Business
RENK : Financial Report (87d68361 707b 409c 8a0a 65658a080096)
RENK : Financial Report (87d68361 707b 409c 8a0a
About this update from Renk Group Ag
RENK Group continues positive business performance of 2025 into the first quarter of 2026: a slight increase in revenue compared with the same period last year, total order backlog has also risen slightly Consolidated revenue up 4.0% YoY to €284m Total order backlog above previous year's level at €6.9b Adjusted EBIT up 10.4% YoY to €42m, clearly outpacing revenue growth Full-year forecast for 2026 unchanged: consolidated revenue of > €1.5b and adjusted EBIT of €255 -285m RENK Group AG | Earnings Release March 31, 2026 1 Business performance in first three months of 2026 Growth In the first quarter of 2026, RENK firmly cemented its profitable growth path and established strategic direction. Order intake of €582,253k (previous year: €548,619k) was primarily due to the Vehicle Mobility Solutions (VMS) segment, whose share of the order backlog at the end of the quarter rose to 79.7% (previous year: 77.4%), highlighting the segment's growing importance. Ground-based military applications continue to be the Group's main growth driver here. As of March 31, 2026, the Group's total order backlog stood at €6.9b, up from €6.7b as of December 31, 2025. Revenue rose moderately by €10,997k to €283,614k, compared to €272,617k in the same period of the previous year. Key factors in this were the strong performance of the VMS segment, especially at the Augsburg site, coupled with successful implementation of the modular production process. Revenue in the Marine & Industry (M&I) segment fell short of the Group's expectations due to customer-related shipment delays and shortages at one supplier. Slide Bearings (SB) showed stable performance, almost matching the previous year's level by the end of the quarter. Profitability Thanks to the strong margin profile in the VMS segment, the significant revenue growth led to a noticeable increase in EBIT by €2,276k to €26,638k. Adjusted EBIT increased by €3,992k to €42,410k. The adjustments mainly relate to depreciation and amortization of assets remeasured during purchase price allocation (PPA effects) as well as to consulting services. The adjusted EBIT margin amounted to 15.0% in the first three months of 2026, compared to 14.1% in the same period of the previous year. In addition to the margins achieved in new and aftermarket business, higher output volumes in the VMS segment made for greater economies of scale. Liquidity On the basis of the operating performance in the first quarter of 2026, a smaller increase in net working capital (NWC) resulted in a positive free cash flow of €1,166k. In the comparative period, this was negative at €-24,896k. The increase in inventories by €56,208k (previous year: €46,061k) includes inventories for pending orders as well as finished goods and work in progress from the M&I segment that were not shipped as scheduled in the first quarter. Cut-off effects also had a positive impact, in contrast to the previous year. RENK Group AG 01.01.-31.03. Change in €k 2025 2026 in € in % Order intake 548,619 582,253 33,634 6.1 Revenue 272,617 283,614 10,997 4.0 EBIT 24,362 26,638 2,276 9.3 Adjusted EBIT 38,419 42,410 3,992 10.4 Adjusted EBIT margin 14.1% 15.0% n/a 0.9 p.p. Profit (+) / loss (-) after tax 771 15,386 14,615 >200,0 Adjusted net income 10,243 26,071 15,828 154.5 Basic earnings per share (€) 0.01 0.15 0.14 >200,0 Diluted earnings per share (€) 1) 0.01 0.15 0.14 >200,0 1) Accounting for the Long-Term Incentive (LTI) Plan resulted in a non-material dilutive effect in the first three months of 2025 and 2026. In the first three months of 2026, RENK generated order intake of €582,253k, significantly exceeding the previous year's €548,619k. This sustained positive trend was driven by defense sector demand for propulsion solutions to power ground-based systems. As a result, the VMS segment recorded a sharp increase in order intake, which totaled €478,437k in the first quarter of 2026 (previous year: €396,944k), thus accounting for the bulk of new orders. By comparison, the M&I segment, with order intake of €70,028k, fell significantly short of the exceptional €122,342k recorded in the same quarter of the previous year, which had been driven notably by the marine business. As of March 31, 2026, the Group-wide book-to-bill ratio stood at 2.1x (previous year: 2.0x). This positive outcome highlights the unbroken growth momentum, particularly in military applications. Consolidated revenue rose slightly compared