RENK Group AG

Investor Presentation • Nov 20, 2025

RENK Group AG Capital Markets Day 2025

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Content

Chapter	Presenter	Page
Strategy	Dr. Alexander Sagel CEO, RENK Group AG	04
Operations	Dr. Emmerich Schiller COO, RENK Group AG	34
Financials	Anja Mänz-Siebje CFO, RENK Group AG	59

We power freedom.

#1

in mission critical drive systems

22

Locations worldwide

75%

Presence in military vehicles¹ €6.4bn

Total order backlog, Sep-2025

€1.1bn

Revenue, 2024

16.6%

Adj. EBIT margin² , 2024

Revenue distribution FY 2024 in %, by …

Geography Sector Original equipment (OE) vs. Aftermarket

^1. Globally in tracked military vehicles in accessible markets; 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

Market:

Expanded international production footprint

Acquired US naval presence and launched operations in India

Operations:

Accelerated ramp-up

Launched new modular assembly concept at VTA and stabilized RAM

Customers: Won large defense

contracts

Maintained strong growth trajectory with global customer base

Technology: Invested in NextGen

NextGen Mobility

Introduced HSWL 406 and 076 transmissions – enabling drive-bywire

Partners:

Formed network of strategic cooperations

Set foundation for future product portfolio

Leadership:

Formed a new management team

Established new leadership to steer RENK in its next phase of growth

Financial performance reflects delivery of our strategy ...

Adj. EBIT margin

15.2%

+45%

+34%

Revenue, in €mn

+19%

14.4%

+25%

… which is recognized in our strong share price development

Global shareholder base

^1. Closing price; 2. Includes share ownership of management

Introducing sector end-market strategy for RENK's defense and civil business

Focus on Profitable Growth

Manage for Return

Capture defense super cycle, win next-gen platforms & international programs and capitalize on increased aftermarket

Focus strategic initiatives and capital allocation (investments, development, and M&A) on defense

Scale capacity and optimize operations

Maintain technological leadership and explore new product segments

Employ selective project acquisition strategy focused on profitability

Implement cost optimizations (e.g., product costs, operations)

Drive aftermarket through portfolio expansion and increasing service

Right-size production capacity and improve order-to-cash

^1. Potential future revenue share for 2030 presented

Ongoing geopolitical tensions – Europe and Germany as growth drivers for defense budgets in last 12 months

NATO budget uplift drives increase in equipment spend – with expected revenue and profit impact for RENK 2028+

^1. Minimum scenario is based on national government plans from early 2025; 2. Balanced acceleration scenario is reflecting increased ambitions of NATO after its June 2025 Summit as well as national fiscal constraints; Source: McKinsey ("Mission Verteidigungsfähigkeit"); National defense budgets (US Greenbook FY 2025, Canadian strategy paper "Our North, Strong, and Free") – converted into Euro

We will grow through four major areas on our road to 2030 and beyond

Deliver on secured orders and contracts

Pipeline potential

Convert upcoming defense programs

Germany uplift

Capture on top potential from NATO capability targets

M&A

Expand product range and geographical footprint

Original equipment

Aftermarket

Total order backlog, Sep-2025

€6.4bn

~€11.5bn

Pipeline order intake potential, until 2032

€1.4-2.2bn

On top revenue potential, until 2035

~€3-4bn

Aftermarket revenue potential, until 2035

Revenue ambition, until 2030

Accelerating markets drive an updated 2030 target with a confirmed guidance on the path towards it

Our growth picks up from 2028, driven by backlog delivery and delayed revenue recognition

2025 2028 2030

Path forward

High visibility on growth path until 2028 based on secured order backlog

Upside from additional accelerating visible in revenue from 2028+

Enables substantial, but backloaded growth towards 2030 and beyond

Current and future growing order backlog will provide solid base for organic growth

	International customers	Land Naval
Selected order intake, 9M-2025
	THOR III Bradley, PIM, AMPV	€235mn
	Engines + transm. MBT	€130mn
	Naval SSC, FSS, PPA	€105mn
	VTA spare parts MBT, IFV, APC	€75mn
	HSWL 295 K2	€70mn2
	Engines AVDS Tracked howitzers	€45mn

