R STAHL (RSL2) Q3 2026 earnings summary

Executive summary

• Q3 order intake rose 4.4% YoY to €75.4m, while sales fell 5.7% to €74.1m; sales improved sequentially from Q1 and Q2.

• 9M sales declined 4.4% to €219.7m; EBITDA pre increased to €21.7m from €20.2m, and net profit returned to €0.9m from a €2.4m loss.

• Q3 net profit rose to €3.7m from €2.6m; operating cash flow was €14.2m and free cash flow €11.7m.

• Order backlog declined 14.1% YoY to €90.9m at September 30.

Financial highlights

• Q3 sales were €74.1m vs. €78.6m YoY; total operating performance was €76.2m vs. €86.3m.

• Q3 EBITDA pre was €9.0m vs. €11.3m, EBITDA €8.7m vs. €8.9m, and EBIT €4.4m vs. €4.0m; the prior-year EBITDA pre reflected an unusually high result.

• Q3 net profit was €3.7m vs. €2.6m and EPS €0.56 vs. €0.39; positive tax effects supported earnings.

• 9M EBITDA pre was €21.7m vs. €20.2m, EBITDA €19.9m vs. €16.3m, and EBIT €6.5m vs. €2.1m.

• Q3 material ratio improved to 31.7% from 34.5%; personnel costs fell 11.8% to €30.5m, mainly due to workforce reductions.

Outlook and guidance

• FY 2026 guidance confirmed: sales €285m–€300m, EBITDA pre €22m–€27m, balanced free cash flow and stable equity ratio, revised from a slight decrease.

• Management expects order intake to convert into sales with a lag; positive intake trends and targeted market penetration support confidence in 2027 growth.

• Guidance assumes comparable cost efficiency; investment plans may be adjusted to business development and uncertainty to protect financial stability.

• The previously cited €500m 2030 revenue ambition was not reaffirmed; management emphasized stepwise organic progress.