Rheinmetall ECONOMIC

Supply Chain & Sourcing Relationships

• Rheinmetall states that it entered a strategic partnership with Israeli company UVision Air Ltd. in October 2021 to manufacture and distribute HERO loitering-munition systems in Europe through Italian subsidiary RWM Italia S.p.A. ¹.

• Rheinmetall announced a low-three-digit-million-euro Hungarian contract for HERO loitering munitions in July 2023, identifying UVision as its Israeli cooperation partner and scheduling deliveries for 2024–2025 ².

• The available disclosures establish an Israeli-origin technology partnership and European manufacturing and marketing activity, but do not establish production in Israel, Israeli revenue allocation, contract payment flows, or the partnership’s continuation after the stated Hungarian delivery period ^{1, 2}.

• Rheinmetall and Elbit Systems agreed in 2022 to develop, manufacture, and market an automated 155mm L52 wheeled self-propelled howitzer for European customers, and conducted a live-fire demonstration at Shivta firing range in southern Israel in early March 2023 ³.

• The Elbit disclosure identifies prospective European customers and does not identify an Israeli procurement contract for the jointly developed howitzer ³.

• Rheinmetall Canada acted as general contractor for a Hungarian radar contract using ELTA systems, with Rheinmetall’s 2020 disclosure describing ELTA as a subsidiary of Israel Aerospace Industries and stating shipments were planned from late 2022 through late 2027 ⁴.

• The reviewed disclosures do not establish Rheinmetall sourcing Israeli agricultural goods, using an Israeli importer-of-record entity, operating retail or private-label distribution, or maintaining seasonal procurement from Israeli exporters ^{5, 6, 7}.

Product Origin, Labeling & Regulatory Compliance

• HERO systems associated with the UVision partnership are described by Rheinmetall as fabricated and marketed in Europe, while the cooperation partner is Israeli company UVision Air Ltd. ^{1, 2}.

• The reviewed materials do not provide product-labeling, country-of-origin labeling, customs-classification, or regulatory-certification records for HERO systems or the jointly developed Elbit howitzer ^{1, 2, 3}.

• A November 2023 Der Spiegel report reproduced in Nicaragua’s ICJ annexes stated that Israel sought authorization for approximately 10,000 Rheinmetall-manufactured 120mm precision tank rounds, while German ministries had reportedly agreed in principle and considered Bundeswehr stocks because industry could not immediately supply the ammunition ⁸.

• The ICJ recorded on 30 April 2024 that Israel had approached Germany for tank ammunition and that no decision had yet been made on the request ⁹.

• The ICJ order confirms the request’s pending status as of that date, but does not confirm a Rheinmetall delivery, execution quantity, delivery date, or contract value ⁹.

• The UN Human Rights Council report’s local-library reference to a Rheinmetall aircraft-bomb product page does not itself establish a sale or transfer of that product to Israel ¹⁰.

Investment, Capital & Financial Exposure

• Rheinmetall AG had share capital of €117,766,487.04 divided into 46,002,534 fully paid ordinary bearer shares as of 31 March 2026, with no other share class or non-voting shares ¹¹.

• Rheinmetall’s voting-rights page listed no notified shareholder holding 10% or more, while listed notifications included BlackRock at 7.33%, Bank of America at 4.64%, Morgan Stanley at 4.37%, Goldman Sachs at 4.06%, UBS at 3.83%, and FMR at 3.02% ¹².

• No public evidence identified.

• The reviewed sources do not establish Rheinmetall underwriting Israeli sovereign debt or Israel Bonds, holding Israeli sovereign bonds, lending to Israeli defence firms, or underwriting Israeli state, military, or settlement operations ^{11, 13, 14}.

• No primary disclosure reviewed establishes personal or family-office investments in Israeli companies by current Executive Board members or the named shareholder representatives ^{15, 16}.

Operational Presence & Market Activity

• Rheinmetall’s public subsidiary and joint-venture directory does not list an Israeli-incorporated company, and its global-locations directory contains no Israel entry ^{5, 6}.

• These directory results are document-scoped and do not substitute for an Israeli corporate-register extract capable of resolving historic, dormant, differently named, indirectly held, or non-controlling entities ^{5, 6}.

• The reviewed corporate sources do not establish an Israeli factory, R&D centre, warehouse, office, headquarters, Israeli tax residence, Preferred Technology Enterprise status, or disclosed Israeli revenue ^{5, 6, 7, 13}.

• The reviewed sources do not establish Rheinmetall operations, sales outlets, resellers, contracts, property, or services in West Bank settlements, East Jerusalem settlements, or the Golan Heights ^{5, 6, 7, 14}.

• The UVision, Elbit, and IAI/ELTA disclosures document collaborations connected to European or Hungarian activity, rather than a Rheinmetall operating site or procurement contract in Israel ^{1, 2, 3, 4}.

Corporate Structure & Foundational Ties

• Rheinmetall AG is a German stock corporation registered at Düsseldorf Local Court under HRB 39401, with registered office at Rheinmetall Platz 1, 40476 Düsseldorf, and LEI 5299001OU9CSE29O6S05 ¹¹.

• The company was established in 1889 as Rheinische Metallwaaren- und Maschinenfabrik Actiengesellschaft by the Hoerder Mining and Smeltery Association, and the 2026 prospectus describes the group as headquartered in Düsseldorf ¹¹.

• Rheinmetall AG is the listed parent and management holding company of the Rheinmetall Group, with responsibilities including strategic direction, central financing, risk management, investment-portfolio optimisation, and appointments ¹¹.

• The Rheinmetall Group had 228 consolidated companies as of 31 March 2026 ¹¹.

• The current Executive Board comprises Armin Papperger, Klaus Neumann, Dr Vera Saal, and René Gansauge ¹⁵.

• Ulrich Grillo chairs the Supervisory Board, whose official listing includes shareholder and employee representatives ¹⁶.

• Rheinmetall’s public corporate records reviewed for this audit do not identify an acquired or controlled Israeli operating subsidiary or Israeli headquarters ^{5, 6, 7, 11}.

Profit Repatriation & Economic Contribution

• The available partnership disclosures do not provide ownership percentages, revenue allocation, payment flows, profit repatriation arrangements, or Israeli tax contributions connected with the UVision, Elbit, or IAI/ELTA relationships ^{1, 2, 3, 4}.

• Rheinmetall’s reviewed annual-report and prospectus materials do not identify Israeli revenue, workforce, tax paid, sovereign-bond holdings, real estate, or settlement-specific operations ^{7, 11, 13}.

• The available evidence therefore supports identification of specified Israeli-company technology and supply collaborations, but does not support quantifying Rheinmetall’s economic contribution to Israel or profit repatriation from Israel ^{1, 2, 3, 4}.