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R. Stahl AG
Quarterly Report • Nov 11, 2025
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Quarterly Report
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Quarterly Statement Q3
of R. STAHL Aktiengesellschaft for the period 1 January through 30 September 2025
CONTENTS
- 4 Key figures
- 5 Group management report
- 14 Consolidated financial statements
- 20 Selected explanatory notes
- 23 Financial calendar and Contact / Imprint
Key figures
- Group management report
- Consolidated financial statements
- Selected explanatory notes
- Financial calendar and Contact / Imprint
Key figures
| € million | Q3 2025 | Q3 2024 | Change in % | 9M 2025 | 9M 2024 | Change in % |
|---|---|---|---|---|---|---|
| Sales | 78.6 | 87.4 | -10.1 | 229.8 | 261.4 | -12.1 |
| Germany | 18.1 | 21.6 | -15.9 | 53.6 | 62.1 | -13.7 |
| Central region1) | 37.9 | 39.3 | -3.5 | 112.8 | 119.9 | -5.9 |
| Americas | 8.9 | 10.0 | -11.4 | 26.7 | 31.9 | -16.2 |
| Asia/Pacific | 13.7 | 16.5 | -17.3 | 36.6 | 47.5 | -22.8 |
| EBITDA pre exceptionals2) | 11.3 | 8.8 | +28.8 | 20.2 | 28.1 | -28.0 |
| EBITDA margin pre exceptionals2) | 14.4% | 10.0% | 8.8% | 10.7% | ||
| EBITDA | 8.9 | 8.7 | +1.8 | 16.3 | 27.7 | -41.0 |
| EBIT | 4.0 | 4.1 | -4.5 | 2.1 | 14.5 | -85.2 |
| Net profit | 2.6 | 1.8 | +40.2 | -2.4 | 7.7 | n/a |
| Earnings per share (in €) | 0.39 | 0.28 | +39.3 | -0.38 | 1.18 | n/a |
| Order intake | 72.2 | 74.4 | -2.8 | 238.1 | 255.2 | -6.7 |
| Order backlog as of 30 September | 105.8 | 107.9 | -1.9 | |||
| Cash flow from operating activities | 3.8 | 9.8 | -61.0 | -2.1 | 8.9 | n/a |
| Free cash flow | 0.5 | 6.0 | -92.0 | -12.6 | -1.0 | n/a |
| Depreciation and amortization | 4.9 | 4.6 | +7.5 | 14.2 | 13.2 | +7.7 |
| Capital expenditures | 3.3 | 3.8 | -11.5 | 10.4 | 9.8 | +5.8 |
| 30 Sep. 2025 | 31 Dec. 2024 | Change in % | ||||
| Balance sheet total | 275.8 | 265.2 | +4.0 | |||
| Equity | 69.2 | 72.3 | -4.4 | |||
| Equity ratio | 25.1% | 27.3% | ||||
| Net financial debt 3) | 45.5 | 28.8 | +57.7 | |||
| Net financial debt incl. lease liabilities | 59.7 | 45.0 | +32.8 | |||
| Employees4) | 1,686 | 1,743 | -3.3 |
1) Africa and Europe without Germany
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) Without pension provisions and without lease liabilities.
4) Without apprentices
- Key figures
- Group management report
- Consolidated financial statements
- Selected explanatory notes
- Financial Calendar and Contact / Imprint
Group management report
- Sales down 10.1% in the third quarter of 2025 to € 78.6 million (Q3 2024: € 87.4 million).
- Order intake decreases slightly year-on-year to € 72.2 million in the third quarter of 2025 (Q3 2024: € 74.4 million).
- EBITDA pre exceptionals up € 2.5 million to € 11.3 million (Q3 2024: € 8.8 million).
- Net profit increases to € 2.6 million (Q3 2024: € 1.8 million). Earnings per share at € 0.39 (Q3 2024: € 0.28).
- Free cash flow decreased by € 5.5 million to € 0.5 million (Q3 2024: € 6.0 million), net financial liabilities increased to € 45.5 million.
SIGNIFICANT EVENTS IN THE THIRD QUARTER
SEPTEMBER 2025 – R. STAHL PREPARES GRADUAL LEADERSHIP TRANSITION
Effective 1 October 2025, the Supervisory Board appointed Dr. Claus Bischoff as additional member of the Executive Board and Deputy CEO. Dr. Mathias Hallmann will step down as Chairman of the Executive Board and will leave the company as of 31 December 2025. Dr. Claus Bischoff will assume the role of CEO effective 1 January 2026.
BUSINESS DEVELOPMENT
SALES AND ORDER INTAKE
Demand for electrical explosion protection recovered slightly in the third quarter of 2025 compared to the second quarter, but remained at a low level. Sales momentum remained subdued at the start of the second half of the year, primarily attributable to the continuing restrained demand. Overall, the market environment for R. STAHL was challenging, also in the third quarter, given the uncertain conditions that include trade conflicts and geopolitical events. The decline in sales amounted to 10.1% in the quarter under review, resulting in sales of € 78.6 million (Q3 2024: € 87.4 million).
R. STAHL recorded a decline in sales in all sales regions in the third quarter of 2025. In Germany, sales were down 15.9% to € 18.1 million (Q3 2024: € 21.6 million). In the Central region - which consists of Africa and Europe excluding Germany - sales of € 37.9 million were a slight 3.5% below the level of the previous year (Q3 2024: € 39.3 million). The Americas region recorded an 11.4% drop in sales to € 8.9 million (Q3 2024: € 10.0 million). The Asia/Pacific region recorded the highest percentage decline in sales (-17.3%), with revenue falling to € 13.7 million in the third quarter of 2025 (Q3 2024: € 16.5 million).
