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RENK : Financial Report (a0610c9b 641c 447c a282 e9008b16dd82)
RENK : Financial Report (a0610c9b 641c 447c a282
About this update from Renk Group Ag
TRUSTED PARTNER. Q1 2026 Analyst Presentation Dr. Alexander Sagel, CEO Anja Mänz-Siebje, CFO 6 May 2026 Q1 2026 OVERVIEW Q1 2026 summary - solid start into the year Highlights Key order intakes Q1 2026 International ~ €157m MBT / transmissions Strongest order intake for a first quarter ever of €582m (Q1 2025: €549m) with book-to-bill at 2.1x (Q1 2025: 2.0x) Total Order Backlog marks new all-time high of €6.9bn (Dec 2025: €6.7bn) VMS clear growth engine with record-high order intake and double-digit revenue growth, fully in line with customer delivery schedules >90% of planned FY 2026 revenue already covered by fixed order backlog - reaffirming 2026 guidance Puma 2 nd batch / transmissions + suspensions ~ €140m M88 US Recovery Tank / engines ~ €49m International customer / transmission ~ €18m K9 / Suspensions ~ €7m 1 RENK Group AG | Q1 2026 Conference Call Q1 2026 OVERVIEW RENK Group maintains strong order momentum and profitable growth ORDER INTAKE Q1 2026 €582m REVENUE Q1 2026 €284m ADJ. EBIT Q1 2026 €42m ADJ. EBIT MARGIN Q1 2026 15.0% +6% YoY +4% YoY +10% YoY +0.9pp YoY Order intake - new record level for a first quarter of a year underpinning unchanged strong demand Revenue - modest growth driven by focused operational execution of order backlog, impacted by external factors Adj. EBIT - strong adj. EBIT growth again outpacing revenue growth Adj. EBIT margin - continued expansion reflecting operating leverage Defense (Q1 25: 73%) Aftermarket (Q1 25: 39%) 74% 36% 26% 64% Civil (Q1 25: 27%) New Build (Q1 25: 61%) REVENUE BY END MARKETS (LTM) REVENUE BY NEW BUILD/ AFTERMARKET (LTM) New bu aft Aftermarket 2 RENK Group AG | Q1 2026 Conference Call Q1 2026 OVERVIEW Defense business is driving the Group performance +3% Order Intake (Defense , €m) Revenue (Defense , €m) +27% 495 390 +14% ~232 203 209 Q1 2025 Q1 2026 Q1 2025 Q1 2026 Q1 2026 Missing Israel volumes compared to Q1 2025 3 RENK Group AG | Q1 2026 Conference Call Q1 2026 OVERVIEW Vehicle Mobility Solutions Revenue growth of 11% in line with customer contracts and delivery schedules Record Q1 order intake of €478m (+21% YoY) - book-to-bill ratio at 2.5x driven by international MBT and PUMA 2 nd batch Modular production concept supporting ongoing margin improvements Revenue, €m 11.2% 191 172 134 Order intake Q1 478 €m Q1 2024 Q1 2025 Q1 2026 4 RENK Group AG | Q1 2026 Conference Call Q1 2026 OVERVIEW Marine & Industry Revenue growth of -11% Revenue conversion impacted by customer-induced delays in outbound logistics & supplier schedule issues - will be recovered in Q2/Q3 Industrial business still under market pressure Revenue, €m 79 -10.8% 73 65 Order intake Q1 70 €m Q1 2024 Q1 2025 Q1 2026 5 RENK Group AG | Q1 2026 Conference Call Q1 2026 OVERVIEW Slide Bearings Flat revenue growth with headwinds from industrial markets Less favorable product mix in the current quarter and negative US-tariff impact (unlike in Q1 2025) Revenue, €m -1.3% 29 31 30 Order intake Q1 35 €m Q1 2024 Q1 2025 Q1 2026 6 RENK Group AG | Q1 2026 Conference Call Q1 2026 OVERVIEW Total Order Backlog is growing steadily due to demand for military propulsion solutions Total Order Backlog (Q1-26), €bn LTM revenue coverage (1) 1.9x 0.6x 2.5x 5.0x 3.6 (FY-25) Additional recurring aftermarket business outside of framework contracts 2.6 0.9 3.5 6.7 (FY-25) 6.9 0.9 (FY-25) 2.3 (FY-25) Fixed Order Backlog (2) Frame Order Backlog (3) Soft Order Backlog (4) Total Order Backlog 7 RENK Group AG | Q1 2026 Conference Call TRUSTED PARTNER. Financial Summary Anja Mänz-Siebje, CFO FINANCIAL SUMMARY RENK Group: Solid start into the year with record-high Q1 order intake Order intake, €m Revenue, €m Fixed order backlog (2) , €m 2.0x 2.1x 14.0% 2,576 2,260 6.1% 549 582 4.0% 273 284 Q1-25 Q1-26 YoY growth Book-to-bill ratio (1) 9 RENK Group AG | Q1 2026 Conference Call Q1-25 Q1-26 Dec-25 Mar-26 FINANCIAL SUMMARY RENK Group: Profitable growth supports stable net debt Adj. gross profit (1) , €m Adj. EBIT (2) , €m Net debt (3) , €m 28.7% 29.7% 14.1% 