R STAHL (RSL2) Q2 2024 earnings summary

Executive summary

• Q2 2024 saw stable order intake at EUR 88.5 million, only slightly below last year, with sales up 16.4% year-over-year to EUR 89.3 million, supported by rising demand in chemical and nuclear sectors and a shift toward more project-based business.

• Net profit nearly doubled to EUR 3.7 million, with EPS also doubling to EUR 0.57, driven by higher sales and efficiency gains.

• EBITDA increased 26% year-over-year to EUR 10.9 million (12.2% margin), with growth across all regions, especially international markets.

• Free cash flow was negative at EUR -2.7 million due to working capital buildup, but improvement is expected in coming quarters.

Financial highlights

• Sales up 16.4% year-over-year to EUR 89.3 million, driven 70% by volume and 30% by mix/price, with growth across all regions.

• EBITDA rose 26% to EUR 10.9 million, with a margin of 12.2% (up from 11.3%).

• EBIT reached EUR 6.3 million, up from EUR 3.5 million in Q2 2023.

• Free cash flow decreased to EUR -2.7 million from EUR 3.1 million due to working capital build-up.

• Net debt stood at EUR 48 million as of June 30, 2024, with plans to reduce it in H2 2024.

Outlook and guidance

• Sales expected at the upper end of EUR 335–350 million for 2024.

• EBITDA guidance reaffirmed at EUR 35–45 million, with improved confidence after Q2.

• Free cash flow anticipated to turn positive by year-end.

• Another price increase planned for Q4 2024.

• Equity ratio expected to improve if interest rates remain stable.