Rheinmetall Group Corporate Presentation
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Rheinmetall Group Corporate Presentation May 2021
Rheinmetall Group
Mobility and security form the DNA of the business model
RHEINMETALL GROUP
INTEGRATED TECHNOLOGY GROUP FOR SECURITY AND MOBILITY
Automotive Our heart beats for your engine Defence Force protection is our mission
Tier 1 supplier System house for land based operations
Business
model
High-tech products for global markets Leading provider of innovative solutions
Gaining powertrain neutrality Internationalization focused on home
markets
Megatrend mobility Increasing demand for security
Growing demand for clean mobility Geostrategical powershifts
Market
driver
Global LV production with growth Constantly changing conflict situations
Increased regulation Rising defence/security budgets
Rheinmetall AG - Corporate Presentation May 2021 2
Rheinmetall Group
Highlights
Group performance indicator Strategy roadmap
Grow sales ~8% op. Organic International
around 8% margin RHEINMETALL growth expansion
Targeted 2-4%
Cash on sales
30-35%
payout ratio
GROUP Leading by
innovations
Targeted
acquisitions
AUTOMOTIVE Our heart beats for your engine 2020 DEFENCE Force protection is our mission
Op. margin €2,151m 37% Sales 63% €3,723m Op. margin
1.5% €33m Oper. Result €414m 11.1%
*€426m Order backlog €12,924m
10,613 47% Headcount** 53% 12,344
* Short-term; **Headcount at capacities;
Rheinmetall AG - Corporate Presentation May 2021 3
Rheinmetall Group
Financial overview - Growth in all relevant KPI
Sales, operating result and operating margin Operating FCF and operating FCF to Sales
In €m In €m / in %
4,7% 5,0%
6.500 6.255 12 400 5
6.148 314 3,7%
5.896 5.875 10 300 276 4
6.000 2-4%
5.602 8 217 3 OFCF
200 161
5.500 5.183 8,0% 8,1% TARGET
7,3% 6 2,9% 2
6,3% 6,8% 100
4 29 1
5,5% 491 505 426
500 287 353 400 0
2 0,6% 0
-0,6%
0 0 -100 -35 -1
2015 2016 2017 2018 2019 2020
Op. Margin Sales Op. Result 2015 2016 2017 2018 2019 2020
oFCF oFCF/Sales
Earnings and dividend per share Net financial debt
In € / in % In €m
12 32,4% 34,2% 40 Cash
30,9% 30,9% Payout Ratio
10 28,4% 29,6% 300
30-35%
7,77 30 of EPS
8 7,10 200
5,24 5,88
6 4,69 20 230
3,88 100
4
2,10 2,40 2,00 10 19
2 1,10 1,45 1,70 0 -30 4
-81 -52
0 0 -100
2015 2016 2017 2018 2019 2020 Debt 2015 2016 2017 2018 2019 2020
Payout Ratio underlying EPS DPS Net debt
Rheinmetall AG - Corporate Presentation May 2021 4
Rheinmetall Automotive
Products per division
MECHATRONICS HARDPARTS AFTERMARKET
PUMP TECHNOLOGY SMALL BORE PISTONS HARDPARTS
AUTOMOTOVE EMISSION
SYSTEMS BEARINGS MECHATRONICS
SOLENOID VALVES LARGE BORE PISTONS
COMMERCIAL DIESEL
SYSTEMS CASTINGS
ACTUATORS
Rheinmetall AG - Corporate Presentation May 2021 5
Rheinmetall Defence
Products per division
WEAPON AND ELECTRONIC VEHICLE
AMMUNITION SOLUTIONS SYSTEMS HX-FAMILY
MID & LARGE CALIBER AMMO INTEGRATED ELECTRONIC SYSTEMS TACTICAL VEHICLES
MID & LARGE CALIBER WEAPONS AIR DEFENCE & RADAR SYSTEMS LOGISTIC VEHICLES
TECHNICAL PUBLICATIONS Medium wheeled Medium tracked
PROTECTION SYSTEMS
- ACTIVE Heavy tracked
- PASSIVE
- SOFTKILL
Rheinmetall AG - Corporate Presentation May 2021 6
One Rheinmetall
Realization of growth in changing market conditions
Positioning as integrated technology group for Mobility and Security
Realization of growth potentials in changing market environments
ONE Leveraging strengths by bundling and channeling our expertise and
RHEINMETALL competencies, e.g. different technologies
Change perception and increase attractiveness as an employer
One Rheinmetall One Rheinmetall One Rheinmetall
Phase I Phase II Phase III
Initiatives addressing culture Focus on technologies Commercialization
and cooperation
2016-2018 2018 ff. starting 2021
Rheinmetall AG - Corporate Presentation May 2021 7
STRATEGY UPDATE
Taking Rheinmetall to the next level
Rheinmetall AG - Corporate Presentation May 2021 8
Strategy update
Management sets clear strategic objectives
1 Reduce Automotive exposure
2 Minimum profitability level requirement
3 Continuous portfolio management
Rheinmetall AG - Corporate Presentation May 2021 9
Strategy update
Transformation process initiated
Realignment Integration of
of existing business Automotive holding
• Disposal process of the piston business • Right-size the structure to support
the business
• Regrouping of business activities
• Eliminate redundant functions on
• Focused approach with five divisions
Group and Automotive holding
level
Rheinmetall AG - Corporate Presentation May 2021 10Strategy update
The new corporate structure
2020 2021
Rheinmetall Group Rheinmetall
Rheinmetall Group
Group
Holding Holding
Automotive Weapon and Electronic Vehicle Sensors and Materials
Defence Pistons
Holding Ammunition Solutions Systems Actuators and Trade
Non-core business
