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

Executive summary

• Strategic investments in power transformer capacity and commercial capabilities are progressing as planned, with sales management enhanced and transformation towards attractive markets like data centers, BESS, industrial infrastructure, and photovoltaics.

• Order backlog reached a record CHF 357.9 million as of June 30, 2026, up 17.1% year-over-year, reflecting robust demand and a solid market environment despite some moderation in utility deliveries.

• Recent commercial successes include major tender wins in Europe and the Middle East, supporting near-term production visibility and capacity expansion.

Financial highlights

• Order intake for H1 2026 was CHF 216.8 million, down 11.4% year-over-year, impacted by postponed projects and FX effects.

• Net sales for H1 2026 were CHF 179.2 million, a 13.1% decrease year-over-year, with some deliveries shifted to July.

• EBITDA for H1 2026 was CHF 34.0 million, down 22.6% year-over-year, with an EBITDA margin of 19.0%.

• Free cash flow improved significantly to CHF 11.5 million, up 121% year-over-year, with a margin of 6.4%.

• Workforce increased to 1,340 FTEs, reflecting ramp-up for new plant capacity and a 4.3% year-over-year rise.

Outlook and guidance

• FY2026 sales guidance set at CHF 410–420 million, with expectations for a stronger second half and contingent on successful delivery of large power transformers.

• Mid-term outlook targets 8–12% net sales growth and an EBITDA margin of 19–21%, supported by a strong order backlog and positive business outlook.

• Structural demand drivers include electrification, decarbonization, decentralization, grid renewal, and energy demand trends.

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