RENK Group AG

Investor Presentation • May 14, 2025

TRUSTED PARTNER.

Q1 2025 Analyst Presentation

Dr. Alexander Sagel, CEO Anja Mänz-Siebje, CFO May 14, 2025

Q1 2025 Summary – very promising start into the year

Highlights

• Strong order intake of €549m (Q1 2024: €208m) with book-to-bill at 2.0x (Q1 2024: 0.9x)
• Defense business (land and sea) with +196% (Order Intake) and +29% (revenue) as main growth driver
• New strategic partnerships (NXP, Partzsch, Quantum Systems)
• Patria: New FAMOUS APC Concept revealed
• MDAX promotion

Key order intakes Q1 2025

~ €35m International customer / transmissions

THOR III / transmissions

~ €140m

Turkey / engines

~ €27m

Leopard II spareparts / transmissions ~ €20m

Various international customers / transmissions

Trusted Partner

~ €70m

Very strong order intake, Group on track

• Order intake – Record level for a Q1
• Revenues – Growth in line with our growth strategy
• Adj. EBIT – Faster growth in adj. EBIT compared to revenue growth
• Adj. EBIT margin – Significant margin improvement driven by all segments

Trusted Partner

Overall business clearly driven by defense business

Q1 2025 CONFERENCE CALL Q1 2025 CONFERENCE CALL

Vehicle Mobility Solutions

• Strong order intake, e.g. THOR III
• VTA and RAM on track and as planned
• Increased aftermarket activities by various European customers

Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025

Marine & Industry

• Strong Order Intake
• Shift of revenue into Q2/Q3 due to customer related postponements

Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025

Order Intake 122 €m

Slide Bearings

• Continuation of good performance in line with FY2024
• Favourable demand for E- and marine bearings

Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025

Total order backlog at €5.5bn – high order intake leads to further increase of fixed order backlog

2.3 Fixed Order Backlog(2) 0.6 Frame Order Backlog(3) 2.5 Soft Order Backlog(4) 5.5 Total Order Backlog LTM revenue coverage(1) Additional recurring aftermarket business outside of framework contracts Total order backlog (Q1-25), €bn 2.0x 0.5x 2.2x 4.7x

Financial Summary TRUSTED PARTNER.

Anja Mänz-Siebje, CFO

Group: Oustanding order intake and revenue in line with growth strategy

Group: significant increase in adj. EBIT due to production efficiency

Trusted Partner

YoY growth Adj. gross profit margin Adj. EBIT margin Net debt / LTM Adj. EBITDA(4)

VMS: Impressive order intake growth translated into solid revenues

Segment financials, €m

Trusted Partner

YoY growth Adj. EBIT margin

M&I: Operational progress more than offsetting the revenue dip

Segment financials, €m Q1-24 Q1-25 BER300 - EBIT 5 7 54.7% 6.1% 10.2% Q1-24 Q1-25 98 122 24.9% Q1-24 Q1-25 ^{79 73} -6.9% Order intake Revenue Adj. EBIT(1)

YoY growth Adj. EBIT margin

Slide Bearings: Consistent revenue growth and improved margins

Segment financials, €m

Trusted Partner

YoY growth Adj. EBIT margin

Adjustments largely driven by Purchase Price Allocation

For the period, €m

	Q1-24	Q1-25
Operating profit	11.9	24.4
1 PPA depreciation and amortization as well as income / losses from PPA asset disposals	11.0	11.0
Operating profit before PPA depreciation and amortization as well as income / losses from PPA asset disposals	22.9	35.4
2 Adjustments	5.0	3.0
Adj. EBIT	27.8	38.4
Depreciation, amortization and impairment losses (excluding PPA depreciation and amortization)	7.7	8.0
Adj. EBITDA	35.5	46.4

Increase of net working capital due to scheduled build up of inventories

Trusted Partner

Free cash flow reduction mainly due to increase of NWC

Commentary +7.7 (39.7) (46.1) (49.5) Trade payables Inventories Customer receivables +28.5 Prepayments received Change in NWC, €m

Comments

• Inventory levels rising in line with expected revenue growth 1
• Interest received +€0.8m and Interest payments of (€7.7m) 2

OUTLOOK TRUSTED PARTNER.

