R STAHL (RSL2) Q2 2025 earnings summary

Executive summary

• Orders dropped to €67 million from €88.5 million year-over-year and €98 million in Q1, reflecting over 30% sequential decline, mainly in Central Region and Asia-Pacific.

• Sales declined 12.7% in Q2 2025 to €77.9 million and 13.1% in H1 2025 to €151.2 million year-over-year.

• EBITDA pre exceptionals fell 51.7% in Q2 to €5.3 million, with margin dropping to 6.8% from 12.2% last year.

• Net profit turned negative at €-2.5 million in Q2 and €-5.0 million in H1, compared to a profit of €3.7 million in the prior year.

• Free cash flow deteriorated to €-9.1 million in Q2 and €-13.1 million in H1, with net debt rising to €44.6 million.

Financial highlights

• Sales in Q2 2025 declined 12.7% year-over-year to €77.9 million, with all regions experiencing decreases: Germany -17.1%, Central region -4.0%, Americas -17.4%, Asia/Pacific -25.5%.

• EBITDA pre margin for H1 2025 was 5.9%, down from 11.1% in H1 2024.

• EBIT turned negative at €-0.6 million in Q2 and €-1.8 million in H1.

• Order intake fell 24.3% in Q2 and 8.3% in H1 year-over-year; order backlog decreased 6.6% to €113.0 million.

• Net debt at June 30, 2025, was €44.6 million, up from €28.8 million at year-end 2024.

Outlook and guidance

• Full-year 2025 sales guidance lowered to €320–330 million from €340–350 million, with EBITDA now expected at €25–30 million versus previous €35–40 million.

• Free cash flow is now expected to be balanced, down from a previously expected positive mid-single-digit million amount.

• Slight decrease in equity ratio anticipated; net profit expected to be slightly negative for the full year barring positive tax effects.