Rheinmetall Group Corporate Presentation August 2020 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

 High-tech products for global markets  Leading provider of innovative solutions Model Business  Gaining powertrain neutrality  Internationalization focused on home markets

 Megatrend mobility  Increasing demand for security  Growing demand for clean mobility  Geostrategical powershifts

 Global LV production with growth  Constantly changing conflict situations driver Market Market  Increased regulation  Rising defence/security budgets

Corporate Presentation August 2020 2 Rheinmetall Group Highlights

Group performance indicator Strategy roadmap Grow sales ~8% op. Organic International around 8% margin RHEINMETALL growth expansion Targeted 2-4% 30-35% GROUP Leading by Targeted Cash on sales payout ratio innovations acquisitions

AUTOMOTIVE Our heart beats for your engine 2019 DEFENCE Force protection is our mission Op. margin €2,736m 44% Sales 56% €3,522m Op. margin 6.7% €184m 35% Oper. Result 65% €343m 9.8% *€447m Order backlog €10,399m 11,405 49% Headcount** 51% 12,100

* Short-term; **Headcount at capacities;

Corporate Presentation August 2020 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 10 4 6.000 5.896 300 276 2-4% 5.602 8 161 3 OFCF 5.500 200 5.183 8,0% 8,1% 6 2,9% 2 TARGET 6,3% 6,8% 100 29 5,5% 491 505 4 1 500 287 353 400 0 2 0,6% 0 -0,6% 0 0 -100 -35 -1 2015 2016 2017 2018 2019 Op. Margin Sales Op. Result 2015 2016 2017 2018 2019 oFCF oFCF/Sales Earnings and dividend per share Net financial debt and Net debt to EBITDA In € / in % In €m 12 32,4% 40 Cash 0,17x 30,9% 29,6% 30,9% Payout Ratio 10 28,4% 30-35% 300 7,77 30 of EPS 8 7,10 200 0,07x 0.1 6 4,69 5,24 20 230 0,04x 3,88 100 4 2,10 2,40 10 1,45 1,70 0 19 0.0 2 1,10 -81 -30 -52 0 0 -100 2015 2016 2017 2018 2019 Debt 2015 2016 2017 2018 2019 Payout Ratio EPS DPS Net debt to EBITDA Net debt Corporate Presentation August 2020 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

Corporate Presentation August 2020 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 Medium wheeled PROTECTION SYSTEMS TECHNICAL PUBLICATIONS Medium tracked - ACTIVE Heavy tracked - PASSIVE - SOFTKILL

Corporate Presentation August 2020 6 One Rheinmetall Realization of growth in changing market conditions

 Positioning as integrated technology group for Mobility and Security ONE  Realization of growth potentials in changing market environments  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

Corporate Presentation August 2020 7 Automotive – A changing world

Corporate Presentation August 2020 8 Automotive Leading technology and market positions

Key Figures 2019 Sales by division* Sales by region Sales Total Management View RoW Sales: €2.7bn Aftermarket Hardparts JV-Sales 13% Asia 4% in €bn 33% 18% 1.1 43% Op. result: €184m USMCA 16% Europe 54% w/o 2.7 Op. margin: 6.7% Mechatronics 19% Germany Consolidated Sales Op. FCF: €73m Operating result by division* Sales by customer Global set up

Aftermarket Hardparts Other >10% Ford, R&D: €143m 26% VW 19% 23% 12 27 12 2-5% 44% 5-10% 3 Capex: €163m Daimler, 16% Renault/ DAF, Volvo, Nissan, 4 64% PSA, BMW, 17% GM, FCA Headcount:11.405 Mechatronics CAT/Perkins Sites per continent *unconsolidated

Corporate Presentation August 2020 9 Automotive 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 clean mobility . Strong partnerships 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

Corporate Presentation August 2020 10 Automotive overview Product portfolio by division and engine type

THERMAL MECHATRONICS FUEL TANK ISOLATION VACUUM PUMPS EXHAUST CONTROL VALVE MANAGEMENT HRB eCATHODE 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

ENGINE BLOCKS BATTERY BOXES HARDPARTS ICE EV / FUEL CELL

Corporate Presentation August 2020 11 Drivers for growth Rising global fleet and regulatory restrictions are supporting our growth

 LV production forecast*  Further regulatory pressure***  Automotive sales distribution [mUnits] by engine type** CO NOx Fuel Cell 2 101 AP in g/km in mg/km 93 Core Diesel 89 Electric 15% -24% 10% -56% Others 7% Plug-in hybrid -37% 125 180 22% Fuel independent 70 16% products Full hybrid 95 18% 59 25% Gasoline mild 80 74% 71% hybrid 15% Gasoline Truck 47% 2015 2020 2030 EU5 EU6 3% 33% Diesel mild 37% Large-Bore hybrid . Next regulation deadline approaching Diesel Gasoline Pistons ICE in 2020 17% 16% 9% 7% . 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 announced in Germany

* IHS 07/2020 and company estimates ** Rheinmetall Automotive sales FY 2019 *** 95g = 4.1l Gasoline or 3.6l Diesel, 2030 estimates based on Regulation (EU) 2019/631 Corporate Presentation August 2020 12 Automotive Market trends The growth drivers remain strong

NT

3+ Efficiency Emission Electrification Outside (Reduction) E (CO2 Reduction) powertrain

The innovation pipeline is packed!

