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The Technology Group for Security and Mobility

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The Technology Group for Security and Mobility 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 China 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 Germany 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 .
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