to the same quarter of the previous year, from €272,617k to €283,614k. This increase is due to ambitious and timely order fulfillment in the VMS segment, especially at the Augsburg site, as well as to the newly implemented modular production process. The sluggish performance in the M&I segment was a limiting factor. Shipments planned for the first quarter were unable to be made due to customer-related schedule and delivery delays and to shortages at one supplier. This resulted in a significant revenue shortfall in the low double-digit millions and the deferral of revenue to future quarters of the 2026 financial year. The SB segment recorded only a slight decline in revenue and, at €30,204k (previous year: €30,592k), almost matched the contribution to overall revenue performance in the previous year's quarter. Both EBIT and adjusted EBIT increased significantly year on year. This was mainly due to the revenue growth in the VMS segment on the basis of a corresponding margin profile across the underlying product portfolio together with the resulting economies of scale. An even stronger improvement in profitability was prevented by the M&I segment's operating performance, which fell short of expectations particularly in the high-margin marine business. The adjusted EBIT margin showed a moderate increase in the first three months of 2026 to 15.0% (previous year: 14.1%). In the first three months of 2026, RENK reported a significant increase in profit before tax to €23,775k (previous year: €4,760k). With an increase in operating profit to €26,638k, this is mainly due to the significantly smaller negative financial result of €-2,863k, compared to €-19,602k in the same quarter of the previous year. While the comparative period had been negatively impacted primarily by exchange rate effects, favorable changes in the base rate and a significant reduction in net debt at the end of the previous fiscal year led t o more favorable terms for the long-term floating-rate loan (Term Loan B). Deducting the income tax expense of €8,389k (previous year: €3,989k), which is in line with the profit performance, results in profit after tax of €15,386k (previous year: €771k). Order backlog Change in €m 31.12.2025 31.03.2026 in € in % Fixed order backlog 2,260 2,576 316 14.0 Frame order backlog 859 868 9 1.0 Soft order backlog 3,557 3,462 (95) (2.7) Total order backlog 6,676 6,907 231 3.5 The fixed order backlog increased by €316m year on year to €2,576m. This growth primarily relates to order intake for ground-based military propulsion solutions in the VMS segment. VMS accounts for 79.7% of the order backlog (December 31, 2025: 77.4%), M&I for 17.5% (December 31, 2025: 19.6%) and SB for 2.8% (December 31, 2025: 3.0%). The slight decrease in the soft order backlog is due to transfers to the fixed order backlog. However - reflecting the development of the book-to-bill ratio - the growth in the order backlog exceeded recognized revenue by more than double, leading to a €231m increase in the total order backlog compared to the end of the previous fiscal year. Free cashflow 01.01.-31.03. Change in €k 2025 2026 in € in % EBIT 24,362 26,638 2,276 9.3 Amortisation and depreciation of intangible assets and property, plant and equipment (incl. PPA amortisation and depreciation) 18,937 19,566 629 3.3 EBITDA 43,299 46,204 2,905 6.7 Interest received 779 575 (204) (26.2) Interest payments (7,732) (6,962) 770 10.0 Income tax payments (6,458) (9,891) (3,433) (53.2) Change in net working capital (49,538) (31,350) 18,188 36.7 Change in inventories (46,061) (56,208) (10,147) (22.0) Change in trade receivables and contract assets 1) (39,685) 22,743 62,428 157.3 Change in trade payables 7,724 (15,564) (23,288) <(200,0) Changes in contract liabilities and customer prepayments received 2) 28,484 17,679 (10,805) (37.9) Investments in property, plant and equipment and intangible assets (4,962) (5,066) (104) (2.1) Other 3) (284) 7,656 7,940 >200,0 Free cashflow (24,896) 1,166 26,062 104.7 1) Changes in receivables from customer prepayments amounting to €26,185k (previous year: €4,493k) are reported under "Other" 2) Changes in liabilities arising from receivables from customer prepayments amounting to €20,659k (previous year: €-5,492k) are reported under "Other" 3) Other reconciliation items include changes in provisions, other receivables and liabilities not included in NWC and other non-material cash and non-cash effects. The increase in EBITDA by €2,905k to €46,204k (previous year: €43,299k) is largely driven by the positive EBIT performance. As a result of