Order intake declined slightly in the third quarter of 2025 compared to the same quarter of the previous year, falling by 2.8% to € 72.2 million (Q3 2024: € 74.4 million). There was a slight recovery compared to the second quarter of 2025. In the Asia/Pacific region, order volume increased by 20.0% in the third quarter, while order intake declined in the other regions. In the Central region, the decline in order volume was moderate at -0.5%. In contrast, order intake in Germany (-10.7%) and America (-24.6%) fell significantly.
R. STAHL generated sales of € 229.8 million in the first nine months of 2025, corresponding to a decrease of 12.1% compared to the same period of the previous year (9M 2024: € 261.4 million). A downward trend in sales markets was already evident in the first quarter due to the poor overall economic outlook. As a result of this development, sales of € 73.3 million were achieved in the first three months. Although sales developed better in the second and third quarters
- Key figures
- Group management report
- Consolidated financial statements
- Selected explanatory notes
- Financial Calendar and Contact / Imprint
than in the first quarter of the year, they nevertheless remained at a low level. From a regional perspective, the decline in sales in the first three quarters of the year was lowest in the Central region at 5.9%, while sales in the other regions fell by double-digit percentages.
Order intake decreased by € 17.1 million in the first nine months of 2025 to € 238.1 million (9M 2024: € 255.2 million). This corresponds to decrease of 6.7%. While order volume in Asia increased by more than 10% to € 49.5 million, it declined in the other regions. In particular, the weak order situation in the Central region, with a drop of € 15.4 million, contributed to the overall decline in order intake. The order backlog amounted to € 105.8 million as of 30 September 2025 and was therefore 1.9% below the prior year level (30 September 2024: € 107.9 million).
GROUP SALES BY REGION
| € million | Q3 2025 | Q3 2024 | Change in % | 9M 2025 | 9M 2024 | Change in % | Share of Group sales in % |
|---|---|---|---|---|---|---|---|
| Germany | 18.1 | 21.6 | -15.9 | 53.6 | 62.1 | -13.7 | 23 |
| Central Region | 37.9 | 39.3 | -3.5 | 112.8 | 119.9 | -5.9 | 49 |
| Americas | 8.9 | 10.0 | -11.4 | 26.7 | 31.9 | -16.2 | 12 |
| Asia/Pacific | 13.7 | 16.5 | -17.3 | 36.6 | 47.5 | -22.8 | 16 |
| Total | 78.6 | 87.4 | -10.1 | 229.8 | 261.4 | -12.1 | 100 |
EBITDA AND EBIT
Earnings before interest, taxes, depreciation and amortization (EBITDA) pre exceptionals showed a year-on-year increase of € 2.5 million to € 11.3 million in the third quarter of 2025 (Q3 2024: € 8.8 million). This corresponds to a margin in relation to sales of 14.4% (Q3 2024: 10.0%). At € -2.4 million, exceptionals were well above the level of the previous year (Q3 2024: € -0.1 million), resulting in EBITDA of € 8.9 million (Q3 2024: € 8.7 million).
Total operating performance increased by 0.1% to € 86.3 million in the third quarter of 2025 (Q3 2024: € 86.2 million). While inventories of finished and unfinished goods decreased by € 2.0 million in the prior year quarter, inventories increased by € 6.7 million in the third quarter of 2025 as a result of orders in progress and orders awaiting delivery. Own work capitalized, which was mainly
attributable to development projects, amounted to € 1.0 million, or € 0.1 million above the previous year (Q3 2024: € 0.8 million). The cost of materials from July to September was up 1.2% to € -29.8 million (Q3 2024: € -29.4 million). The cost of materials ratio increased year-on-year to 34.5% of total operating performance (Q3 2024: 34.1%).
Personnel expenses in the reporting period rose 3.9% to € -34.6 million (Q3 2024: € -33.3 million) mainly due to severance payments that were set aside as part of the measures introduced to sustainably reduce personnel costs.
The balance of other operating income and other operating expenses changed by € 1.7 million to € -13.1 million in the third quarter of 2025 (Q3 2024: € -14.8 million). Other operating income increased by € 0.4 million to € 1.6 million, mainly due to higher exchange rate gains from currency translation (Q3 2024: € 1.1 million). Other operating expenses decreased by € -1.3 million to € -14.6 million (Q3 2024: € -15.9 million). While expenses for temporary employees
- Key figures
- Group management report
- Consolidated financial statements
- Selected explanatory notes
- Financial Calendar and Contact / Imprint
increased by € 0.5 million in the quarter under review, expenses for external services and consulting fell by € 0.9 million and travel expenses by € 0.4 million.
At € -4.9 million, amortization of intangible assets and depreciation of property, plant and equipment in the third quarter of 2025 were slightly higher than in the prior-year period (Q3 2024: € -4.6 million).
EBIT (earnings before interest and taxes) decreased by € 0.1 million to € 4.0 million in the third quarter of 2025 (Q3 2024: € 4.1 million).
In the first nine months of 2025, EBITDA pre exceptionals decreased by € 7.9 million to € 20.2 million (9M 2024: € 28.1 million), corresponding to an EBITDA margin pre exceptionals of 8.8% (9M 2024: 10.7%). At € -3.9 million, exceptionals were well above the level of the previous year (9M 2024: € -0.4 million), resulting in EBITDA of € 16.3 million (9M 2024: € 27.7 million). Total operating performance increased by 6.8% to € 247.1 million in the first nine months of 2025. With a € 13.3 million increase in inventories (9M 2024: € 1.1 million), total operating performance fell less sharply than sales. At € 2.9 million, own work capitalized was slightly above the prior-year level (9M 2024: € 2.7 million).
