Renk Group Ag · XETR:R3NK
Renk — H1 2025 Earnings Presentation
36 slides from Renk's earnings presentation, Aug 13, 2025
Slide 1: H1 2025 Analyst Presentation
TRUSTED PARTNER. H1 2025 Analyst Presentation Dr. Alexander Sagel, CEO Anja Mänz-Siebje, CFO 13 August 2025
Slide 2: Highlights
H1 2025 OVERVIEW Continued growth and strategy execution, defense as main driver Key order intakes H1 2025 Highlights THOR III / transmissions ~ €170m • Strong H1 2025 order intake of €921m (H1 2024: International customer / €628m) with book-to-bill at 1.5x (H1 2024: 1.2x) transmissions + engines ~
Slide 3: RENK Group with a strong order momentum & on a profitable growth path
H1 2025 OVERVIEW RENK Group with a strong order momentum & on a profitable growth path ORDER INTAKE REVENUES ADJ. EBIT ADJ. EBIT #1 H1 2025 H1 2025 H1 2025 MARGIN H1 2025 in mission-critical drive technologies €921m €620m €89m 14.4% +47% YoY +22% YoY +29% YoY +0.9pp YoY • Order intake – Record level
Slide 4: Defense business is driving the Group performance
H1 2025 OVERVIEW Defense business is driving the Group performance Order Intake (Defense, €m) Revenue (Defense, €m) +46% +32% 694 462 349 476 H1 2024 H1 2025 H1 2024 H1 2025 3 RENK Group AG | H1 2025 Conference Call Trusted Partner
Slide 5: Vehicle Mobility Solutions
H1 2025 OVERVIEW Vehicle Mobility Solutions • Order intake momentum on a solid level • Continued strong performance of VTA and RAM; RAM with new monthly record output of 91 transmissions in June • Further increased aftermarket activities by various European customers Revenue, €m yoy +32.0% 404 389 O
Slide 6: Marine & Industry
H1 2025 OVERVIEW Marine & Industry • Good segment performance despite GDP related headwinds for industry sector • Q2 (over)compensated for Q1 in terms of revenue growth • Navy as main driver for order intake and revenues Revenue, €m YoY +8.7% 182 176 162 168 Order Intake H1 114 183 €m H1 2023 H2 202
Slide 7: Slide Bearings
H1 2025 OVERVIEW Slide Bearings • Overall, a robust segment performance despite economic headwinds for the industry segment • E-bearings segment remains backbone of slide bearing business Revenue, €m YoY +2.6% 64 63 61 56 Order Intake H1 55 66 €m H1 2023 H2 2023 H1 2024 H2 2024 H1 2025 6 RENK Group
Slide 8: Ongoing strong market momentum lifting total order backlog to all-time high
H1 2025 OVERVIEW Ongoing strong market momentum lifting total order backlog to all-time high despite well performing revenue conversion Total order backlog (H1-25), €bn LTM revenue 1.9x 0.6x 2.3x 4.7x coverage(1) 2.8 5.9 0.7 2.4 Additional recurring aftermarket business outside of framework contract
Slide 9: Financial Summary
TRUSTED PARTNER. Financial Summary Anja Mänz-Siebje, CFO
Slide 10: Top-line development clearly reflects the successful execution of growth strategy
FINANCIAL SUMMARY Top-line development clearly reflects the successful execution of growth strategy Order intake, €m Revenue, €m Fixed order backlog(2), €m 1.2x 1.5x 1.5x 1.1x 14.0% 46.8% 2,372 2,080 921 21.5% 628 620 -11.1% 27.5% 510 419 373 348 273 H1-24 H1-25 Q2-24 Q2-25 H1-24 H1-25 Q2-24 Q2-25 D
Slide 11: Margin expansion driven by operational efficiency
FINANCIAL SUMMARY Margin expansion driven by operational efficiency Adj. gross profit(1), €m Adj. EBIT(2), €mNet debt(3), €m Net debt(3), €m 27.0% 27.6% 28.2% 26.7% 13.5% 14.4% 15.1% 14.6% 1.7x 1.8x 19.5% 449 24.0% 375 171 138 29.4% 20.5% 89 23.5% 93 77 69 51 41 H1-24 H1-25 Q2-24 Q2-25 H1-24 H1-25 Q
Slide 12: VMS: Strong top-line momentum converted into substantial adj. EBIT growth
FINANCIAL SUMMARY VMS: Strong top-line momentum converted into substantial adj. EBIT growth Segment financials, €m Order intake Revenue Adj. EBIT(1) 20.2% 15.6% 17.1% 16.4% 17.5% 65.9% 681 45.3% 67 32.0% -14.5% 44.4% 410 389 46 332 35.3% 38 284 295 217 26 160 H1-24 H1-25 Q2-24 Q2-25 H1-24 H1-25 Q2-2