Corporate Presentation August 2020 13 Efficiency 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

Corporate Presentation August 2020 14 Facing technological disruption Rheinmetall needs to manage the transition

Corporate Presentation August 2020 15 Electrification Rheinmetall Automotive products

Life time order value of €1.3bn booked*

* Rheinmetall Automotive and Joint Ventures, incl. BEV and Hybrid Corporate Presentation August 2020 16 Innovative products for a variety of applications

High El. Vapor El. Climate El. Cooling High Voltage Multi Purpose Compact Door Voltage Pump Compressor Pumps Recirculation Valve Actuator 4.000 Contactor Blower Book to bill Sales 1.9x ratio Order intake     3.000 1.7x 1.5x 1.5x 1.5x 2.000    

1.000 >50% of order intake for       new business 0 2015 2016 2017 2018 2019 Estimated >€0.6bn €700m > €2.5bn >€1.5bn >4m vehicles Market until 2026 potential Examples in 2025 Corporate Presentation August 2020 17 Micro 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 8,5 Start of 8,0 cost of € ~30m Production 7,4 6,9 until 2022 6,4 5,9 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] Corporate Presentation August 2020 18 Diversification 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

Corporate Presentation August 2020 19 Trucks

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 CAGR +4% Coolant in €m 436 Bearings for seat adjustments and doors valves 386 404 351 338 EGR cooler modules Variable valve Control and mixer modules

Exhaust gas flaps Dual poppet valves 2015 2016 2017 2018 2019 EGR reed valves Hydraulicvalves Electrical Pressure High Cylinder bypass regulating performance bore coating valves valves actuators

Corporate Presentation August 2020 20 New Markets Telecommunication Diversification into new growth areas

5G-Data safety: Major production contract for manufacturing aluminum housings for 5G network

. Rheinmetall JV with HASCO in China is the leading supplier of die-casting capacities in China . High technological competence . Great opportunity to diversify in growth markets

Contract value of €150m for six-digit number of boxes in 2020 Additional demand for 10.000.000 boxes until 2030 creates further potential

Corporate Presentation August 2020 21 Automotive China Outperforming the market

 Sales China Highlights 1,149 in €m 972 1,003 871 934 WFOEs . 681 Partner of local big players SAIC and HASCO (50/50 528 401 joint ventures) JVs (100%) . Biggest casting capacities in China – technology leader . Regulation (China 6) – provides substantial growth 2012 2013 2014 2015 2016 2017 2018 2019 potential for mechatronics division  Sales China by division CAGR +9% . Strong demand for NEV products in €m Mechatronics . China Story on track: product pipeline supports growth Hardparts ambitions Aftermarket . Demand for Mechatronics products key driver 2016 2017 2018 2019  EBIT China 76 79 76 in €m 71 WFOEs 53 53 37 30 JVs (100%)

2012 2013 2014 2015 2016 2017 2018 2019

Corporate Presentation August 2020 22 Defence – Managing the “super cycle”

Corporate Presentation August 2020 23 Defence Leading supplier with an increasing international presence

Key Figures 2019 Sales by division* Sales by region Order backlog by region RoW Sales: €3.5bn Aus/NZ RoW Germany Weapon and 13% 1% USMCA 1% Germany 22% 27% Ammunition 3% Aus/NZ 27% 41% Op. result: €343m 48% USMCA 23% 3% Asia / Vehicle 25% Electronic Asia / 28% Op. margin: 9.8% Middle East 20% 19% Systems Solutions Europe Middle East Europe

Op. FCF: €266m Operating result by division* Order backlog by division Global set up Other R&D: €75m Weapon and Weapon and Vehicle Ammunition 21% Ammunition 1 35% 9 80 Systems 43% Capex: €166m 5 60% 19% 10 Electronic Vehicle Electronic 5 22% Solutions Systems Solutions Headcount: 12,100 Sites per continent *unconsolidated

Corporate Presentation August 2020 24 Defence 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

Corporate Presentation August 2020 25 Defence Managing the super cycle

Demand for next generation 1990 Upscaling of systems forces and Downscaling modernization Inflection Return to treaty of forces and point and territorial armament Out of area NATO defence 2% target missions 2014 Annexation committment Crimea

Corporate Presentation August 2020 26 Defence 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

