Summary of Rheinmetall Investor and Analyst Recap Call (February 04, 2026) Company Overview - **Company**: Rheinmetall (OTCPK:RNMB.F) - **Industry**: Defense and Automotive Key Points Financial Performance and Expectations - **2025 Defense Business Growth**: Expected growth in the defense business is projected to be between **30%-35%**, with margins anticipated in the range of **18.5%-19%** [2][4] - **2026 Revenue Projections**: The defense business is expected to generate revenues of **EUR 15-16 billion**, including the NVL business, with a cash conversion rate anticipated to be very high due to significant orders [3][4] - **Order Intake for 2026**: Total order intake is expected to be around **EUR 80 billion**, with **EUR 67 billion** coming from German orders over the next four quarters [6][7][12] Major Contracts and Orders - **Boxer Contract**: The largest contract signed is the **EUR 12.5 billion** fixed contract for Boxers, to be executed by **2030**, with an option for an additional **EUR 25 billion** from **2030-2035** [5][12] - **Naval Contracts**: Anticipated orders for naval business (F126 and F127) are expected to total around **EUR 12-13 billion** [5][6] - **Ukrainian Orders**: An additional **EUR 3 billion** is expected from Ukrainian customers over the next quarters [7] Cash Flow and Financial Health - **Cash Flow**: Cash flow has been strong due to customer prepayments, with expectations of being **net debt-free** by the end of 2025 and continuing a positive cash environment into 2026 [3][8][41] - **Advance Payments**: The Boxer contract allows for advance payments of up to **30%** on the first **EUR 12.5 billion**, contributing to a strong cash position [8][12] Operational Insights - **Ammunition Business Growth**: The ammunition segment is expected to grow significantly, with revenues projected to increase from **EUR 3.5 billion to around EUR 5 billion** in 2026 [27][70] - **Production Capacity**: The company is enhancing production capacity in various locations, including South Africa, Spain, and Germany, to meet growing demand [27][33] Strategic Outlook - **Long-term Orders**: The company anticipates that Germany will place around **EUR 500 billion** in orders over the next **10-15 years**, with **EUR 67 billion** expected in 2026 alone [12][13] - **Framework Contracts**: The expectation is to convert existing framework contracts into fixed contracts, which will not increase the total backlog in 2026 but will fulfill existing commitments [60][63] Additional Notes - **Operational Efficiency**: Rheinmetall is focusing on increasing efficiency by dedicating production lines between KMW and Rheinmetall [15] - **Future Contracts**: The company is preparing for additional contracts that will support its growth trajectory, particularly in the ammunition sector [60][63] This summary encapsulates the key insights and projections discussed during the investor and analyst recap call, highlighting Rheinmetall's strategic direction and financial expectations for the upcoming years.

Rheinmetall Capital Markets Day Summary Company Overview - **Company**: Rheinmetall (OTCPK:RNMB.F) - **Event**: 2025 Capital Markets Day - **Date**: November 18, 2025 Key Industry Insights - **Defense Spending in Germany**: Germany is projected to increase its defense budget to EUR 180 billion by 2035, with a target of 3.5% of GDP allocated to defense spending [2][9][12] - **European Defense Dynamics**: Germany is positioned as the main driver of defense spending in Europe, with collaborative efforts to pool resources for ammunition and vehicles among European nations [2][3] - **Geopolitical Context**: The ongoing threat from Russia has heightened defense spending urgency, particularly among Eastern European nations [5][6] Core Company Strategies - **Expansion into New Domains**: Rheinmetall is diversifying its portfolio to include air, naval, and space technologies, alongside its traditional land defense capabilities [3][4] - **Digitization Focus**: The company is transitioning towards becoming a digital defense provider, emphasizing connectivity and digital solutions in military operations [13][25] - **Long-term Contracts**: Rheinmetall is actively pursuing long-term contracts with governments to ensure stable revenue streams and facilitate rapid production capabilities [11][33] Financial Projections - **Sales Growth**: Rheinmetall anticipates a sales growth rate of 35%-40% in the defense sector, with a target to reach EUR 50 billion in sales by 2030 [19][31] - **Operational Margins**: The operational margin for the defense sector is expected to approach 20% as civilian business is phased out [21][31] - **Backlog and Order Potential**: The company has a backlog of EUR 1.7 billion and a potential order index exceeding EUR 65 billion, indicating strong future demand [18][37] Investment Areas - **Defense Investments**: Planned investments include EUR 80 billion in ammunition, EUR 80 billion in naval capabilities, and significant allocations for air defense and digitization [12][30] - **Production Capabilities**: Rheinmetall is enhancing its production capabilities, with a fully automated production line capable of producing up to 500,000 shells and 350,000 full shots of ammunition per shift [20][28] Emerging Technologies - **Joint Ventures**: Rheinmetall is forming strategic partnerships, such as with Eisei for satellite technology, to enhance its capabilities in space and digital solutions [22][23] - **Air Defense Systems**: The company is developing cost-effective air defense systems that can protect critical infrastructure against drone attacks, with a focus on affordability compared to missile systems [47][49] Conclusion - **Long-term Vision**: Rheinmetall is committed to a 10-15 year growth strategy, focusing on expanding its product portfolio across all defense domains while ensuring profitability and operational efficiency [30][57] - **Market Positioning**: The company aims to solidify its position as a leading defense contractor in Europe, leveraging geopolitical dynamics and technological advancements to drive growth [38][56]

CLOSING GAPS OUR VISION 2030 Armin Papperger, CEO CAPITAL MARKETS DAY – 18. November 2025 © Rheinmetall AG I 25. September 2025 CLOSING GAPS Expansion is the common denominator 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 Capacit ...