R STAHL (RSL2) Q3 2024 earnings summary

Executive summary

• Q3 2024 sales rose 1.7% year-over-year to €87.4 million, with stable performance across most regions and growth in the Americas, but order intake dropped to €74.4 million, reflecting weaker global demand and cautious customer investment.

• EBITDA pre exceptionals fell to €8.8 million from €13.5 million, impacted by one-time EXCELERATE program costs and lower operating performance, with margin dropping to 10.0%.

• Net profit declined by 70.2% year-over-year to €1.8 million, with EPS at €0.28 versus €0.96 last year.

• Free cash flow improved significantly to €6.0 million, driven by reduced working capital.

Financial highlights

• Sales reached €87.4 million, up 1.7% year-over-year, with stable or growing performance in Germany, Central Region, Asia-Pacific, and the Americas.

• EBITDA pre exceptionals for Q3 2024 was €8.8 million, margin at 10.0%; EBIT declined 50.8% to €4.1 million.

• Nine-month sales up 8.6% to €261.4 million; net profit for 9M 2024 at €7.7 million, down 35.4%.

• Order backlog as of 30 September 2024 was €107.9 million, 18.5% below prior year.

• Cash and cash equivalents increased to €14.8 million as of 30 September 2024.

Outlook and guidance

• Full-year 2024 sales expected between €335–350 million, with EBITDA pre exceptionals narrowed to €35–40 million.

• Management anticipates a positive net profit, improved equity ratio, and mid single-digit positive free cash flow.

• Q4 is expected to see a slight sales decline as order backlog is depleted, but a modest recovery in order intake is anticipated.

• Net debt is expected to decline by year-end.