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CONFERENCE CALL Q2 2026 Armin Papperger , CEO Klaus Neumann , CFO August 6 , 2026 RHEINMETALL
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Q2 2026 CONFERENCE CALL Disclaimer This presentation contains “forward-looking statements” within the meaning of the US Private Securities Litigation Reform Act of1995 with respect to Rheinmetall’s financial condition, results of operations and businesses and certain of Rheinmetall’s plans and objectives. These forward-looking statements reflect the current views of Rheinmetall’s management with respect to future events. In particular, such forward-looking statements include the financial guidance contained in the outlook. Forward-looking statements are sometimes, but not always, identified by their use of a date in the future or such words as “will”, “anticipates”, “aims”, “could”, “may”, “should”, “expects”, “believes”, “intends”, “plans” or “targets”. By their nature, forward-looking statements are inherently predictive, speculative and involve risk and uncertainty because they relate to events and depend on circumstances that will occur in the future. There are a number of factors that could cause actual results and developments to differ materially from those expressed or implied by these forward-looking statements. In particular, such factors may have a material adverse effect on the costs and revenue development of Rheinmetall. Further, the economic downturn in Rheinmetall’s markets, and changes in interest and currency exchange rates, may also have an impact on Rheinmetall’s business development and the availability of financing on favorable conditions. The factors that could affect Rheinmetall’s future financial results are discussed more fully in Rheinmetall’s most recent annual and quarterly reports which can be found on its website at www.rheinmetall.com. All written or oral forward-looking statements attributable to Rheinmetall or any group company of Rheinmetall or any persons acting on their behalf contained in or made in connection with this presentation are expressly qualified in their entirety by factors of the kind referred to above. No assurances can be given that the forward-looking statements in this presentation will be realized. Except as otherwise stated herein and as may be required to comply with applicable law and regulations, Rheinmetall does not intend to update these forward-looking statements and does not undertake any obligation to do so. This presentation does not constitute an offering of securities or otherwise constitute an invitation or inducement to any person to underwrite, subscribe for or otherwise acquire or dispose of securities in Rheinmetall AG or any of its direct or indirect subsidiaries. Rheinmetall AG and its affiliates are neither associated with nor provide any support to American Depository Receipts programs (ADR) or comparable offerings or investment schemes related to shares in Rheinmetall AG in the United States of America or any other jurisdiction. Therefore, neither RheinmetallAG nor any of its affiliates has and or will accept any responsibility or liability whatsoever in relation to such ADR programs or comparable investment schemes. Please note that all figures in this presentation have been rounded on a standalone basis. This can result in minor differences when adding figures together or calculating % shares. © Rheinmetall AG I August 6, 20262
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Q2 2026 CONFERENCE CALL Q2 2026 Group Highlights Record Q2 provides confidence for a strong second half-year €m €m RHM BACKLOGRHM NOMINATION 11,371 €m 80,467 +476% €m€m +44% €m OPERATING MARGIN 17.1% in % of sales SALES 3,289 €m €m OPERATING RESULT 562 APPLICATIONS >160,000 +69% +115% +3.7pp OFCF -1,331 €m 7.4% CAPEX Note: only continuing operations; change YoY; Capex without IFRS 16. in % of sales YTD 3 -2.7pp-458 © Rheinmetall AG I August 6, 2026
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Q2 2026 CONFERENCE CALL Q2 2026 Group Highlights Execution well managed: we deliver and are on track to meet the full-year guidance ▪ H1 growth rate in line with full-year guidance ▪ Margin increase resulting from favourable product mix and increased operating leverage ▪ Total operating performance increased by 36%, supporting our H2 growth trajectory 12.1% 1,800 1,949 H1 2025 15.0% 1,938 3,289 H1 2026 3,749 5,227 +39% Op. Margin Q1 Q2 4 © Rheinmetall AG I August 6, 2026 Revenues in €m
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Q2 2026 CONFERENCE CALL No short-term mitigation for F126 identified ▪ Short-term ▪ Workforce redistribution ▪ Impact on revenue 2026: up to €300m ▪ Long-term ▪ Projected contribution to mid-term forecast 2030: < 3% ▪ Naval Systems remains committed to the 2030 goals ▪ Focus on securing additional orders for MUsE and MJ334 ▪ Ramp-up autonomous systems Business Impact Q2 2026 Group Highlights Naval Systems update: F126 timeline and background information (acc. to BMVg) ▪ Project delays ▪ Past cost overruns ▪ Litigation issues ▪ Assumed faster availability of MEKO alternative Reasons for cancellation 5 © Rheinmetall AG I August 6, 2026
