Slides
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CONFERENCE CALL Q3 2026 Klaus Neumann, CFO November 5, 2026
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Q3 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 November 5, 20262
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Q3 2026 CONFERENCE CALL Q3 2026 Group Highlights Solid quarterly results, full-year guidance adjusted €m €m RHM BACKLOGRHM NOMINATION 2,893 €m 78,012 -13% €m€m +38% €m OPERATING MARGIN 17.5% in % of sales SALES 3,149 €m €m OPERATING RESULT 553 APPLICATIONS >250,000 +36% +62% +2.7pp OFCF -82 €m 7.1% CAPEX Note: continuing operations only; change YoY; Capex without IFRS 16. in % of sales YTD -3.5pp+85 © Rheinmetall AG I November 5, 20263
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Q3 2026 CONFERENCE CALL Satellite SOP in Neuss 69 additional Jackal Mangalia shipyard1 Q3 2026 Group Highlights Selected operational highlights, order wins and M&A activity XM30 prototype handover Albacete med-cal expansion Commitment for 4th intelligence vessel 155mm artillery order in low triple- digit-€m area Mission Master selected by USMC for testing Int. © Rheinmetall AG I November 5, 20264 1 subject to regulatory approvals.
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FINANCIALS & OUTLOOK
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Q3 2026 CONFERENCE CALL Sales Operating result Operating result margin Q3 2025 Q3 2026 Q3 2025 Q3 2026 Q3 2025 Q3 2026 Vehicle Systems 1,338 1,467 167 191 12.5% 13.0% Weapon and Ammunition 691 949 160 217 23.2% 22.9% Air Defence 154 254 23 59 14.9% 23.2% Digital Systems 367 509 34 54 9.2% 10.7% Naval Systems - 345 - 38 - 11.1% Non-Divisional / Consolidation -243 -374 -42 -8 - - Rheinmetall Group 2,308 3,149 342 553 14.8% 17.5% in €m Q3 2026 Financials Strong operating leverage with Air Defence and Weapon & Ammunition in the lead Note: continuing operations only.© Rheinmetall AG I November 5, 20266
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Q3 2026 CONFERENCE CALL Q3 2026 Financials Significant improvement of the order book quality Rheinmetall Backlog2 376 -895 -794 2,721 1,500 Q3 2025 3,311 Q3 2026 3,326 2,893 -13% in €m Fixed share in % Rheinmetall Nomination1 in €m 32,675 (~58%) 23,985 30/09/2025 54,318 (~70%) 23,694 30/09/2026 56,660 78,0123 +38% 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). 3 Rheinmetall Backlog was adjusted by €2.1bn following the cancellation of the F126. Order Backlog Frame BacklogFrame Utilization Order Intake Frame Nomination © Rheinmetall AG I November 5, 20267
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Q3 2026 CONFERENCE CALL Q3 2026 Financials Year-end preparations in full swing Operating free cash flow1 in €m Comments ▪ W+A and AD account for most of the working capital increase ▪ Significant SAFE prepayments received in Q3 ▪ Q3 capex is in absolute terms on previous year level Working Capital 1 continuing operations only. Customer Supplier Production 458 +451 31/12/2025 -803 2,070 +2,176 30/09/2026 +382% in €m 243 -285 -874 -167 9M 2025 -1,331 -82 9M 2026 -798 -1,698 -900 Q1 Q2 Q3 © Rheinmetall AG I November 5, 20268
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Q3 2026 CONFERENCE CALL Q3 2026 Financials Renegotiated syn loan increases financial flexibility Net financial position1 -1,931 30/09/2025 -2,901 30/09/2026 in €m Highlights Equity ratio 30/09/2025 30/09/2026 32.9% 28.3% 1 continuing operations only. ▪ Net debt / EBITDA (LTM) at 1.08x ▪ Syndicated credit line renewed ▪ Further important step towards strengthening the finance structure ▪ Doubled from €750m to €1.5bn ▪ Additional financial leeway supports continued growth trajectory © Rheinmetall AG I November 5, 20269
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Q3 2026 CONFERENCE CALL Outlook Full-year guidance updated Sales Operating Margin Op. Free Cash Flow ~18.5% positive 2026e (new) ~€13.2€13.7 - 14.2bn ~19% >40% CCR 2026e (old) (continued business only)(continued business only)
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Q3 2026 CONFERENCE CALL Q&A Klaus Neumann, CFO © Rheinmetall AG I November 5, 202611
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Q3 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, Senior Investor Relations Manager Tel: +49 171 4174060 Email: anika.marker@rheinmetall.com Carl-Philip Schniewind, Senior 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 © Rheinmetall AG I November 5, 202612
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APPENDIX
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Q3 2026 CONFERENCE CALL Income Statement © Rheinmetall AG I November 5, 202614
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Q3 2026 CONFERENCE CALL Statement of financial position © Rheinmetall AG I November 5, 202615
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Q3 2026 CONFERENCE CALL Cashflow Statement © Rheinmetall AG I November 5, 202616
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Q3 2026 CONFERENCE CALL Derivation of diluted earnings per share © Rheinmetall AG I November 5, 202617
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Q3 2026 CONFERENCE CALL Adjusted PnL © Rheinmetall AG I November 5, 202618
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Q3 2026 CONFERENCE CALL TAKING RESPONSIBILITY IN A CHANGING WORLD