Renk Group: Renk at Eurosatory

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Renk Group: Renk at Eurosatory

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Renk Group

Renk at Eurosatory

Reiterate Rating: BUY | PO: 62.50 EUR | Price: 47.06 EUR

Management meeting displays autonomous development 18 June 2026

We hosted an investor meeting with Renk CEO Dr. Alexander Sagel and CFO Anja Manz- Equity

Siebje at Eurosatory yesterday. Management showcased a digitalised transmission

integrated into a heavy UGV platform developed with Patria. This product is viewed as a Benjamin Heelan >> Research Analyst

potential driver of long-term incremental volumes, alongside conventional transmission Merrill Lynch (DIFC)

units. The solution can be retrofitted into existing transmission systems and could +44benjamin.heelan@bofa.com20 7996 5723

support a gradual shift in Renk’s positioning from a pure mechanical component supplier David Holmes, CFA >>

towards a systems integrator. Management indicated that Germany alone could require Research Analyst

c.3–4k UGVs over the long term, with other countries also likely to evaluate their MLI+44 (UK)20 7995 1077

position in this emerging segment. We reiterate our Buy rating, reflecting the attractive david.a.holmes@bofa.com

risk/reward profile. Lorenzo Di Patrizi >>

Research Analyst

MLI (UK)

+44 20 7995 7626Aftermarket and modular production drive margins lorenzo.dipatrizi@bofa.com

Renk highlighted the ongoing development of its aftermarket strategy as a key mid- to

long-term priority, which is expected to shift the revenue mix and support profitability.

We expect to hear more details from management on this topic over the coming

quarters. Renk’s modular production approach is already delivering positive margin Stock Data

impacts, as demonstrated in Q1, with benefits expected to continue through the Price 47.06 EUR

remainder of 2026.