At € 84.8 million, the cost of materials in the first nine months was 4.9% lower than in the previous year (9M 2024: € 89.1 million). The cost of materials ratio increased to 34.3% (9M 2024: 33.6%).
Personnel costs from January to September were up 2.6% to € 107.9 million (9M 2024: € 105.1 million). Provisions for severance payments and redundancies as part of staff reductions were the main drivers here.
The balance of other operating expenses and other operating income changed by € 5.1 million to € -38.1 million in the first nine months (9M 2024: € -43.3 million). Other operating income increased by € 1.4 million to € 6.9 million (9M 2024: € 5.5 million). In contrast, other operating expenses decreased by € 3.7 million to € -45.1 million (9M 2024: € -48.8 million).
Amortization of intangible assets and depreciation of property, plant and equipment were above the level of the previous year at € 14.2 million (9M 2024: € 13.2 million).
EBITDA in the reporting period thus declined by € 12.3 million to € 2.1 million (9M 2024: € 14.5 million).
RECONCILIATION OF EBITDA PRE EXCEPTIONALS TO EBIT
| € million | Q3 2025 | Q3 2024 | Change | 9M 2025 | 9M 2024 | Change | in income statement contained in |
|---|---|---|---|---|---|---|---|
| EBITDA pre exceptionals1) | 11.3 | 8.8 | +2.5 | 20.2 | 28.1 | -7.9 | |
| Exceptionals 1) | -2.4 | -0.1 | -2.4 | -3.9 | -0.4 | -3.5 | |
| Restructuring charges | -2.4 | -0.1 | -2.4 | -3.9 | -0.4 | -3.5 | |
| Severance pay | -2.2 | -0.1 | -2.1 | -3.6 | -0.4 | -3.2 | Personnel costs |
| Legal and consultancy costs | 0 | 0 | 0 | 0 | 0 | 0 | Other operating expenses |
| Other expenses | -0.3 | 0 | -0.3 | -0.3 | 0 | -0.3 | Other operating expenses |
| EBITDA | 8.9 | 8.7 | +0.2 | 16.3 | 27.7 | -11.3 | |
| Depreciation and amortization | -4.9 | -4.6 | -0.3 | -14.2 | -13.2 | -1.0 | |
| EBIT | 4.0 | 4.1 | -0.2 | 2.1 | 14.5 | -12.3 |
1) 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
- Key figures
- Group management report
- Consolidated financial statements
- Selected explanatory notes
- Financial Calendar and Contact / Imprint
FINANCIAL RESULT
The financial result improved by € 0.1 million to € -1.7 million in the third quarter of 2025 (Q3 2024: € -1.8 million) as a result of lower interest expenses, which decreased mainly due to lower interest rates.
In the first nine months of the current financial year, the financial result of € -4.8 million was € 0.7 million higher than in the previous year (9M 2024: € -5.5 million).
EARNINGS BEFORE TAXES
Earnings before income taxes decreased by € -0.1 million to € 2.3 million in the third quarter of 2025 (Q3 2024: € 2.3 million).
From January to September 2024, R. STAHL generated earnings before income taxes of € -2.6 million which was € -11.6 million below the level of the previous year (9M 2024: € 9.0 million).
INCOME TAXES
Income taxes amounted to € 0.3 million in the third quarter of 2025 (Q3 2024: € -0.5 million). Of that amount, € -0.3 million related to effective taxes and € 0.6 million to deferred taxes. The positive effect with regard to deferred taxes resulted from the future reduction in the corporation tax rate at the German companies.
In the first nine months of 2025, income taxes amounted to € 0.3 million (9M 2024: € -1.3 million). Of that amount, € -1.4 million related to effective taxes and € 1.7 million to deferred taxes.
NET PROFIT/EARNINGS PER SHARE
There was a € 0.7 million increase in net profit to € 2.6 million in the third quarter of 2025 as compared to the prior-year quarter (Q3 2024: € 1.8 million). Earnings per share rose to € 0.39 (Q3 2024: € 0.28).
From January to September 2025, net profit compared with the prior year declined by € -10.1 million to € -2.4 million (9M 2024: € 7.7 million). Earnings per share were € -0.38 (9M 2024: € 1.18).
- Key figures
- Group management report
- Consolidated financial statements
- Selected explanatory notes
- Financial Calendar and Contact / Imprint
RECONCILIATION OF EBIT TO EARNINGS PER SHARE
| € million | Q3 2025 | Q3 2024 | Change | 9M 2025 | 9M 2024 | Change |
|---|---|---|---|---|---|---|
| EBIT | 4.0 | 4.1 | -0.2 | 2.1 | 14.5 | -12.3 |
| Financial result | -1.7 | -1.8 | +0.1 | -4.8 | -5.5 | +0.7 |
| Earnings before income taxes | 2.3 | 2.3 | -0.1 | -2.6 | 9.0 | -11.6 |
| Income taxes | 0.3 | -0.5 | +0.8 | 0.3 | -1.3 | +1.6 |
| Net profit | 2.6 | 1.8 | +0.7 | -2.4 | 7.7 | -10.1 |
| thereof attributable to other shareholders not applicable |
0.0 | 0.1 | -0.0 | 0.0 | 0.1 | -0.0 |
| thereof attributable to shareholders of R. STAHL AG |
2.6 | 1.8 | +0.8 | -2.4 | 7.6 | -10.0 |
| Earnings per share (in €) | 0.39 | 0.28 | +0.11 | -0.38 | 1.18 | -1.56 |
| Average number of shares outstanding (weighted, in million units) |
6.44 | 6.44 | 0 | 6.44 | 6.44 | 0 |
ASSET POSITION
BALANCE SHEET STRUCTURE
The R. STAHL Group's balance sheet total increased by € 10.7 million to € 275.8 million as of 30 September 2025 compared to the end of the previous year (31 December 2024: € 265.2 million).
