RENK Group (R3NK) Q3 2026 earnings summary

Executive summary

• 9M order intake rose 33.6% to €1,664.4m; book-to-bill was 1.7x and backlog reached a record €7.6bn, supporting revenue visibility beyond 2030.

• Revenue increased 5.8% to €981.978m and adjusted EBIT rose 12.7% to €158.818m; adjusted margin expanded 1.0 pp to 16.2%.

• VMS and international defense demand led growth; industrial weakness weighed on M&I and Slide Bearings.

• Portfolio actions included completing the David Brown Defence acquisition and agreeing to sell Slide Bearings to Miba; capacity expansion continued in Rheine and Augsburg.

Financial highlights

• 9M revenue was €981.978m versus €927.737m; Q3 revenue was €345m versus €308m, up 12.1% YoY.

• 9M adjusted EBIT was €158.818m versus €140.969m; Q3 adjusted EBIT was €61m versus €52m, up 17.2% YoY. Q3 margin was 17.6%.

• Reported EBIT was €77.742m versus €95.547m; profit after tax was €25.552m versus €55.495m, reflecting F126-related project adjustments among other items.

• Free cash flow more than doubled to €53.055m from €25.805m, supported by a €16.2m favorable net working-capital movement.

Outlook and guidance

• FY 2026 continuing-operations guidance was revised to revenue of ~€1.4bn and adjusted EBIT of €240m–€255m; the upper half of the EBIT range remains targeted.

• The ~€2bn FY order-intake target remains; 9M intake was €1,664m excluding Slide Bearings, with expected Q4 intake of ~€300m–€400m.

• Q4 is strongly back-end loaded, with priorities including contractual deliveries and backlog-to-revenue conversion; higher shifts and overtime raise production costs.

• Management expects meaningful year-end free-cash-flow growth potential; Q4 2026 FCF is expected to be at least at Q4 2025’s level, subject to working-capital timing.

• VMS is progressing toward a 25% midterm margin target by 2030; planned capacity is 1,900–2,000 by 2030.