheinmetall AG I CMD 202588 0 1 2 3 4 5 6 7 Market Execution Supply chainR & D Labour Market ▪ NATO is lifting the core spending target to3.5% by 2035 ▪ Germany is starting to order now to achieve 3.5% already in 2029 Execution ▪ “Speed” building of Ammo and F-35 sites ▪ Transition from “manufacturing” to “mass-production” Supply Chain ▪ Short term increase of safety stock to avoid bottlenecks ▪ Strategic alternatives for critical raw materials and supplier diversification R&D ▪ “More of the same” Labour ▪ Transformation of civil workforce ▪ Defence has become an “attractive” workplace CLOSING GAPS Risk is under control, execution clear focus
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© Rheinmetall AG I CMD 202589 H1 2026 >€5bn€2.5-5bn<€2.5bn Jakal Satellites Lynx Air Defence 155mm 120mm Boxer-Program Q4 2025 Laser Light Modules Luchs 2 & 25mm Mobile San-Systems Med Cal Loitering ammunition RCH 155 Leopard Skyranger Laser Leopard Med Caliber Digital IdZ Support Vehicles Puma SMart Package CLOSING GAPS Order intake potentials Q4 2025 to Q2 2026 for major projects Lynx and Ammo Air DefenceROW Armoured Vehicles already booked. Safe financed Lynx, air defence, trucks and ammo
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© Rheinmetall AG I CMD 2025 © Rheinmetall AG I CMD 2025 90 CLOSING GAPS Key messages ➢ In pole position to participate in NATO growth ➢ High margin growth over the planning period ➢ Best-in-class capacity ramp-up ➢ Dynamic portfolio management to capture further growth areas ➢ Challenges well managed
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© Rheinmetall AG I CMD 202591 TAKING RESPONSIBILITY IN A CHANGING WORLD