At the balance sheet date, non-current assets decreased by € 2.6 million to € 136.7 million (31 December 2024: € 139.3 million). On the one hand, amortization of intangible assets and depreciation of property, plant and equipment decreased by € 3.3 million, while on the other hand deferred tax assets increased by € 0.6 million.
Current assets amounted to € 139.1 million as of 30 September 2025 (31 December 2024: € 125.8 million), an increase of € 13.3 million. This development is mainly due to the € 15.1 million increase in inventories. There was a decline in cash and cash equivalents.
Non-current liabilities decreased by € 4.6 million to € 90.7 million at the end of the reporting period (31 December 2024: € 95.3 million). Provisions for pension obligations decreased by € 4.6 million due to an increase in the discount rate to an average of 3.99% (31 December 2024: 3.51%) and lease liabilities were down € 1.5 million. By contrast, deferred tax liabilities increased by € 1.0 million.
In the case of current liabilities, there was an increase of € 18.4 million to € 116.0 million as of 30 September 2025 compared with the end of the previous year (31 December 2024: € 97.6 million). This was mainly due to the € 12.0 million increase in loan utilization as well as a € 6.7 million increase in other liabilities.
- Key figures
- Group management report
- Consolidated financial statements
- Selected explanatory notes
- Financial Calendar and Contact / Imprint
Consolidated equity decreased by € 3.2 million on the balance sheet date compared to the end of the prior year to € 69.2 million (31 December 2024: € 72.3 million). Net profit had a negative impact of € -2.4 million; other comprehensive income was slightly negatively impacted by the balance of currency translation and the decrease in pension obligations. The equity ratio fell to 25.1% as of 30 September 2025 (31 December 2024: 27.3%).
- → Key figures
- ightarrow Group management report
- → Consolidated financial statements
- → Selected explanatory notes
- → Financial Calendar and Contact / Imprint
ASSET AND CAPITAL STRUCTURE
30 September 2025
Balance sheet total € 275.8 million
31 December 2024
Balance sheet total € 265.2 million
- Key figures
- Group management report
- Consolidated financial statements
- Selected explanatory notes
- Financial Calendar and Contact / Imprint
FINANCIAL POSITION
In the third quarter of 2025, cash flow declined by € 1.8 million to € 7.7 million (Q3 2024: € 9.4 million). The change in working capital was € -3.9 million in the reporting quarter (Q3 2024: € 1.8 million) mainly due to the increase in inventories. The resulting cash flow from operating activities was € 3.8 million, compared with € 9.8 million in the same period of the previous year.
Investments in intangible assets and property, plant and equipment were lower than in the previous year at € 3.3 million (Q3 2024: € 3.8 million). Cash flow from investing activities thus decreased by € 0.4 million to € -3.3 million (Q3 2024: € -3.7 million). Overall, free cash flow in the reporting quarter was € 0.5 million or € 5.5 million below the prior-year figure (Q3 2024: € 6.0 million).
Cash flow from financing activities was € -0.5 million in the third quarter of 2025 (Q3 2024: € 2.7 million). From July to September, interest-bearing liabilities of € -0.1 million (Q3 2024: € -5.9 million) and lease liabilities of € -1.2 million (Q3 2024: € -1.1 million) were repaid. This was countered by cash inflow from interest-bearing financial liabilities in the amount of € 0.7 million (Q3 2024: € 4.2 million).
As of 30 September 2025, the R. STAHL Group had cash and cash equivalents of € 12.3 million at its disposal (31 December 2024: € 16.3 million). Compared with the third quarter of 2024, cash and cash equivalents decreased by € 2.5 million (Q3 2024: € 14.8 million).
In the first nine months of the current financial year, cash flow amounted to € 11.4 million to (9M 2024: € 22.7 million). The change in working capital weakened to € -13.5 million after € -12.4 million in the same period of the previous year. Cash flow from operating activities decreased by € -11.0 million to € -2.1 million (9M 2024: € 8.9 million). Together with cash flow from investing activities of € -10.5 million (9M 2024: € -9.8 million), free cash flow in the first half of 2025 amounted to € -12.6 million (9M 2024: € -1.0 million). Due to the higher loan utilization, cash flow from financing activities amounted to € 9.2 million in the first nine months of the reporting year (9M 2024: € 4.7 million).
Due to the negative free cash flow – caused by the increase in working capital – and the higher level of borrowing, net debt (excluding pension provisions and lease liabilities) increased by € 16.6 million to € 45.5 million as of 30 September 2025 compared to the start of the year (31 December 2024: € 28.8 million).
