R STAHL (RSL2) Q1 2026 earnings summary

Executive summary

• Q1 2026 delivered stable sales at €73.4 million, with strong Asia-Pacific growth from one-time projects offsetting declines in Germany, Central region, and Americas.

• EBITDA pre rose to €6.7 million, margin at 9.2%, and net loss narrowed to €-0.3 million, with profitability driven by cost optimization and workforce reductions.

• Order intake was €77.2 million, down 21.9% year-over-year, and order backlog decreased 23% to €94.3 million.

• The NEXUS transformation program is underway, focusing on shifting to a solution provider, financial stabilization, and scalable growth.

• Leadership changes included a new Chairman and Deputy Chairman of the Supervisory Board and Executive Board transitions.

Financial highlights

• EBITDA pre increased by €3 million to €6.7 million, margin above 9%, driven by cost reductions and a material ratio below 33%.

• Personnel costs declined by roughly 10% to €33.6 million due to cost-cutting and NEXUS effects.

• EBIT turned positive at €1.8 million, but net profit remained at break even or a slight loss due to tax impacts.

• Free cash flow was negative at €-3.9 million, impacted by working capital build-up.

• Net debt increased to €39.8 million, up from €34.9 million at year-end 2025.

Outlook and guidance

• 2026 guidance confirmed: sales between €285–300 million, EBITDA pre between €22–27 million, and balanced free cash flow by year-end.

• Equity ratio expected to decrease slightly, reflecting ongoing risks.

• Focus remains on improving working capital and sustaining EBITDA pre improvements through NEXUS.