R STAHL (RSL2) Q2 2026 earnings summary

Executive summary

• Order intake improved to €68.6 million in Q2 2026, with growth in all regions except the Americas; order backlog dropped 20.3% year-over-year.

• Sales declined 7.3% in Q2 2026 to €72.2 million, with Asia/Pacific strong and Americas and Central regions weak.

• EBITDA pre exceptionals rose to €6 million (8.3% margin) in Q2 2026 due to cost optimization, despite lower sales.

• Net profit remained negative at €-2.5 million in Q2 2026, with EPS at €-0.38, stable year-over-year.

• Free cash flow improved by €6.1 million to €-3.0 million in Q2 2026, indicating business stabilization in a challenging market.

Financial highlights

• EBITDA pre margin improved to 8.3% in Q2 2026 from 6.8% in Q2 2025.

• Cost of materials ratio fell sharply to 29.8%, reflecting operational efficiency.

• Personnel costs decreased by 8.1% to €33.1 million, driven by workforce reductions.

• EBIT turned positive at €0.3 million versus €-0.6 million in Q2 2025.

• Net debt increased to €43.7 million as of June 30, 2026.

Outlook and guidance

• Full-year 2026 sales expected between €285–300 million, down from €313 million in 2025.

• EBITDA pre exceptionals forecasted at €22–27 million for 2026, compared to €34.4 million in 2025.

• Balanced free cash flow targeted for the year; moderate increase in net debt and slight decrease in equity ratio anticipated.

• Management expects order intake relief in the second half of 2026, with more pronounced sales recovery in 2027.