Renk Group Ag · XETR:R3NK
Renk — Investor Day (November 2025)
71 slides from Renk's investor day presentation, Nov 20, 2025
Slide 1: RENK Group AG Capital Markets Day 2025
RENK Group AG Capital Markets Day 2025 November 20, 2025
Slide 2: Disclaimer
Disclaimer This presentation has been prepared for information and background purposes only and should not be treated as investment advice or recommendation. 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 an invitation to su
Slide 3: Content
Content Chapter Presenter Page Strategy Dr. Alexander Sagel 04 CEO, RENK Group AG Operations Dr. Emmerich Schiller 34 COO, RENK Group AG Financials Anja Mänz-Siebje 59 CFO, RENK Group AG 3 RENK Group / Capital Markets Day 2025, Augsburg
Slide 4: Dr. Alexander Sagel, Chief Executive Officer
Dr. Alexander Sagel Chief Executive Officer RENK Group AG 4
Slide 5: We power freedom.
1 Strategy 2 Operations 3 Finance We power freedom. #1 22 75% €6.4bn €1.1bn 16.6% in mission critical Locations Presence in Total order backlog, Revenue, Adj. EBIT margin2, drive systems worldwide military vehicles1 Sep-2025 2024 2024 Revenue distribution FY 2024 in %, by … Geography Sector Original
Slide 6: Market: Expanded international production footprint
Market: Expanded international production footprint Acquired US naval presence and launched operations in India 6 RENK Group/ Capital RENK Group / Capital Markets Markets DayDay 2025, 2025, Augsburg Augsburg
Slide 7: Operations: Accelerated ramp-up
Operations: Accelerated ramp-up Launched new modular assembly concept at VTA and stabilized RAM 7 RENK Group/ Capital RENK Group / Capital Markets Markets DayDay 2025, 2025, Augsburg Augsburg
Slide 8: Customers: Won large defense contracts
Customers: Won large defense M3 Bradley Leopard 2A8 contracts Maintained strong growth trajectory with global customer base 8 RENK Group / Capital Markets Day 2025, Augsburg K2 Black Panther PPA
Slide 9: Technology: Invested in NextGen mobility
Technology: Invested in NextGen mobility Introduced HSWL 406 and 076 transmissions – enabling drive-by- wire 9 RENK Group/ Capital RENK Group CapitalMarkets Markets Day Day 2025, 2025, Augsburg Augsburg
Slide 10: Partners: Formed network of strategic cooperations
Partners: Formed network of strategic cooperations Set foundation for future product portfolio 10 RENK Group / Capital Markets Day 2025, Augsburg
Slide 11: Leadership: Formed a new management team
Leadership: Formed a new management team Established new leadership to steer RENK in its next phase of growth 11 11 RENK Group / Capital Markets Day 2025, Augsburg
Slide 12: Financial performance reflects delivery of our strategy
1 Strategy 2 Operations 3 Finance Financial performance reflects delivery of our strategy … Adj. EBIT margin Order intake, Total order backlog, Revenue, Adj. EBIT, in €mn in €bn in €mn in €mn +45% +34% +19% +25% 14.4% 15.2% 1,246 6.4 928 141 858 778 112 4.8 9M-2024 9M-2025 Sep-2024 Sep-2025 9M-2024
Slide 13: Strong share price development
1 Strategy 2 Operations 3 Finance … which is recognized in our strong share price development Share price development1, YTD indexed to 100 Global shareholder base Included in MDAX +240% Sep-24 7% and now within 20 most valuable Free float companies of the 37% index +179% 2 56% +136% Today +16% 16% D
Slide 14: Sector end-market strategy for defense and civil business
1 Strategy 2 Operations 3 Finance Introducing sector end-market strategy for RENK’s defense and civil business Revenue share1 74% ~90% Defense Civil 26% 9M-2025 ~10% 2030 9M-2025 2030 Vehicle Mobility Solutions Marine & Industry Slide Bearings Focus on Profitable Growth Manage for Return Capture def
Slide 15: Geopolitical tensions drive defense budgets in Europe and Germany