OPPORTUNITIES AND RISKS
All R. STAHL subsidiaries regularly prepare a risk and opportunity report that takes into account the opportunities and risks of the company. Managing directors are required to inform the department responsible for opportunity and risk management of any significant events, including those that occur during the quarter. The relevant statements made in the Annual Report 2024 from page 41 continue to apply unchanged
OUTLOOK
We first presented our assessment of the expected development of the R. STAHL Group in the current year in detail in the Outlook of the Annual Report 2024, which was published on 10 April 2024, starting on page 97. Based on the forecast for macroeconomic and sector-specific developments, well-filled order books and a positive demand trend at the start of the financial year, we expected to generate sales of between € 340 million and € 350 million in 2025. Assuming a similar level of cost efficiency, we expected earnings to develop in line with 2024. We did not foresee any supply-side bottlenecks or further price increases, provided there was no significant escalation of trade conflicts. Against this backdrop, we expected EBITDA pre exceptionals to be between € 35 million and € 40 million in financial year 2025. Assuming a constant interest rate level for the valuation of pension obligations, we expected a slight increase in the equity ratio for financial year 2025. In terms of free cash flow, we forecast a mid single-digit positive million euro amount. We also expected net debt to decline. Depending on business development and existing uncertainties, planned capital expenditures would be adjusted if necessary to ensure financial stability. Due to the drop in demand in the second quarter of 2025, the decline in order intake and the expected economic development in the second half of the year, we no
- Key figures
- Group management report
- Consolidated financial statements
- Selected explanatory notes
- Financial Calendar and Contact / Imprint
longer expected the original outlook to be achieved. We specified the forecast as follows in the half-year report:
For financial year 2025, we now anticipate sales of between € 320 million and € 330 million. We are forecasting EBITDA pre exceptionals of between € 25 million and € 30 million with a slightly lower margin. Assuming a reduction in inventories by the end of the year, we expect a balanced free cash flow. If the interest rate level used to measure pension obligations remains the same and EBITDA pre exceptionals is lower, we expect the equity ratio to fall slightly in financial year 2025.
This assessment remains unchanged in our reporting for the third quarter of 2025.
| FORECAST 2025 |
|||
|---|---|---|---|
| € million | July 2025 | April 2025 | Full year 2024 |
| Sales | 320 – 330 | 340 – 350 | 344.1 |
| EBITDA pre exceptionals1) |
25 – 30 | 35 – 40 | 34.4 |
| Free cash flow | balanced | Mid single digit positive million euro amount |
14.7 |
| Equity ratio | slight decrease |
slight increarse |
27.3% |
1) 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.
- Key figures
- Group management report
- Consolidated financial statements
- Selected explanatory notes
- Financial calendar and Contact / Imprint
Consolidated financial statements
CONSOLIDATED INCOME STATEMENT
1 January to 30 September
| € 000 | Q3 2025 | Q3 2024 | Change in % | 9M 2025 | 9M 2024 | Change in % |
|---|---|---|---|---|---|---|
| Sales | 78,595 | 87,402 | -10.1 | 229,823 | 261,368 | -12.1 |
| Change in finished and unfinished products | 6,714 | -2,025 | n/a | 14,395 | 1,058 | >+100 |
| Own work capitalized | 981 | 840 | +16.8 | 2,890 | 2,746 | +5.2 |
| Total operating performance | 86,290 | 86,217 | +0.1 | 247,108 | 265,172 | -6.8 |
| Other operating income | 1,580 | 1,136 | +39.1 | 6,925 | 5,515 | +25.6 |
| Cost of materials | -29,771 | -29,428 | -1.2 | -84,774 | -89,109 | +4.9 |
| Personnel costs | -34,604 | -33,297 | -3.9 | -107,867 | -105,144 | -2.6 |
| Depreciation and amortization | -4,894 | -4,553 | -7.5 | -14,191 | -13,180 | -7.7 |
| Other operating expenses | -14,641 | -15,927 | +8.1 | -45,064 | -48,768 | +7.6 |
| Earnings before financial result and income taxes (EBIT) |
3,960 | 4,148 | -4.5 | 2,137 | 14.486 | -85.2 |
| Result from companies consolidated using the equity method |
0 | 0 | 0 | 0 | 0 | 0 |
| Investment result | 2 | 0 | n/a | 2 | 0 | n/a |
| Interest and similar income | 34 | 90 | -62.2 | 119 | 264 | -54.9 |
| Interest and similar expense | -1,722 | -1,902 | +9.5 | -4,899 | -5,749 | +14.8 |
| Financial result | -1,686 | -1,812 | +7.0 | -4,778 | -5,485 | +12.9 |
| Earnings before taxes | 2,274 | 2,336 | -2.7 | -2,641 | 9,001 | n/a |
| Income taxes | 316 | -488 | n/a | 258 | -1,320 | n/a |
| Net profit | 2,590 | 1,848 | +40.2 | -2,383 | 7,681 | n/a |
| thereof attributable to other shareholders | 29 | 55 | -47.3 | 45 | 86 | -47.7 |
| thereof attributable to shareholders of R. STAHL AG |
2,561 | 1,793 | +42.8 | -2,428 | 7,595 | n/a |
| Earnings per share in € | 0.39 | 0.28 | +39.3 | -0.38 | 1.18 | n/a |
- Key figures
- Group management report
- Consolidated financial statements
- Selected explanatory notes