Corporate Presentation August 2020 27 Defence tender overview High demand could lead to promising super cycle

UK Eastern Europe MIV Boxer Lithuania: Boxer Challenger : Leopard II : Leopard, Howitzer, France IFV(wheeled/tracked) Trucks Czech Rep: IFV (tracked) MGCS : IFV Germany Bulgaria: IFV (wheeled) USA Trucks Romania: IFV (wheeled) Ammunition IDZ Slovenia: APC (wheeled) Fuzes VJTF Puma 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

Corporate Presentation August 2020 28 German 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

Corporate Presentation August 2020 29 German defence budget Investment expenses and Rheinmetall-share - budgets become sizeable in €m Expense increase based on 3 pillars: . More budget, investment share increased by 36% from 2018 to 2019: if political 8.263 1.5% commitment is to be achieved in 2024 this could lead to €~12 bn investment spend 6.011 6.063 5.327 5.419 5.025 Rheinmetall . More personnel, return to ~200.000 avg. 20%-25% share soldiers Rheinmetall . More equipment (100% equipment level) avg. 10%-15% share NATO and VJTF commitments as strong drivers for budget increase 2014 2015 2016 2017 2018 2019 2020* 2021* 2022* 2023* 2024*

*based on BMWi GDP forecast Oct. 19; assumption 20% of German defence budget investive

Corporate Presentation August 2020 30 German 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

Corporate Presentation August 2020 31 Australia 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“ 2022/2023T 2017  LYNX 2018 JV Rheinmetall NIOA Land 400 Phase 3 BOXER Munition  2019 Down selected Land 400 Phase 2 51% Rheinmetall Delivery exp. 2023-2032 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 Corporate Presentation August 2020 32 United Kingdom - Joint Venture witch 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 Program . Force protection components - potential order size 148 MBT @ € 0.8-1.2bn . Services . Next generation of battle tanks - 7.500 MAN vehicles under service +

Corporate Presentation August 2020 33 System 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

Corporate Presentation August 2020 34 Total life cycle potential Platform sales are just the tip of the iceberg – success creates opportunities

1X SALES OF PLATFORM

2X LIFECYCLE SPENDINGS Rheinmetall creates additional business opportunities over the entire life cycle of 50 years . Ammunition . Spare parts . Service & Maintenance . Training & Simulation . Technical Documentation . Upgrades (Life time extension)

Corporate Presentation August 2020 35 FINANCIALS

Corporate Presentation August 2020 36 Ad-hoc summary Management took action to cope with industry changes

. Corona with heavy negative impact on automotive production and demand Market . Global LV production is expected to decline by 21.9%* in 2020 . Return to 2019 levels delayed by 3-4 years

. Impairment test of Rheinmetall’s Automotive business triggered need for value Impairment adjustment due to sustainable weakening of mid-term market expectations . Non-cash impairment effect of €300m, almost entirely in the Hardparts division

. Announcement of restructuring in Hardparts and Mechatronics Rightsizing . Restructuring provision of €40m expected in Q3

*IHS 4 August 2020 Corporate Presentation August 2020 37 Impairment details Structurally weaker market expectations trigger impairment in Automotive

. Q2 non-cash impairment charges of €300m booked in Automotive

. Impairment details:

. Business split:Business split Balance sheet split . Hardparts €291m . Goodwill €88m . Mechatronics €6m . Property, plant and equipment €185m . Aftermarket €3m . Others €27m

Corporate Presentation August 2020 38 Restructuring details First measures of restructuring in Automotive communicated

. Evaluation of strategic options in the Automotive segment ad-hoc announced July 27th . Total accrual volume of €40m will be booked in Q3 with cash-effect between 2020-22

Hardparts [~€24m]:  Closure of US small bore pistons site until 2022/23  Relocation of production to low-cost countries  Adjustment of capacities to market demand in , Germany and the

Mechatronics [~€16m]:  Adaptation of capacities  Realignment of structures to reduce dependency on combustion engine  Preparation for new markets: transfer of technology to new applications

Targeted savings of 40 to 50 €m already effective in 2022/23

Corporate Presentation August 2020 39 Crisis management with focused activities Smooth restart from lockdown

. Health and safety first!  Daily Corona board-reports Protect our . Ensuring protection for our employees  6 CEO letters people . Global Corona incident monitoring  Hygiene concept was successful . Internal communication of measures  Low infection rate (<0.3%) . Quick supply of personal protection  Order intake for PPE of up to €100m equipment (PPE) and disinfectants in 2020

Cash . Stop of all non-essential expenses in Automotive Secure cost  Automotive op. leverage ~27% . Minimize capex spending and cash  Total headcount reduction of 11% . Selective inventory management for bottle neck  Automotive labor cost per cut by 23% products  Q2 Auto capex reduced by 55% . Solid liquidity position  Supply chain resilient in both segments Cost  Smooth re-start of our activities aligned . Extensive and fast-acting cost cutting measures with demand recovery . Adjust to “new normal” demand level . Global „Kurzarbeit“ regimes in Automotive Corporate Presentation August 2020 40 Q2 2020 Group: Key financial data Corona impact overshadowed excellent Defence performance

