Renk's Bearings Exit Reshapes the Numbers, but Order Momentum Tells a Different Story
Published on 10/23/2026 at 11:41 | Editorial boerse-global.de
Renk has a fresh set of figures to explain on 5 November, when the defence contractor publishes its nine-month results. The full details will follow Wednesday's pre-close call, and investors will be reading them against a reporting base that shifted only this week, when the company agreed to sell its plain bearings division and simultaneously raised its order-intake expectations.
The two developments pull in opposite directions, and separating them is the central task for anyone assessing the stock. A smaller group after a disposal will report a lower absolute profit; whether that says anything about earnings quality depends entirely on how the remaining business performs. On that front, Platow reported yesterday that Renk now expects stronger incoming orders than previously forecast and is continuing to improve its margins. Those are expectations rather than booked business, but they give the defence-focused portfolio a concrete operational anchor.
A Forecast Built on a Narrower Group
Renk adjusted its guidance for continuing operations yesterday. For the 2026 financial year it now projects revenue of around EUR 1.4 billion and adjusted earnings before interest and taxes of between EUR 240 million and EUR 255 million. The previous targets had been revenue above EUR 1.5 billion and adjusted EBIT at the upper end of a EUR 255 million to EUR 285 million range.
The gap between the old and new numbers is largely a question of scope. The guidance explicitly excludes the bearings unit being sold, so comparing it with earlier expectations without adjusting for the smaller perimeter misreads the picture. Nothing in the revision alone points to an operational deterioration or improvement.
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From the fourth quarter of 2026, the bearings business will be reported as a discontinued activity. That accounting treatment should not be confused with the legal completion of the sale, which remains pending.
Miba Deal Still Awaits Clearance
The contract itself is signed. RENK GmbH entered a binding agreement yesterday with Austria's Miba AG, but closing remains subject to official and regulatory approvals. A deal agreed is not a deal done.
Neither side has published a precise figure. According to dpa-AFX, the purchase price sits in the lower to mid three-digit million euro range. Miba, for its part, describes the acquisition as the largest in its corporate history. The business changing hands comprises five production sites worldwide and 500 employees, making it a self-contained industrial unit rather than a bundle of individual assets. The division had accounted for roughly 9% of group revenue, so its departure leaves the defence business with a noticeably greater weight inside the group.
Leopard Gearboxes Extend the Horizon
A separate announcement on 16 October points much further out. KNDS Deutschland expanded its supply order with Renk to cover Leopard 2 gearboxes and additional components, adding around EUR 130 million in volume. Deliveries are scheduled to begin in 2029 and wrap up by 2032.
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That contract is a marker for the longer-term franchise, not evidence that this year's targets will be met. The near-term test comes first, and it arrives on 5 November.
Two Lenses, One Stock
What emerges is a company that must be valued on two levels at once: the reduced size of the group and the trajectory of what remains. The stronger order outlook and the steady margin improvement argue against judging the defence focus purely by lower absolute annual targets. They do not, however, substitute for the step still outstanding, which is turning those expectations into reported results. Until the nine-month figures land, the revised guidance for continuing operations is the reference point that matters most.
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