Q2 Preview - Order & Margin Strength Put Group on Track for Top-End of Guide

研报英文原文证据摘录

Q2 Preview - Order & Margin Strength Put Group on Track for Top-End of Guide

EUROPE | Aerospace & Defense Electronics

RENK EquityJulyResearch16, 2026

COMPANY UPDATEQ2 Preview - Order & Margin Strength Put Group

RATING BUYon Track for Top-End of Guide

PRICE €43.89^

We update our model to reflect our Q2 expectations for RENK following an

overall positive pre-close messaging pointing to margin expansion in Q2 driven PRICE TARGET | % TO PT €60.00 | +37%

by VMS (JEFe: +110bps yoy), despite limited topline growth expected at 2%. We 52W HIGH-LOW €90.34 - €40.34

see the group as well on track to achieve towards the top-end of its EBIT guide. FLOAT (%) | ADV MM (USD) 81.2% | 26.81

Buy reiterated. MARKET CAP €4.4B | $5.0B

TICKER R3NK GR

^Prior trading day's closing price unless otherwise

Key messages from the pre-close call. RENK's Q2 pre-close call recording is now available on noted.

its website. Orders expected well ahead of the €400-500m provided at Q1 results, with VMS the

key driver (Q2 orders slightly ahead of the €478m from Q1), along with strong growth in M&I (Q2

orders well above Q1's €70m) while Slide Bearings is expected to be similar to Q1's €35m. Sales FY (Dec) CHANGE TO JEFe JEF vs CONS

in Q2 are expected slightly up yoy, but would be up MSD if adjusted for c. €20-25m of sales to 2026 2027 2026 2027

Israel missing vs. Q2 25. The €80-100m of sales to Israel expected for the FY is confirmed. VMS REV NA NA +2% +1%

remains the key driver, up MSD, while M&I faced a tough comparison base and is slightly down yoy EPS NA NA +6% +5%

in Q2, despite being affected by soft Industrial end-markets and a 5-day production interruption in

their Rheine facility. Slide Bearings is expected slightly down sequentially. Adj EBIT is expected to 2026 (€) Q1A Q2 Q3 Q4 FY