 Sales  Operating result and EBIT in €m  Earnings per share in €m Operating margin in % in €

-15.8% -67.3% -439% 1,471 110 1.70 -244 1,239 0.46 -14 26 -78 7.4% -17% -1% +2% Adjusted EPS 36 4 0 Reported EPS -72% +4% 0% 2.9% -302 -5.76 -266

Q2 Oper- FX M&A Q2 Q2 Oper- FX M&A Op. res. Special EBIT Q2 Q2 2019 ational 2020 2019 ational Q2 items Q2 2019 2020 2020 2020 Corporate Presentation August 2020 41 Q2 2020 Group: Operating free cash flow Automotive earnings drop main cause for weak cash flow generation in Q2

 Operating free cash flow per quarter in €m

2016 2019 2017 2020 2018 . Low operational performance and impairment charges, both in Automotive

Q1 Q2 Q3 Q4 . D&A inflated by corresponding impairments

 Operating free cash flow bridge . Opportunistic sourcing in Automotive and in €m business related increase of NWC in Defence

-79 . Strict capex management in Automotive 0 -221 -319 -84 271 -22 11

Q2 EAT D&A Δ Pension Δ WC other Capex Q2 2019 2020 Corporate Presentation August 2020 42 Active capex management in both segments

 Capital expenditure in €m Capex review yields strong cash reduction . Both segments will reduce capex in 2020 . Automotive to contribute most with a reduction between 25 to 30% . H1 Automotive capex already cut by €31m or 46% Automotive -25 to -30% IFRS 16 peak in 2020 . IFRS 16 impact includes non-cash effect of -10% €73m in 2020 after €64m in 2019 Defence . Single biggest effect in 2020 results from long-term lease agreement for MilVehCoE/Australia of €52m 2020 2020 pre-corona budget target Corporate Presentation August 2020 43 Q2 2020 Group: Group key financials Balance sheet and financials remain solid after impairment

 Equity and Equity ratio Equity ratio  Maturity profile Ʃ 1.172 in €m and % Total equity in €m 50 Commercial Paper 208 Other & Leasing 3,000 40 28.5 27.9 30.6 30.3 2020 2021 2022 2023 2024 2025 2026ff. 26.4 Bank loans 2,000 262 20 2,272 1,000 1,982 1,990 2,241 1,848 28 45 Promissory250 73 402 notes 0 0 122 136 30.06.2019 30.09.2019 31.12.2019 30.03.2020 30.06.2020 250 250 EIB loan  Net financial debt and Net financial debt/EBITDA (LTM) 30.06.2020 in €m and ratio Net financial debt/EBITDA (LTM) . Equity ratio remains on solid level Net debt 0.81x 0.87x . Net debt and KPI with normal seasonality 0 -52 -386 -249 0.75 -586 . Cash on balance €586m -660 0.50 -500 0.07x 0.46x 0.25 . Undrawn credit lines of €0.7bn per end of Q2 0.32x -1,000 0.00 . Investment grade rating with stable outlook 30.06.2019 30.09.2019 31.12.2019 30.03.2020 30.06.2020

Corporate Presentation August 2020 44 Q2 2020 Automotive: Highlights Management implemented extensive and fast-acting saving measures

 Summary savings measures in €m

52 Global measures . Hiring freeze in all Automotive entities . Total Automotive staff reduced by 11% . “Kurzarbeit” savings of €19m Total: €55m

-153 Country specific measures -6 . Voluntary redundancy programmes 22 -52 . Early retirement schemes . Working hour adjustment 33

Operating Change pre- Personnel other Changes at- Operating result measures equity results result Q2 2019 Q2 2020 Corporate Presentation August 2020 45 Q2 2020 Automotive: Highlights Fast-acting cost cutting helped Q2 performance Quarterly sales and margin development Comments on quarterly performance In €m and % . Smooth restart of production after lockdown 7.2 6.5 6.2 1.7 . Sales volumes declined as expected, with sequential monthly improvement -15.3 . Outperformance of relevant market* by almost 10pp 726 659 637 618 . Successful implementation of strict cost measures improved 338 operating leverage to 27% . Lower results and opportunistic sourcing burdened OFCF Q2 Q3 Q4 Q1 Q2