Weapon & Ammunition Mechatronics Sensors and Actuators Materials and Trade
• Pumps • Aftermarket
Electronic Solutions Hardparts • Actuators • Bearings
• Air Emission Systems
Vehicle Systems Aftermarket • Solenoid Valves • Castings
• Commercial Diesel (50:50 Joint Venture)
Systems
Rheinmetall AG - Corporate Presentation May 2021 11Strategy update
Strong measures to improve the Automotive situation
Pistons decided non-core Realignment of the core business Superb engineering and
business production capabilities form our
innovation culture
Find a better owner for Right-sizing the organization Leveraging of technologies
the piston business to new applications
Divestment process Preparation for Accelerate transformation
started transformation
Rheinmetall AG - Corporate Presentation May 2021 12Strategy update
Sensors and Actuators: Focus on profitable growth
IHS Sensors and Historic performance (2015-2019)
LV production* Actuators
In million units Sales In € billion • Sales growth of 1.3% CAGR vs. flat global LV volumes growth*
+5.4% CAGR +10% CAGR
• 9.3% average operating margin
95 ~2.0 Regulation drives the business…
73 23
6 ~1.2 0.7 • Tighter thresholds 95g CO2
0.1
• New emission regulation EU 7
67 72
1.1 1.3
• Expansion to new regions Asia
2020 2025FC 2020e 2025p …but technology offers opportunities beyond automotive
ICE Alternative
Propulsion
*IHS 12/2020 Rheinmetall AG - Corporate Presentation May 2021 13Strategy update
Sensors and Actuators: Three pillars of growth
Innovative solutions for Growth in alternative Diversify into
clean mobility powertrains (AP) new applications
Tighter Regulation of fuel fumes Electrified Mobility Sustainability and Performance
Electronic Vapor Pump (EVAP) Thermal Management Thermal Management
Server cooling
5G Base station & antenna
COOLANT COOLANT PROPORTIONAL-
PUMP VALVE COOLANT VALVE
Air Management
Fuel Tank Isolation Valve (FTIV) H2 Products Air sanification equipment
H2 Applications
H2 Recirculation
Blower
FUEL-CELL CONTROL
VALVE
ELECTRICAL
CATHODE VALVE
Stationary fuel cell
Sales potential in 2025
Up to € 300 m Up to € 500 m Up to € 200 m
Illustrative Rheinmetall AG - Corporate Presentation May 2021 14Strategy update
Sensors and Actuators: China JV clearly outperfom market
IHS LV production* China JV (100% pro forma sales )
In million units; CAGR 2020-25 In € million; CAGR 2020-25
BEV
Strong profitable growth of at equity
Hybrid consolidated sales
ICE
+4.7%
29.4 ~400 • Introduction of fuel fume regulation in
+20% China
18%
23.4
3% 5% 13%
• Tightening truck regulation in India and
China
~160
92% 69% • Electrification of the powertrain
2020 2025 2020e 2025p
*IHS 12/2020 Rheinmetall AG - Corporate Presentation May 2021 15Strategy update
Materials and Trade: Well positioned to capture opportunities
Aftermarket Bearings Castings (Joint Ventures)
Solid profitability Shift to non-ICE applications Technology leadership
5% CAGR 7% CAGR 7% CAGR
~440 ~300 ~1,100
~340 ~800
~200
2020e 2025p 2020e 2025p 2020e 2025p
Flexible casting technology
Regional expansion Accelerate diversification Benefit from global lightweight
Increase truck exposure Focus on industrials trend
Sustainable margin >9% (100% pro forma sales)
Rheinmetall AG - Corporate Presentation May 2021 16Strategy update 2021
Defence budgets demonstrate robustness despite Covid 2022
2023
Germany Australia UK* Hungary USA
Stable Growing Growing Growing Stable
Threat scenario • Russia and China defence Tender • Large vehicle programmes with
persists spending increased at 10% ongoing temporary delays, but no cancellations
CAGR** during the last decade • Modernization programmes remain key
• European defence emancipation priority
becomes more popular • Positive outlook for tender pipeline
All data public defence budgets for the years 2021-2023, Hungary based on Jane’s data Rheinmetall AG - Corporate Presentation May 2021 17
*UK Budget 2020 increased by € 19 bn over 4 years modeled to internal assumptions **Sipri: Defence budgets 2009 to 2019Strategy update
Competitive vehicles portfolio offers huge potential
Infantry Main Wheeled Trucks
fighting vehicles battle tanks vehicles
• Puma • Leopard • 4x4 HU JV • HX-Family
• Lynx • Challenger • 6x6 New Fox • Future trucks
• MGCS • 8x8 Boxer
~€15 ̶ 40 bn ~€5 bn ~€5 ̶ 6 bn ~€7 ̶ 8 bn
10 years‘ order potential of ~€ 30 to ~€ 60 bn
Rheinmetall AG - Corporate Presentation May 2021 18Strategy update
Hungary is a catalyst for our Lynx pipeline
Australia
Eastern
Europe
USA
US Army Bradley
replacement
~4000 vehicles
~ € 40 bn
Slovakia and Tender: 2021-2023
Slovenia
Czech Land 400 Phase III
Start of Tender:
Potential start of
~450 vehicles production: 2028
2024/25
Hungary ~200 vehicles
~ € 2 bn
~ € 4-5 bn
Combined value:
Strong team with
Raytheon and Textron
Decision 2022 ~ € 1.5-2 bn
Decision H1 2021
~220 Lynx KF41
~ € 3.1 bn
Order intake Q4’20
