R STAHL (RSL2) Q3 2025 earnings summary

Executive summary

• Q3 2025 sales declined 10.1% year-over-year to €78.6 million, with weak demand and lower order intake across all regions and industries.

• Order intake was €72.2 million, down from €74.4 million in Q3 2024 and below Q1 2025 levels.

• EBITDA pre rose 28.8% to €11.3 million due to cost reduction measures, with net profit up to €2.6 million and EPS at €0.39.

• Free cash flow dropped sharply to €0.5 million, mainly due to increased working capital.

• Leadership transition announced: Dr. Claus Bischoff to become CEO in January 2026.

Financial highlights

• Sales declined in all regions: Germany -15.9%, Central region -3.5%, Americas -11.4%, Asia-Pacific -17.3%.

• EBITDA pre margin in Q3: 14.4% (previous year: 10.0%).

• Net profit: €2.6 million (up from €1.8 million); EPS: €0.39 (up from €0.28).

• Free cash flow: €0.5 million (down from €6.0 million); net debt increased to €45.5 million.

• Operating expenses reduced from €15.9 million to €14.6 million.

Outlook and guidance

• Full-year 2025 sales forecast: €320–330 million, revised down from previous €340–350 million.

• EBITDA pre expected between €25–30 million; free cash flow projected to be balanced.

• Equity ratio may decrease slightly if pension interest rates remain stable.

• Order momentum expected to remain stable at a low level into Q4 and 2026, with recovery lagging broader industry improvements by 6–12 months.