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Investor Presentation • Nov 6, 2025
1033_rns_2025-11-06_71b6a9ca-ee11-4f25-a188-e8d2475f0dd2.pdf
Investor Presentation
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R&S Group
Investor Presentation
November 2025
Disclaimer 2
This presentation contains certain forward-looking statements. Such forward-looking statements reflect the current views of management and are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause actual results, performance or achievements of the Group to differ materially from those expressed or implied herein. Although R&S Group is convinced that the forward-looking statements are based on reasonable assumptions, R&S Group cannot guarantee that these expectations will be realized.
Should such risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this presentation.
R&S Group is providing the information in this presentation as of this date and does not undertake any obligation to update any forward-looking statements contained in it as a result of new information, future events or otherwise.
Table of contents 4
1 Introduction
Update on focus topics 2
Guidance Update 3
Shareholder information 4
Introduction
Borders between power generation, grid distribution and consumption starting to mix
Weekly edition Th
The world in brief
War in the Middle East
War in Ukraine
United States The world economy
Business
Business | Unplugged
How big tech plans to feed AI's voracious appetite for power
As data centres get more energy-hungry, the hyperscalers get more creative
1 Share
PHOTOGRAPH: DUSTIN CHAMBERS/NEW YORK TIMES/REDUX/EYEVIN
Excerpt from the Economist, 28 July 2025:
"The scarcity of chips and datacentre hardware, including transformers and switching equipment, has led to sharply increased prices and extended delays."
The transformer market is at an inflection point for growth
PT
The expansion of the electricity grid substitution is critical in the substitution by electrical energy. Transformers are essential in electricity transmission & distribution. In developed countries, the required transformer capacity is ~3x higher than power generation capacity.
Instrument transformers Up to 36kV
Substations 400kVA-1MVA
Footprint, expanded product portfolio and skills set
- Middle East
Strategic pillars – portfolio management and M&A as integral parts
Update on focus topics
Key figures*) as per 30 June 2025
Focus topics in 2025
Focus topics 2025
- Continue on positive business momentum based on current backlog and good market demand
- Further drive Operational Excellence in all the plants (process and cost optimizations), esp. @Kyte.
- Ramp-up Bochnia (throughput and output) without compromising quality.
- Progress on the new greenfield plant for power transformers
- Adding competencies on Group level (new hires)
- Continued focus on working capital and cash conversion
Ongoing progress at Kyte Powertech
Integration of Kyte Powertech ▪ Formal integration successfully concluded.
▪ Integration of operational functions like manufacturing and quality to be deployed further. Workforce strengthened (new local COO and Project Lead for Operational Excellence).
▪ Productivity in operations in focus.
▪ Cooperation and first joint projects between plants in Poland and Switzerland underway: in cross-selling, procurement, engineering and design/calculation software.
Ongoing progress at Bochnia
Capacity expansion and ramp-up Bochnia
▪ Capacity ramp up to planned monthly run-rate implemented, ISO 9001 certification received.
- Joint design calculation software established and several frame contracts with suppliers concluded.
- Delays in ramp-up due to late machine deliveries and workforce development resulting in time lag of customer certifications (plant and product).
- Training of workforce almost completed (ongoing process).
New greenfield for Power Transformers progressing
- Greenfield project for power transformers on track
- Ground breaking ceremony end of November 2026
- Start of operations planned for Q4 2026
- Doubling output
Guidance update
R&S continues to deliver profitable growth. 2026 as "Year of Investment".
Mid-term outlook*) Commentary
Netsales growth
Updated
8%-12% p.a.
• Mid-term organic growth rate over the cycle.
• Intact trends from continuing global electrification demand, decarbonization, decentralization and aged grids.
- Missing installation capacities at customers reflected in new growth guidance (prolonging current rate).
- Decreasing impact of delayed ramp-up of Bochnia over the planning period
EBITDAmargin
Updated
19%-21% of net sales
- Overall very resilient gross profit margin profile.
- Economies of scale from continued net sales growth and increase in operational excellence offset price normalisation.
- Build-up of competencies at Group level and hiring for new plant in Łódźresulting in additional headcount cost in 2025 and 2026, but investment into growth and competitiveness.
Free cash flow margin
Suspended
- Additional cash capital expenditures due to (greenfield) investment programs.
- Continued focus on cash conversion.
Dividend policy and leverage
Confirmed
CHF 0.50 per share
- Stable dividend until FY2026.
- Leverage ratio: Mid-term target around 1.0x Net Debt / LTM EBITDA.
- Excess cash to be returned to shareholders.
Shareholder information
Share price performance YTD and shareholder structure 21
As of 5 November 2025
Free float of 90.5%
Number of shareholders: 2,708
Significant shareholders4
- Artemis Beteiligungen AG
- UBS Fund Management (Switzerland) AG
- The Capital Group Companies
- Lock-up 8 members (Kyte management)
- Swisscanto Fondsleitung AG
- Columbia Threadneedle Investment
- Nominees
- Others
- Not registered
Comments
- Share price development +1571 since listing
- Market capitalization CHF 955 million +230%2 since listing
- Number of shares outstanding: 37.2 million
- 2) Based on number of shares outstanding at listing and as of 4 November 2025, incl. conversion of redeemable warrants.
- 3) Free float according to definition of SIX Index Division excludes Artemis
- 4) Significant shareholders >3% with percentage as filed with SER Disclosure Office.
Analyst Coverage 22
| Institution | Name | Rating | Price Target | |
|---|---|---|---|---|
| - | Berenberg | Patrick Laager, [email protected] | Buy | CHF 40.00 |
| - | Kepler Cheuvreux | Hans-Joachim Heimbürger, [email protected] | Hold | CHF 28.00 |
| - | Octavian | Alessandro Foletti, [email protected] | Hold | CHF 31.70 |
| - | ODDO BHF | Adrian Pehl, [email protected] | Outperform | CHF 34.00 |
| - | UBS | Vogel, [email protected] | Buy | CHF 41.50 |
| - | ZKB | Florian Sager, [email protected] | Market Perform | CHF 30.00 |
Latest initiation reports
Financial calendar | Contact 23
Financial Calendar
Trading update full-year 2025 5 March 2026 Full-year 2025 results 8 April 2026 Annual General Meeting 7 May 2026 Trading update half-year 2026 5 August 2026 Half-year 2026 results 16 September 2026
Contact
Investor and Media Relations
Doris Rudischhauser
Phone: +41 79 410 81 88
Email: [email protected]
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