The Augsburg-based drive specialist Renk is undergoing a double transformation that stretches from its shareholder register to its product line-up. While the exit of a major defence partner reshapes the ownership structure, a fledgling contract for an unmanned NATO vessel signals a new direction for its struggling marine business.
KNDS, the Franco-German tank maker that had been Renk’s largest single investor, placed 5.8 million shares worth €262 million in a block trade. The sale cuts its holding to roughly 10% from 15.83% previously, with proceeds earmarked to strengthen KNDS’s own balance sheet ahead of a planned initial public offering. The two groups have agreed a 180-day lock-up on the remaining shares, and KNDS stressed that their operational partnership — Renk supplies transmissions and drivelines for the Leopard 2 and other armoured vehicles — will continue unchanged.
Into the space left by KNDS have stepped two big US asset managers. BlackRock lifted its stake to 4.44% in May, while the Fidelity group crossed the 4.94% voting-rights threshold, giving it nearly 5% of outstanding shares. The move marks a shift toward long-term institutional ownership after private-equity firm Triton fully exited the stock in August last year.
The boardroom is also getting new blood. Claus von Hermann, who steered Renk through its stock-market debut in 2024, will step down as supervisory board chairman on 10 June. His designated successor is Dr Klaus Richter, a former CEO of the Diehl Group who brings more than three decades of experience in defence, aviation and automotive sectors. The AGM on the same day will vote on both the appointment and a proposed dividend of €0.58 per share.
The shareholder and governance changes come on the back of a solid quarter. Renk booked a record order intake of €582.3 million in the first three months of 2026, up 6% year-on-year, while revenue rose 4% to €283.6 million. Adjusted EBIT climbed 10.4% to €42.4 million, helped by a 20% surge in the Vehicle Mobility Solutions division. For the full year, management expects revenue above €1.5 billion and adjusted EBIT in a range of €255 million to €285 million — more than 90% of that revenue target is already covered by orders in hand.
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Yet the marine side of the business remains a drag. The Marine & Industry segment reported order intake of just €70 million in the first quarter, down sharply from €122.3 million a year ago when large one-off contracts inflated the comparison. Revenue slipped to €65.2 million from €73.1 million, and adjusted EBIT halved to €4.4 million. Renk blamed supply-chain delays for pushing some revenue into later periods.
Against that backdrop, a small but strategically important win stands out. In its quarterly statement on 6 May, Renk disclosed an order for an integrated system package of electric motors, clutches and gearboxes destined for an unmanned surface vessel operated by a NATO member state. The company explicitly framed the deal as its entry into the market for unmanned maritime systems.
That contract is taking centre stage at the Posidonia exhibition in Athens, which runs until 5 June. Renk is showcasing its full portfolio of maritime mobility and propulsion solutions at one of the world’s largest shipping trade fairs, hoping to convince naval customers that the unmanned deal is not a one-off.
The stock closed Friday at €56.31, a 28% bounce from the 52-week low of €43.99 hit in mid-May but still 37% below the high of €88.73. Year to date, the shares are barely changed, up about 2%. Investors will have to wait until the next quarterly update on 6 August to see whether Marine & Industry can recapture its momentum — and whether the autonomous-vessel pivot gains traction beyond a single order.
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