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Q2 2026 CONFERENCE CALL Q2 2026 Group Highlights Rheinmetall presents the next generation frigate GMF 140 6 © Rheinmetall AG I August 6, 2026 ▪ 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 integrated with various command and control and weapons systems, including Lockheed Martin’s CMS330 Combat Management System Length: 140m Displacement: 6,000t Speed: 30 knots Crew size: 90 (+35)
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Q2 2026 CONFERENCE CALL Q2 2026 Group Highlights Unmanned systems and air defence in focus at Eurosatory and ILA 7 © Rheinmetall AG I August 6, 2026 MV-8 Komodo Unmanned Breaching System Skyranger on HX truck Ruta Block 2 and Kryla 81mm EIMOS Integrated Mortar System Containerized Missile Launcher for FV-014 SAR satellite K3 Scout Unmanned Surface Vessel MQ-28 Ghost Bat
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Q2 2026 CONFERENCE CALL Q2 2026 Group Highlights EU NATO countries are collectively increasing defence spending – 5% confirmed 53.4 233.2 2022 63.6 272.3 2023 81.6 338.8 2024 97.6 430.2 2025 127.9 502.5 2026e 286.7 335.9 420.3 527.8 630.4 +120% Germany NATO Europe (excl. Ger) Defence spending in €bn Equipment % of German defence spending Defence spending as a % of GDP in 2026e Europe on track for higher spending … … with defence budgets up 120% since 2022… 2.0-2.5% 2.5-3.5% >3.5% 2.69% © Rheinmetall AG I August 6, 20268 Source: Nato Defence Investment (7 July 2026) 2.56% 4.68% 2.22% 2.85% <2.0% 24 55 97 103 45 2022 2023 2024 2025 YTD July 2026 … flowing through to more contracts Number of €25m proposals in Germany 18% 17% 21% 25% 32% Note: current prices and exchange rates
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Q2 2026 CONFERENCE CALL Digital SystemsAir DefenceWeapon + AmmunitionVehicle Systems Q2 2026 Group Highlights Rheinmetall’s portfolio tailored to NATO’s capability focus areas 9 © Rheinmetall AG I August 6, 2026 Naval Systems ▪ Rheinmetall continuously monitors NATO capability requirements ▪ NATO’s emphasis on multinational procurement and industrial cooperation creates additional opportunities across all domains (“SYNC”*) *SYNC = Strategy for Industry-NATO Cooperation Deep precision strike Surveillance Space High-end acquisition Air and missile defence Strike capabilities AmmunitionSpace technologies Raw materials Command and control Training structures Mobility and counter-mobility CBRN defence Digital transformation
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Q2 2026 CONFERENCE CALL Q2 2026 Group Highlights Teaming and partnering in the European defence industry is a common strategy 12 5 4 2 7 5 6 5 9 3 9 11 12 11 10 Rheinmetall Peer 1 1 Peer 2 Peer 3 Peer 4 1 Peer 5 28 21 19 20 11 14 Joint-Venture M&A Partnership / MoU ▪ Joint-Ventures play a crucial part in our strategy and provide smart access to capacity, technology, markets and capital ▪ Some joint-ventures only serve administrative purposes ▪ Joint-ventures with government agencies provide planning security, high customer retention without additional operational complexity Number of announcements since Q4 2023 New or expanded partnerships in Q2 2026: 10 © Rheinmetall AG I August 6, 2026
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FINANCIALS
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Q2 2026 CONFERENCE CALL Q2 2026 Financials Outstanding Q2 growth lays solid foundation for year-end rally © Rheinmetall AG I August 6, 202612 Operating result and margin in %Sales in €m in €m 8 257 Q2 2025 Operational FX M&A1 Q2 2026 1,949 1,074 3,289 +1,339 (+69%) ▪ Strong execution with sales growth across all segments ▪ Organic growth >50% ▪ No major pull forwards from Q3 ▪ Operating result benefitted from higher volumes and improved operating leverage ▪ Margins increased in all segments 274 2 25 Q2 2025 Operational FX M&A1 Q2 2026 262 (13.4%) 562 (17.1%) +301 (+115%) Note: continuing operations only. 1 including Naval Systems, Resonant, NC-Hagedorn
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Q2 2026 CONFERENCE CALL Sales Operating result 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 160 285 20 46 12.3% 16.3% Digital Systems 363 471 25 45 6.9% 9.6% Naval Systems - 257 - 25 - 9.7% Non Divisional / Consolidation -242 -325 -45 -32 - - Rheinmetall Group 1,949 3,289 262 562 13.4% 17.1% in €m Q2 2026 Financials Impressive leverage with W+A and AD in the lead © Rheinmetall AG I August 6, 202613 Note: continuing operations only.
