Successful first Annual General Meeting / Dividend of EUR 0,30 per share

Augsburg, June 26, 2024 – Today, RENK Group AG, a leading manufacturer of drive solutions for the military and civilian sector, held its first Annual General Meeting after successful IPO on February 7, 2024. The shareholders in attendance – representing 75,47% of total voting share capital – assented to all proposals by the Management Board and Supervisory Board with overwhelming majorities.

The Annual General Meeting voted in favour of a dividend distribution of € 0.30 per share. All current shareholders carry full dividend rights for financial year 2023, regardless of whether they invested in the company before or after the IPO in February 2024. For coming financial years, the company plans to distribute 40-50% of adjusted net income as dividend.

Susanne Wiegand, CEO of RENK Group AG, emphasized: "We are living in a time of immense challenges and changes. In terms of security policy, we are currently facing nothing less than the defense of our democracy and our freedom. Our responsibility as a company is to use our solutions to make a significant contribution to the defense capabilities and operational readiness of the Bundeswehr, our allies and, ultimately, the entire Western world and its values."

With an overwhelming majority, the Annual General Meeting discharged the Executive Board and the Supervisory Board for the 2023 financial year. Karin Sonnenmoser and Doreen Nowotne were newly elected to the Supervisory Board of RENK Group AG. They succeed former Supervisory Board Members Swantje Conrad and Cécile Dutheil who resigned from office with effect of this Annual General Meeting. Florian Hohenwarter was confirmed in office by election of the Annual General Meeting. He had previously been appointed by court as a member of the supervisory board in succession to Dr. Rainer Martens until today's Annual General Meeting.

“On behalf of the entire Supervisory Board, I would like to thank Ms. Conrad, Ms. Dutheil and Dr. Martens for their trusting cooperation and the significant contribution they have made as Supervisory Board Members to the successful development of RENK. With Ms. Sonnenmoser, Ms. Nowotne and Mr. Hohenwarter, we welcome renowned leaders who will enhance and decisively strengthen our work on the Supervisory Board”, said Claus von Hermann, Chairman of the Supervisory Board.

The voting results of today’s Annual General Meeting and the reports by the Supervisory Board and the CEO will be available shortly at https://ir.renk.com/annual-general-meeting/.             

About RENK Group AG

Headquartered in Augsburg, Germany, RENK Group AG is a globally leading manufacturer of mission-critical drive solutions across diverse military and civil end markets. Our product portfolio includes gear units, transmissions, power-packs, hybrid propulsion systems, suspension systems, slide bearings, couplings & clutches and test systems. With this broad product portfolio RENK Group AG serves in particular customers in industries for military vehicles, naval, civil marine, and industrial applications focused on energy. In the fiscal year 2023, RENK Group AG generated revenue of € 926 million.

For more information visit: www.renk.com 

Disclaimer

This release contains forward-looking statements. These statements are based on the current views, expectations, assumptions, and information of the management of RENK Group AG (the “Company”). Forward-looking statements should not be construed as a promise of future results and developments and involve known and unknown risks and uncertainties. Various factors could cause actual future results, performance, or events to differ materially from those described in these statements, and neither the Company nor any other person accepts any responsibility for the accuracy of the opinions expressed in this release or the underlying assumptions. The Company does not assume any obligations to update any forward-looking statements. Moreover, it should be noted that all forward-looking statements only speak as of the date of this release and that the Company assumes no obligation, except as required by law, to update any forward-looking statement or to conform any such statement to actual events or developments.

The Company expressly disclaims any obligation or undertaking to update, review or revise any forward-looking statement contained in this release, whether as a result of new information, future developments or otherwise