RENK Group (R3NK) Pre-Close Call summary

Executive summary

• Achieved strong operational performance and delivery capability, confirming 2025 revenue and adjusted EBIT guidance in line with market expectations.

• Overcame external headwinds such as exchange rates, tariffs, weak industrial markets, and the Israeli export embargo.

• Order intake for 2025 is on track for an all-time high, with significant contracts secured, especially in the U.S.

• All three business segments grew in 2025, with VMS as the primary growth engine.

• Focus remains on operational execution, capacity uplift, and strategic investments for future growth.

Trading performance and revenue trends

• Full-year 2025 revenue growth slightly exceeded nine-month trends, with all segments contributing.

• VMS segment delivered significant revenue growth, especially in Q4, after ramping up a new modular production line.

• M&I segment achieved a new all-time high in naval revenues, offsetting industrial market weakness.

• Slide Bearings segment saw slight revenue growth and a record December, despite a challenging environment.

Profitability and margins

• Adjusted EBIT growth outpaced revenue growth in 2025, improving group margin despite headwinds.

• VMS and M&I segments delivered adjusted EBIT in line or above market expectations, with M&I benefiting from one-time effects.

• Slide Bearings delivered adjusted EBIT well above expectations, supported by operational improvements.

• Margin quality was impacted by the Israeli embargo, as replacement business had lower margins.