Weak demand in financial year 2025 reflected in R. STAHL’s figures

Weak demand in financial year 2025 reflected in R. STAHL’s figures

• Group sales down 9.1% to € 313.0 million
• At € 306.5 million, order intake below level of the previous year (€ 327.6 million)
• EBITDA pre exceptionals remains stable at € 34.4 million due to positive one-time items (previous year: € 34.4 million). EBITDA margin pre exceptionals thus increases to 11.0% (previous year: 10.0%)
• Free cash flow declines to € -0.3 million (previous year: € +14.8 million).

Waldenburg, 24 February 2025 – According to preliminary figures, R. STAHL closed out financial year 2025 largely in line with its planning. Global economic and geopolitical uncertainties have significantly dampened our customers’ willingness to invest and demand over the course of the year.

Sales down 9.1% to € 313.0 million – order intake also below level of the previous year
The decline in demand since the second half of 2024 is reflected in the weak sales development in financial year 2025. R. STAHL’s sales fell by € 31.2 million or 9.1% to € 313.0 million between January and December 2025 (previous year: € 344.1 million). The forecast corridor, adjusted in July, was between € 320 million and € 330 million.

After a strong showing in the first quarter of 2025 (€ 98.8 million), order intake fell by € 21.0 million to € 306.5 million over the course of 2025. Because sales exceeded order volume in the past financial year, order backlog decreased to € 90.9 million at the end of 2025 (previous year: € 95.8 million).

Profitability remains robust thanks to temporary positive one-time items – free cash flow declines sharply
At € 34.4 million, EBITDA (earnings before interest, taxes, depreciation and amortizetion) pre exceptionals remained at the prior year level (€ 34.4 million) despite a decline in sales. The forecast corridor, adjusted in July, was between € 25 million and € 30 million. The high EBITDA pre exceptionals is due to temporary positive one-time items in the area of material and personnel costs as well as a short-term increase in sales in December from major projects. The company’s profitability, measured by the EBITDA margin pre exceptionals, improved from 10.0% in the previous year to 11.0%. The positive development of EBIDTA pre exceptionals and profitability in the fourth quarter of 2025 does not reflect R. STAHL’s global business development.

Free cash flow decreased by € 15.1 million to € -0.3 million in 2025, mainly due to the lower net profit and the increase in working capital (previous year: € +14.8 million). R. STAHL had forecast a break-even figure for this in July. Due to the positive net profit in the 2025 financial year, the equity ratio improved to 29.2% (previous year 27.3%). In July 2025, the company had assumed a slight decline in this key figure.

R. STAHL lays the foundation for a sustainably successful future in 2026
The company launched the NEXUS future program in February 2026. R. STAHL will continue to develop into a global solutions provider in the field of explosion protection. “In the current year, we will stabilize the company financially and lay the structural and strategic foundations to actively and successfully seize the growth opportunities in our market, particularly outside Europe, from 2027 onward”, says Dr. Claus Bischoff, CEO of R. STAHL.

The figures and forward-looking statements in this press release relating to 2025 are preliminary. A forecast for 2026 will be provided with the release of the audited Annual Report 2025 on 16 April 2026.

Key figures of R. STAHL Group pursuant to IFRS¹⁾

€ million 2025¹⁾ 2024 Change
in € million Change
in % Sales 313.0 344.1 -31.2 -9.1 Order intake 306.5 327.6 -21.0 -6.4 Order backlog 90.9 95.8 -4.9 -5.1 EBITDA pre exceptionals²⁾ 34.4 34.4 0.0 0.0  as % of sales 11.0% 10.0%     EBIT 6.6 15.8 -9.2 -58.3 Free cash flow -0.3 14.8 -15.1 n/a Net financial debt ³⁾ 34.9 28.7 +6.2 +21.6 Employees as of 31 December ⁴⁾ 1,659 1,743 -84 HC -4.8

¹⁾ Preliminary business figures; the final and complete business figures and the Annual Report 2025 will be published on 16 April 2026.
²⁾ Exceptionals: restructuring charges, unscheduled depreciation and amortization, charges for designing and implementing IT projects, M&A costs, profit and loss from deconsolidation transactions as well as profit and loss from the disposal of assets no longer required for business operations
³⁾ Cash and cash equivalents less interest-bearing loans; excluding pension provisions and lease liabilities
⁴⁾ Without apprentices

Percentages and figures in this report may include rounding differences. The sign of the rates of change is based on mathematical considerations: Improvements are marked with “+”, deteriorations with “-“. Rates of change > +100% are shown as > +100%, rates of change < -100% as “n/a” (not applicable).
 

Financial calendar 2026
16 April Publication of Annual Report for FY 2025
7 May Quarterly Statement Q1 2026
16 June 33^rd Annual General Meeting
6 August Interim Report H1 2026
5 November Quarterly Statement Q3 2026

 

About R. STAHL – www.r-stahl.com
R. STAHL is one of the world's leading suppliers of electrical and electronic products and systems for explosion protection. These products and systems prevent explosions in hazardous areas and contribute to the safety of people, machines and the environment. The portfolio covers the portfolio segments Electrical, Automation as well as Lighting and is completed by the cross-divisional function Customer Solutions. Typical customers are the chemical and pharmaceutical industry, the oil & gas industry – including LNG applications – as well as the food and beverage industry. Most of the R. STAHL products are also approved for use with hydrogen. According to preliminary figures, in 2025, global sales amounting to around € 313 million were generated by 1,659 employees. The shares of R. STAHL AG are traded on the Regulated Market/Prime Standard of Deutsche Boerse (ISIN DE000A1PHBB5).

Forward-looking statements
This release contains forward-looking statements based on assumptions and estimates of R. STAHL’s management. Although we assume that the expectations of these forward-looking statements are realistic, we cannot guarantee that these expectations will prove to be correct. The assumptions may involve risks and uncertainties that could cause the actual results to differ materially from the forward-looking statements. Factors that may cause such discrepancies include: changes in the macroeconomic and business environment, exchange rate and interest rate fluctuations, the roll-out of competing products, a lack of acceptance of new products or services, and changes in business strategy. R. STAHL does not plan to update these forward-looking statements nor does it accept any obligation to do so.

Contact:
R. STAHL AG
Judith Schäuble
Director Corporate Communications & Investor Relations
Am Bahnhof 30
74638 Waldenburg (Württ.)
Germany

Tel. +49 7942 943-1396
investornews@r-stahl.com