Renk Pins Guidance on Post-Miba Profile as Order Book Hits €7.6 Billion
Published on 11/07/2026 at 13:31 | Editorial boerse-global.de
Renk has fixed the shape of its full-year outlook around the business it intends to keep. With the sale of its plain bearings unit to Miba AG still pending, the German defence supplier is guiding for roughly €1.4 billion in revenue from continuing operations in 2026, alongside adjusted EBIT of €240 million to €255 million.
The binding agreement with Miba was signed on 22 October. Management, presenting quarterly figures, described completion of the transaction as proceeding to plan. The forecast covers only those activities Renk will retain once the disposal goes through.
Nine-Month Orders Up a Third, Revenue Trails Behind
Order intake for the first nine months of 2026 reached €1,664.4 million, an increase of 33.6% year on year. The backlog stood at €7.6 billion at the end of September — a record for the company.
Revenue over the same period came to €982.0 million, up 5.8%, while adjusted operating profit rose to €158.8 million. Renk put the gain in adjusted EBIT at 12.7%.
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The third quarter on its own delivered €469 million in new orders, €345 million in sales and €61 million in adjusted EBIT.
Sagel Flags Delivery Risk at Prime Contractors
Converting that swollen order book into turnover is where the picture gets less comfortable. Chief executive Alexander Sagel, cited by Reuters, pointed to possible delays at major defence contractors that could slow the translation of backlog into revenue, naming holdups in Germany's Boxer programme as one example.
Jefferies and JPMorgan Keep Buy Ratings
Two banks reaffirmed their positive ratings on Thursday, the day after the quarterly release. Jefferies stuck with its buy call and a €60 price target; analyst Chloe Lemarie wrote that the quarterly results had largely met expectations. JPMorgan maintained its overweight recommendation and its €50 target.
Two further research houses had already restated their buy recommendations following the numbers, one citing a €60 target and the other a fair value of €56.
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Gearbox Work and a Saab Order for Submarine Power Systems
Beyond the figures, Renk reported progress on 30 October in developing the HSWL 406 gearbox for future heavy tracked vehicles, designed for output of up to 1,400 kilowatts. Development is being steered toward international programmes, including Italy's NMBT effort.
Ahead of Euronaval 2026, the company announced on 29 October maritime propulsion solutions for unmanned surface vessels. Renk Magnet-Motor also booked an order from Saab for three Stirling power generation systems destined for a submarine programme run by a NATO member state.
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