In €m Q2 2019 Q2 2020 ∆ YTD 2019 YTD 2020 ∆ Order intake 674 353 -47.6% 1,409 796 -43.5% Sales 726 338 -53.4% 1,440 956 -33.6% Operating result 52 -52 -200.0% 102 -41 -140.7% Operating margin in % 7.2% -15.3% -2250 bp 7.1% -4.3% -1140 bp Special items 1 -300 2 -300 EBIT 53 -352 -764.2% 104 -341 -427.9% Operating Free Cash Flow 62 -97 -256.5% -14 -146 -942.5% Operating FCF / Sales 8.5% -28.7% -3720 bp -1.0% -15.3% -1430 bp Corporate Presentation August 2020 46 *IHS Markit: 4 August 2020; global LV growth adjusted for China Q2 2020 Automotive: Divisional highlights Dramatic volume decline drove results negative  Sales Automotive  Operating result Automotive in €m in €m Mechatronics Margin -200% Margin Q2 2019 Q2 2020 • Massive volume decline -53% 52 726 7.2% -15.3%

8.6% 35 Hardparts

407 3.8% 10 • Massive volume decline -58% 10.2% 9 3.2% • Q2 19 included equipment sales -2 -78% 2 338 of €14m -25 -14.3% 172 -171% • Lower at-equity results 252 -52% -360% -26 -21.2% 122 Aftermarket -4 • Sales more resilient 92 -26% 68 -24 -23 -52 • Consolidation of micro-mobility Q2 Q2 Q2 Q2 result 2019 2020 2019 2020 Corporate Presentation August 2020 47 Q2 2020 Automotive: Highlights All end-markets impacted by volume drop  Sales split LV/ Non-LV  Sales split Non-LV in €m / in % in €m / in % Delta absolute in %

-53% Diesel -102 -63.8% 726 Gasoline -146 -57.5% other LV -32 -61.8% 160 -41% 260 LV Business -280 -60.2% LV: Truck -68 -57.8% 64% 254 117 Large Bore -8 -33.4% 338 153 other -7 -25.0% 58 52 LV: 23 49 Aftermarket -24 -26.3% 108 55% 28 15 21 20 Non-LV Business -107 -41.2% 260 92 153 68

Q2 Q2 Q2 Q2 2019 2020 2019 2020 Corporate Presentation August 2020 48 Q2 2020 Automotive: China performance Sales recovery and positive margin development  Sales*  Comments on the quarter in €m +3% 280 271 13 -4 248 . Sales increase of +3% compares to a market recovery of 9% (IHS Markit 4 August, 2020) 239 32 31 . Sales development held back by customer mix Q2 Oper- FX Q2 . All plants operational, business activity 2019 ational 2020  EBIT* approaching 100% pre corona level in €m +31% 21 . EBIT further recovered 16 5 0 . JV EBIT margin increased from 6.8% to 8.3% 16 21 0 0 Joint Venture Wholly owned foreign Q2 Oper- FX Q2 enterprise 2019 ational 2020 *Including 100% figures of 50/50 JV, consolidated at equity Corporate Presentation August 2020 49 Q2 2020 Automotive: Regional sales split Automotive with stronger performance in Europe and USMCA -45%  Regional sales in % vs. IHS Global IHS LV production +9% -62% -53% -7%

Q2 19 Q2 20 -48%

+3% -62% JV JV Relevant Q2 19 Q2 20 Q2 19 Q2 20 global IHS Q2 19 Q2 20 Q2 19 Q2 20 Germany China** LV production* -66% -55% -69% -57% Q2 19 Q2 20 -53% Automotive sales Q2 19 Q2 20 Q2 19 Q2 20 Q2 19 Q2 20 Q2 19 Q2 20 Europe (excl. Germany) USMCA

Greyish columns: IHS global LV production, 04/08/20 Q2 19 Q2 20 Blueish columns: Automotive consolidated Q2 sales Corporate Presentation August 2020 50 *IHS data adjusted for China volumes to match Automotive regional sales split; ** China Total Management View Q2 2020 Defence: Highlights Outstanding performance Quarterly sales and margin development Comments on quarterly performance In €m and % . Resilient demand environment 1,324 15.8 . Order intake above expectations 823 901 746 740 . Strong sales and operating result increase driven by WA and VS 10.3 including early deliveries at customer request and unplanned sales 8.1 7.8 3.9 for medical protection equipment Q2 Q3 Q4 Q1 Q2 . OFCF declined on higher business activities and increased capex

In €m Q2 2019 Q2 2020 ∆ YTD 2019 YTD 2020 ∆ Order intake* 501 752 50.1% 1,065 1,483 39.2% Sales 746 901 20.8% 1,375 1,641 19.3% Operating result 60 93 55.0% 69 122 76.8% Operating margin in % 8.1% 10.3% 220 bp 5.0% 7.4% 240 bp Special item -2 -2 -2 -2 EBIT 58 91 56.9% 67 120 79.1% Operating Free Cash Flow -131 -141 -7.6% -224 -293 -30.8% Operating FCF / Sales -17.6% -15.7% 190 bp -16.3% -17.9% -160 bp Corporate Presentation August 2020 51 *Order intake is reported on the basis of booked business Q2 2020 Defence: Divisional highlights Favorable volume growth and product mix

