(Reuters) -German tank gearbox maker Renk reported better than expected second-quarter revenue on Wednesday as European countries kept their defence investments steady.
The company, which makes gearboxes for the Leopard 2 tanks sent to Ukraine, reported sales of 348 million euros ($406 million), better than the 338 million euros expected in an LSEG poll of analysts.
In its vehicle mobility solutions (VMS) branch, which in 2024 contributed to roughly two thirds of the company’s sales, reported quarterly revenue of 217 million euros, an increase of 35.3% year-on-year.
Renk said its order backlog had reached 5.9 billion euros at the end of the quarter, as it confirmed its 2025 guidance.
($1 = 0.8563 euros)
(Reporting by Paolo Laudani and Maria Rugamer in Gdansk; editing by Milla Nissi-Prussak)
