RENK Group (AO) | Buy | Record order intake and continued VMS-led margin expansion

Research evidence excerpt

RENK Group (AO) | Buy | Record order intake and continued VMS-led margin expansion

#EarningsPreview

Release date: 16 July 2026

Sven Sauer

Equity Research Analyst

+49 69 7 56 96 131

ssauer@keplercheuvreux.com

Michael Raab, CFA

Head of Thematic Automobile Research

Buy +49 69 7569 6157RENK Group

mraab@keplercheuvreux.com

Germany | Aerospace & defence Beta Profile: MCap: EUR4.4bn

Target Price: EUR70.00 Bloomberg: R3NK GR Reuters: R3NK.DE

Current Price: EUR43.89 Free float 90%

Up/downside: 59.5% Avg. daily volume (EURm) 60.0

YTD abs performance -18.1% Market data: 15 July 2026

52-week high/low (EUR) 88.44/40.90

Record order intake and continued VMS-led margin expansion

Key points:

Following the Q2 pre-close call, we expect RENK to again release a record-high order intake, modest revenue growth, and a

further step-up in adj. EBIT margin in Q2.

As expected, sales and earnings are continuing to be driven by the group's largest segment, VMS, while the non-defence business

is still negatively impacted by the soft environment.

Full-year guidance is confirmed, and the group continues to target the upper EBIT guidance range (EUR255-285m). The strong

and internationally diversified order intake confirms high demand for conventional land vehicles.

Reporting date 06 August

Conference call 06 August at TBC

Dial in number TBC

Table 1:Our Q2 and H1 2026E estimates (EURm) for RENK versus prior year

KECH Actual KECH Actual

Q2 2026E Q2 2025 YOY% H1 2026E H1 2025 YOY%

Sales 355 348 2.1% 639 620 3.0%

VMS 229 217 5.7% 420 389 8.1%

M&I 100 103 -2.6% 165 176 -6.0%

SB 30 32 -8.1% 60 63 -4.8%

Other/intercompany -4 -4 na -7 -7 na

Order intake 629 373 68.8% 1211 921 31.5%

VMS 490 284 72.8% 968 681 42.3%

M&I 110 60 82.7% 180 183 -1.4%

SB 30 30 1.4% 65 66 -2.6%

Orders/consolidation -1 -1 na -2 -8 na