Dr. Alexander Sagel, CEO

2025 guidance confirmed based on Q1

Selection of key order intake targets 2025

K2 Poland Various IFV programs Various frigates AVDS Engines International

Patria FAMOUS APC

Trusted Partner

Clear focus on 2025 priorities

• Continue with excellence programs along entire value chain
• Enforce efficiency improvements in lead plants (e.g. RAM & VTA)
• Securing 2025 OI programs & proceed on future key OI projects
• Making progress in key technology areas (e.g. hybridization & autonomy)
• Implementation of structural measures for NWC optimization
• Execute ~3% CapEx spending
• Post Merger Integration of Cincinnati Gearing Systems (CGS)/RAMI
• Ongoing monitoring market for value-accretive acquisitions according to defined M&A criteria
• Constantly monitoring 2025 defense budget decisions (e.g. NATO summit, June)

Trusted Partner

• Capacity/supply chain scenarios for pot. volume increases ("3% GDP")

Initial estimate of upside potential beyond our current project pipeline first revenues from increasing NATO defense budgets expected from 2027 onwards

Trusted Partner

FINANCIAL CALENDAR 2025

May 2025:

• Kepler Cheuvreux Virtual SMID CEO/CFO Tour (15 May)
• BNP US Roadshow (19/20 May)
• Berenberg European Conference, New York (21/22 May)
• db access European Champions Conference, Frankfurt (28 May)

June 2025:

• Annual General Meeting (4 June, virtual)
• JP Morgan Industrials Conference, London (11 June)

July 2025:

• Pre Close Call H1 (17 July)

August 2025:

• H1 results (13 August)

September 2025:

• Morgan Stanley Industrial CEOs Unplugged 2025, London (3 September)
• DESI London investor meetings (10/11 September)
• Baader Investment Conference, Munich (23 September)
• Berenberg/Goldman Sachs German Corporate Conference 2025, Munich (24 September)

October 2025:

• Pre Close Call 9M (23 October)

November 2025:

• 9M results (13 November)
• BNP MidCap CEO Conference, Paris (17/18 November)
• Capital Markets Day, Augsburg (20 November)

December 2025:

• Berenberg European Conference, Windsor (1/2 December)

Trusted Partner

• Goldman Sachs 17th Annual Industrials & Auto Week, London (3/4 December)

TRUSTED PARTNER.

Q&A Session

RENK Group / Company presentation / March 2023

TRUSTED PARTNER.

Your contact

Investor Relations:

Julia Brand, Senior IR Manager Phone: +49 821 5700 735 E-Mail: investors@renk.com

Maximilian König, Senior IR Manager Phone: +49 821 5700 9302 E-Mail: investors@renk.com

Christian Weiß, Senior IR Manager Phone: +49 821 5700 9279 E-Mail: investors@renk.com

RENK Group / Company presentation / March 2023

RENK Group AG

Goegginger Straße 73 D-86159 Augsburg Germany www.renk.com

Management Board: Dr. Alexander Sagel (Chairman), Anja Mänz-Siebje, Dr. Emmerich Schiller Supervisory Board: Claus von Hermann (Chairman) Registration Court: District court of Augsburg, HRB 39189 VAT ID number: DE 363351811

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 information 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 estimates. 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 aggregation 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 from 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 representations 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.

Trusted Partner

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.

Income statement

For the period, €m

	Q1 2024 -	Q1 2025 -
Revenue	237 7	272 6
Cost of sales	(187 7)	(206 3)
Gross profit	50 0	66 3
Distribution expenses	(15 2)	(16 8)
General and administrative expenses	(23 6)	(22 3)
Net allowances financial assets on	0 4	0 1
Other income	4 9	3 3
Other expenses	(4 5)	(6 3)
Operating profit	11 9	24 4
Interest expense	(8 8)	(9 7)
Other financial result	0 7	(9 9)
Financial result	(8 1)	(19 6)
Profit / loss before tax	3 8	4 8
Income taxes	(6 6)	(4 0)
Profit / loss after tax	(2 8)	0 8

Balance sheet – Total assets

As of, €m

	Dec 31 2024 ,	Mar 31 2025 ,
Intangible assets	360 5	344 3
Property , plant and equipment	320 7	318 5
Other and financial investments	0 8	0 8
Deffered tax assets	22 4	22 7
Other financial non-current assets	0 1	0 0
Other receivables non-current	12 7	14 5
Non-current assets	717 2	700 8
Inventories	391 2	437 3
Trade receivables	163 6	176 3
Contract assets	114 9	137 4
Current income receivables tax	12 0	10 8
Other financial current assets	6 9	9 5
Other receivables current	19 0	27 9
Cash and cash equivalents	164 3	128 5
Current assets	872 0	924 2
Total	1 589 2 ,	1 625 0 ,

Trusted Partner

Note: Due to commercial rounding of amounts on the basis of € million, minor deviations may occur on addition

Balance sheet – Total equity and liabilities

As of, €m

	Dec 31 2024 ,	Mar 31 2025 ,
Share capital (subscribed capital in previous year)	100 0	100 0
Capital reserves	172 7	172 9
Retained earnings	134 9	135 7
Cumulative other comprehensive income	33 3	31 3
Equity attributable shareholders of RENK Group AG to	440 9	439 9
Equity attributable non-controlling interests to	5 8	5 6
of which non-controlling interests in consolidated income for the net year	1 4	0 1
Equity	446 7	445 5
financial Non-current liabilities	527 2	527 1
Pension provisions	2 7	2 7
Deferred liabilities tax	2 77	6 75
Contract liabilities, non-current	39 0	60 4
Other provisions non-current	12 1	12 2
Other financial liabilities non-current	5 7	2 5
Other non-current liabilities	0 0	0 0
Non-current liabilities and provisions	663 9	683 3
Current financial liabilities	6 4	6 5
Income tax liabilities	30 8	31 1
Trade payables	117 0	124 7
Contract liabilities, current	231 4	233 0
Other current provisions	40 0	42 2
Other financial liabilities current	2 0	1 7
Other liabilities current	51 1	57 0
Current liabilities provisions and	478 6	496 2
Total	1 589 2 ,	1 625 0 ,