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Q2 2026 CONFERENCE CALL Q2 2026 Financials Book-to-bill ratio above 3 with high share of firm orders © Rheinmetall AG I August 6, 202614 Rheinmetall Backlog2 -256 1,798433 Q2 2025 -4,393 10,909 4,855 Q2 2026 1,975 11,371 476% in €m Rheinmetall Nomination1 in €m 06/30/2025 06/30/2026 55,972 80,467 32,266 23,707 56,342 24,126 +44% 1 Rheinmetall Nomination = Frame Utilization + Order Intake + Frame Nomination. 2 Rheinmetall Backlog = Order backlog (signed and fixed contracts) + Frame Backlog (signed framework agreements for several yea rs). Order Backlog Frame BacklogFrame Utilization Order Intake Frame Nomination
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Q2 2026 CONFERENCE CALL © Rheinmetall AG I August 6, 202615 Q2 2026 Financials Strong fix order backlog supports future growth 23.7 06/30/2025 56.3 24.1 06/30/2026 15.0 3.4 06/30/2022 18.0 3.3 06/30/2023 27.7 13.0 06/30/2024 32.3 18.4 21.2 40.7 56.0 80.5 16% 92% CAGR 45%* 38% 44% Frame Backlog Fix Order Backlog 90% 50% 10% 50% <2.5 Years >2.5 Years Fix Order Backlog Frame Backlog 33.6 46.9 ▪ Short-term sales growth expectations supported by high share (90%) of Fix Order Backlog => High confidence ▪ Long-term sales growth expectations supported by Frame Backlog => High Visibility ▪ Both Types of RHM Backlog show a 4 Year CAGR >40% *Figures pre 2025 restated to reflect continuing business only in €bn
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Q2 2026 CONFERENCE CALL Q2 2026 Financials Continued build-up of inventories to secure supply readiness © Rheinmetall AG I August 6, 202616 Operating free cash flow1 in €m Comments ▪ Inventory build-up to prepare for second half ▪ Build-up mainly driven by Vehicle Systems and Digital Systems ▪ Absolute cash capex already higher than last year’s figure Working Capital 1 Continuing operations only. Customer Supplier Production 613 +451 12/31/2025 -677 1,527 +1,913 6/30/2026 +324% in €m 243 -285 -874 H1 2025 H1 2026 -631 -1,616 -1,331 -985 Q1 Q2
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Q2 2026 CONFERENCE CALL Q2 2026 Financials Downscaling of 2026 capex spending © Rheinmetall AG I August 6, 202617 In % of sales CMD capex plan Energetics projects Other projects Savings Updated capex plan 16% 8-9% ▪ Re-prioritisation of recently announced eastern European energetic production sites ▪ Project related adjustments to spending schedule in other segments ▪ Capex optimisation resulting from improved procurement strategy ▪ Detailed investment review → No impact on 2030 sales guidance
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Q2 2026 CONFERENCE CALL Q2 2026 Financials Successful return to the bond market © Rheinmetall AG I August 6, 202618 Net financial position1 06/30/2025 06/30/2026 -1,655 -2,722 in €m Update Financing & Comments Equity ratio 6/30/2025 06/30/2026 33.6% 28.0% 1 Continuing operations only. ▪ Bond issuance in Q2 ▪ Issue size: €500m senior, unsecured ▪ Maturity date: 2031 ▪ Coupon: 3.375% ▪ Net debt / EBITDA at 1.12x ▪ Current total number of shares: 46,789,567 ▪ Convertible bond Series A and B conversion completed
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OUTLOOK
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Q2 2026 CONFERENCE CALL DS 20 Outlook Substantial order pipeline for H2 with focus on armoured vehicles 28.8 25.3 4.2 20.6 6.3 H1 2026 61% 34% 3% 2% H1 2026 Germany International Sales H2 2026e FY 2026e 80.5 80.5 >100 Boxer Arminius Trucks Ammunition Rocket Engines MBT / IFV Boxer Caracal Jackal Ammunition Ukraine RoW AD W+A VS Naval ND-C Rheinmetall Backlog in €bn Note: selected key projects only NATO Germany © Rheinmetall AG I August 6, 2026 Int.