Rheinmetall AG - Corporate Presentation May 2021 19Strategy update
Vehicle Systems main driver for mid-term growth
2020e Sales 2025 Targeted Sales
~€ 5.5 bn
27 %
~€ 3.7 bn Weapon & Ammunition
30 % 22 %
Electronic Solutions
23 %
Vehicle Systems
51 %
47 %
% share based on unconsolidated sales distribution
Rheinmetall AG - Corporate Presentation May 2021 20Strategy update
Stronger focus on Defence with ICE exposure below 20%
2020e Sales 2025 Targeted Sales
~30%
ICE exposure
~37%
Non ICE
~9% ~15-20%
~28% ~€5.9 bn ~€8.5 bn ~10-15%
Non ICE
ICE and new
applications
~63% ~70%
Defence exposure Defence exposure
ICE = Internal Combustion Engine Rheinmetall AG - Corporate Presentation May 2021 21Strategy update
Commitment to our technological leadership
ONE Rheinmetall
Passion for technology
Re-organization to Leverage our core Focus on growth
better fit our needs technological strengths business areas
• Divest non-core business • Further integrate technologies • Continue our successful
Defence development
• Reorganize the way we do • Capitalize our state-of-the-art • Diversify into high growth
our business technology markets using our
technological off the shelf
solutions
Sustainability
Rheinmetall AG - Corporate Presentation May 2021 22Strategy update
Upgrading our financial targets for 2025
Attractive growth profile Higher profitability Focus on free cash flow
Sales target Margin target Cash to sales target*
~ € 8.5 bn ≥ 10% ~ 3-5%
Passion for Performance
*OFCF to sales ratio Rheinmetall AG - Corporate Presentation May 2021 23AUTOMOTIVE
A changing world
Rheinmetall AG - Corporate Presentation May 2021 24Automotive
Leading technology and market positions
Key Figures 2020 Sales by division* Sales by region Sales Total Management View
Sales: €2.2bn Aftermarket Hardparts Asia 5%
RoW
China JV-Sales
15% in €bn
31% 18% 0.9
Op. result: €33m USMCA
17% Europe
w/o 2.2
Op. margin: 1.5% 54% 18% Consolidated
Mechatronics Germany
Germany Sales
Op. FCF: €18m Operating result by division* Sales by customer Global set up
In €m 33
Other >10% Ford,
R&D: €162m 20 Aftermarket VW
22% 12 27
5-10%
12
Capex: €95m 2-5% 47% 3
36 Mechatronics Daimler, Renault/
17% 4
DAF, Volvo, Nissan,
PSA, BMW, 14% GM, FCA
Headcount:10,631 -13 Hardparts
CAT/Perkins Sites per continent
*unconsolidated
Rheinmetall AG - Corporate Presentation May 2021 25Automotive
Leading technology and market positions
Sales driver Segment Structure Key Competitor Differentiator
Hardparts Hardparts Strong brand
Megatrend mobility Pistons Mahle, Nemak, GGB,
Growing demand for Castings Tenneco (Federal Global footprint
Bearings Mogul), Dong Yang Strong partnerships
clean mobility
Mechatronics Mechatronics
Global LV production Pump Technology Magna, Bosch, Denso, (Hasco, Shriram, Riken, ZYNP)
with further growth Auto. Emission Systems Valeo, Schaeffler Wide technology portfolio
Commercial Diesel Systems
Increased regulation Solenoid Valves Extensive product Know-How
Actuators
Aftermarket Aftermarket
Hardparts Tenneco (Federal
Mechatronics Mogul), Mahle,
Bosch, Valeo
Rheinmetall AG - Corporate Presentation May 2021 26Automotive overview
Product portfolio by division and engine type
VACUUM PUMPS EXHAUST CONTROL
FUEL TANK ISOLATION THERMAL
MANAGEMENT HRB eCATHODE VALVE
MECHATRONICS
VALVE
VALVE GEN. 3
ELECTRICAL COOLANT GASOLINE EGR HIGH-VOLTAGE E-MOTOR COOLING
EGR MODULE SC AIR SYSTEM eWastegate PUMP COOLANT PUMP eCC
Actuator
TURBO ACTUATOR VTG EVAP ELEC. BYPASS VALVE MULTI PURPOSE VALVE ELECTRICAL OIL PUMPS CONTACTORS THERMO MODULE FUEL CELL CONTROL VALVE
25% Share Carbon TT
ALU PISTONS NON-ENGINE E-Motor HOUSING
POLYMER BEARINGS STRUCTURAL PARTS
HARDPARTS ENGINE BLOCKS
ICE EV / FUEL CELL
BATTERY BOXES
Rheinmetall AG - Corporate Presentation May 2021 27Drivers for growth
Rising global fleet and regulatory restrictions are supporting our growth
LV production forecast* Further regulatory pressure*** Automotive sales distribution
[mUnits] +7% by engine type**
+29%
102 CO2 NOx
-17%
95 in g/km in mg/km
89 Core Diesel
13% 20%
4% 2% -24% -56% Others
74 8%
12% 125
-37% Fuel independent
15% 180 25%
5% 3% 95 15% products
59 80
13%
94% Truck
92% 75% 65% 2%
2015 2020 2030 EU5 EU6
36%
Large-Bore
Next regulation deadline approaching Gasoline Pistons
in 2020
Real driving emission(RDE) testing will
create further pressure to reduce
2019 2020 2025 2030 emissions by hardware installation
First city ban for diesel engines
EV Hybrid ICE announced in Germany
* IHS 12/2020 and company estimates
** Rheinmetall Automotive sales FY 2020
*** 95g = 4.1l Gasoline or 3.6l Diesel, 2030 estimates based on Regulation (EU) 2019/631
Rheinmetall AG - Corporate Presentation May 2021 28Automotive Market trends
The growth drivers remain strong
NT
E 3+ Efficiency
(CO2 Reduction)
Emission
(Reduction)
Electrification Outside
powertrain
The innovation pipeline is packed!
