R STAHL (RSL2) Q3 2025 earnings summary

Executive summary

• Q3 2025 order intake was EUR 72.2 million, down from EUR 74.4 million year-over-year, amid global economic uncertainty and weak demand across all regions and industries.

• Sales declined 10.1% year-over-year to EUR 78.6 million, with decreases in all regions, notably Germany (-15.9%), Americas (-11.4%), and Asia-Pacific (-17.3%).

• EBITDA pre exceptionals rose 28.8% to EUR 11.3 million, with margin at 14.4%, driven by cost reduction measures.

• Net profit increased to EUR 2.6 million from EUR 1.8 million year-over-year; EPS rose to EUR 0.39 from EUR 0.28.

• Free cash flow dropped sharply to EUR 0.5 million, mainly due to working capital build-up for large projects.

Financial highlights

• Net debt increased to EUR 45.5 million from EUR 28.8 million at year-end 2024.

• Other operating expenses decreased from EUR 15.9 million to EUR 14.6 million.

• Personnel costs included EUR 2.2 million in severance payments; excluding these, personnel costs would have fallen by EUR 0.8 million despite wage increases.

• Cost of materials ratio in Q3: 34.5% (previous year: 34.1%).

• Capital expenditures in Q3 2025: EUR 3.3 million (Q3 2024: EUR 3.8 million).

Outlook and guidance

• Full-year 2025 sales forecast is EUR 320–330 million, with EBITDA pre expected between EUR 25–30 million.

• Free cash flow is targeted to be balanced for the year; equity ratio may decrease slightly.

• Order momentum expected to remain stable at a low level into Q4 and 2026, with recovery lagging general industry improvements by 6–12 months.

• Full-year guidance was revised downward from previous expectations.