15.0% 1.5x 1.5x -0.1% 391 391 78 84 7.4% 38 42 10.4% Q1-25 Q1-26 Q1-25 Q1-26 Dec-25 Mar-26 YoY growth Adj. gross profit margin Adj. EBIT margin Net debt / LTM Adj. EBITDA (4) 10 RENK Group AG | Q1 2026 Conference Call FINANCIAL SUMMARY VMS remains the Group's growth driver Segment financials, €m Order intake Revenue Adj. EBIT (1) 16.6% 18.3% 20.5% 478 397 172 191 22.3% 35 29 11.2% Q1-25 Q1-26 YoY growth Adj. EBIT margin Q1-25 Q1-26 Q1-25 Q1-26 11 RENK Group AG | Q1 2026 Conference Call FINANCIAL SUMMARY M&I: Temporary softness while naval fundamentals intact Segment financials, €m Order intake Revenue Adj. EBIT (1) 10.2% 6.7% -42.8% 122 70 -41.2% 7 4 73 65 -10.8% Q1-25 Q1-26 YoY growth Adj. EBIT margin Q1-25 Q1-26 Q1-25 Q1-26 12 RENK Group AG | Q1 2026 Conference Call FINANCIAL SUMMARY Slide Bearings: Flattish revenue with continued industrial market headwinds Segment financials, €m Order intake Revenue Adj. EBIT (1) 17.3% 13.3% -5.8% -1.3% 37 35 -23.9% 5 4 31 30 Q1-25 Q1-26 YoY growth Adj. EBIT margin Q1-25 Q1-26 Q1-25 Q1-26 13 RENK Group AG | Q1 2026 Conference Call FINANCIAL SUMMARY Minor adjustments, mainly relating to purchase price allocations 1 2 For the period, €m Q1-25 Q1-26 Operating profit 24.4 26.6 Purchase price allocation effects 11.0 11.0 Operating profit before PPA depreciation and amortization as well as income / losses from PPA asset disposals 35.4 37.6 Adjustments 3.0 4.8 Adj. EBIT 38.4 42.4 Depreciation, amortization and impairment losses (excluding purchase price allocation effects) 8.0 8.6 Adj. EBITDA 46.4 51.0 14 RENK Group AG | Q1 2026 Conference Call FINANCIAL SUMMARY Net working capital developed in line with production activity Net working capital, €m Customer receivables (1) Trade payables Inventories Prepayments received (2) 27.6% 25.2% 24.9% % of LTM revenue 495.5 436.0 391.2 (117.0) (143.9) (128.9) 267.7 375.0 356.3 344.9 380.2 284.2 (257.8) (322.1) (342.8) Dec-24 Dec-25 Mar-26 15 RENK Group AG | Q1 2026 Conference Call FINANCIAL SUMMARY Change in NWC, €m Strong operating performance outperforms NWC increase Key Free Cash Flow items Q1-26, €m (31.3) (15.6) (56.2) +22.7 7.7 7.6 (5.1) (9.9) (4.8) (31.4) (6.4) 51.0 1.2 Trade payables Inventories Customer receivables +17.7 Prepayments received Adj. EBITDA (1) Adjustments (2) Change in NWC (3) CapEx (4) Income Tax Other (5) Unlevered Free Cash Flow Interest result Free Cash Flow CCR (%) 59.0 CCR LTM Q1-2026 16 RENK Group AG | Q1 2026 Conference Call TRUSTED PARTNER. OUTLOOK Dr. Alexander Sagel, CEO OUTLOOK 2026 guidance confirmed Main operational levers Guidance 2026 €255-285m Adj. EBIT >€1.5bn Revenue Strict delivery and revenue conversion based on customer contracts Stronger backend loaded H2 Full focus on operational and capacity expansion in Augsburg and Rheine Roll out of RENK production system (VTA, RAM, Horstman Group) Further improvements of operational efficiencies 18 RENK Group AG | Q1 2026 Conference Call OUTLOOK RENK is positioned for strong order intake growth in 2026 Order Intake Development 2026 (in €m) Vehicle Mobility Solutions Marine & Industry Key OE order intake 2026 (examples) Leopard MBT + family, IMBT and int. customers Boxer Arminius Slide Bearings ~2,000 PzH2000 ~400-500 IFV (AICS, ROM, AUT) 582 Thor IV Q1-26a Q2-26e Expected Segment H2 OI 19 RENK Group AG | Q1 2026 Conference Call FY-26e Visibility International MBT F-127, MEKO A200, R&D & various frigates Digitalization OUTLOOK R&D projects in the land and sea domain Expanding the core HSWL 354B ESM280 Heavy tracked UGV ASV Development contract for new Leopard 2 transmission Development of high-performing transmission for heavy wheeled platforms >30t Development of first heavy class UGV concept Development contract for autonomous surface vehicle 20 RENK Group AG | Q1 2026 Conference Call OUTLOOK Key takeaways 1 RENK is off to a solid start into 2026 with the highest-ever Q1 order intake of €582m and total order backlog at a new all-time high of €6.9bn 2 VMS is the clear growth engine - record Q1 order intake (book-to-bill 2.5x) and the modular production concept in Augsburg delivering tangible operational results with clear margin improvements 3 M&I and Slide Bearings impacted by temporary