1 Strategy 2 Operations 3 Finance Ongoing geopolitical tensions – Europe and Germany as growth drivers for defense budgets in last 12 months Major geopolitical tension areas Acceleration of defense commitments in 2025 Tension areas Russia-NATO tensions Munich Security New 3.5% + 1.5% First relevant
Slide 16: NATO budget uplift drives equipment spend
1 Strategy 2 Operations 3 Finance NATO budget uplift drives increase in equipment spend – with expected revenue and profit impact for RENK 2028+ Rising defense budgets today … … increase equipment spend … … and turn to revenue NATO defense budgets, in €bn Attainable European equipment budgets, in €b
Slide 17: Four major growth areas on our road to 2030
1 Strategy 2 Operations 3 Finance We will grow through four major areas on our road to 2030 and beyond A B C D Order Pipeline Germany M&A backlog potential uplift Capture on top potential Expand product range Deliver on secured Convert upcoming from NATO capability and geographical orders and contra
Slide 18: Updated 2030 target with confirmed guidance
1 Strategy 2 Operations 3 Finance Accelerating markets drive an updated 2030 target with a confirmed guidance on the path towards it Revenue development and 2030 guidance, in €bn D Conditions for organic ILLUSTRATIVE LEVER SIZING M&A topline range B C Up to 1.0 C After- Within RENK’s control B Germa
Slide 19: Growth picks up from 2028
1 Strategy 2 Operations 3 Finance Our growth picks up from 2028, driven by backlog delivery and delayed revenue recognition X Focus contributor C Contract Contract Prime Path forward award to award to RENK revenue recognition ramp-up primes RENK High visibility on growth path until 2028 Focus on 2.8
Slide 20: Growing order backlog provides solid base for organic growth
1 Strategy 2 Operations 3 Finance A Current and future growing order backlog will provide solid base for organic growth International customers Land Naval Order backlog, in €bn Selected order intake, 9M-2025 6.4 THOR III €235mn Bradley, PIM, AMPV Engines + transm. €130mn MBT 3.2 Naval €105mn SSC, FS
Slide 21: Growth outlook driven by strong increase in order potential
1 Strategy 2 Operations 3 Finance B Growth outlook is driven by strong increase in order potential from key markets Land Naval Overview of defense OE pipeline, excluding OB items Highlight programs ~ €11.5bn 1 EMEA ▪ K2 MBT ▪ Ukraine (various) ▪ Patria TRACKX ▪ Various IFV (e.g., €1.3bn €1.6bn €0.3b
Slide 22: Europe with strong additional order potential
1 Strategy 2 Operations 3 Finance B Europe with strong additional order potential across the continent – captured through targeted localization strategy Deployed in Ukraine Foreign platforms deployed in the region EMEA Selected European key markets ▪ Capture European Poland Italy market potentials ▪
Slide 23: Strengthening market position in the US after CGS acquisition
1 Strategy 2 Operations 3 Finance B Clear plan to further strengthen market position in the US after acquisition of CGS1 – RENK now with strong “boots on the ground” in both domains Land Naval Americas ▪ Use new naval footprint Expand 2030+ and leverage existing Scale land portfolio 2026+ ▪ Integrat
Slide 24: NATO capability targets imply uplift in demand from Germany
1 Strategy 2 Operations 3 Finance C Expansion of NATO’s capability targets in 2025 implies substantial uplift in equipment demand from Germany Order intake potential Land1 Naval One third of NATO uplift driven by German budget increase Platforms, business estimated additional units for 2025 to 20352
Slide 25: Increasing aftermarket order potential with locked-in model
1 Strategy 2 Operations 3 Finance B We see significant increase in order potential from an ever-increasing C aftermarket with locked-in business model Aftermarket dynamics Original equipment (OE) Aftermarket/MRO ▪ Locked-in business over platform lifecycle ▪ Increased need due to higher usage of mil