lower interest payments, interest paid and received improved significantly compared to the same period last year, with a net change of €566k. Net working capital has increased since the beginning of the fiscal year, resulting in a total free cash flow impact of €-31,350k (previous year: €-49,538k). The increase in inventories by €56,208k includes inventories for pending orders as well as finished goods and work in progress from the M&I segment that were not shipped as scheduled in the first quarter. As in the same period of the previous year, the changes in the other components of net wor king capital are due to cut-off effects. Payments for capital expenditure in the amount of €5,066k (previous year: €4,962k) mainly relate to production facilities at the Augsburg site and in the first three months of 2026, as in the same period of the previous year, amounted to approximately 1.8% of revenue which is below the communicated target of 3%. Overall, free cash flow for the first three months of fiscal year 2026 was positive, amounting to €1,166k, compared to a negative free cash flow of €-24,896k in the same period of the previous year. In addition to the increase in inventories, the latter period was negatively impacted by significant cut-off effects. Vehicle Mobility Solutions (VMS) 01.01.-31.03. Change in €m 2025 2026 in € in % Order intake 396,944 478,437 81,493 20.5 Revenue 172,228 191,452 19,224 11.2 EBIT 27,623 34,672 7,049 25.5 Adjusted EBIT 28,641 35,018 6,377 22.3 Adjusted EBIT margin 16.6% 18.3% n/a 1.7 p.p. Order intake, which rose sharply by €81,493k to €478,437k, was driven by demand for military propulsion solutions to power ground-based systems. VMS recorded a significant increase in revenue by 11.2% to €191,452k. The Augsburg site made the largest contribution here, once again demonstrating the successful improvement in operational performance. Driven by the revenue growth, EBIT rose sharply by €7,049k to €34,672k. Economies of scale and the margin profile were key factors here. Adjusted EBIT amounted to €35,018k, compared to €28,641k in the same period of the previous year. The VMS segment's adjusted EBIT margin increased significantly from 16.6% to 18.3%, as the rise in profitability outpaced revenue growth. Marine & Industry (M&I) 01.01.-31.03 Change in €m 2025 2026 in € in % Order intake 122,342 70,028 (52,314) (42.8) Revenue 73,086 65,166 (7,920) (10.8) EBIT 7,218 4,326 (2,892) (40.1) Adjusted EBIT 7,462 4,387 (3,075) (41.2) Adjusted EBIT margin 10.2% 6.7% n/a (3.5) p.p. . M&I order intake of €70,028k marked a sharp decline of €52,314k compared to the same period of the previous year. The latter period had seen an above-average volume of orders in the marine business, which was not matched by comparable volumes in the quarter under review. Segment revenue of €65,166k (previous year: €73,086k) is significantly below expectations. In addition to customer-related delivery delays, a shortage at one supplier led to a significant lengthening of production cycles and disruptions in downstream processes. The resulting shortfall in the marine business was not fully offset by the satisfactory performance in the industrial business. The latter continues to face negative and increasingly volatile macroeconomic conditions. As a result, while M&I reported a positive EBIT of €4,326k, this marks a sharp decline relative to the €7,218k reported in the same quarter of the previous year. This is due to the loss of contribution margin in the marine business resulting from the deferral of revenue and a decline in aftermarket activities. Overall, these factors led to a sharp fall in the adjusted EBIT margin by 3.5 percentage points in the first quarter, from 10.2% to 6.7%. Slide Bearings (SB) 01.01.-31.03 Change in €m 2025 2026 in € in % Order intake 36,704 34,585 (2,119) (5.8) Revenue 30,592 30,204 (388) (1.3) EBIT 5,285 4,024 (1,262) (23.9) Adjusted EBIT 5,285 4,024 (1,262) (23.9) Adjusted EBIT margin 17.3% 13.3% n/a (4.0) p.p. . Order intake in the SB segment fell slightly short of the same period of the previous year due to delays in orders for marine bearings, but remained at a comparable level at €34,585k. The underlying demand was mainly for marine and electric motor bearings. Revenue for the segment remained stable, totaling €30,204k (previous year: €30,592k). As before, the underlying output volumes chiefly relate to electric motor bearings, generators and marine applications. Profitability was negatively impacted by cost burdens due to the punitive US tariffs and warranty expenses. The strong margin profile in new business and aftermarket activities has hence failed to translate into consistent profitability. EBIT and adjusted EBIT consequently declined by 23.9% to €4,024k, compared to €5,285k in the same period of the previous year. Adjustments 01.01.