Rheinmetall AG - Corporate Presentation May 2021 29Efficiency
CO2 - reduction with Automotive products – gasoline engine vehicle
130 g 95 g
CO2/km CO2/km
2015 2021
-1 g -3 g -3 g -7 g -2 g -2 g
CO2/km CO2/km CO2/km CO2/km CO2/km CO2/km
Variable Tribology Electr. control Variable Electr. Lightweight
oil pump system valve and variable valve train EGR system design parts
coolant pump
*Reference: 1.4L 4-cylinder. TC DI gasoline engine (115kW), approx. 138 g CO2/km in NEDC
Rheinmetall AG - Corporate Presentation May 2021 30Electrification
Rheinmetall Automotive products
Rheinmetall AG - Corporate Presentation May 2021 31Micro Mobility
Starting with competitive product into a booming market
High growth market Unique selling proposition
European market with 10% CAGR between 2018 and Smooth phasing of engine support
2030 Excellent freewheeling
High market concentration with Bosch representing Low weight and compact build
almost 50% of market share Low noise emission
E-bike market price averaged at €3.000 last 3 years High thermic stability
Interesting connectivity features
Speedy service concept
9,0
Development Start of 8,5
8,0
cost of € ~30m Production 7,4
6,9
until 2022 5,9
6,4
5,4
4,9
4,4
3,8
3,3
2,9
2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 2030
European e-Bike sales forecast [mUnits] Rheinmetall AG - Corporate Presentation May 2021 32Diversification
Increasing portfolio for non-LV applications
Trucks Large bore pistons Bearings & Aftermarket
continuous casting
Diverse portfolio for E.g. ship and locomotive
truck applications pistons Sanitary application Global supply of spare parts
Rheinmetall AG - Corporate Presentation May 2021 33Trucks
Diverse portfolio for truck applications Permaglide bearings
for truck compressors
and truck hydraulics
Main coolant
pumps
Aluminum pistons
Auxiliary
coolant pumps
Steel pistons
Electrical oil pumps
Piston rings
Cooperation with
Riken
Bushings for
injection pumps
Main-bearings
Sales Connecting rod bearings
Coolant in €m
valves Bearings for seat adjustments and doors
600
436 404
351 386 EGR cooler modules
400 338
Variable valve Control 290
and mixer modules
200
Exhaust gas flaps 0 Dual poppet valves
2015 2016 2017 2018 2019 2020
EGR reed valves
Hydraulic valves
Electrical Pressure High
Cylinder bypass regulating performance
bore coating valves valves actuators
Rheinmetall AG - Corporate Presentation May 2021 34Automotive China
China growth story
Highlights Sales China
in €m
CAGR +13%
Partner of local big players SAIC and HASCO (50/50 1,149
1,051 WFOEs
972 1,003
joint ventures) 871 934
681
Biggest casting capacities in China – technology leader 528
401 JVs (100%)
Regulation (China 6) – provides substantial growth
potential for mechatronics division
Strong demand for NEV products 2012 2013 2014 2015 2016 2017 2018 2019 2020
China Story on track: product pipeline supports growth
ambitions
Demand for Mechatronics products key driver EBIT China 79
71 76 76 WFOEs
in €m 51
53 53
37
30
JVs (100%)
2012 2013 2014 2015 2016 2017 2018 2019 2020
Rheinmetall AG - Corporate Presentation May 2021 35DEFENCE
Managing the “super cycle”
Rheinmetall AG - Corporate Presentation May 2021 36Defence
Leading supplier with an increasing international presence
Key Figures 2020 Sales by division* Sales by region Order backlog by region
Row Row
Sales: €3.7bn Weapon and Asia / ME Asia / ME Germany
1%
Ammunition 16% 5% North America 18%
Vehicle
30% North America 4% 2% 13%
Op. result: €414m Systems 46% 11% 19%
Australia / NZ 44% Germany
Electronic Australia / NZ
Op. margin: 11.1% 24% Solutions Europe (w/o G) 20% 47%
Europe (w/o G)
Op. FCF: €174m Operating result by division* Order backlog by division Global set up
Weapon and
Vehicle Weapon and
R&D: €89m Systems Ammunition 19% Ammunition
35% 9 80 1
43%
Capex: €201m 16% 5
65% 10
Vehicle Electronic 5
Electronic 22% Systems Solutions
Headcount: 12,344 Solutions Sites per continent
*unconsolidated
Rheinmetall AG - Corporate Presentation May 2021 37Defence
Leading technology and market position
Sales driver Structure of Corporate Segments Key Competitor Differentiator
Increasing demand Vehicle Systems Vehicle Systems Reputation as trustful and
for security Tactical Vehicles General Dynamics, reliable company
Logistic Vehicles BAE, KNDS, Scania, International footprint
Geostrategic power Iveco, Hanwha
shifts Broad product portfolio
Weapon and Ammunition Weapon and
Constantly changing Weapon and Munition Ammunition International presence
conflict situations Protection Systems Nammo, Northrop System integrator
Propulsion Systems Grumman, Plasan,
Rising defence/ Eurenco, GD, Kongsberg Modular and open architecture
security budgets Electronic Solutions Electronic Solutions Weapon and sensor
Integrated Electronic Solutions R&S, CAE, Saab, platforms
Air Defence and Radar Systems Thales, Rafael, Elbit Excellent engineering
Technical Publications Systems, Safran, Know-How & capabilities
Hensoldt
Rheinmetall AG - Corporate Presentation May 2021 38Defence
Managing the super cycle
Demand for
next generation
1990 Upscaling of systems
forces and
Downscaling Inflection modernization
Return to treaty
of forces and point and territorial
armament NATO
Out of area defence
missions 2% target
2014
Annexation committment
Crimea
Rheinmetall AG - Corporate Presentation May 2021 39Defence super cycle
Successful internationalization provides diverse sources of growth
Our home markets
Germany Australia United Eastern
Kingdom Europe
Largest customer Established „home JV with BAE serves Modernization to
Budget increase: market“ „home market“ NATO standards
Commitment to Land 400 program MIV and VJTF participation
1.5% in 2024 as demand driver Challenger LEP IFV tender pipeline
100% Equipment Ammunition program
level framework Ammunition
More personnel contract framework
contract
Rheinmetall AG - Corporate Presentation May 2021 40Defence tender overview
High demand could lead to promising super cycle
UK Eastern Europe
MIV Boxer Lithuania: Boxer
Challenger Poland: Leopard II
Hungary: Leopard, Howitzer,
France Lynx,
Trucks IFV(wheeled)
MGCS Czech Rep: IFV (tracked)
Germany Slovakia: IFV
USA Trucks Bulgaria: IFV (wheeled)
Ammunition IDZ Romania: IFV (wheeled)
Fuzes VJTF Puma Slovenia: APC (wheeled)
OMFV Load Handling System
Leopards
Heavy transport helicopter
2. Puma lot
2. IDZ lot
International Customers Boxer variants Australia
MENA Ammunition Land 17 1 C.2 Ammo
South-East Asia Fox Land 121 3a, 5b Trucks
Algeria TEN (D-LBO) Land 400 II Boxer CRV
Indirect fire Land 400 III Lynx
Green: booked business / black: potential MGCS Simulation M1
Rheinmetall AG - Corporate Presentation May 2021 41German defence
NATO commitment key driver for German demand
Lead role in Very High Readiness Joint Task Force ( VJTF)
Bundeswehr ‘19 ‘23 ‘27 ‘31 ’32+
2016
White paper
04/2018 VJTF´23 1x Division 3x Division 3x Division
Concept VJTF´19 (1 Brigade) (3x Brigade) (8x Brigade) (10x Brigade)
Bundeswehr
09/2018 ~2.200 ~9.000 ~30.000
Capability vehicles vehicles vehicles
profile
100% equipment and digitization
Rheinmetall AG - Corporate Presentation May 2021 42German defence budget
Investment expenses and Rheinmetall-share - budgets become sizeable
in €m 9253
8908
8263
Drivers for budget increase:
More personnel, return to ~200.000
soldiers
6063
5894 More equipment (100% equipment
5327 5323 level)
4890
More finance, investive share increased
by 14% from 2019 to 2020
Rheinmetall
Even with shrinking GDP due to corona
avg. 20%-25% share the defence budget remains stable
Rheinmetall
avg. 10%-15% share
NATO and VJTF commitment as
strong drivers!
