Racing Force (RFG) H1 2025 earnings summary

Executive summary

• Revenue grew 4.6% year-over-year to €39.3M in H1 2025, with EBITDA at €8.3M (21.1% margin) and a 5-year CAGR of 18.3%.

• Net income declined to €4.2M (10.8% margin) from €5.4M, mainly due to €1.1M unrealized FX losses.

• Gross margin improved to 62.5% due to favorable sales mix and operational efficiencies.

• Cash flow from operations reached €7.6M, with a 92% cash conversion rate.

• Dividend of €2.5M (€0.09/share) paid in May.

Financial highlights

• Sales increased 4.6% year-over-year (4.8% at constant FX), with EMEA and Americas up, APAC down 11.7%.

• Gross profit rose €1.5M (+6.4%), gross margin up from 61.5% to 62.5%.

• EBITDA reached €8.3M (21.1% margin), up from €8.2M, with a 5-year CAGR of 18.3%.

• Net financial position improved to €3.5M from €0.1M at December 2024.

• CAPEX was €6.8M in H1, including HQ expansion and R&D.

Outlook and guidance

• Double-digit order growth in the first nine months supports expectations for stronger H2 sales.

• Higher H2 sales expected to improve full-year margin by spreading fixed costs.

• New FIA and SNELL standards and product launches expected to drive sales in late 2025 and 2026.

• Diversification into military and police helmets to show first significant results in 2026.

• Strong motorsport market outlook with rising F1 attendance, TV viewership, and sponsorship budgets.