Slide 13: M&I: Solid top-line expansion driving margin improvement
FINANCIAL SUMMARY M&I: Solid top-line expansion driving margin improvement Segment financials, €m Order intake Revenue Adj. EBIT(1) 10.0% 10.7% 13.7% 11.1% 8.7% 16.1% 16.4% 176 19 183 162 23.4% 16 -0.2% 157 103 11 11 2.4% 83 BER300 - EBIT 59 60 H1-24 H1-25 Q2-24 Q2-25 H1-24 H1-25 Q2-24 Q2-25 H1-24 H
Slide 14: Slide Bearings: Profitability remains above group level with resilient revenue
FINANCIAL SUMMARY Slide Bearings: Profitability remains above group level with resilient revenue Segment financials, €m Order intake Revenue Adj. EBIT(1) 18.0% 16.6% 19.0% 16.0% -5.4% -5.5% 2.6% 11 10 70 61 63 66 -16.9% -1.2% -5.8% 6 32 32 5 31 30 H1-24 H1-25 Q2-24 Q2-25 H1-24 H1-25 Q2-24 Q2-25 H1-2
Slide 15: Adjustments largely driven by Purchase Price Allocation
FINANCIAL SUMMARY Adjustments largely driven by Purchase Price Allocation For the period, €m H1-24 H1-25 Operating profit 35.6 59.3 1 PPA depreciation and amortization as well as income / losses from PPA asset disposals 22.1 22.2 Operating profit before PPA depreciation and amortization as well as i
Slide 16: NWC increase mainly up due to inventory build-up from customer demand
FINANCIAL SUMMARY NWC increase mainly up due to inventory build-up from customer demand Customer receivables(1) Inventories Net working capital, €m Trade payables Prepayments received(2) % of LTM revenue 26.8% 24.9% 25.1% 314 284 248 298 268 249 391 446 326 (124) (117) (138) (204) (258) (292) Dec-23
Slide 17: Strong positive Free Cash Flow in H1-25 despite tactical NWC build up
FINANCIAL SUMMARY Strong positive Free Cash Flow in H1-25 despite tactical NWC build up Change in NWC, €m Key cash flow items H1-25, €m -7 Commentary (42.2) (37.0) Customer receivables -42 (47.6) Inventories 105 -11 -11 -9 +23.7 Trade payables 25 -14 11 25 +18.7 Prepayments received 11 Adj. Adjustme
Slide 18: OUTLOOK
TRUSTED PARTNER. OUTLOOK Dr. Alexander Sagel, CEO
Slide 19: 2025 Guidance confirmed based on first half-year performance
OUTLOOK 2025 Guidance confirmed based on first half-year performance Revenue growth Adjusted EBIT(1) >€1.3bn €210m-235m Definition of 2030 mid-term targets • RENK well positioned to participate in upcoming GER/EU programs • Higher visibility of additional orders expected towards the end of 2025 • Pr
Slide 20: Overview Key Order Intake Programs
OUTLOOK Overview Key Order Intake Programs Q3-Q4 2025 Q1-Q2 2026 THOR IV K2 MBT AICS Leopard 2 Various K2 Family Vehicles Puma IMBT IFV programs Patria APC VTA spare parts PzH 2000 PzH 2000 Various frigates MBT Test Rigs Boxer 19 RENK Group AG | H1 2025 Conference Call Trusted Partner
Slide 21: German Procurement Process: First order intakes for RENK expected during H1 2026
OUTLOOK German Procurement Process: First order intakes for RENK expected during H1 2026, revenue conversion depending on contracting condition “Closing Gaps” “Meeting NATO Requirements” Platforms German 2026 2029/2030 2035+ Main battle procurement tanks (MBT) Phase I Phase II approval Contracting S
Slide 22: Clear focus on H2 2025 priorities
OUTLOOK Clear focus on H2 2025 priorities • Continue with excellence programs along entire value chain Operational 1 • Enforce efficiency improvements in lead plants (e.g. RAM & VTA) Excellence • Finalization of the new VTA line production concept (Q3 2025) Key OI and business • Securing 2025 OI pro
Slide 23: Key technology initiatives initiated to secure RENK's future growth
OUTLOOK Key technology initiatives initiated to secure RENK's future growth Strategic Cooperation NextGen MBT with ARX Robotics Transmission • Strategic partnership for software-defined defense mobility for • 1,400kw performance platforms between 0.5 to 60 tons • Fully digital drive train/drive-by-w