- Financial calendar and Contact / Imprint
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
- January to 30 September
| € 000 | Q3 2025 | Q3 2024 | Change in % | 9M 2025 | 9M 2024 | Change in % |
|---|---|---|---|---|---|---|
| Net profit | 2,590 | 1,848 | +40.2 | -2,383 | 7,681 | n/a |
| Gains/losses from currency translations of foreign subsidiaries, recognized in equity |
-501 | -1,176 | +57.4 | -2,894 | -884 | n/a |
| Deferred taxes on gains/losses from currency translations |
0 | 0 | 0 | 0 | 0 | 0 |
| Currency translation differences after taxes | -501 | -1,176 | +57.4 | -2,894 | -884 | n/a |
| Other comprehensive income with reclassification to profit for the period |
-501 | -1,176 | +57.4 | -2,894 | -884 | n/a |
| Gains/losses from the subsequent measurement of pension obligations, recognized in equity |
549 | -3,125 | n/a | 4,184 | -673 | n/a |
| Deferred taxes from pension obligations | -969 | 944 | n/a | -2,067 | 203 | n/a |
| Other comprehensive income without reclassification to profit for the period |
-420 | -2,181 | +80.7 | 2,117 | -470 | n/a |
| Other comprehensive income (valuation differences recognized directly in equity) |
-926 | -3,357 | +72.5 | -777 | -1,354 | +42.6 |
| thereof attributable to other shareholders | 5 | 5 | 0.0 | -7 | 14 | n/a |
| thereof attributable to shareholders of R. STAHL AG |
-921 | -3,362 | +72.5 | -770 | -1,368 | +43.7 |
| Total comprehensive income after taxes | 1,669 | -1,509 | n/a | -3,160 | 6,327 | n/a |
| thereof attributable to other shareholders | 34 | 60 | -43.3 | 38 | 100 | -62.0 |
| thereof attributable to shareholders of R. STAHL AG |
1,635 | -1,569 | n/a | -3,198 | 6,227 | n/a |
- Key figures
- Group management report
- Consolidated financial statements
- Selected explanatory notes
- Financial calendar and Contact / Imprint
CONSOLIDATED BALANCE SHEET
| € 000 | 30 Sep. 2025 | 31 Dec. 2024 | Change |
|---|---|---|---|
| ASSETS | |||
| Intangible assets | 46,881 | 47,798 | -917 |
| Property, plant and equipment | 76,460 | 78,811 | -2,351 |
| Other financial assets | 523 | 332 | +191 |
| Other non-current assets | 3,159 | 3,149 | +10 |
| Investment property | 3,721 | 3,877 | -156 |
| Deferred taxes | 5,951 | 5,347 | +604 |
| Non-current assets | 136,695 | 139,314 | -2,619 |
| Inventories and prepayments | 63,965 | 48,906 | +15,059 |
| Trade receivables | 50,714 | 48,032 | +2,682 |
| Contract receivables | 187 | 0 | +187 |
| Income tax claims | 252 | 473 | -221 |
| Other receivables and other assets | 11,674 | 12,157 | -483 |
| Cash and cash equivalents | 12,349 | 16,268 | -3,919 |
| Current assets | 139,141 | 125,836 | +13,305 |
| Total assets | 275,836 | 265,150 | +10,686 |
Total assets
- Key figures
- Group management report
- Consolidated financial statements
- Selected explanatory notes
- Financial calendar and Contact / Imprint
CONSOLIDATED BALANCE SHEET
| € 000 | 30 Sep. 2025 | 31 Dec. 2024 | Change |
|---|---|---|---|
| EQUITY AND LIABILITIES | |||
| Share capital | 16,500 | 16,500 | 0 |
| Capital reserve | 13,457 | 13,457 | 0 |
| Retained earnings | 60,670 | 63,098 | -2,428 |
| Accumulated other comprehensive income | -21,693 | -20,923 | -770 |
| Equity attributable to shareholders of R. STAHL AG | 68,934 | 72,132 | -3,198 |
| Non-controlling interests | 229 | 191 | +38 |
| Equity | 69,163 | 72,323 | -3,160 |
| Pension provisions | 65,641 | 70,254 | -4,613 |
| Other provisions | 2,732 | 2,640 | +92 |
| Interest-bearing loans | 5,539 | 4,831 | +708 |
| Lease liabilities | 10,416 | 11,900 | -1,484 |
| Other liabilities | 282 | 570 | -288 |
| Deferred taxes | 6,061 | 5,060 | +1,001 |
| Non-current liabilities | 90,671 | 95,255 | -4,584 |
| Other provisions | 6,649 | 7,175 | -526 |
| Trade payables | 15,708 | 17,609 | -1,901 |
| Contract liabilities | 0 | 68 | -68 |
| Interest-bearing loans | 52,298 | 40,283 | +12,015 |
| Lease liabilities | 3,790 | 4,218 | -428 |
| Deferred liabilities | 18,667 | 15,858 | +2,809 |
| Income tax liabilities | 709 | 873 | -164 |
| Other liabilities | 18,181 | 11,488 | +6,693 |
| Current liabilities | 116,002 | 97,572 | +18,430 |
| Total equity and liabilities | 275,836 | 265,150 | +10,686 |
- Key figures
- Group management report
- Consolidated financial statements
- Selected explanatory notes
- Financial calendar and Contact / Imprint
CONSOLIDATED CASH FLOW STATEMENT
1 January to 30 September
| € 000 | Q3 2025 | Q3 2024 | Change | 9M 2025 | 9M 2024 | Change |
|---|---|---|---|---|---|---|
| Net profit | 2,590 | 1,848 | +742 | -2,383 | 7,681 | -10,064 |
| Result of the deposal of consolidated companies | 0 | 0 | 0 | 0 | 0 | 0 |
| Depreciation, amortization and impairment of non-current assets | 4,894 | 4,553 | +341 | 14,191 | 13,180 | +1,011 |
| Changes in provisions | -156 | -64 | -92 | -849 | -1,303 | +454 |
| Changes in deferred taxes | -647 | 264 | -911 | -1,679 | -181 | -1,498 |
| Other income and expenses without cash flow impact | 1,010 | 2,874 | -1,864 | 2,103 | 3,238 | -1,135 |
| Result from the disposal of non-current assets | -12 | -26 | +14 | 2 | 111 | -109 |
| Cash flow | 7,679 | 9,449 | -1,770 | 11,385 | 22,726 | -11,341 |
| Changes in inventories, trades receivables and other non-capex or non-financial assets |