-31.03 Change in €k 2025 2026 in € in % Effects of purchase price allocations 11,025 11,007 (18) (0.2) Global system improvements 1,647 1,358 (289) (17.6) Severance provision - 554 554 n/a Implementation of process standards - 389 389 n/a M&A activity related costs 305 221 (84) (27.7) Implementation tax compliance standards 134 123 (11) (8.0) Other adjustments 946 2,121 1,175 124.2 Adjustments total 14,057 15,772 1,715 12.2 This results in an adjusted EBIT margin of 13.3% for the first three months of 2026, marking a substantial decrease on the 17.3% reported in the same period of the previous year. . At €11,007k (previous year: €11,025k), the adjustments are mainly due to purchase price allocation (PPA) effects, largely relating to the depreciation and amortization of remeasured non-current assets and reconciliation to the consolidated financial statements. In the first quarter, €1,358k (previous year: €1,647k) was spent on global system improvements. The other adjustments mainly relate to costs of consulting services for other specific purposes. Reconciliation of consolidated financial statements 01.01.-31.03 Change in €k 2025 2026 in € in % Adjusted EBIT of segments 41,388 43,429 2,040 4.9 Reconciliation consolidated financial statement (2,970) (1,018) 1,951 65.7 Adjusted EBIT margin 38,419 42,410 3,992 10.4 . As before, the reconciliation items relate to costs of corporate functions and charging them on within the Group. Outlook Forecast In the view of the Management Board, the forecast assumptions presented in the Annual Report 2025 remain unchanged, despite the intensification of geopolitical risks. Currently, RENK does not anticipate significant negative impacts from the war in Iran. The likelihood and scale of any such impacts depend on the intensity, any escalation and the duration of hostilities as well as, above all, on the resulting effects on energy costs. Accordingly, RENK continues to anticipate consolidated revenue of more than €1.5b and adjusted EBIT of between ~€255m and €285m for fiscal year 2026. Furthermore, the average order intake for fiscal years 2024 to 2026 will be clearly above the average of €1,429.9m for fiscal years 2023 to 2025. Notes on forward-looking statements Recordings of the conference calls for journalists, analysts and investors are made available once they have taken place. Financial publications can be downloaded online at https://ir.renk.com/publications/ . This document contains statements regarding our future business and financial performance as well as future events or developments affecting RENK Group AG, which may constitute forward-looking statements. These statements can be identified by the use of words such as "expect", "want", "anticipate", "intend", "plan", "believe", "aim", "estimate", "will", "predict" or similar te rms. Where necessary, we may also make forward-looking statements in other reports, prospectuses, presentations, documents sent to shareholders and press releases. Additionally, our representatives may occasionally make forward-looking statements orally. Such statements are based on current expectations and certain assumptions made by RENK Group AG's management, many of which are beyond the control of RENK Group AG. This means that they are subject to numerous risks, uncertainties and other factors, including, but not limited to, those described in publications, especially the report on expected developments and associated material opportunities and risks section of the Annual Report and the half -year financial report, which should be read in conjunction with the Annual Report. Should one or more of these risks or uncertainties materialize, force majeure events such as pandemics occur, underlying expectations - including future events - not occur or be delayed, or assumptions prove incorrect, RENK Group AG's actual results, performance or achievements may differ materially (either negatively or positively) from those expressed or implied in the forward-looking statements. RENK Group AG assumes no obligation and does not intend to update or revise these forward-looking statements should developments differ from those expected. This document includes supplementary financial performance measures that are not precisely defined in the relevant accounting regulations, and which are or could constitute what