R STAHL (RSL2) Q4 23/24 earnings summary

Executive summary

• Sales reached a record EUR 344.1 million in FY 2024, up 4.1% year-over-year, driven by a strong order backlog despite a slowdown in new orders due to economic and political uncertainties.

• Order intake declined to EUR 327.6 million from EUR 342.5 million, mainly due to weak demand and economic uncertainty in H2 2024.

• EBITDA pre exceptionals decreased to EUR 34.4 million from EUR 38.6 million, mainly due to one-off effects and higher personnel expenses.

• Net profit improved to EUR 5.8 million from EUR 0.2 million, as the prior year was impacted by a significant impairment.

• Free cash flow increased to EUR 14.7 million, mainly due to a significant reduction in working capital.

Financial highlights

• Earnings per share rose to EUR 0.90 from EUR 0.03 year-over-year.

• Cost of material ratio improved to 33.3% from 34.1%, while personnel cost ratio increased to 40.1% from 39.5%.

• EBITDA margin declined to 10% from 11.7% year-over-year.

• Net debt reduced by EUR 10.0 million to EUR 28.8 million at year-end.

• Cash and cash equivalents at year-end were EUR 16.3 million, up from EUR 11.5 million.

Outlook and guidance

• Sales for 2025 expected in the range of EUR 340–350 million.

• EBITDA targeted between EUR 35–40 million.

• Positive free cash flow anticipated in the mid-single-digit million euro range.

• Slightly increased equity ratio expected as pension provision valuation remains stable.

• Management notes high uncertainty due to geopolitical and economic factors.