and external effects (e.g. customer logistics timing, continued industrial headwinds, US tariffs) -underlying story and order pipeline intact 4 2026 guidance confirmed - targeting the upper half of the adj. EBIT guidance range (€255-285m) and revenue above €1.5bn, >90% already covered by fixed order backlog 21 RENK Group AG | Q1 2026 Conference Call OUTLOOK Financial Calendar H1/H2 2026 Berenberg Roadshow, Frankfurt (7 May) Berenberg European Conference, New York (19-20 May) Jefferies Roadshow US/CAN (18/21-22 May) db access European Champions Conference Frankfurt (26 May) Erste Group The finest CEElection Conference, Warsaw (27-28 May) Metzler Roadshow, Cologne (8 July) LBBW Roadshow, Stuttgart (9 July) Pre-Close Call H1 2026 (16 July) May June July August AGM (10 June) Kepler Cheuvreux Virtual CEO Tour (11 June) Eurosatory Investor Meetings, Paris (16-17 June) db Defence Conference, London (22 June) Jefferies DACH Conference, Baden-Baden (24 June) H1 2026 Release (6 August) 22 RENK Group AG | Q1 2026 Conference Call TRUSTED PARTNER. RENK Group / Company presentation / March 2023 Q&A Session TRUSTED PARTNER. Your contact Events Publications Investor Relations: Julia Brand, Senior IR Manager Phone: +49 821 5700 735 E-Mail: [email protected] Maximilian König, Senior IR Manager Phone: +49 821 5700 9302 E-Mail: [email protected] Christian Weiß, Senior IR Manager Phone: +49 821 5700 9279 RENK Group / Company presentation / March 2023 E-Mail: [email protected] 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 an invitation to subscribe for, underwrite or otherwise acquire, any securities of RENK Group AG (the "Company", and together with its subsidiaries, the "Group"), nor should it or any part of it form the basis of, or be relied on in connection with, any contract to purchase or subscribe for any securities of the Company or with any other contract, commitment or investment decision whatsoever. Certain financial data included in this presentation consists of non-IFRS financial measures. These non-IFRS financial measures may not be comparable to similarly titled measures presented by other companies, nor should they be construed as an alternative to other financial measures determined in accordance with IFRS. You are cautioned not to place undue reliance on any non-IFRS financial measures included herein. Past events or performances should not be taken as a guarantee or indication of future events or performance. Financial informatio n presented in parentheses denotes the negative of such number presented. Any assumptions, views or opinions (including statements, projections, forecasts or other for-ward-looking statements) contained in this presentation represent the assumptions, views or opinions of the Company as of the date indicated and are subject to change without notice. All information not separately sourced is from Company data and esti mates. To the extent available and unless denoted otherwise, the industry and market data contained in this presentation has been derived from Company estimates as well as official or third-party sources. Market and market share data has been derived from Company estimates as well as official or third-party sources. Market and market share data are based on company internal estimates derived from continuous analysis and aggregatio n of local management feedback on market share and ongoing market development. Third party industry publications, studies and surveys generally state that the data contained therein have been obtained fro m sources believed to be reliable, but that there is no guarantee of the accuracy or completeness of such data. While the Company believes that each of these publications, studies and surveys has been prepared by a reputable source, the Company has not independently verified the data contained therein. In addition, certain of the industry and market data, if not labelled otherwise, contained in this presentation are derived from the Company's internal research and estimates based on the knowledge and experience of its management in the markets in which it operates. The Company believes that such research and estimates are reasonable and reliable, but their underlying