Slide 26: Two sets of target criteria for M&A
1 Strategy 2 Operations 3 Finance D Two sets of target criteria to ensure positive impact from M&A 1. Business criteria Focus on naval and land defense Market consolidation in North America/Europe Acceleration in future technologies (e.g., digitalization/UGV) Up to €1.0bn 2. Value criteria revenue a
Slide 27: Four key technology areas driving innovation
1 Strategy 2 Operations 3 Finance Our four defined key technology areas are driving our innovation Core Electrification/ Digitalization System Technology Hybridization incl. unmanned Engineering Defend position as #1 in Prepare current product portfolio Become market leader in digital Enhance perfor
Slide 28: Future-proof product portfolio for heavy-weight tracked vehicles
1 Strategy 2 Operations 3 Finance Future-proof existing product portfolio for heavy-weight tracked vehicles by 2030 Existing product portfolio Product innovation Tracked platforms for RENK transmissions <75t Main battle <75t HSWL 406 tank One <65t Self- Second phase transmission propelled artillery
Slide 29: Expansion towards lower weight tracked vehicles and UGVs
1 Strategy 2 Operations 3 Finance Expansion of RENK’s product portfolio towards lower weight tracked vehicles & UGVs Existing product portfolio Product innovation Tracked platforms for RENK transmissions <75t Main battle <75t HSWL 076 tank First <65t Self- transmission propelled artillery for lower
Slide 30: Digitalized drivetrain as foundation for unmanned technology
1 Strategy 2 Operations 3 Finance Our fully digitalized drivetrain builds the foundation for expanding into unmanned technology as a future prime Drive-by-wire technology Basis for RENK’s UGV offering for battlefield of future Unlocks assisted and remote driving Paves the road towards autonomy Enabl
Slide 31: Technology and innovation vision
1 Strategy 2 Operations 3 Finance We are guided by a clear technology and innovation vision – mobility is key Land Naval Fully integrated UGV Next gen. mobility Propulsion system integrator UGV mobility platforms Sub- systems Core mobility Digitalization Transmissions Propulsion Engines system Expan
Slide 32: Continued growth after 2030 and organizational development
1 Strategy 2 Operations 3 Finance RENK with continued growth after 2030 and clear organizational development path for the future Defense Civil Growth levers 2030+ Organizational development INDICATIVE REVENUE SHARE Capture defense OE business for conventional Future (incl. M&A) platforms, e.g.: LBT,
Slide 33: RENK's value creation model
1 Strategy 2 Operations 3 Finance RENK’s value creation model – unlocking our potential Growth levers Return on capital levers Capital M&A Margin productivity Cash Organic expansion conversion ▪ Structural growth ▪ Consolidation ▪ Segment mix ▪ Well-invested ▪ Optimize ▪ Growing installed ▪ Perimete
Slide 34: Dr. Emmerich Schiller, Chief Operation Officer
Dr. Emmerich Schiller Chief Operation Officer RENK Group AG 34 RENK Group / Capital Markets Day 2025, Augsburg
Slide 35: Operations performance determines success of defense companies
The performance of operations, especially the capability of scaling, will determine success or failure of any defense company in the next years 35 RENK Group / Capital Markets Day 2025, Augsburg
Slide 36: Operations is the key enabler for future growth
1 Strategy 2 Operations 3 Finance Operations is the key enabler for RENK’s future growth 9M-2024 vs. 9M-2025 Operations contribution to RENK’s profitable growth 1 Secure output to deliver on growth ambition +19% Revenue growth 2 Ensure resilience against disruptions +25% adj. EBIT growth Increase ef
Slide 37: VTA is role model for scaling up operations
