R STAHL (RSL2) Q2 2024 earnings summary

Executive summary

• Q2 2024 saw stable order intake at €88.5 million, with a shift toward more project-based business and less day-to-day activity, reflecting general market weakness.

• Sales increased 16.4% year-over-year to €89.3 million, with growth across all regions, especially international markets.

• Net profit more than doubled in Q2 2024 to €3.7 million, with EPS also doubling to €0.57.

• Order intake remained stable in Q2 2024 at €88.5 million but declined 2.8% in H1 2024 to €180.8 million.

Financial highlights

• EBITDA pre exceptionals rose 25.7% in Q2 2024 to €10.9 million, with a margin of 12.2%.

• EBIT increased 80.5% in Q2 2024 to €6.3 million.

• Free cash flow was negative at €-2.7 million in Q2 and €-7.0 million in H1 2024, reflecting higher working capital and loan utilization.

• Net debt increased to €48.3 million as of June 30, 2024.

• Cost of materials ratio improved to 30.6% in Q2 2024.

Outlook and guidance

• Sales for 2024 are expected at the upper end of €335–350 million.

• EBITDA pre exceptionals guidance reaffirmed at €35–45 million for 2024.

• Free cash flow is expected to turn positive by year-end, reaching a mid single-digit million euro amount.

• Equity ratio is projected to increase further in 2024.

• Another price increase planned for Q4 2024.