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Q2 2026 CONFERENCE CALL Outlook Key capacity expansions and civil conversions are on track and on time 21 © Rheinmetall AG I August 6, 2026 AmmunitionExplosives & Propulsion Air Defence Artillery plant Ukraine Artillery plant Lithuania Med-cal plant Burgos RDX plant Varpalota Powder plant Aschau Blending facility Wimmis Rocket motor plant Unterlüss Rocket motor plant Burgos Skyranger turret assembly Neuss Vehicles Truck cabin assembly Neuss Ground breaking ceremony Aschau Capacity expansion Civil conversion
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Q2 2026 CONFERENCE CALL Outlook Various promising US opportunities taking shape 22 © Rheinmetall AG I August 6, 2026 Vehicle SystemsWeapon + Ammunition Unmanned Ground Vehicles XM30 CTT RCH155 Precision Grenadier System Radford Army Ammunition PlantMK340 – 30mm KETF (Navy) PGU-48/B – 25mm FAP (Air Force)
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Q2 2026 CONFERENCE CALL Outlook We delivered on our promised H1 growth 23 ▪ As expected, strong acceleration in Q2 ▪ Backlog coverage of 95% provides high confidence ▪ Back-end loaded H2 ▪ Q3 sales growth in line with guided annual growth rate ▪ Expected one-time effect from XM30 in low double digit million Euro range ▪ Expecting a positive OFCF 18% 20% 23% 39% 2025 14% 24% ~24% ~39% 2026 Q1 Q2 Q3 Q4 9,935 13,700 – 14,200 +39% © Rheinmetall AG I August 6, 2026
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Q2 2026 CONFERENCE CALL Outlook Updated full-year Guidance 2026 24 Sales Operating Margin OFCF to operating result1 (“Cash conversion rate”) ~19% >40% 2026e new €13.7 - 14.2bn Growth: + 37 – 42%, thereof organic + 28 – 31% 1 Based on operating result definition pre-ppa and special items €14.0 - 14.5bn Growth: + 40 – 45%, thereof organic + 28 – 31% ~19% >40% 2026e old (continued business only)(continued business only) © Rheinmetall AG I August 6, 2026
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Q2 2026 CONFERENCE CALL Q&A Thank you for your attention! Armin Papperger, CEO Klaus Neumann, CFO 25 © Rheinmetall AG I August 6, 2026
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Q2 2026 CONFERENCE CALL 26 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. Note: Participation by invite only. Live webcast available to the public.© Rheinmetall AG I August 6, 2026
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Q2 2026 CONFERENCE CALL Investor relations contacts and next events Click or scan DocumentsEvents Dirk Winkels, Head of Investor Relations Tel: +49 162 2688921 Email: dirk.winkels@rheinmetall.com Rosalinde Schulte, Investor Relations Assistant Tel: +49 211 4734718 Email: rosalinde.schulte@rheinmetall.com Anika Marker, Investor Relations Manager Tel: +49 171 4174060 Email: anika.marker@rheinmetall.com Carl-Philip Schniewind, Investor Relations Manager Tel: +49 175 2453310 Email: carl-philip.schniewind@rheinmetall.com Jillis Hansmann, Investor Relations Manager Tel: +49 151 67104002 Email: jillis.hansmann@rheinmetall.com 27 © Rheinmetall AG I August 6, 2026
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APPENDIX
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Q2 2026 CONFERENCE CALL Income Statement 29 © Rheinmetall AG I August 6, 2026
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Q2 2026 CONFERENCE CALL Statement of financial position 30 © Rheinmetall AG I August 6, 2026
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Q2 2026 CONFERENCE CALL Cashflow Statement 31 © Rheinmetall AG I August 6, 2026
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Q2 2026 CONFERENCE CALL Derivation of diluted earnings per share 32 © Rheinmetall AG I August 6, 2026
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Q2 2026 CONFERENCE CALL Adjusted PnL 33 © Rheinmetall AG I August 6, 2026
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Q2 2026 CONFERENCE CALL TAKING RESPONSIBILITY IN A CHANGING WORLD