^1. For 4-year period (until Sep-2029); 2. Including order intake from first weeks of October

3

B

Growth outlook is driven by strong increase in order potential from key markets

Overview of defense OE pipeline, excluding OB items

Highlight programs

APAC ▪ Light Battle Tank ▪ FFX IV

Europe with strong additional order potential across the continent – captured through targeted localization strategy B

EMEA

• Capture European market potentials
• Localization strategy according to specific market demand and needs
• Deploy new technology first

€5.6bn

Pipeline potential³ , until 2032

1. Already deployed platforms; 2. Among others including Stryker (Ukraine deployed), M113 (Ukraine deployed), M88, and K9; 3. Excluding aftermarket & MRO

B

Clear plan to further strengthen market position in the US after acquisition of CGS¹ – RENK now with strong "boots on the ground" in both domains

Americas

• Use new naval footprint and leverage existing land portfolio
• Integrate activities into one RENK America organization ("RENK Inc.")
• Execute on structured M&A approach

€2.9bn

Pipeline potential² , until 2032

^1. Cincinnati Gearing Systems; 2. Excluding aftermarket & MRO

Expansion of NATO's capability targets in 2025 implies substantial uplift in equipment demand from Germany

One third of NATO uplift driven by German budget increase

Platforms, business estimated additional units for 2025 to 20352,3 Order intake potential Land¹ Naval

Leopard 2⁴

500-1,100

PzH 2000

Puma

Boxer

MEKO A-200

404 succession

U212CD

MJ334

vehicles; Source: Management estimations

^1. Small portion of business associated with quantified land platforms already captured in total order backlog; 2. Incl. reserve for large equipment; 3. Reflecting on top potential of platforms not yet fully included in soft order backlog; 4. Incl. support

We see significant increase in order potential from an ever-increasing C aftermarket with locked-in business model

Aftermarket dynamics

• Locked-in business over platform lifecycle
• Increased need due to higher usage of military equipment
• Offers:
• Spare parts
• Spare transmissions
• MRO
• Services

~€3-4bn

On top potential, until 2035

Original equipment (OE)

Only from B and C – further upside from installed base and order backlog driven by increased utilization

Selective repowering

Aftermarket/MRO

3-4x OE price over lifecycle¹

RENK ready to capture new aftermarket through MRO hubs such as Poland or further local cooperations (e.g., Ukraine)

Two sets of target criteria to ensure positive impact from M&A

1. Business criteria

Focus on naval and land defense

Market consolidation in North America/Europe

Acceleration in future technologies (e.g., digitalization/UGV)

2. Value criteria

Driving profitable growth for respective segment

Positive impact on ROCE for disciplined growth

Allowing deployment of best suited funding structure

Established clear PMI frameworks and processes

Our four defined key technology areas are driving our innovation

Core Technology

Defend position as #1 in mission-critical propulsion and drive solutions

Electrification/ Hybridization

Prepare current product portfolio for future battlefield requirements

Digitalization incl. unmanned

Become market leader in digital and autonomous mobility for tracked vehicles

System Engineering

Enhance performance as a "mobility system" & subsystem integrator

Future-proof existing product portfolio by 2030

Innovate for next generation mobility defense technologies

Future-proof existing product portfolio for heavy-weight tracked vehicles by 2030

Existing product portfolio Product innovation

Tracked platforms for RENK transmissions

Expansion of RENK's product portfolio towards lower weight tracked vehicles & UGVs

Existing product portfolio Product innovation

Tracked platforms for RENK transmissions

HSWL 076

First transmission for lower weight tracked vehicles & UGVs

• Superior mobility up to 90 km/h
• Compact and light design Ready for drive-by-wire and digitalization
• >2,000 km successful qualification

13-

Low weight & UGV

21t

Our fully digitalized drivetrain builds the foundation for expanding into unmanned technology as a future prime

Unlocks assisted and remote driving

Paves the road towards autonomy

Enables reduction of crew size – down to zero

First certified¹ series driveby-wire system for tracked vehicles globally

Drive-by-wire technology Basis for RENK's UGV offering for battlefield of future

^1. Certified according to ISO 26262 with an ASIL-D "Fail Operational" rating

We are guided by a clear technology and innovation vision – mobility is key

RENK with continued growth after 2030 and clear organizational development path for the future