-8,999 | 3,354 | -12,353 | -22,261 | -5,137 | -17,124 |
| Changes in trade payables and other non-capex or non financial liabilites not attributable to investing or financing activites |
5,131 | -1,570 | +6,701 | 8,786 | -7,255 | +16,041 |
| Changes in working capital | -3,868 | 1,784 | -5,652 | -13,475 | -12,392 | -1,083 |
| Other cash inflows and outflows from operating activities | 0 | -1,470 | +1,470 | 0 | -1,470 | +1,470 |
| Cash flow from operating activities | 3,811 | 9,763 | -5,952 | -2,090 | 8,864 | -10,954 |
| Cash outflow for capex on intangible assets | -1,754 | -1,265 | -489 | -4,739 | -4,070 | -669 |
| Cash outflow for capex on property, plant & equipment | -1,568 | -2,489 | +921 | -5,646 | -5,749 | +103 |
| Cash inflow from disposals of property, plant & equipment and investment property |
61 | 96 | -35 | 86 | 161 | -75 |
| Cash outflow for capex on non-current financial assets | -64 | -60 | -4 | -190 | -179 | -11 |
| Increase/decrease in current financial assets | 0 | -3 | +3 | 2 | -3 | +5 |
| Cash flow from investing activities | -3,325 | -3,721 | +396 | -10,487 | -9,840 | -647 |
| Free cash flow | 486 | 6,042 | -5,556 | -12,577 | -976 | -11,601 |
| Cash outflow for the repayment of lease liabilities | -1,153 | -1,100 | -53 | -3,439 | -3,198 | -241 |
| Cash inflow from interest-bearing liabilities | 679 | 4,239 | -3,560 | 14,536 | 14,445 | +91 |
| Cash outflow for repayment of interest-bearing liabilities | -53 | -5,874 | +5,821 | -1,853 | -6,577 | +4,724 |
| Cash flow from financing activities | -527 | -2,735 | +2,208 | 9,244 | 4,670 | +4,574 |
| Changes in cash and cash equivalents | -41 | 3,307 | -3,348 | -3,333 | 3,694 | -7,027 |
| Foreign exchange and valuation-related changes in cash and cash equivalents | -14 | -241 | +227 | -586 | -412 | -174 |
| Cash and cash equivalents at the beginning of the period | 12,404 | 11,750 | +654 | 16,268 | 11,534 | +4,734 |
| Cash and cash equivalents at the end of the period | 12,349 | 14,816 | -2,467 | 12,349 | 14,816 | -2,467 |
- Key figures
- Group management report
- Consolidated financial statements
- Selected explanatory notes
- Financial calendar and Contact / Imprint
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
1 January to 30 September
Equity attributable to shareholders
| Accumulated other comprehensive income | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| € 000 | Share capital | Capital reserves |
Retained earnings |
Currency translation |
Unrealized gains/losses from pension obligations |
Total accumulated other comprehen sive income |
Total | Non controlling interests |
Equity |
| 1 January 2024 | 16,500 | 13,457 | 57,280 | -6,333 | -13,346 | -19,679 | 67,558 | 160 | 67,718 |
| Net profit | 7,595 | 0 | 7,595 | 86 | 7,681 | ||||
| Accumulated other comprehensive income |
-898 | -470 | -1,368 | -1,368 | 14 | -1,354 | |||
| Total comprehensive income |
7,595 | -898 | -470 | -1,368 | 6,227 | 100 | 6,327 | ||
| Dividend distribution | 0 | 0 | |||||||
| 30 September 2024 | 16,500 | 13,457 | 64,875 | -7,231 | -13,816 | -21,047 | 73,785 | 260 | 74,045 |
| 1 January 2025 | 16,500 | 13,457 | 63,098 | -6,395 | -14,528 | -20,923 | 72,132 | 191 | 72,323 |
| Net profit | -2,428 | 0 | -2,428 | 45 | -2,383 | ||||
| Accumulated other comprehensive income |
-2,887 | 2,117 | -770 | -770 | -7 | -777 | |||
| Total comprehensive income |
-2,428 | -2,887 | 2,117 | -770 | -3,198 | 38 | -3,160 | ||
| Dividend distribution | 0 | 0 | |||||||
| 30 September 2025 | 16,500 | 13,457 | 60,670 | -9,282 | -12,411 | -21,693 | 68,934 | 229 | 69,163 |
- Key figures
- Group management report
- Consolidated financial statements
- Selected explanatory notes
- Financial calendar and Contact / Imprint
Selected explanatory notes
1. ACCOUNTING IN ACCORDANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS)
The interim financial statements for the R. STAHL AG Group have been prepared in accordance with International Financial Reporting Standards (IFRS), as applicable in the EU and in compliance with IAS 34 "Interim Financial Reporting". The interim consolidated financial statements have not been audited.
2. SCOPE OF CONSOLIDATION
In addition to R. STAHL AG, the interim consolidated financial statements include 29 domestic and foreign companies for which it is possible for R. STAHL AG to exercise a controlling influence.
The scope of consolidation is unchanged over 31 December 2024.
3. ACCOUNTING AND MEASUREMENT METHODS
GENERAL INFORMATION
The interim consolidated financial statements and the comparative figures for the prior-year period were generally prepared on the basis of the accountting and measurement methods applied in the consolidated financial statements for 2024. A description of these principles is published in the notes to the consolidated financial statements 2024. This can be viewed on the Internet at www.r-stahl.com.
The Group's functional currency is the euro. Unless indicated otherwise, all amounts are stated in thousands of euros (€ 000).
The consolidated financial statements have been prepared using the cost principle. Accounting for derivative financial instruments is the exception to this rule, as these must be accounted for at fair value.