2014 2015 2016 2017 2018 2019 2020 2021 2022* 2023* 2024*
*based on BMWi defence budget forecast Sep.20; assumption 20% investive share of German defence budget
Rheinmetall AG - Corporate Presentation May 2021 43German Defence
Additional structural demand of German armed forces
Vehicles
Fox Boxer Trucks Puma Leopard 2
(>500 vehicles) (~150 vehicles) (>10.000 vehicles) (~250 vehicles) (>200 vehicles)
Programs and ammunition
NNBS TLVS/Next Gen. Patriot DLBO TEN Ammunition Military Camps
(Short range air defence) (Tactical air defence) (former MoTaKo) Long term doubling potential Build, operate and rebuild
Rheinmetall AG - Corporate Presentation May 2021 44Australia
Successful establishment of a new “home market”
2020
MilVehCoE
Military Vehicle
2018 Center of Excellence
Land 17: 155mm Munition
Framework Contract:
2017 EUR 60m p.a.
Supashock 2018-2023
49% Rheinmetall
„Brain-Trust“ 2022/2023
T
2017 LYNX
2018 Land 400 Phase 3
JV Rheinmetall NIOA
BOXER
Munition 2019 Down selected
Land 400 Phase 2 Delivery exp. 2023-2032
51% Rheinmetall
Delivery 2019 - 2026 EUR 5.6bn
EUR 2.1bn
2013
(SOP Australia 2021)
TRUCKS
LAND 121 Phase 3B / 5B
1st & 2nd order
Delivery 2016-2024,
€2bn & 0.4bn Trucks Boxer
2013 Rheinmetall AG - Corporate Presentation May 2021 45United Kingdom - Joint Venture with BAE
Creating a new “home market” and strengthening our position
LEGACY BUSINESS EXPANSION OF PRODUCT PORTFOLIO
BAE UK business Future
Armoured engineering vehicles and Boxer Mechanized Infantry Vehicle (MIV)
bridge-laying tanks - 500 vehicles @ € 1.4bn
+
AS 90 self-propelled artillery system Challenger 2 Life Extension Programme
Force protection components - potential order size 148 MBT @ € 0.8-1.2bn
Services Next generation of battle tanks
- 7.500 MAN vehicles under service
Rheinmetall AG - Corporate Presentation May 2021 46System house for land based operations
Integrating components to systems
VJTF
System-of-Systems
System house
Systems Armored Infantryman
Puma Gladius
Platforms
Key Components
Lance turret Protection Ammunition Laser opto-sensoric
Rheinmetall AG - Corporate Presentation May 2021 47FINANCIALS
Rheinmetall AG - Corporate Presentation May 2021 48Q1 2021 Group Highlights
Sales recovery and continued cost discipline drove profitability
Strong recovery of LV markets led by Asia
Macro
Supply chain issues on price and availability emerged
Sales increased to €1.405m (reported +3.5%, FX adjusted +5.1%)
Operating Result rose by €53m to €87m
Financials OFCF improved by €129m to -€59m
EPS climbs to €1.14 after €0.30 last year
Piston disposal process continues to next stage
Restructuring Implementation of restructuring measures on schedule
Cost saving measures remain in place
Rheinmetall AG - Corporate Presentation May 2021 49Q1 2021 Group Highlights
Rheinmetall joined forces with Environmentally friendly Electromotor housings for
L3Harris in the US technology for plug-in hybrids international automaker in China
L3Harris Technologies joined Innovative fuel tank isolation Double-digit sized order value of
“Team LYNX” together with valve for hybrid vehicles with first leading international automaker
Textron, Raytheon and American commercial success with Electromotor housings made of
Rheinmetall Vehicles international customer aluminum to be used in the
“Team LYNX” participates in Technology is triggered by tighter customer‘s entire fleet in the
upcoming Bradley replacement regulation next 5 years
tender process in the US
Lynx IFV Fuel tank isolation valve Product sample for E-motor housing
Rheinmetall AG - Corporate Presentation May 2021 50Q1 2021 Group Highlights: Order profile
Increased backlog and higher share of alternative powertrain business
Order Intake 1 Order Backlog Profile 1 Booked Business 2
in €m in €bn in €m
Backlog Alternative powertrain share in %
Shadow backlog 3
+28.7% +41.5%
~3,500 890
+3.5%
25%
1,172 1,213 ~2,000
629
22%
13,258 7.8
10,305
3.0 2.4
Q1 2020 Q1 2021 31.03. 2020 31.03. 2021 2021e 2022e 2023e ff. Q1 2020 Q1 2021
1 Order intake and order backlog for all divisions
2 Booked business for Divisions Sensors + Actuators, Materials + Trade and Pistons reported on the basis of signed nomination letter
3 Additional „Shadow backlog“ of ~€3.5bn including truck and ammunition framework agreements for the years 2021-28
Rheinmetall AG - Corporate Presentation May 2021 51Q1 2021 Group Highlights: Key financial data
Earnings per share soar due to strong operational performance
Sales Operating result and margin Earnings per share
in €m in €m in €
+3.5% +157.0%
280.0%
1,358 1,405 87
70 -23 -2
+5.1% -1.7%
55
6.2%
1.14
34
+162.4% -5.4%
2.5% 0.30
Q1 Operational FX Q1 Q1 Operational FX Q1 Q1 Q1
2020 2021 2020 2021 2020 2021
Rheinmetall AG - Corporate Presentation May 2021 52Q1 2021 Group Highlights: Key financial data
