R STAHL (RSL2) Q4 2025 earnings summary

Executive summary

• Sales declined by 9.1% to €313.0 million, with all regions contributing to the decrease; a strong Q4 limited the drop.

• Order intake slowed to €306.5 million from €327.6 million due to economic and geopolitical uncertainties.

• EBITDA remained stable at €34.4 million (11% margin), supported by temporary one-time effects in Q4 despite lower sales.

• Net profit dropped to €3 million, mainly due to lower sales and higher one-time expenses, with deferred taxes supporting EBT at breakeven.

• The NEXUS transformation program was launched, focusing on stabilization, transformation, and growth through 2030.

Financial highlights

• Free cash flow decreased by €15.1 million to €-0.3 million, mainly due to lower net profit and increased working capital.

• Net debt increased to €35 million as debt was used to offset weak free cash flow.

• Personnel costs included €5 million in severance from headcount reduction; excluding this, personnel costs fell by €3.9 million.

• Other operating expenses were €63.7 million, including €3.6 million in one-time costs.

• Earnings per share fell to €0.46 from €0.90 year-over-year.

Outlook and guidance

• FY 2026 sales are forecast at €285–300 million, with EBITDA pre-exceptionals expected between €22 million and €27 million.

• Free cash flow is projected to be balanced, with major improvements expected from 2027 onward.

• By 2030, the company targets revenues above €500 million and double-digit EBITDA margins, enabled by a fully digital operating model and expanded portfolio.

• Risks include ongoing geopolitical conflicts and general economic development.