methodology and assumptions have not been verified by any independent source for accuracy or completeness and are subject to change without notice. Accordingly, undue reliance should not be placed on any of the industry or market data contained in this presentation. Information contained in this presentation related to past performance is not an indication of future performance. The information in this presentation is not intended to predict actual results, and no assurances are given with respect thereto. Certain Information included in this Presentation is taken or derived from third-party market studies or reports. Market studies are usually based on certain assumptions and expectations that may not be accurate or appropriate, and their methodology is by nature predictive and speculative and therefore subject to uncertainties. The data reflected in market studies is typically based on other industry publications as well as market research, which itself is based on sampling and subjective judgments by both the researchers and the respondents, including judgments about what types of products and transactions should be included in the relevant market. Accordingly, market studies generally state that the information contained therein is believed to be accurate but that no representation or warranty is given by the market study provider as to the accuracy or completeness of such information and that the opinions and analyses provided in the relevant market study are not representat ions of fact. The information contained in this presentation has not been independently verified, and no representation or warranty, express or implied, is made by the Company nor its affiliates, advisers, connected persons or any other person as to the fairness, accuracy, completeness or correctness of the information contained herein, and no reliance should be placed on it. Neither the Company nor its affiliates, advisers, connected persons, and/or any third-party provider of industry and market data referred to in this Presentation (including Roland Berger) or any other person accepts any liability for any loss howsoever arising (in negligence or other-wise), directly or indirectly, from this presentation or its contents or otherwise arising in connection with this presentation. This shall not, however, restrict or exclude or limit any duty or liability to a person under any applicable law or regulation of any jurisdiction which may not lawfully be disclaimed (including in relation to fraudulent misrepresentation). This presentation includes "forward-looking statements". These statements contain the words "anticipate", "believe", "intend", "estimate", "expect" or words of similar meaning. All statements other than statements of historical facts included in this presentation, including, without limitation, those regarding the Company's financial position, business strategy, plans and objectives of management for future operations (including cost savings and productivity improvement plans) are forward-looking statements. By their nature,such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of the Company to be materially different from results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding the Company's present and future business strategies and the market environment in which the Company will operate in the future. These forward-looking statements speak only as of the date of this presentation. Each of the Company, the relevant subsidiaries and their respective agents, employees and advisers, expressly disclaims any obligation or undertaking to update any forward-looking statements contained herein. You are urged to consider these factors carefully in evaluating the forward-looking statements in this presentation and not to place undue reliance on such statements. The information contained in this presentation is provided as of the date of this presentation and is subject to change without notice. For further details, please refer to the footnotes section at the end of the presentation. 