Cash flow rose on earnings growth and working capital improvement
Operating Free Cash flow Highlights / Comments
in €m
+131
-57 Strong earnings improvement
5 Lower D&A includes mid-single digit effect from
15
impairment
-188
Lower CTA funding in Q1 2021
69
Net working capital benefited from
-1 prepayments
-14 17
40
Q1 EAT D&A CTA ΔPension ΔNWC other Capex Q1
2020 funding 2021
Rheinmetall AG - Corporate Presentation May 2021 53Q1 2021 Group Highlights
Equity ratio is approaching target range
Equity and Equity ratio Gross debt and maturity profile
in €m and % In €m
Equity ratio Total equity
Ʃ 1,010
252 Leasing & Other
30.3 28.2 29.7
106 Bank loans 2021 2022 2023 2024 2025 2026ff.
402 Promissory
2,241 2,221 28 45
2,053 notes 73
122 136
250 EIB loan 250
31.03.2020 31.12.2020 31.03.2021 31.03.2021
Net financial position Highlights / Comments
In €m Net debt Equity ratio of 29.7% approaching 30-35% target range
4 -77 High cash position of €934m
Undrawn credit lines of €0.9 bn per end of Q1
-249
Low net debt position underlines financial strength
Moody’s confirmed “Baa3 stable” Feb 2021
31.03.2020 31.12.2020 31.03.2021
Rheinmetall AG - Corporate Presentation May 2021 54Q1 2021 Division Highlights
Project ramp-down impacted performance as expected
Q1
In €m 2020 2021 ∆
Order intake 136 178 +30.4%
Sales 446 409 -8.4%
Operating result 35 25 -29.2%
Operating margin 7.9% 6.1% -1.8pp
EBIT 35 25 -29.2%
Operating FCF -21 79 100
Sales Operating Margin
12 Order intake on solid level
10 Normalized project settlement level especially due to project ramp
8 down of tactical vehicles
507
6 446 457 436 409 Strong operating FCF including prepayment
4
2
Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021
Rheinmetall AG - Corporate Presentation May 2021 55Q1 2021 Division Highlights
Best starting quarter ever
Q1
In €m 2020 2021 ∆
Order intake 328 228 -30.4%
Sales 167 221 +32.1%
Operating result -16 18 +33
Operating margin -9.3% 8.0% +17.3pp
EBIT -16 18 +33
Operating FCF -72 -56 +21.7%
Sales Operating Margin
30
Order intake without larger individual projects
20 Strong sales start
10 529
Operating result jumped on higher sales volumes and favorable
product mix
0 278
167
225 221 OFCF improved on better financial performance
-10
Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021
Rheinmetall AG - Corporate Presentation May 2021 56Q1 2021 Division Highlights
Solid first quarter
Q1
In €m 2020 2021 ∆
Order intake 324 218 -32.6%
Sales 174 167 -4.0%
Operating result 10 10 -1%
Operating margin 6.0% 6.2% +0.2pp
EBIT 10 10 -1%
Operating FCF -43 -90 -106.7%
Sales Operating Margin
12
Order intake Q1 2020 included large air defence order
10
Sales and result remained on a solid level
8
6 327
OFCF includes first time CTA funding of €15m and working capital
build-up
4 224 206
174 167
2
0
Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021
Rheinmetall AG - Corporate Presentation May 2021 57Q1 2021 Division Highlights
Sales and margin recovery continues
Q1
In €m 2020 2021 ∆
Booked Business 471 656 +39.2%
Sales 348 372 +7.1%
Operating result 9 28 +194.2%
Operating margin 2.7% 7.5% +4.8pp
EBIT 9 28 +194.2%
Operating FCF -33 -38 -16.9%
Sales Operating Margin
10 Booked business successful with alternative powertrain products
accounting for 33% (PY: 30%)
5
0
Operational sales growth of 9.5% due to strong China business and net-
348 364 372 positive ramp up effect; chip shortage left no mark in Q1
-5 318
-10 172 Improved operating leverage and continued cost discipline
-15 OFCF declined due to business related increase of working capital
Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021
Rheinmetall AG - Corporate Presentation May 2021 58Q1 2021 Division Highlights
Demand driven recovery
Q1
In €m 2020 2021 ∆
Booked Business 137 173 +26.6%
Sales 140 160 +14.1%
Operating result 7 14 +103.9%
Operating margin 4.9% 8.8% +3.9pp
EBIT 7 14 +103.9%
Operating FCF -1 -9 -8
Sales Operating Margin
10 Booked business increase underpins improved business outlook
General demand recovery across all markets drove operational sales
5 improvement of 18%
144 149 160 Operating result improvement mostly volume driven and continued
140
0 103 cost discipline
-5 Business related working capital increase
Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021
Rheinmetall AG - Corporate Presentation May 2021 59Q1 2021 Division Highlights
Sales growth held back by adverse FX effects
Q1
In €m 2020 2021 ∆
Booked Business 21 60 +191.8%
Sales 149 140 -6.4%
Operating result -6 3 +143.9%
Operating margin -4.1% 1.9% +6.1pp
EBIT -6 3 +143.9%
Operating FCF -11 2 +13
Sales Operating Margin
10 Booked business increase underpins improved business outlook
Sales held back by €11m adverse FX-effect
0
Continued cost saving measures, lower D&A and improved at equity
-10 149 140 contribution supported the operating result
123 126
-20 81 OFCF improved due to improved earnings and lower capex
-30
Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021
Rheinmetall AG - Corporate Presentation May 2021 60Q1 2021 Key end market developments
Strong recovery of the truck and aftermarket business
LV / Non-LV sales split Sales by key end markets
in €m in €m
Delta
+4.6% +19.0% absolut in %
647 249 Diesel -3 -2.2%
618
Otto -13 -5.9%
148 210 Other LV +6 +19.0%
152
103
LV: LV Geschäft -11 -2.7%
LV: 397 82
408 214
227 15
16 Truck +21 +26.1%
35 Large Bore -1 -5.8%
29 99 Aftermarket +16 +19.4%
83
other +3 +13.8%
249
210
29 33 Non-LV +40 +19.0%
Q1 2020 Q1 2021 Q1 2020 Q1 2021
Rheinmetall AG - Corporate Presentation May 2021 61Q1 2021 China JV
China back on track
Sales* EBIT*
in €m in €m
+60.1%
264
-4 Joint Venture
41 Wholly owned foreign
enterprise
103
+€21m
165 16
21 0 1
223
145 15
21