 Sales Defence  Operating result Defence in €m in €m Margin Margin Weapon & Ammunition Q2 2019 Q2 2020 • Early shipment on customer +21% 55% request helped Q2 901 93 8.1% 10.3% • Unplanned first deliveries of PPE* 746 278 30 10.9% 34% 200% 207 Electronic Systems 60 • Solid sales driven by VJTF and 224 18 11% 4.7% 10 8.2% Gladius projects 202 6% 8.5% 17

18% Vehicle Systems 457 48 389 46% 10.5% • Strong tactical vehicle sales 33 8.5% • Ramp-up of Boxer projects

-51 -57 0 -4

Q2 Q2 Q2 Q2 *Personnel protective equipment 2019 2020 2019 2020 Corporate Presentation August 2020 52 Q2 2020 Defence: Order overview Stronger than expected order intake

 Order intake by division  Order backlog profile in €m in €m +22% +50% 1,786 96 10,125 752 -64 8,307 295 501 €1,8bn €2,1bn €6,2bn

102 265

Weapon and Ammunition 69 411 Electronic Solutions Vehicle Systems 199 Consolidation -31 -56

Q2 Q2 30.06. Oper- FX M&A 30.06. 2020e 2021e 2022e ff. 2019 2020 2019 ational 2020 Corporate Presentation August 2020 53 Logistic vehicles – a success story German framework contract for 2.000 load handling systems with first order

Total Framework value* Thereof already* Remaining order potential delivered €0.5bn €4.2bn booked €0.6bn €3.1bn

Germany: €2.4bn

Others: €0.7bn 2021 2022 2023 2024 2025 2026

* As of 30 June 2020 Corporate Presentation August 2020 54 Stronger than average first half helps to meet FY guidance

 Sales Distribution in €m H2 +6% +7% H1 3,522 3,221 . Stronger than average first half 2020 (+19%) H2 H2 . Customer induced shift of sales into Q2 at the -3% -1% 2,147 expense of Q3 1,958 (61%) (61%) . Confirmation of FY sales growth of 6-7% guidance H1 implies weaker H2 y-o-y +19% . FY growth still backend loaded driven by high Q4 1,641 1,641 1,375 sales volume in Division WA 1,263 (44%) (44%) (39%) (39%)

2018 2019 2020e (min) 2020e (max)

Corporate Presentation August 2020 55 2020 Guidance update

Trading update FY 2020 Guidance

Sales decline of ~15% in Q3 with Management still refrains to provide a detailed AUTOMOTIVE an operating leverage expected Automotive FY guidance. Automotive is currently around 30% targeting an operating result corridor between €-30m and break-even, if current circumstances do not change substantially (e.g. no additional lockdown or comparable business disruption and no material change in IHS growth assumptions* for H2)

Second half on the level of last Guidance specified: DEFENCE year’s strong performance . sales growth expectation of 6-7% and . operating margin around 10%

*as of 4 August 2020 Corporate Presentation August 2020 56 Next events and IR contacts

 Next Events  IR Contacts Bankhaus Lampe Deutschlandkonferenz Dirk Winkels Head of IR Commerzbank Corporate Conference Tel: +49-211 473-4749 All investor meetings Email: [email protected] Morgan Stanley Industrials CEOs unplugged will be conducted as telephone conferences René Weinberg UBS Quo Vadis Investor Trip 2020 Senior Investor Relations Manager Berenberg u. Goldman Sachs German Corporate Conference Tel: +49-211 473-4759 Email: [email protected] Q3 2020 Earnings call 6 November 2020 Rosalinde Schulte Investor Relations Assistant Tel: +49-211 473-4718 Email: [email protected]  Quick link to documents Corporate Presentation Interim Reports Annual Reports

Corporate Presentation August 2020 57 OUTLOOK 2020

Corporate Presentation August 2020 58 2020 Guidance update

Trading update FY 2020 Guidance

Sales decline of ~15% in Q3 with Management still refrains to provide a detailed AUTOMOTIVE an operating leverage expected Automotive FY guidance. Automotive is currently around 30% targeting an operating result corridor between €-30m and break-even, if current circumstances do not change substantially (e.g. no additional lockdown or comparable business disruption and no material change in IHS growth assumptions* for H2)

Second half on the level of last Guidance specified: DEFENCE year’s strong performance . sales growth expectation of 6-7% and . operating margin around 10%

