RENK: 2Q due 6 August - in line on the print, ahead on 2026E

研报英文原文证据摘录

RENK: 2Q due 6 August - in line on the print, ahead on 2026E

30 July 2026

Pal Skirta

+49 69 717 4861

Global Aerospace & Defense pal.skirta@bernsteinsg.com

RENK Group AG

Rating

Outperform

Price Target

R3NK.GR 62.60 EUR

MIDCAPS RENK reports 2Q26 results on 6 August at 7:30 CEST (register here for the 11:00 CEST Close Date 29 Jul 2026

call). We think the market will look past the headline numbers and focus instead on three

R3NK.GR Close Price (EUR) 47.98

areas: pipeline visibility after the circulation of Germany’s draft 2027 budget, David Brown

Price Target (EUR) 62.60

synergies, and the adj. EBIT margin trajectory as utilization improves and manufacturing

Upside/(Downside) 30%

bottlenecks are removed. With Q2 marking the third full quarter under the modular assembly

52-Week Range 90.34/40.34

concept in Augsburg, we believe the margin print is becoming increasingly indicative, rather

EDME 1,601.43

than anecdotal, of the trajectory toward management's >20% adj. EBIT margin target by

FYE Dec

2030E.

Div Yield 1.2%

Our Q2 2026E estimates are broadly in line with company-compiled consensus: revenue Market Cap (EUR) (M) 4,762

of €354m vs. €355m, adj. EBIT of €57m, +2% vs. €56m, at a 16.0% margin, +37bps vs. EV (EUR) (M) 5,144

15.7%, and order intake of €598m, -1% vs. €604m. Performance YTD 1M 6M 12M

Absolute (%) (11.2) 12.1 (12.4) (29.9)

The company has already indicated that Q2 order intake will come in significantly above the EDME (%) 8.9 0.3 5.7 17.6

previously communicated €400-500m range and has reiterated strong visibility toward ~ Relative (%) (20.1) 11.8 (18.1) (47.6)

€2bn of FY2026E order intake. Source: Bloomberg, Bernstein estimates and analysis.

Our differentiation is at the full-year level: we are at €284m of adj. EBIT for FY2026E, near Price Performance, 1YR