Trusted Partner

Note: Due to commercial rounding of amounts on the basis of € million, minor deviations may occur on addition

Cash flow statement

For the period, €m

	Q1-2024	Q1-2025
Cash equivalents at beginning of period and cash	102.2	164.3
Profit / before loss tax	3.8	4.8
Income taxes paid	(4.9)	(6.5)
Depreciation, amortization and impairment losses on intangible assets and property, plant and equipment	18.7	18.9
Change in provisions for pension obligations	(3.4)	2.4
Result from asset disposals	(0.0)	(0.0)
Other non-cash expenses and income	2.3	(2.5)
Change in inventories	(17.6)	(43.1)
Change in other assets	(4.7)	(45.6)
Change in liabilities	33.6	36.6
Change in other provisions	(2.6)	2.4
Financial result	8.1	19.6
Cash flows from operating activities	33.3	(13.0)
Payment to acquire property, plant and equipment and intangible assets	(7.9)	(5.0)
Proceeds from asset disposals	0.0	0.1
Payments for the acquisition of subsidiaries or other business units less acquired cash and cash equivalents	–	(5.8)
Cash flows from restricted cash	3.9	(2.4)
Interest received	0.5	0.8
Cash flow from investing activities	(3.5)	(12.3)
Equity contributions	2.0	–
Change in cash-pool	(2.6)	–
Payout from the redemption of bonds	(520.0)	–
from of financial Proceeds the raising loans	514.8	–
Lease payments	(0.5)	(0.9)
Interest payments	(25.3)	(7.7)
Cash flows from financing activities	(31.6)	(8.7)
Effect of exchange rate changes on cash and cash equivalents	0.3	(1.8)
Change scope of in cash and cash equivalents due to changes in the consolidation	1.1	–
Change in cash and cash equivalents	(0.5)	(35.8)
Cash and cash equivalents at end of period	101.8	128.5
Loans receivables	0.3	–
Restricted cash	2.6	3.6
Gross liquidity at end of period	104.6	132.2
Financial liabilities	(524.1)	(533.4)

Note: Due to commercial rounding of amounts on the basis of € million, minor deviations may occur on addition

Adjustments

For the period, €m

	Q1-24	Q1-25
Operating profit	11.9	24.4
1 PPA depreciation and amortization as well as income / losses from PPA asset disposals	11.0	11.0
Operating profit before PPA depreciation and amortization as well as income / losses from PPA asset disposals	22.9	35.4
M&A activity related costs	0.0	0.3
2 Capital market readiness costs	2.2	0.0
Costs for implementing efficiency programs	1.1	0.0
Implementation new tax compliance	0.2	0.1
Other adjustments	0.4	0.9
Adj. EBIT	27.8	38.4
Depreciation, amortization and impairment losses (excluding PPA depreciation and amortization)	7.7	8.0
Adj. EBITDA	35.5	46.4

Trusted Partner

Endnotes (1/2)

p.7

(1) Defined as total order backlog as of March-25 / LTM revenue for the period ended March 31, 2025. Total order backlog comprised of fixed order backlog, frame order backlog and soft order backlog

(2) 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

(3) 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 €0.4bn

(4) Soft order backlog includes estimated volumes of sole source projects and successor business until 2029 based on public information and customer information for the period April 2025 to March 2029

p.9

(1) Book-to-bill ratio defined as order intake / revenue

(2) 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

(1) 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.

(2) 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.

(3) Net debt is defined as the sum of bank debt (previous year: senior secured notes) and lease liabilities less cash and cash equivalents based on the carrying amounts in the IFRS financial statements

(4) 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

(1) 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.

p.15

(1) Comprises contract assets and trade receivables excluding customer prepayment receivables

(2) Comprises contract liabilities excluding liabilities from customer prepayment receivables

Endnotes (2/2)

p.16

(1) 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

(2) For a detailed breakdown of adjustments, please refer to the page "Adjustments" in the appendix.

(3) Includes change in inventories, customer receivables, trade payables and prepayments received.

(4) Capex defined as payments to acquire property, plant and equipment and intangible assets

(5) 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.

p. 21

(1) Total order backlog as of March 31, 2025

(2) Updated project pipeline corresponds to the total sum of all orders in the program pipeline over the entire period from May 2025 to the end of 2031 excl. project pipeline from soft/frame order backlog

(3) NATO EU Upside potential based on management estimates as of May 2025