R&S Group (RSGN) H1 2025 earnings summary

Executive summary

• Achieved strong topline and revenue growth in H1 2025, supported by high order backlog and strategic initiatives.

• Integration of Kyte Powertech completed, enhancing operational capabilities and contributing to growth.

• Opened a new transformer plant in Poland, expanding production capacity and market reach.

• New CEO Eduardo Terzi appointed in June 2025, bringing extensive industry experience and positioning for the next growth phase.

• Benefited from robust industry trends in electrification and grid modernization, maintaining a healthy order backlog.

Financial highlights

• Net sales increased 87.7% year-over-year to CHF 206.3 million, driven by Kyte Powertech consolidation.

• Order intake rose 74% year-over-year to CHF 244.8 million; order backlog up 40% to CHF 305.7 million.

• EBIT reached CHF 40.2 million, with a margin of 19.5%.

• Profit after tax was CHF 28.8 million, up 138% year-over-year, with a 14% profit margin.

• Free cash flow was CHF 5.2 million, with a margin of 2.5%, slightly down from CHF 5.5 million in H1 2024.

Outlook and guidance

• Focus for H2 2025 on operational excellence, ramping up Bochnia, progressing the new Lodz plant, and cash conversion.

• Net sales growth guidance of 10–13% p.a. and EBIT margin around 20% confirmed for the mid-term.

• Free cash flow margin expected at 10–12% of net sales; stable dividend policy maintained.

• New Lodz plant for power transformers on track for Q4 2026, expected to double output.

• Ongoing investments in innovation, operational excellence, and customer relationships to sustain growth.