1 Strategy 2 Operations 3 Finance VTA is role model for scaling up operations at RENK Why VTA How to approach Main driver for revenue and EBIT Transfer and implement automotive growing strongly standards at VTA Prove feasibility and benefits Offers ideal conditions for applying automotive small seri
Slide 38: Progress measurable through improved KPIs
1 Strategy 2 Operations 3 Finance Our progress is measurable through improved KPIs NOT EXHAUSTIVE Capacity Procurement +13% -55% Transmissions produced at VTA lead time post renegotiation Aug-Oct 2024 vs. Aug-Oct 2025 initiative at VTA1 >3 ~96% Sourcing from German suppliers RAM transmissions/day at
Slide 39: Delivered on commitment to scale series production and supply
1 Strategy 2 Operations 3 Finance We have delivered on our commitment to scale series production and supply A Upscale to series production B Upscale to series supply Capacity Local footprint in Plant Supply Supplier System expansion global network strategies resilience management suppliers 39 RENK G
Slide 40: Successful ramp-up of modular assembly concept at VTA
1 Strategy 2 Operations 3 Finance A Successful ramp-up of modular assembly concept at VTA VTA From 2024 … … to 2025 40 RENK Group / Capital Markets Day 2025, Augsburg
Slide 41: ~1 year from idea to implementation
1 Strategy 2 Operations 3 Finance A ~1 year from idea to implementation – blueprint for further upscaling VTA from idea to New assembly concept ~1 year implementation First 3D concept Start of Conversion GoLive Further rollout sketch visualization construction warehouse J00 across production Apr-202
Slide 42: Strategy, Operations, Finance
1 Strategy 2 Operations 3 Finance 42 RENK Group / Capital Markets Day 2025, Augsburg
Slide 43: Line Back principle
1 Strategy 2 Operations 3 Finance A It is not just what you see, but even more what you do not Line Back principle Focus on value-adding activities Material flow optimization Integration of the supply chain Efficiency Quality Costs Lead time 43 RENK Group / Capital Markets Day 2025, Augsburg
Slide 44: Completion of shift to series production
1 Strategy 2 Operations 3 Finance A Completion of shift to series production with clear benefits VTA From manufactory to small series production Benefits Impact Mass production Enhanced flexibility 100% Type flexibility Production principle -50% Medium Reduced series Reduced floor space logistics sp
Slide 45: RENK production system
1 Strategy 2 Operations 3 Finance A RENK production system is basis to take operations to the next levels EXEMPLARY KEY ELEMENTS Production Modularity Adaptable shopfloor design philosophies Scalable Scalable production concept Business plans Developed for all sites Unco e em d nt mise mpro d sa - .
Slide 46: Global production network requires global standards
1 Strategy 2 Operations 3 Finance A Global production network requires group wide global standards EXEMPLARY SELECTION VMS M&I Production footprint Saint-Ouen-l’Aumone Brampton Muskegon Bath Starnberg Augsburg Sterling Heights Rheine Winterthur Hannover Cincinnati Shoolagiri 46 RENK Group / Capital
Slide 47: Plug and play module for 100-150 transmissions
1 Strategy 2 Operations 3 Finance A Plug and play module for 100-150 transmissions Module components Mechanical manufacturing Electrical test rig Infrastructure 2x turning centers Storage technology 3x milling centers Material handling vehicles 2x gear cutting & grinding machines Operating equipment
Slide 48: Production network for optimal use of existing capacity
1 Strategy 2 Operations 3 Finance A RENK production network is basis for optimal use of existing capacity RENK production network for “VTA” transmissions Benefits Saint-Ouen- Augsburg Rheine Bath l‘Aumone Fast adaptation and scaling EXEMPLARY VMS M&I VMS M&I VMS VMS HSWL 295 Components No investment