1
-6
-5
Q1 Operational FX Q1 Q1 Operational FX Q1
2020 2021 2020 2021
* JV sales and EBIT presented at 100% Rheinmetall AG - Corporate Presentation May 2021 62Market update
Defence budget update IHS Forecast LV production volumes
Latest budget updates for 2022 in 2020
2021
Strong annual recovery, but downward revision of Q2
key home markets all favorable 2022 due to chip shortage
+11.9% Quarter
Annual
-6.1%
74.6 84.7 84.6 84.1 83.5
12.6 21.2 21.1 20.6 19.9
Q2 2020 Q2 2021 (Jan)* Q2 2021 (Feb)* Q2 2021 (Mar)* Q2 2021 (Apr)*
Tender update Supply situation
German engineering vehicle (PiPz) approved Semiconductor shortage is becoming more of a concern
Challenger expected to be booked imminently Raw material price increase, but pass through and
Puma upgrade decision scheduled for June 2021 hedging in place
East European IFV contract expected for H2 2021 Transportation capacities under pressure
Italy indicated interest for IFV “Dardo” successor *IHS monthly publication 2021
Rheinmetall AG - Corporate Presentation May 2021 63Outlook
Application of IFRS 5 as of Q2 2021
The status of the disposal process for the piston business has progressed sufficiently in order to qualify the
business in accordance with IFRS 5 as discontinued operations
Application as of Q2 2021
Presentation of Pistons as discontinued operations triggers the following effects:
FY 2020 reported Piston IFRS 5 adjusted IFRS 5 adjusted
Sales €5,875m €469m €5,406m
Operating €426m -€26m €452m
result
Operating 7.3% -5.5% 8.4%
margin
Rheinmetall AG - Corporate Presentation May 2021 64OUTLOOK
2021
Rheinmetall AG - Corporate Presentation May 2021 65Outlook
Favorable business environment for 2021
+6% • Global economies return to growth mode
Global GDP Growth1
+13% • LV production volume recovery
Global LV volumes2
+6% • Growing defence budgets in our
Home markets
Home markets budget
growth3 1 OECD, March interim Economic Outlook Forecasts March 2021
2 IHS Markit, March 2021
3 Jane‘s January 2021 for Australia, Canada, Germany, Hungary, UK Rheinmetall AG - Corporate Presentation May 2021 66Outlook
Major programs start contributing from 2022 onwards
1. Lot Puma (Ger)
Challenger (UK)
MIV (UK)
Lynx (HU)
Ammunition (HU)
Puma S1 upgrade (Ger)
L400 Ph2 (AU)
2019 2020 2021 2022 2023 2024 2025
Under contract
Order potential
Rheinmetall AG - Corporate Presentation May 2021 67Outlook
FY Guidance unchanged, updated for IFRS 5 accounting!
Large vehicle orders from the UK and Germany expected
Recovery of global LV markets supportive, but still uncertainties due
Q2 trading
to supply issues
update Group sales significantly above PY level
Operating margin expansion to 7-8%
FY 2021 Guidance
Operational
sales growth 7-9% (2020 IFRS 5 adjusted: €5,406m)
Operating
margin 9-10% (2020 IFRS 5 adjusted: 8.4%)
Guidance update reflects application of IFRS 5 starting in Q2 2021.
This scenario is based on the assumption that potential production losses resulting from electronic component shortages
in the first half of the year will be limited and excludes severe effects from additional Covid lockdowns. Rheinmetall AG - Corporate Presentation May 2021 68Outlook
Rheinmetall Guidance 2021 by division in the new reporting structure
2020 Outlook 2021e 1,2
Proforma
Vehicles Systems Sales €1,846m Slightly improved sales
Margin 8.1% On previous year margin level
Weapon and Sales €1,199m Notably improved sales
Ammunition Margin 15.4% Slightly above previous year level
Electronic Solutions Sales €931m Slightly improved sales
Margin 9.8% On previous year margin level
Sensors and Actuators Sales €1,202m Significantly improved sales
Margin 3.0% Significantly higher margin level
Materials and Trade Sales €536m Notably improved sales
Margin 6.1% Notably higher margin level
Pistons (DCO) Sales €479m Significantly improved sales
Margin -4.5% Significantly higher margin level
IHS global LV production growth for 2021 expected to be around 13.4%; applies to Pistons and Sensors and Actuators markets
1 For sales, “slightly” indicates a change of up to +/- 5%, “notably” indicates a change of +/- 5-10% while a change of more than +/- 10% is referred to as “significantly”.
2 For margin figures, “slightly” indicates a change of up to +/- 10bp, “notably” of +/- 10 to 30bp while a change of more than +/- 30bp is deemed “significantly“.
Rheinmetall AG - Corporate Presentation May 2021 69Select key data: Outlook 2021
Rheinmetall Group 2020 2021
Holding cost (new) -€21m (-€43m) €50m-€60m
Tax rate Adjusted 26% Comparable level
Interest result -€33m ~-€40m
Capex (excl. IFRS 16) 5.4% (3.7%) around 6%
D&A (excl. impairment) 9.5% (4.6%) 4% - 5%
R&D (self-funded) 6.3% (5.1%) Comparable level
Rheinmetall AG - Corporate Presentation May 2021 70Appendix
Rheinmetall AG - Corporate Presentation May 2021 71Sustainability
Path to CO2 neutrality already started 2023
Report according to
2040
Carbon Disclosure CO² neutral
Project Standards
2020 - 2040
2021 Milestone plan
Reporting CO2 neutrality
2020 analogous to 3 years
Report according to UN Global increments
Global Reporting Compact
Initiative 2022
2017 TCFD (Task Force on Climate-
First CSR ratings selection related Financial Disclosures)
MSCI: BBB 2020
ISS-oekom: D Report on contribution to
2017 Sustainalytics: 51 Sustainable Development Goals
2014
Global First CSR
2009 compliance Report 2020
Statement on organisation Updated CSR ratings selection
cluster munition 2018 MSCI: AA (confirmed)
and anti-personnel Statement on ISS-oekom: C (improving two levels)
landmines white Sustainalytics: 32 (22nd out of 87 peer group)
2015 phosphorous
First non ammunition
financial data
Rheinmetall AG - Corporate Presentation May 2021 72FY 2020 Group: ESG
ESG forms part of our corporate strategy
