RENK Group (R3NK) Pre-close call summary

Executive summary

• 9M 2026 performance remained on plan and aligned with FY guidance; management continued to target the upper half of the adjusted EBIT range.

• Q3 was expected to be better than some market participants had anticipated, with double-digit group revenue growth and strong order intake.

Trading performance and revenue trends

• Q3 order intake was expected to exceed the EUR 300 million–EUR 400 million corridor; FY ambition remained ~EUR 2 billion in new orders.

• VMS was expected to contribute ~75% of Q3 order intake, with significant YoY growth; M&I intake was near the previous quarter, while Slide Bearings was in line with Q1 and Q2.

• Group Q3 revenue was expected to return to double-digit growth, somewhat below Q2, consistent with FY 2026's back-end-loaded profile.

• VMS Q3 revenue was expected to exceed Q2 with significant double-digit YoY growth; M&I growth was below but fairly in line with H1, while Slide Bearings shifted from negative H1 growth to flat 9M growth.

• Israel deliveries were expected to generate EUR 80 million–EUR 100 million revenue in H2 2026, with ~80% of volumes planned for Q4, in line with customer schedules.

Profitability and margins

• 9M margin expansion was expected to remain in line with H1 dynamics, supporting the FY ambition to reach the upper half of adjusted EBIT guidance.

• VMS Q3 adjusted EBIT growth was expected well above H1 growth, supporting its FY 2026 adjusted EBIT margin ambition of 21%; longer-term levers target ~25%.

• M&I adjusted EBIT was expected significantly below the prior-year level on tough comps, while its 9M margin was in line with or slightly better than H1 2026.

• Slide Bearings adjusted EBIT was expected significantly above both prior 2026 quarters.