Growth levers 2030+

Capture defense OE business for conventional platforms, e.g.:

• • LBT, Arjun Batch 2 Diverse platforms
• DDG/FFG & AMPV/XM-30 Diverse platforms, e.g. TRACKX

Increase aftermarket/MRO revenue along lifecycle and profit from growing aftermarket share

Digitalization: enter unmanned defense vehicle market with RENK mobility systems & UGV

Keep strong position for re-acceleration in

alternative energies

RENK's value creation model – unlocking our potential

M&A

• Structural growth
• Growing installed base

Organic

▪ Technology product extension

• Consolidation
• Perimeter extension
• Value accretion

Growth levers Return on capital levers

Margin expansion

Capital productivity

Cash conversion

• Segment mix
• Operating leverage

• Operational efficiency

• Well-invested asset base

• Optimize use of current facilities

• Targeted & strategic CapEx

• Optimize working capital

• Optimize supply chain

The performance of operations, especially the capability of scaling, will determine success or failure of any defense company in the next years

Operations is the key enabler for RENK's future growth

9M-2024 vs. 9M-2025

Revenue growth +19%

adj. EBIT growth +25%

Operations contribution to RENK's profitable growth

Secure output to deliver on growth ambition 1

Ensure resilience against disruptions 2

Increase efficiency to improve margins and reduce CapEx 3

VTA is role model for scaling up operations at RENK

Why VTA

Main driver for revenue and EBIT growing strongly

Offers ideal conditions for applying automotive small series approach

Close to headquarter/critical planning and engineering departments

How to approach

Transfer and implement automotive standards at VTA

Prove feasibility and benefits

Define as a standard

Roll out into the global (VMS) production network

Our progress is measurable through improved KPIs

NOT EXHAUSTIVE

Capacity

+13%

Transmissions produced at VTA Aug-Oct 2024 vs. Aug-Oct 2025

Procurement

-55%

lead time post renegotiation initiative at VTA¹

>3

RAM transmissions/day

~96%

Sourcing from German suppliers at VTA in 2025²

^1. Based on lead time reduction achieved during first wave of ongoing supplier terms renegotiation initiative (~€36 mn in procurement volume successfully renegotiated under new frame contracts as of 02.10.2025); 2. Based on spend value available for 2025 (as of 09-2025)

We have delivered on our commitment to scale series production and supply

A Successful ramp-up of modular assembly concept at VTA

VTA

~1 year from idea to implementation – blueprint for further upscaling

VTA

New assembly concept

from idea to implementation

First sketch

Apr-2024

3D concept visualization

Aug-2024

Announced at last CMD

Start of construction

Apr-2025

Conversion warehouse processes

Jul-2025

GoLive

J00

Aug-2025

Further rollout across production network

Next

A It is not just what you see, but even more what you do not

Line Back principle

Focus on value-adding activities

Material flow optimization

Integration of the supply chain

Efficiency Quality

Costs Lead time

A Completion of shift to series production with clear benefits

From manufactory to small series production

Benefits		Impact
	Enhanced flexibility	100%	Type flexibility
	Reduced floor space	-50%	Reduced logistics space
	Simplified workflows	-60%	Qualification effort
	Increased output	+13%	Transmissions produced, Aug-Oct 2024 vs.

Aug-Oct 2025

1 Strategy

RENK production system is basis to take operations to the next levels

EXEMPLARY KEY ELEMENTS

Modularity
Scalable
Business plans

Developed for all sites

Adaptable shopfloor design

Scalable production concept

Clean workspace organization

CIS Continuous improvement

JIS Match orders to production

Commonality

Ease adding capacity and product lines

Automation

Utilize robust software & technology

•

A Global production network requires group wide global standards

A Plug and play module for 100-150 transmissions

Module components

2x turning centers 3x milling centers 2x gear cutting & grinding machines

Casting & forging tools Fixtures & tools for mechanical processing

Personnel

Manufacturing Assembly Logistics

RENK production network is basis for optimal use of existing capacity

RENK production network for "VTA" transmissions

Benefits

• Fast adaptation and scaling

• No investment for new buildings

• Increased capacity utilization

A RAM stabilized, transfer of best practices underway, progress measurable

Improvements at RAM Impact

>3

Transmissions/day

Localized production to India, Poland, and Italy to fulfill local content requirements and capture additional growth