Environment Social Governance
2035: CO² neutral* Responsible corporate Strict compliance
citizen organization
• Over next 2 years reduction of • Employee health & safety • Robust governance with strict
water consumption use by 10% • Transparency in the supply chain compliance organization and zero-
• Consistent energy management tolerance policy regarding
• Employer of choice unethical behavior
system established; energy saving
goals and use of renewable • Introduction of new KPI for • Continuous improvement of
sources employee safety in 2021 transparency & ESG ratings
• 2020 with improved resource • Zero controversial weapons
efficiency • Comprehensive export control and
trade compliance organization
ESG targets part of new LTI compensation for top and middle management: 20% from 2022 onwards
Application to the UN Global Compact submitted in March 2021
Rheinmetall
* CO² neutrality aligned with Paris Agreement and determined in line with the Science Based Target AG - Corporate Presentation May 2021
Initiative 73Our capital allocation policy is geared towards further growth
Funding of growth (organic and M&A)
9.4%
Dividend to shareholders (Payout ratio 30-35%)
Q3 ‘19 level
(target level
Improvement of pension funding via CTA 50-60%)
Rheinmetall AG - Corporate Presentation May 2021 74Group 2016 – 2020: Key figures (as reported)
in €m 2016 2017 2018 2019 2020
Balance Sheet Total assets 6.150 6.101 6.759 7.415 7.267
Shareholder's equity 1.781 1.870 2.173 2.272 2.053
Equity ratio (in %) 29,0 30,7 32,1 30,6 28,2
Pension liabilities 1.186 1.080 972 1.169 1.177
Net financial debt 19 230 -30 -52 4
Net financial debt / EBITDA -0,03 -0,37 0,04 0,07 -0,01
Net gearing (in %) -1,1 -12,3 1,4 2,3 -0,2
Income Sales 5.602 5.896 6.148 6.255 5.875
statement
Operating result 353 400 491 505 426
Operating margin (in %) 6,3 6,8 8,0 8,1 7,3
EBITDA 581 626 836 792 647
EBIT 353 385 518 512 89
EBIT margin (in %) 6,3 6,5 8,4 8,2 1,5
EBT 299 346 485 477 57
Net income 215 252 354 354 1
Earnings per share (in EUR) 4,69 5,24 7,10 7,77 -0,62
Dividend per share (in EUR) * 1,45 1,70 2,10 2,40 2,00
ROCE (in %) 10,6 12,3 13,8 17,1 2,7
CF statement Free cashflow from operations 161 276 -35 314 217
Headcount Employees (Dec. 31) according to capacity 20993 21610 22899 23780 23268
* Dividend proposal to the AGM Rheinmetall AG - Corporate Presentation May 2021 75Segments 2016 – 2020: Key figures
Automotive Defence
2016 2017 2018 2019 2020 in €m 2016 2017 2018 2019 2020
2.670 2.922 2.888 2.705 2.130 Order intake 3.050 2.963 5.565 5.186 6.387
458 520 478 447 426 Order backlog (Dec. 31) 6.656 6.416 8.577 10.399 12.942
2.656 2.861 2.930 2.736 2.151 Sales 2.946 3.036 3.221 3.522 3.723
223 249 262 184 33 Operating result 147 174 254 343 414
8,4 8,7 8,9 6,7 1,5 Operating margin (in %) 5,0 5,7 7,9 9,8 11,1
356 367 421 348 122 EBITDA 239 268 403 450 538
223 227 266 186 -307 EBIT 147 172 247 341 417
8,4 7,9 9,1 6,8 -14,3 EBIT margin (in %) 5,0 5,7 7,7 9,7 11,2
149 154 161 143 95 Capex 95 89 101 166 201
105 106 26 73 18 OFCF 103 238 -29 266 174
10.820 11.166 11.710 11.405 10.631 Employees (Dec. 31) according to capacity 10.002 10.251 10.948 12.100 12.344
1.499 1.621 1.664 1.525 1.202 Sales 1.111 1.175 1.056 1.018 1.196
Weapon &
140 176 171 118 36 Mechatronics Operating Result 108 117 121 123 185
Ammunition
9,3% 10,9% 10,3% 7,7% 3,0% Margin 9,7% 10,0% 11,5% 12,1% 15,5%
921 968 988 937 688 Sales 745 691 839 948 931
Electronic
62 60 65 28 -13 Hardparts Operating Result 25 20 46 75 93
Solutions
6,7% 6,2% 6,5% 3,0% -1,9% Margin 3,4% 2,9% 5,5% 7,9% 10,0%
319 358 367 361 345 Sales 1.392 1.480 1.568 1.787 1.823
Vehicle
29 33 36 35 20 Aftermarket Operating Result 29 53 108 150 150
Systems
9,1% 9,2% 9,7% 9,8% 5,8% Margin 2,1% 3,6% 6,9% 8,4% 8,2%
Rheinmetall AG - Corporate Presentation May 2021 76Continuing ROCE improvement
ROCE
in %
25
22,2
20,2 19,6
20 19,0 18,8 18,7
16,7 17,1
15,9 15,4
15 13,4 13,1
12,3 11,8
10,7 10,6 9,8
10 10%
6,1 Group
4,7 3,9
5 2,7
0,3
0
-4,6
-25 -23,1
2013 2014 2015 2016 2017 2018 2019 2020
Group Defence Automotive
Rheinmetall AG - Corporate Presentation May 2021 77Next events and IR contacts
Next Events IR Contacts
Goldman Sachs, European Small and Mid Cap Conference 07 May 2021 Dirk Winkels
UBS, Pan European Small and Mid Cap Conference 12 May 2021 Head of Investor Relations
Berenberg, US Conference 20 May 2021 Tel: +49-211 473-4749
All investor
meetings will be Email: dirk.winkels@rheinmetall.com
UBS, Best of Europe 27 May 2021
virtual
UBS, Global Industrials and Transportation 08 June 2021 René Weinberg
M.M. Warburg, Warburg Highlights 09 June 2021
Senior Investor Relations Manager
Tel: +49-211 473-4759
DB, dbAccess Berlin Conference 16-17 June 2021
Email: rene.weinberg@rheinmetall.com
Rosalinde Schulte
Investor Relations Assistant
Annual General Meeting Rheinmetall AG 11 May 2021
Tel: +49-211 473-4718
Q2 2021 Earnings call 05 August 2021 Email: rosalinde.schulte@rheinmetall.com
Q3 2021 Earnings call 05 November 2021
Quick link to documents
Corporate Presentation Interim Reports Annual Reports
Rheinmetall AG - Corporate Presentation May 2021 78Disclaimer
This presentation contains “forward-looking statements” within the meaning of the US Private Securities Litigation Reform Act of 1995 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 for 2020.
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 programmes (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 Rheinmetall AG nor any of its affiliates has and or will accept any
responsibility or liability whatsoever in relation to such ADR programmes 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.
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