25 TRUSTED PARTNER. APPENDIX Income statement For the period, €m Q1-2025 Q1-2026 Revenue 272.6 283.6 Cost of sales (206.3) (212.1) Gross profit 66.3 71.6 Financial Appendix Distribution expenses (16.8) (17.7) General and administrative expenses (22.3) (26.5) Net allowances on financial assets 0.1 (0.1) Other income 3.3 7.8 Other expenses (6.3) (8.5) Operating profit 24.4 26.6 Interest expense (9.7) (5.1) Other financial result (9.9) 2.3 Financial result (19.6) (2.9) Profit / loss before tax 4.8 23.8 Income taxes (4.0) (8.4) Profit / loss after tax 0.8 15.4 Note: Due to commercial rounding of amounts on the basis of € million, minor deviations may occur on addition 27 RENK Group AG | Q1 2026 Conference Call Financial Appendix Balance sheet - Total assets As of, €m Dec 31, 2025 Mar 31, 2026 Intangible assets 310.0 302.5 Property, plant and equipment 339.8 338.4 Other and financial investments 0.8 0.8 Deferred tax assets 29.2 30.5 Other non-current financial assets 0.4 0.3 Other non-current receivables 22.7 19.8 Non-current assets 703.0 692.4 Inventories 436.0 495.5 Trade receivables 214.8 226.6 Contract assets 165.9 161.4 Current income tax receivables 9.3 9.8 Other current financial assets 7.9 6.7 Other current receivables 18.6 18.1 Cash and cash equivalents 152.1 152.9 Current assets 1,004.5 1,071.0 Total 1,707.5 1,763.4 Note: Due to commercial rounding of amounts on the basis of € million, minor deviations may occur on addition 28 RENK Group AG | Q1 2026 Conference Call Financial Appendix Balance sheet - Total equity and liabilities As of, €m Dec 31, 2025 Mar 31, 2026 Share capital (subscribed capital in previous year) 100.0 100.0 Capital reserves 174.5 175.2 Retained earnings 193.3 208.7 Cumulative other comprehensive income 17.0 22.9 Equity attributable to shareholders of RENK Group AG 484.7 506.8 Equity attributable to non-controlling interests 5.3 5.3 of which non-controlling interests in consolidated net income for the year 0.9 (0.0) Equity 490.0 512.1 Non-current financial liabilities 528.3 526.4 Pension provisions 2.9 2.9 Deferred tax liabilities 57.2 56.4 Contract liabilities, non-current 105.5 106.6 Other non-current provisions 12.3 12.5 Other non-current financial liabilities 3.4 0.1 Other non-current liabilities 0.1 0.1 Non-current liabilities and provisions 709.7 705.1 Current financial liabilities 7.0 5.8 Income tax liabilities 40.4 41.0 Trade payables 143.9 128.9 Contract liabilities, current 220.0 260.2 Other current provisions 43.5 42.8 Other current financial liabilities 2.7 4.2 Other current liabilities 50.3 63.3 Current liabilities and provisions 507.8 546.2 Total 1,707.5 1,763.4 Note: Due to commercial rounding of amounts on the basis of € million, minor deviations may occur on addition 29 RENK Group AG | Q1 2026 Conference Call Financial Appendix Financial Appendix Cash flow statement Q1-2025 Q1-2026 For the period, €m Capital expenditure on property, plant and equipment and intangible assets (5.0) (5.1) Proceeds from disposals of property, plant and equipment and intangible assets 0.1 0.2 Payments for the acquisition of subsidiaries or other business units less acquired cash and cash equivalents (5.8) - Cash flows from restricted cash (2.4) 0.1 Interest received 0.8 0.6 Change in cash-pool liabilities - 0.0 Lease payments (0.9) (0.8) Interest payments (7.7) (7.0) Cash and cash equivalents at beginning of period 164.3 152.1 Profit/loss before tax (including profit/loss attributable to non-controlling interests) 4.8 23.8 Income taxes paid (6.5) (9.9) Depreciation, amortization and impairment losses on intangible assets and property, plant and equipment 18.9 19.6 Change in pension provisions 2.4 (0.5) Gains/losses on disposal of assets (0.0) 0.0 Other non-cash expenses and income (2.5) 0.8 Change in inventories (43.1) (56.2) Change in other assets (45.6) (3.0) Change in (contract) liabilities 36.6 35.8 Change in other provisions 2.4 (0.6) Financial result 19.6 2.9 Cash flows from operating activities (13.0) 12.6 Cash flow from investing activities (12.3) (4.2) Cash flows from financing activities (8.7) (7.8) Change in cash and cash equivalents (35.8) 0.8 Cash and cash equivalents at end of period 128.5 152.9 Gross liquidity at end of period 132.2 156.2 Net liquidity at end of period (401.2) (375.9) Note: Due to commercial rounding of amounts on the basis of € million, minor deviations