R&S Group (RSGN) Q2 2026 TU earnings summary

Executive summary

• 2026 is positioned as a year of investment in capacity and capabilities to support long-term, sustainable, profitable growth in line with mid-term guidance.

• Strategic and operational progress is on track, with commercial capabilities strengthened and sales management enhanced, broadening the customer base and reducing dependency on specific segments.

• Order backlog reached a record CHF 360 million (CHF 357.9 million as of June 30, 2026), up 17% year-over-year, with a book-to-bill ratio of 1.2x.

• Major new orders secured in Poland (Tauron) and Dubai (DEWA), including a significant cast-resin order and preferred supplier status for the largest data center in the Middle East.

• Transformation toward structurally attractive markets such as data centers, renewables, BESS, industrial infrastructure, and photovoltaics continues.

Financial highlights

• EBITDA for H1 2026 was CHF 34 million, representing a 19% margin, despite costs for ramping up the new Łódź plant workforce.

• Free cash flow reached CHF 11.5 million, more than doubling from H1 2025, with a free cash flow margin of 6.4%.

• Net sales for H1 2026 were CHF 179.2 million, down 13% year-over-year adjusted for divestment and FX.

• Adjusted order intake for H1 2026 was CHF 216.8 million, down 1.4% year-over-year after accounting for divestitures and project postponements.

• Workforce increased to 1,340 FTEs, reflecting ramp-up for new plant capacity.

Outlook and guidance

• Full-year 2026 net sales are guided at CHF 410–420 million, with a confirmed EBITDA margin range of 19–21%.

• Mid-term guidance is reaffirmed: organic net sales growth of 8–12% per year, EBITDA margin of 19–21%, dividend of CHF 0.50 per share, and target leverage of 1x net debt/EBITDA.

• Management expects stable performance in H2 and continued compensation for utility market weakness through growth in power and dry-type transformers.

• Strong order backlog and business outlook support mid-term guidance.

• Ongoing investments in capacity and operational improvements are expected to support future growth and competitiveness.