Commentary & Deal Flow

Final Books: In excess of €3.9bn. Peak book in excess of €6bn (pre-rec, good at guidance)

Launched: 5yr: €500m @ MS+55bp - Books in excess of €6bn (pre-rec, good at guidance)
Guidance: 5yr: MS+65bp area - Books in excess of €5.8bn (pre-rec)
IPTs: 5yr: MS+100bp area

• Issuer: Rheinmetall AG
• LEI: 5299001OU9CSE29O6S05
• Issuer Rating: Moody's: Baa1 (positive outlook)
• Expected Issue Rating: Moody's: Baa1
• Issue Type: 5-year Fixed Rate Notes
• Format: Senior, unsecured and unsubordinated, Reg S CAT 2, Bearer form; Notes are issued as Global Notes and are initially represented by a Temporary Global Note which is exchangeable for a Permanent Global Note
• Issue Size: €500m
• Reference Benchmark: OBL 2.5% Apr-31 / HR 101%
• Hedge Deadline: 15:50 UKT / 16:50 CET
• Settlement Date: 28-May-26 (T+5)
• Maturity Date: 28-May-31
• Coupon: Fixed (Annual, Act/Act, ICMA)
• Documentation: Standalone / German Law / €100k + 100k / CAT2 / Regulated Market of the Luxembourg Stock Exchange / MWC / 3m Par Call / Tax Call / Clean-Up Call (80%) / Negative Pledge / Cross Acceleration
• Use of Proceeds: General corporate purposes, including the refinancing of upcoming maturities
• ISIN: XS3344481935
• Clearing System: Euroclear Bank SA/NV / Clearstream Banking S.A.
• Global Coordinators: Crédit Agricole CIB and UniCredit (B&D)
• Joint Bookrunners: Commerzbank, Crédit Agricole CIB, Deutsche Bank, Societe Generale and UniCredit
• Investor Presentation: www.netroadshow.com/nrs/home/#!/?show=3b28acda (Recommended) OR Visit www.netroadshow.com and enter the entry code: Rheinmetall2026 (not case-sensitive)
• Target Market: MiFID II and UK MiFIR professionals & ECPs-only. Manufacturer target market is eligible counterparties and professional clients only (all distribution channels). No EEA PRIIPs key information document (KID)/ CCI Regulations disclosure document has been prepared as not available to retail in EEA or UK. FCA/ICMA Stabilisation applies.
• Selling Restrictions: As per the Preliminary Prospectus dated 20-May-26
• Advertisement: This communication is an advertisement for the purposes of Regulation (EU) 2017/1129 and underlying legislation. It is not a prospectus. The final Prospectus will be available, when published, on the website of the Luxembourg Stock Exchange: https://www.luxse.com/home
• Timing: Today's Business