are known as alternative performance measures. When assessing the net assets, financial position and results of operations of RENK Group AG, these supplementary financial performance measures should not be used in isolation or as an alternative to the financial performance measures presented in the consolidated financial statements and determined in accordance with the relevant accounting regulations. Other companies that present or report similarly labeled alternative performance measures may calculate them differently. Due to rounding, the individual figures in this and other reports may not add up precisely to the totals given, and percentages may not precisely reflect the absolute values on which they are based. This document is a quarterly statement in accordance with Section 53 of the Exchange Rules for the Frankfurter Wertpapierbörse. The analyst and investor call on the financial figures for the first three months of fiscal year 2026 will be broadcast online from 11:00 CET on May 6, 2026. It can be accessed via our Investor Relations website: https://ir.renk.com/publications/ . Contact: Investor Relations [email protected] Corporate Communications [email protected] Financial calendar 2026: June 10, 2026 Annual General Meeting August 6, 2026 H1 results 2026 November 5, 2026 Earnings release as of September 30, 2026 Financial information March 31, 2026 Selected key performance indicators Growth 01.01.-31.03. Change in €k 2025 2026 in € in % Order Intake 548,619 582,253 33,634 6.1 Revenue 272,617 283,614 10,997 4.0 Profitability 01.01.-31.03 Change in €k 2025 2026 in € in % EBIT 24,362 26,638 2,276 9.3 Adjusted EBIT 38,419 42,410 3,992 10.4 EBIT margin 8.9% 9.4 % n/a 0.5 p.p. Adjusted EBIT margin 14.1% 15.0 % n/a 0.9 p.p. Financial result (19,602) (2,863) 16,739 85.4 Profit (+) / loss (-) before tax 4,760 23,775 19,015 >200.0 Income taxes (3,989) (8,389) -4,400 (110.3) Profit (+) / loss (-) after tax 771 15,386 14,615 >200 Adjusted net income 10,243 26,071 15,828 154.5 Basic earnings per share (€) 0.01 0.15 0.14 >200.0 Diluted earnings per share (€) 1) 0.01 0.15 0.14 >200.0 . 1) Accounting for the Long-Term Incentive (LTI) Plan resulted in a non-material dilutive effect in the first three months of 2025 and 2026. Liquidity 01.01.-31.03. Change in €k 2025 2026 in € in % Free cashflow (24,896) 1,166 26,062 104.7 31.12.2025 31.03.2026 absolute in % Net debt 1) 391,421 390,983 (438) (0.1) Net debt / LTM adj. EBITDA 2) 1.5 1.5 0.0 n/a 1) Net debt is defined as the sum of non-current financial liabilities and lease liabilities less cash and cash equivalents. 2) Adjusted LTM EBITDA is defined as operating profit for the last twelve months before depreciation, amortization and impairment of intangible assets and property, plant and equipment, PPA depreciation and amortization, and gains/losses from the disposal of PPA assets, and adjusted for certain items that the Management Board considers to be exceptional or non-recurring. A detailed breakdown is provided in the table on adjustments. Employees Change 31.12.2025 31.03.2026 absolute in % Germany 3,053 3,092 39 1.3 Except Germany 1,341 1,368 27 2.0 Group total 4,394 4,460 66 1.5 Consolidated income statement in €k 2025 Jan 1 - Mar 31 2026 Jan 1 - Mar 31 Revenue 272,617 283,614 Cost of sales (206,315) (212,060) Gross profit 66,302 71,554 Distribution expenses (16,761) (17,735) General and administrative expenses (22,253) (26,495) Net allowances on financial assets 70 (54) Other income 3,332 7,845 Other expenses (6,327) (8,477) Operating profit 24,362 26,638 Interest expense (9,690) (5,144) Other financial result (9,912) 2,281 Financial result (19,602) (2,863) Profit / loss before tax 4,760 23,775 Income taxes (3,989) (8,389) Profit / loss after tax 771 15,386 of which attributable to: Profit attributable to non-controlling interests 90 40 Profit attributable to shareholders of RENK Group AG 681 15,346 Basic earnings per share (€) 0.01 0.15 Diluted earnings per share (€) 1 0.01 0.15 Weighted average number of ordinary shares outstanding (basic) (in million) 100.0 100.0 Weighted average number of ordinary shares outstanding (diluted) (in million) 100.0 100.1 1 Accounting for the Long-Term Incentive (LTI) Plan resulted in a non-material dilutive effect in the first three months of 2025 and 2026. Consolidated statement of comprehensive income in €k 2025 Jan 1 - Mar 31 2026 Jan 1 - Mar 31 Profit (+) / loss (-) after tax 771 15,386 Items not reclassified to profit or loss Change in the fair value of financial investments - - Remeasurement of defined benefit liability 3,348 (3,346) Deferred taxes (988) 450 2,360 (2,895) Items reclassified to profit or loss in the future Currency translation differences (4,961) 7,270 Cash flow hedges 525 2,304 Deferred taxes (168) (770) (4,604) 8,805 Other comprehensive income for the period (2,244) 5,909 Total comprehensive income (1,473) 21,295 Total comprehensive income attributable to non-controlling interests (154) 236 Total comprehensive income attributable to shareholders of RENK Group AG (1,319) 21,059 0 0 Consolidated statement of financial position Assets in €k Dec 31, 2025 Mar 31, 2026 Intangible assets 310,049 302,533 Property, plant and equipment 339,829 338,436 Other and financial investments 815 815 Deferred tax assets 29,213 30,496 Other non-current financial assets 380 308 Other non-current receivables 22,741 19,838 Non-current assets 703,027 692,426 Inventories 435,979 495,516 Trade receivables 214,761 226,570 Contract assets 165,912 161,442 Current income tax receivables 9,295 9,785 Other current financial assets 7,859 6,653 Other current receivables 18,586 18,130 Cash and cash equivalents 152,078 152,904 Currents assets 1,004,470 1,071,000 1,707,497 1,763,426 Equity and liabilities in €k Dec 31, 2025 Mar 31, 2026 Share capital 100,000 100,000 Capital reserves 174,470 175,189 Retained earnings 193,275 208,702 Cumulative other comprehensive income 17,004 22,912 Equity attributable to shareholders of RENK Group AG 484,749 506,803 Equity attributable to non-controlling interests 5,268 5,334 of which non-controlling interests in consolidated net income for the year 916 (40) Equity 490,017 512,137 Non-current financial liabilities 528,319 526,418 Pension provisions 2,915 2,874 Deferred tax liabilities 57,167 56,403 Contract liabilities, non-current 105,484 106,641 Other non-current provisions 12,286 12,550 Other non-current financial liabilities 3,395 50 Other non-current liabilities 122 134 Non-current liabilities and provisions 709,688 705,069 Current financial liabilities 6,957 5,829 Income tax liabilities 40,390 41,043 Trade payables 143,916 128,854 Contract liabilities, current 219,992 260,152 Other current provisions 43,523 42,815 Other current financial liabilities 2,727 4,215 Other current liabilities 50,287 63,313 Current liabilities and provisions 507,792 546,220 1,707,497 1,763,426 Consolidated statement of cash flows in €k 2025 Jan 1 - Mar 31 2026 Jan 1 - Mar 31 Cash and cash equivalents at beginning of period 164,306 152,078 Profit / loss before tax before tax (including profit/loss attributable to non-controlling interests) 4,760 23,775 Income taxes paid (6,458) (9,891) Depreciation, amortization and impairment losses on intangible assets and property, plant and equipment 18,937 19,566 Change in pension provisions 2,434 (482) Gains/losses on disposal of asstes (21) 2 Other non-cash expenses and income (2,493) 788 Change in inventories (43,144) (56,208) Change in other assets (45,553) (2,988) Change in (contract) liabilities 36,604 35,810 Change in other provisions 2,351 (616) Financial result 19,602 2,863 Cash flows from operating activities (12,981) 12,618 Capital expenditure on property, plant and eqipment and intangible assets (4,962) (5,066) Proceeds from disposals of property, plant and equipment and intangible assets 91 182 Payments for the acquisition of subsidiaries or other business units less acquired cash and cash equivalents (5,788) - Cash flows from restricted cash (2,425) 64 Interest received 779 575 Cash flow from investing activities (12,306) (4,245) Change in cash-pool liabilities - 1 Lease payments (931) (789) Interest payments (7,732) (6,962) Cash flows from financing activities (8,663) (7,751) Effect of exchange rate changes on cash and cash equivalents (1,809) 204 Change in cash and cash equivalents (35,758) 827 Cash and cash equivalents at end of period 128,548 152,905 Restricted cash 3,643 3,338 Gross liquidity at end of period 132,191 156,243 Financial liabilities (533,384) (532,104) Net liquidity at end of period (401,193) (375,861) Segment information Segment information 01.01.-31.03. Revenue EBIT Adj. EBIT Adj. EBIT margin in €k 2025 2026 2025 2026 2025 2026 2025 2026 VMS 172,228 191,452 27,623 34,672 28,641 35,018 16.6% 18.3% M&I 73,086 65,166 7,218 4,326 7,462 4,387 10.2% 6.7% SB 30,592 30,204 5,285 4,024 5,285 4,024 17.3% 13.3% Total segments 275,906 286,822 40,126 43,022 41,388 43,429 15.0% 15.1% Reconciliation consolidated financial statements (3,289) (3,208) (15,764) (16,384) (2,970) (1,018) k A. k A. RENK 272,617 283,614 24,362 26,638 38,419 42,410 14.1% 15.0% Tros‹edPar‹ner RENK Group AG