New international production sites

India

Couplings & transmissions manufacturing

SOP 07/25

Poland

Final assembly & MRO

SOP Q1/26

Italy

Transmissions manufacturing

SOP 06/27

Successful acquisition and PMI of Cincinnati Gearing Systems expands US naval footprint leading to newly formed RAMI RAMI

RAMI is highly complementary – integration is well underway

Advanced integration from day one

Transferred RENK production standards and fostered harmonization

Professionalized build-to-order process

Optimized supplier network via co-sourcing across U.S. sites

Established PMI blueprint for future acquisitions

Improved supplier steering significantly strengthens supply chain resilience

Upscale to series supply

Supply resilience

De-risked sourcing of critical components

Supplier management

Renegotiated terms and leveraged scale

System suppliers

Reduced complexity and optimized contracts

Reduced lead times

-55%

Reduction in lead time post renegotiation initiative at VTA¹

Frame contracts ~70%

Suppliers at VTA with newly established frame contracts²

^1. Based on lead time reduction achieved during first wave of ongoing supplier terms renegotiation initiative (~€36 mn in procurement volume successfully renegotiated under new frame contracts as of Oct-2025); Excluding C-parts; 2. Based on long-lead item suppliers (participants at Supplier Day)

B

Dedicated renegotiation initiative for improved lead times is well on track

VTA

1 st supplier day at VTA (06-2025) Renegotiation initiative

Lead time target of <120 days secured in frame contracts

1. Comprises ongoing first wave of renegotiation initiative amongst top 60 suppliers (status as of Oct-2025); 2. Procurement volume value-weighted

Going forward: Dedicated plant strategies are basis for capacity growth for 2025+ in every plant – every site has a clear and traceable strategy

NON-EXHAUSTIVE

Plant strategies

Demand SWOT Output and capacity

analysis

Health check

Ambitions (KPIs & OKRs)

Personnel planning

Ideal operating point

Transparency about investments and personnel needs

Actionable initiatives, milestones, and work packages

VTA

Manufacturing Assembly Testing

3 shifts 1 shift 3 shifts

Invest in additional machinery, efficiency, and automation

New modular assembly concept introduced potential to add second and third shift

+ +

Invest in type-flexible and electrified test rigs

Scaling potential

>700

Transmissions produced in 2025

>1,800

Target

Transmissions produced p.a. in Mid-term

Going forward: Long term CapEx outlook unchanged at ~3% – short term strategic push to capture on top potential

Capturing growth

"Growth CapEx"

Capacity for incremental potential focused on Europe

"Core CapEx"

• Leverage well-invested asset base to maintain growth trajectory
• Substance preservation

Allocation focused on Europe Allocation ² NON-EXHAUSTIVE Augsburg Mill turn centers Pallet storage Cylindrical grinding Machining center Universal machines Rheine Mill turn centers Other Mill turn centers Universal machines

^1. Comprises IT-related CapEx yet excludes expenditures for SAP S4 Hana transformation program; 2. Refers to procurement plan for new machinery in 2026-2029

Making it happen: Delivering on our business plan(s) and securing growth

Fix the Basics

2024/25

... series production

... series supply

Next Level

2026/27

• Further optimizing and professionalizing operations
• Streamlining and digitalized processes
• Localizing production to fulfill local content requirements
• Targeting investments to add capacity
• ш ...