*as of 4 August 2020 Corporate Presentation August 2020 59 Appendix

Corporate Presentation August 2020 60 Sustainability

Path to CO2 neutrality already started 2040 CO² neutral

2020 - 2040 2021 Milestone plan re Reporting CO2 neutrality analogous to 2023 3 years increments UN Global CDP 2020 Compact 2017 GRI-Report 2022 First CSR ratings selection TCFD (Task Force on Climate-related Financial MSCI: BBB 2020 Disclosures) ISS-oekom: D Report on contribution to 2017 Sustainalytics: 51 Sustainable Development Goals 2015 First CSR 2020 First non Report Triple Bottom Line financial data 2014 2018 2019 Global compliance Statement on Updated CSR ratings selection organisation white MSCI: AA phosphorous ISS-oekom: D+ 2009 ammunition Sustainalytics: 60 Statement on cluster munition and anti- personnel landmines Corporate Presentation August 2020 61 Sustainability ESG @Rheinmetall

Automotive Product portfolio actively reduces CO² emission 2040 Reduction energy intensity (MWh/EUR m revenue) 2015: 229,4 | 2019: 157,2 Reduction THG intensity (tCO2/EUR m revenue) 2015: 101,2 | 2019: 65,7 CO2 Revenue coverage ISO 14001 72,4 % neutral Revenue coverage ISO 50001 84,4 % E Environmental issues | Part of Business Partner Check Transparency in the Supply Chain | Suppliers EU-registered: PM: ~ 60 % and NPM: ~ 56 % Human Rights | In-house DD 2019 as per DIHR| Part of Business Partner Check since 2019 Social Health & Safety | ISO 45001 | 14 companies certified Responsible Diversity | Goals 2020-2025 | Women in management development programs S Corporate Citizenship | Sponsoring 2019: EUR 876k | Donations 2019: EUR 486k Compliance Management System - IDW PS 980 approved | Extensive training Robust Data Privacy | Set-up of network infrastructure as part of CMS Strict regime | 2019: 33.529 entries in War Weapons Book | 104 export licenses german weapons of Governance war control act (KWKG)| 752 export licenses Foreign Trade and Payments Ordinance (AWG) Product responsibility Model Reporting | Contribution to SDGs & GRI Reporting | Annually from 2020 onwards G CSR Ratings | 10 agencies Corporate Presentation August 2020 62 Active board remuneration schemes Current and new remuneration policy for contracts starting in 2020 Current policy New policy

Fixed annual remuneration Fixed annual remuneration Fix 39% 33% Fix

60% over 12 months, over 12 months, 60% salary salary including fringe benefits including fringe benefits

financial targets (EBT, ROCE) target target EBT 50% STI & non-financial targets ROCE 50% STI 1) 27% (e.g. strategy implementation and sustainability) STI 1)

Threshold ≤70% 100% ≥110% STI 22% x annual annual 40% Threshold ≤80% 100% ≥120% 40% Payout (linear) 0% 100% 200% Modifier Payout 0% 100% 250%

(cap) (+/- 20 %) 100%

100% 100% (cap w/o Modifier)

payment payment

3 years ØEBT ØEBT ØEBT x Factor I 3 years ØEBT (100% at €500m, cap at €750m) 50% (100% at €200m, cap at €300m) (individual factor) Individual factor II TSR vs peer performance (adj. TSR MDAX) 50% LTI x + Ø last 12 months (div. adjusted) TSR vs adjusted

Payout performance performance 34% 45% MDAX; ranking of companies by percentile; payout LTI (50% shares (4 years deferred) +50% cash + Factor 20% of share value in cash) TSR calculated by base LTI value multiplied by % linked to percentile performance

Percentil 0 50 75 Variable Variable Variable Variable Special bonus in exceptional cases at the Payout (linear) 0% 100% 150% discretion of the supervisory board Special bonus (50% shares (4 years deferred) + 50% cash + 20% of shares additionally in cash) Annual report 2019, p. 144-155 100% total 1) Calculated on target achievement 100% active compensation 1) Corporate Presentation August 2020 63 European Defence Consolidation landscape  Governmental shareholding restricts room for cross-border consolidation

 Big common armament programs could be catalysts for further consolidation 49.9% Kongsberg 50% Rheinmetall’s approach: Nammo Patria Saab  JV partnerships with companies in different Cobham nations instead of “putting all eggs in one BAE Systems Chemring Rheinmetall PL RO HUN CZ basket”

KMW/Nexter Thales RUAG  Sufficient organic growth potential, but suitable M&A transactions are possible Oto Melara Aselsan

<25% or not state-owned >25% state-owned Rheinmetall

Corporate Presentation August 2020 64 Our capital allocation policy is geared towards further growth

Funding of growth (organic and M&A)

9.4% Dividend to shareholders (Payoutlevel ‘19 Q3 ratio 30-35%)

(target level Improvement of pension funding via CTA 50-60%)

