Commentary & Deal Flow

Reoffer: 5yr: MS+55bp / 99.467 / 3.493%
Benchmark: 5yr: OBL 2.5 16-Apr-31 @ 98.57 / B+68bp (HR: 101%)

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 (Ticker: RHMGR, Country: DE)
• 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
• Settlement Date: 28-May-26 (T+5)
• Maturity Date: 28-May-31
• Reoffer: MS+55bp / 99.467 / 3.493%
• Benchmark: 68bps vs. OBL 2.5 16-Apr-31 @98.57 / 2.813% (HR: 101%)
• Coupon: 3.375% Fixed (Annual, Act/Act, ICMA)
• Documentation: Standalone / German Law / €100k + 100k / Regulated Market of the Luxembourg Stock Exchange / MWC (@ B+10) / 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
• 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
• TOE: 16.19 UKT // 17.19 CET
• FTT: 16.45 UKT // 17.45 CET