R STAHL (RSL2) Q1 2025 earnings summary

Executive summary

• Order intake reached a record €98.8 million in Q1 2025, up 7.1% year-over-year, driven by LNG shipbuilding, petrochemicals, and oil & gas demand, especially in Asia/Pacific.

• Sales declined 13.4% year-over-year to €73.3 million due to weak project bookings in late 2024 and lower demand across all regions.

• Net profit fell to €-2.5 million from €2.1 million last year; EPS at €-0.39 compared to €0.33.

• EBITDA pre exceptionals dropped by €4.8 million to €3.7 million, mainly due to lower sales and higher personnel costs.

• Free cash flow improved slightly to €-4.0 million, reflecting better working capital management.

Financial highlights

• Sales by region: Germany €18.6 million (-7.9%), Central region €35.9 million (-10.1%), Americas €8.1 million (-19.6%), Asia/Pacific €10.7 million (-26.0%).

• Cost of materials ratio improved to 34.2% from 35.9% year-over-year, reflecting a healthier product mix.

• Personnel costs increased 3.5% due to wage agreements and collective bargaining.

• EBITDA pre margin dropped to 5.0% from 9.9% in Q1 2024.

• Net financial debt rose to €34.2 million as of March 31, 2025.

Outlook and guidance

• 2025 sales expected between €340–350 million; EBITDA pre exceptionals forecasted at €35–40 million.

• Free cash flow projected to be a mid single-digit positive million euro amount; slight increase in equity ratio anticipated.

• Market uncertainty persists due to geopolitical and economic conditions, making guidance challenging.

• No significant supply-side bottlenecks or price increases expected barring major trade conflicts.