Benchmark in Defense Operations

2028+

• Doubling down on ongoing initiatives
• Further expanding RENK production network
• Continue automating, using IT tools and systems
• Further optimizing supplier ecosystem for Europe and North America

RENK's value creation model – unlocking our potential

Growth levers Return on capital levers

Our exceptional growth story manifests in a strong financial performance

^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;
2. ROCE is defined as adj. EBIT in relation to the average capital employed for the fiscal year; 3. CCR is defined as free cash flow in relation to adjusted net income

Momentum continued through 9M-2025, driven by strong orders and profitable growth

Adj. EBIT margin

Strong growth at group level… … enabled by profitable segment performance

+45% Order intake,

9M-2024 - 2025

+34% Order backlog¹

Sep-2024 - Sep-2025

+19% Revenue,

9M-2024 - 2025

+25% Adj. EBIT, 9M-2024 - 2025

^1. Total order backlog; 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 nonrecurring in nature

As a result of strong momentum and identified opportunities, we are confirming our 2025 guidance and setting our 2030 ambition at >20% Adj. EBIT margin

Adj. EBIT¹ (margin) path, in €mn (%)

• Deliver on secured order backlog
• Capture product mix shift to defense
• Convert pipeline and German uplift
• 2 Capture potential from new OE
• Leverage more heavily used installed fleet
• Optimize utilization and synergies between plants through RENK production system 3
• Roll out RENK production system
• Realize operating leverage
• 4 Capture scale benefits from higher base
• Drive supplier optimization

^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 nonrecurring in nature

In line with our topline development, Adj. EBIT growth will accelerate from 2028

CCR and ROCE remain at robust levels, validating the success of our initiatives

CCR, in %

• Strong business momentum driving continued operating cash generation
• Supported by investments and continued focus on balancing of supply security with optimization networking capital

ROCE, in %

• Improved utilization of asset base driving disproportionate growth in operating performance vis-a-vis invested capital
• Fully leveraging RENK's well invested platform
• Margin expansion supporting sustained profitability gains

Focus on cash – NWC program targets substantial cash unlock, without compromising top priority of delivery reliability

Focus on cash

Within RENK's control

Targeted investments

NWC optimization

Outside RENK's control

Timing of selected prepayments vis-a-vis financial reporting cut-off dates

NWC characteristics

Defined by industry standards and customer mix:

Inventory

Adaptive balancing of input availability and reduced stock levels

Pre-payments

Intensified tender process to enhance payment patterns Active project controlling to enhance cash-positive projects

Payables

Strategic supplier management & contracting

Realization of potential efficiency gains through supplier bundling

Receivables

Active customer interaction and dunning process

Enhancing cash conversion through excellent project execution

NWC target

enabled through NWC optimization program balancing growth ambition

^1. As a percentage of revenues target for the mid-term

RENK's Capital Allocation Framework to drive Shareholder Value Creation

Invest in growth (organic & inorganic)

Core business and R&D

• Long-term avg. Capex of ~3% of revenue to drive growth
• One time Capex push in 2026/2027

M&A defense

▪ Capturing of value-accretive opportunities tailored financing with potential funds from portfolio reassessment

Balance Sheet strength

• De-leverage in line with target capital structure
• Target Net Debt / EBITDA below 1.5x

Paying an attractive dividend

• Secure strong cash returns to investors
• ~40% 50% of adj. net income

Shareholder Value Creation

ROCE target

>20%

Our financial foundations for growth rest on two key elements supported by embedded ESG criteria

Enhancing backbone for future growth

Cash focus

Enhancing cash focus with doubling down on Net Working Capital optimization

Capital allocation

Refining capital allocation to align with accelerating market growth

Environmental

• Climate neutral by 2050
• Enforcing wide ranging energy saving measures

Social

• Increasing gender balance in leadership
• Promoting health, safety, and inclusion

Governance

• Adding relative TSR to executive compensation – aligning with shareholder value creation
• Reporting in line with CSRD and ESRS

Summary: Our updated financial framework

^1. Excluding M&A; 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 nonrecurring in nature; 3. ROCE is defined as adj. EBIT in relation to the average capital employed for the fiscal year; 4. CCR is defined as Free cash flow in relation to adjusted net income; 5. Net leverage defined as net debt/adj. EBITDA

Appendix

Like for like comparison of project pipeline in 2024 vs. 2025

^1. In 2024 methodology, project pipeline also included soft order backlog (i.e., high maturity projects in next four years) and frame order backlog; 2. Deducting order intake and lost tenders and adding new projects