Slide 49: RAM stabilized, best practices transfer underway
1 Strategy 2 Operations 3 Finance A RAM stabilized, transfer of best practices underway, progress measurable RAM Improvements at RAM Impact Assembly concept Capacity expansion Supply chain >3 Transmissions/day [Picture pending] 49 RENK Group / Capital Markets Day 2025, Augsburg
Slide 50: Localized production to India, Poland, and Italy
1 Strategy 2 Operations 3 Finance A Localized production to India, Poland, and Italy to fulfill local content requirements and capture additional growth VMS M&I New international production sites India Poland Italy Couplings & Final assembly Transmissions transmissions SOP 07/25 & MRO SOP Q1/26 manu
Slide 51: Acquisition and PMI of Cincinnati Gearing Systems
1 Strategy 2 Operations 3 Finance A Successful acquisition and PMI of Cincinnati Gearing Systems expands US naval footprint leading to newly formed RAMI RAMI 51 RENK Group / Capital Markets Day 2025, Augsburg
Slide 52: RAMI is complementary, integration well underway
1 Strategy 2 Operations 3 Finance A RAMI is highly complementary – integration is well underway RAMI Application Advanced integration from day one Transferred RENK production standards and fostered harmonization Professionalized build-to-order process Optimized supplier network via co-sourcing acros
Slide 53: Improved supplier steering strengthens supply chain resilience
1 Strategy 2 Operations 3 Finance B Improved supplier steering significantly strengthens supply chain resilience Upscale to series supply Reduced lead times -55% Reduction in lead time Supply Supplier System post renegotiation resilience management suppliers initiative at VTA1 De-risked Renegotiated
Slide 54: Renegotiation initiative for improved lead times on track
1 Strategy 2 Operations 3 Finance B Dedicated renegotiation initiative for improved lead times is well on track VTA 1st supplier day at VTA (06-2025) Renegotiation initiative Lead time target of <120 days secured in frame contracts New lead time1,2, days Lead time reduction2, days before Ø 179 days
Slide 55: Dedicated plant strategies are basis for capacity growth
1 Strategy 2 Operations 3 Finance Going forward: Dedicated plant strategies are basis for capacity growth for 2025+ in every plant – every site has a clear and traceable strategy NON-EXHAUSTIVE Plant strategies Growth and capacity planning Demand Output and SWOT Health Transparency about 5-year hori
Slide 56: Assembly in VTA ready for scaling
1 Strategy 2 Operations 3 Finance Going forward: Assembly in VTA ready for scaling – next step is to debottleneck manufacturing and testing VTA Scaling potential Manufacturing Assembly Testing Andere Bilder >700 Transmissions produced in 2025 + + 3 shifts 1 shift 3 shifts Invest in additional New mo
Slide 57: Long term CapEx outlook unchanged at ~3%
1 Strategy 2 Operations 3 Finance Going forward: Long term CapEx outlook unchanged at ~3% – short term strategic push to capture on top potential Capturing growth CapEx path1, in % of revenue Allocation focused on Europe2 NON-EXHAUSTIVE Capture incremental potential from 2028+, esp. for Germany Mill
Slide 58: Delivering on our business plans and securing growth
1 Strategy 2 Operations 3 Finance Making it happen: Delivering on our business plan(s) and securing growth Benchmark in Defense Operations Next Level 2028+ Fix the Basics 2026/27 2024/25 ❑ Doubling down on ongoing ❑ Further optimizing and initiatives … series production professionalizing operations
Slide 59: Anja Mänz-Siebje, Chief Financial Officer
Anja Mänz-Siebje Chief Financial Officer RENK Group AG 59 RENK Group / Capital Markets Day 2025, Augsburg
Slide 60: RENK's value creation model