Slide 24: Key takeaways
OUTLOOK Key takeaways RENK delivered a strong H1 performance, improved on a 1 record total order backlog level of ~EUR6bn and confirmed the FY 2025 guidance Well prepared to absorb the near and mid term increase in 2 German and EU defense spending on back of our well invested asset base and defined
Slide 25: Financial Calendar H2 2025
OUTLOOK Financial Calendar H2 2025 • BofA Back to School Industrials (Virtual), 1 September • 9M Results (13 November) • Sector strategy • Danske Bank Scandic Roadshow (3-5 September) • BNP MidCap CEO Conference, • Update 2030 • DSEI London investor meetings (10 September) Paris (17/18 November) mid
Slide 26: Q&A Session
TRUSTED PARTNER. Q&A Session RENK Group / Company presentation / March 2023
Slide 27: Your contact
TRUSTED PARTNER. Your contact Investor Relations: RENK Group AG Julia Brand, Senior IR Manager Maximilian König, Senior IR Manager Goegginger Straße 73 Phone: +49 821 5700 735 Phone: +49 821 5700 9302 D-86159 Augsburg E-Mail: investors@renk.com E-Mail: investors@renk.com Germany www.renk.com Christi
Slide 28: Disclaimer
Disclaimer By accessing this presentation, you agree to be bound by the following limitations. This presentation has been prepared for information and background purposes only. It does not constitute or form part of, and should not be construed as, an offer of, a solicitation of an offer to buy, or
Slide 29: APPENDIX
TRUSTED PARTNER. APPENDIX
Slide 30: Income statement
Financial Appendix Income statement For the period, €m H1 2024 H1 2025 Revenue 510.3 620.2 Cost of sales (395.6) (474.0) Gross profit 114.7 146.1 Distribution expenses (30.4) (34.2) General and administrative expenses (48.7) (50.5) Net allowances on financial assets 0.5 0.2 Other income 3.4 11.4 Oth
Slide 31: Balance sheet – Total assets
Financial Appendix Balance sheet – Total assets As of, €m Dec 31, 2024 Jun 30, 2025 Intangible assets 360.5 332.4 Property, plant and equipment 320.7 330.7 Other and financial investments 0.8 0.8 Deferred tax assets 22.4 28.5 Other non-current financial assets 0.1 0.3 Other non-current receivables 1
Slide 32: Balance sheet – Total equity and liabilities
Financial Appendix Balance sheet – Total equity and liabilities As of, €m Dec 31, 2024 Jun 30, 2025 Share capital (subscribed capital in previous year) 100.0 100.0 Capital reserves 172.7 173.1 Retained earnings 134.9 124.0 Cumulative other comprehensive income 33.3 12.2 Equity attributable to shareh
Slide 33: Cash flow statement
Financial Appendix Cash flow statement For the period, €m H1 2024 H1 2025 Cash and cash equivalents at beginning of period 102.2 164.3 Profit / loss before tax (including income attributable to non-controlling interests) 20.2 31.0 Income taxes paid (9.8) (11.0) Depreciation, amortization and impairm
Slide 34: Adjustments
Financial Appendix Adjustments For the period, €m H1-24 H1-25 Operating profit 35.6 59.3 PPA depreciation and amortization as well as income / 1losses from PPA asset disposals 22.1 22.2 Operating profit before PPA depreciation and amortization as well as income / losses from 57.7 81.5 PPA asset disp
Slide 35: Endnotes (1/2)
Endnotes (1/2) p.7 (1) Defined as total order backlog as of June-25 / LTM revenue for the period ended June 30, 2025. Total order backlog comprised of fixed order backlog, frame order backlog and soft order backlog (2) Fixed order backlog represents with respect to binding customer contracts and pur
Slide 36: Endnotes (2/2)
Endnotes (2/2) p.16 (1) Adj. EBITDA is defined as operating profit before depreciation, amortization and impairment losses on intangible assets and property, plant and equipment, the PPA depreciation and amortization as well as income / losses from PPA asset disposals and adjusted for certain items