RENK Group (R3NK) Pre-close call summary

Executive summary

• H1 2026 performance is fully on track with guidance, targeting over €1.5 billion in revenue and adjusted EBIT of €255–285 million, aiming for the upper half of the EBIT range.

• Order intake remains a highlight, with Q2 expected to set a new all-time high, pushing H1 order intake above €1 billion and supporting the full-year ambition of €2 billion.

• Strong momentum is driven by defense, especially the VMS division, and supported by international diversification across land and naval platforms.

Trading performance and revenue trends

• Q2 revenue grew slightly year-over-year, with over 90% of 2026 revenue covered by backlog and conversion proceeding as scheduled.

• VMS division continues as the main growth engine, with mid-single digit year-over-year growth in Q2; underlying growth would be mid-teens when normalizing for Israel-related effects.

• M&I division shows strong revenue improvement over Q1 2026, nearly matching prior year levels, despite industrial market headwinds and a brief storm-related production stoppage.

Profitability and margins

• Adjusted EBIT for Q2 is expected to grow ahead of revenue, with margin expansion year-over-year and quarter-over-quarter.

• VMS profitability is set to land well above Q1 2026, driven by operational excellence and modular production lines.

• M&I adjusted EBIT is projected significantly above Q1 2026 and slightly above prior year; slide bearings EBIT slightly below previous quarter.