1 Strategy 2 Operations 3 Finance RENK’s value creation model – unlocking our potential Growth levers Return on capital levers Capital M&A Margin productivity Cash Organic expansion conversion 60 RENK Group / Capital Markets Day 2025, Augsburg
Slide 61: Exceptional growth story manifests in strong financial performance
1 Strategy 2 Operations 3 Finance Our exceptional growth story manifests in a strong financial performance Actuals Guidance CAGR Adj. EBIT margin Order intake, €mn PE-owned Listed LTM Sep-2025 Revenue, 676 1,442 in €mn ~17% >1,300 1.42x 22% 1,141 Book-to-bill ROCE2 849 926 698 Adj. 13.0% 16.6% EBIT1
Slide 62: Momentum continued through 9M-2025
1 Strategy 2 Operations 3 Finance Momentum continued through 9M-2025, driven by strong orders and profitable growth Adj. EBIT margin Strong growth at group level… … enabled by profitable segment performance Vehicle Mobility Marine & Industry Slide Bearings Solutions +45% +34% Revenue, in €mn & +25%
Slide 63: Confirming 2025 guidance and 2030 ambition of >20% Adj. EBIT margin
1 Strategy 2 Operations 3 Finance As a result of strong momentum and identified opportunities, we are confirming our 2025 guidance and setting our 2030 ambition at >20% Adj. EBIT margin Adj. EBIT1 (margin) path, in €mn (%) 1 ▪ Deliver on secured order backlog ▪ Capture product mix shift to defense 4
Slide 64: Adj. EBIT growth will accelerate from 2028
1 Strategy 2 Operations 3 Finance In line with our topline development, Adj. EBIT growth will accelerate from 2028 1 Capture sales potential 2 Expand after-market 3 Scale capacity & efficiency 4 Optimize supply chain X Focus contributor Adj. EBIT1 (margin) path, in €mn (%) Contract award Prime ramp-
Slide 65: CCR and ROCE remain at robust levels
1 Strategy 2 Operations 3 Finance CCR and ROCE remain at robust levels, validating the success of our initiatives CCR, in % ROCE, in % ~80% >20% mid-term ambition ambition over time confirmed +2 pp. 22.1 ~80% 84.4 80.6 +4 pp. 19.7 27.6 15.9 2023 2024 LTM Sep-2025 2023 2024 LTM Sep-2025 ▪ Strong busi
Slide 66: Focus on cash – NWC program
1 Strategy 2 Operations 3 Finance Focus on cash – NWC program targets substantial cash unlock, without compromising top priority of delivery reliability Focus on cash NWC characteristics NWC target Within RENK’s control Defined by industry standards and customer mix: Inventory Targeted Adaptive bala
Slide 67: Capital Allocation Framework to drive shareholder value
1 Strategy 2 Operations 3 Finance RENK’s Capital Allocation Framework to drive Shareholder Value Creation Invest in growth Core business and R&D (organic & inorganic) ▪ Long-term avg. Capex of ~3% of revenue to drive growth ▪ One time Capex push in 2026/2027 Shareholder M&A defense Value ▪ Capturing
Slide 68: Financial foundations for growth with embedded ESG criteria
1 Strategy 2 Operations 3 Finance Our financial foundations for growth rest on two key elements supported by embedded ESG criteria Enhancing backbone for future growth Cash focus Capital allocation Enhancing cash focus with doubling down on Net Working Refining capital allocation to align with accel
Slide 69: Our updated financial framework
1 Strategy 2 Operations 3 Finance Summary: Our updated financial framework Short-term 2025 Milestones Mid-term 2030 Revenue >€1.3bn 2028 >€2bn €2.8-3.2bn1 Adj. EBIT2 / margin €210-235mn 2027 >€300mn >20% CapEx ROCE3 CCR4 NWC Leverage as % of revenues as % of revenues ratio5 Additional financial Avg
Slide 70: Appendix
Appendix 70
Slide 71: Like for like comparison of project pipeline 2024 vs. 2025
1 Strategy 2 Operations 3 Finance Like for like comparison of project pipeline in 2024 vs. 2025 Project pipeline, in €bn B ~12.0 +2.0 ~11.5 ~2.5 ~9.5 CMD 2024 (i) Soft and frame OB CMD 2024 Net Change2 CMD 2025 (2024 methodology) included in pipeline1 (2025 methodology) (2025 methodology) 1. In 2024