Corporate Presentation August 2020 65 Group 2015 – 2019: Key figures (as reported)

in €m 2015 2016 2017 2018 2019

Balance Sheet Total assets 5.730 6.150 6.101 6.759 7.415 Shareholder's equity 1.562 1.781 1.870 2.173 2.272 Equity ratio (in %) 27,3 29,0 30,7 32,1 30,6 Pension liabilities 1.128 1.186 1.080 972 1.169 Net financial debt -81 19 230 -30 -52 Net financial debt / EBITDA 0,17 -0,03 -0,37 0,04 0,07 Net gearing (in %) 5,2 -1,1 -12,3 1,4 2,3 Income Sales 5.183 5.602 5.896 6.148 6.255 statement Operating result 287 353 400 491 505 Operating margin (in %) 5,5 6,3 6,8 8,0 8,1 EBITDA 490 581 626 836 792 EBIT 287 353 385 518 512 EBIT margin (in %) 5,5 6,3 6,5 8,4 8,2 EBT 221 299 346 485 477 Net income 160 215 252 354 354 Earnings per share (in EUR) 3,88 4,69 5,24 7,10 7,77 Dividend per share (in EUR) 1,10 1,45 1,70 2,10 2,40 ROCE (in %) 10,6 12,3 13,8 17,1 15,4 CF statement Free cashflow from operations 29 161 276 -35 314 Headcount Employees (Dec. 31) according to capacity 20676 20993 21610 22899 23780

Corporate Presentation August 2020 66 Segments 2015 – 2019 Key figures

Automotive Defence

2015 2016 2017 2018 2019 in €m 2015 2016 2017 2018 2019 2.621 2.670 2.922 2.888 2.705 Order intake 2.693 3.050 2.963 5.565 5.186 445 458 520 478 447 Order backlog (Dec. 31) 6.422 6.656 6.416 8.577 10.399 2.592 2.656 2.861 2.930 2.736 Sales 2.591 2.946 3.036 3.221 3.522 216 223 249 262 184 Operating result 90 147 174 254 343 8,3 8,4 8,7 8,9 6,7 Operating margin (in %) 3,5 5,0 5,7 7,9 9,8 335 356 367 421 348 EBITDA 175 239 268 403 450 216 223 227 266 186 EBIT 90 147 172 247 341 8,3 8,4 7,9 9,1 6,8 EBIT margin (in %) 3,5 5,0 5,7 7,7 9,7 167 149 154 161 143 Capex 96 95 89 101 166 96 105 106 26 73 OFCF -38 103 238 -29 266 10.934 10.820 11.166 11.710 11.405 Employees (Dec. 31) according to capacity 9.581 10.002 10.251 10.948 12.100 1.450 1.499 1.621 1.664 1.525 Sales 881 1.111 1.175 1.056 1.018 Weapon & 118 140 176 171 118 Mechatronics Operating Result 73 108 117 121 123 Ammunition 8,1% 9,3% 10,9% 10,3% 7,7% Margin 8,3% 9,7% 10,0% 11,5% 12,1% 952 921 968 988 937 Sales 759 745 691 839 948 Electronic 73 62 60 65 28 Hardparts Operating Result 12 25 20 46 75 Solutions 7,7% 6,7% 6,2% 6,5% 3,0% Margin 1,5% 3,4% 2,9% 5,5% 7,9% 285 319 358 367 361 Sales 1.195 1.392 1.480 1.568 1.787 Vehicle 27 29 33 36 35 Aftermarket Operating Result -9 29 53 108 150 Systems 9,5% 9,1% 9,2% 9,7% 9,8% Margin -0,8% 2,1% 3,6% 6,9% 8,4%

Corporate Presentation August 2020 67 Continuing ROCE improvement

 ROCE in %

25%

20.2% 19,6% 20% 19.0% 18.8% 18.7% 16.7% 17.1% 15.9% 15,4% 15% 12.3% .13,4% 13,1% 11.8% 11,0 % Group 10.7% 10.6% 9.8% 10% 6.1% 4.7% 5% 3.9%

0.3% 0%

-5% -4.6% 2013 2014 2015 2016 2017 2018 2019 Group Defence Automotive

Corporate Presentation August 2020 68 Next events and IR contacts

 Next Events  IR Contacts Bankhaus Lampe Deutschlandkonferenz Dirk Winkels All investor meetings Head of IR Commerzbank Corporate Conference will be conducted as Tel: +49-211 473-4749 telephone conferences Email: [email protected] Morgan Stanley Industrials CEOs unplugged René Weinberg UBS Quo Vadis Investor Trip 2020 Senior Investor Relations Manager Berenberg u. Goldman Sachs German Corporate Conference Tel: +49-211 473-4759 Email: [email protected] Q3 2020 Earnings call 6 November 2020 Rosalinde Schulte Investor Relations Assistant Tel: +49-211 473-4718 Email: [email protected]  Quick link to documents Corporate Presentation Interim Reports Annual Reports

Corporate Presentation August 2020 69 Disclaimer

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.

Corporate Presentation August 2020 70