may occur on addition 30 RENK Group AG | Q1 2026 Conference Call FINANCIAL APPENDIX Adjustments For the period, €m Q1-25 Q1-26 Operating profit 24.4 26.6 Purchase price allocation effects 11.0 11.0 Operating profit before PPA depreciation and amortization as well as income / losses from PPA asset disposals 35.4 37.6 Implementation of Process Standards 0.0 0.4 Severance provision 0.0 0.6 M&A activity related costs 0.3 0.2 Implementation tax compliance standards 0.1 0.1 Global system improvements 1.6 1.4 Other adjustments 0.9 2.1 Adj. EBIT 38.4 42.4 Depreciation, amortization and impairment losses (excluding purchase price allocation effects) 8.0 8.6 Adj. EBITDA 46.4 51.0 31 RENK Group AG | Q1 2026 Conference Call Endnotes p.7 Defined as total order backlog as of March-26 / LTM revenue for the period ended March 31, 2026. Total order backlog comprised of fixed order backlog, frame order backlog and soft order backlog Fixed order backlog represents with respect to binding customer contracts and purchase orders concluded and/or received the portion of the associated transaction price for which the amount of revenue has not yet been recognized in accordance with IFRS Frame order backlog includes signed frame contracts with fixed annual volumes or volume estimates based on customer information or historical call offs over the entire contract duration, booked for the period of the frame contract term. The numbers as of March 31 include a contract with the character of a binding follow-up contract with the amount of €0.6bn Soft order backlog includes estimated volumes of sole source projects and successor business until 2030 based on public information and customer information for the period March 2026 to March 2030 p.9 Book-to-bill ratio defined as order intake / revenue Fixed order backlog represents with respect to binding customer contracts and purchase orders concluded and/or received the portion of the associated transaction price for which the amount of revenue has not yet been recognized in accordance with IFRS p.10 Adjusted gross profit is defined as gross profit before PPA depreciation and certain items which management considers to be exceptional or non-recurring in nature. Adj. Gross Profit margin is defined as adjusted gross profit divided by revenue. Adj. EBIT is defined as operating profit before the PPA depreciation and amortization as well as income / losses from PPA asset disposals and adjusted for certain items which management considers to be exceptional or non-recurring in nature. Adj. EBIT margin is defined as adj. EBIT divided by revenue. For a detailed breakdown of adjustments, please refer to the page "Adjustments" in the appendix. Net debt is defined as the sum of non-current financial liabilities and lease liabilities less cash and cash equivalents LTM 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 which management considers to be exceptional or non-recurring in nature. For a detailed breakdown of adjustments, please refer to the page "Adjustments" in the appendix. p.11-13 Adj. EBIT is defined as operating profit before the PPA depreciation and amortization as well as income / losses from PPA asset disposals and adjusted for certain items which management considers to be exceptional or non-recurring in nature. Adj. EBIT margin is defined as adj. EBIT divided by revenue. p.15 Comprises contract assets and trade receivables excluding customer prepayment receivables Comprises contract liabilities excluding liabilities from customer prepayment receivables p.16 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 which management considers to be exceptional or non-recurring in nature For a detailed breakdown of adjustments, please refer to the page "Adjustments" in the appendix. Includes change in inventories, customer receivables, trade payables and prepayments received. Capex defined as payments to acquire property, plant and equipment and intangible assets. Other reconciliation items include changes in provisions, other receivables and liabilities, unless as these are not attributable to the NWC, as well as other cash and non-cash expenses and income of minor importance. 32 RENK Group AG | Q1 2026 Conference Call