The carrying amounts of cash and cash equivalents, as well as current account loans closely approximate their fair values given the short maturity of these financial instruments. The carrying values of receivables and liabilities are based on historical costs, subject to usual trade credit terms, and also closely approximate their fair values.
The fair value of non-current liabilities is based on currently available interest rates for borrowing with the same maturity and credit rating profiles. The fair values of external liabilities is currently deviate only slightly from the carrying amounts.
To present the reliability of the valuation of financial instruments at fair value in a comparable manner, IFRS introduced a fair-value-hierarchy with the following three levels:
Valuation on the basis of exchange price or market price for identical assets or liabilities (Level 1).
- Key figures
- Group management report
- Consolidated financial statements
- Selected explanatory notes
-
Valuation on the basis of exchange price or market price for similar instruments or on the basis of assessment models that are based on market observable input parameters (Level 2).
- Valuation on the basis of assessment models with significant input parameters that are not observable on the market (Level 3).
The financial instruments measured at fair value of the R. STAHL Group are valued in accordance with the fair value hierarchy Level 1, 2 and 3.
In the first six months of 2025, there were no reclassifications among the individual fair value hierarchies.
CASH FLOW STATEMENT
In accordance with IAS 7, the cash flow statement shows how the R. STAHL Group's flow of funds developed over the reporting period.
Cash and cash equivalents shown in the cash flow statement comprise cash on hand, cheques, and credit balances with banks. The item also includes securities with original maturities of up to three months.
EARNINGS PER SHARE
Earnings per share are calculated by dividing consolidated net profit – excluding non-controlling interests – by the average number of shares. Diluted earnings per share correspond to earnings per share.
4. SALES IN ACCORDANCE WITH IFRS 15
Sales presented in the income statement includes both sales from contracts with customers and sales not within the scope of IFRS 15.
| € 000 | 9M 2025 | 9M 2024 |
|---|---|---|
| Sales from contracts with customers | 229,063 | 260,607 |
| Rental income from investment property | 760 | 761 |
| Total | 229,823 | 261,368 |
A breakdown of sales by time of recognition is shown below:
| € 000 | 9M 2025 | 9M 2024 |
|---|---|---|
| At a specific time | 222,226 | 254,058 |
| Over a specific period | 7,597 | 7,310 |
| Total | 229,823 | 261,368 |
Sales are recognized over a specified period with a high probability of occurrence within a period of one to two months.
5. FINANCIAL INSTRUMENTS
R. STAHL mainly accounts for derivative financial instruments at fair value. For this reason, a detailed reconciliation statement for the carrying amounts and fair values for the individual classes is not provided for reasons of materiality
- Key figures
- Group management report
- Consolidated financial statements
- Selected explanatory notes
- Financial calendar and Contact / Imprint
The fair values of derivative financial instruments are as follows:
| € 000 | 30 Sept. 2025 | 31 Dec. 2024 |
|---|---|---|
| Positive market values | ||
| Currency derivatives without hedging relationship |
153 | 0 |
| Negative market values | ||
| Currency derivatives without hedging relationship |
7 | 200 |
| Interest rate derivatives without hedging relationship |
282 | 399 |
CEO Officer / Deputy CEO Officer
Dr. Mathias Hallmann Dr. Claus Bischoff Tobias Popp Chief Executive Officer / Deputy Chief Executive Chief Commercial
Waldenburg, 04 November 2025
9. EVENTS AFTER THE BALANCE SHEET DATE
There were no significant events after 30 September 2025.
R. Stahl Aktiengesellschaft
6. NUMBER OF EMPLOYEES
The number of employees at the 30 September 2025 reporting date was 1,686 (31 December 2024: 1,743), not including apprentices
7. CONTINGENT LIABILITIES AND OTHER FINANCIAL OBLIGATIONS
There were no significant changes to contingent liabilities and other financial obligations compared with 31 December 2024.
8. REPORT ON SIGNIFICANT RELATED PARTY TRANSACTIONS
There were no significant transactions with related parties in the reporting period.
- Key figures
- Group management report
- Consolidated financial statements
- Selected explanatory notes
- Financial calendar and Contact / Imprint
Financial Calendar 2O26
4 February 16 June
Hamburger Investors Day HIT 33rd Annual General Meeting
24 February 6 August
Preliminary Figures for FY 2025 Interim Report H1 2026
7 May
Quarterly Statement Q1 2026
16 April 5 November
Annual Report 2025 Quarterly Statement Q3 2026
This report is available in German and English. Both versions can also be found online on our corporate website www.r-stahl.com under Corporate/Investor Relations/IR News and Publications/Financial Reports. It 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 / Imprint
R. STAHL Aktiengesellschaft Investor Relations Judith Schäuble T: +49 7942 943 13 96 [email protected]
R. STAHL Aktiengesellschaft Am Bahnhof 30 74638 Waldenburg (Württ.) Germany
Alternative performance indicators
The alternative performance indicators EBITDA pre exceptionals and EBITDA margin pre exceptionals that are used in this report are not defined by international accounting standards. R. STAHL uses these indicators to improve the comparability of its business performance over time. EBITDA pre exceptionals is derived from earnings before interest, taxes, depreciation and amortization (EBITDA) less adjustments classified as exceptionals (restructuring charges, non-scheduled depreciation and amortization, charges for design and implementation of IT-projects, M&A costs, profit and loss from deconsolidation transactions as well as profit and loss from the disposal of non-current assets no longer required for business operations). EBITDA margin pre exceptionals describes EBITDA pre exceptionals in percentage of sales.
Rounding differences and rates of change
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).