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R. Stahl AG

Interim / Quarterly Report • Aug 13, 2025

344_rns_2025-08-13_01c93eb2-852c-4881-8e0b-6e3a9c9905ba.pdf

Interim / Quarterly Report

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1

Interim Report H1 2025

Key figures

Key Figures

€ million Q2 2025 Q2 2024 Change in % 6M 2025 6M 2024 Change in %
Sales 77.9 89.3 -12.7 151.2 174.0 -13.1
Germany 16.9 20.4 -17.1 35.5 40.6 -12.5
Central region1) 39.0 40.6 -4.0 74.9 80.6 -7.1
Americas 9.8 11.8 -17.4 17.8 21.9 -18.4
Asia/Pacific 12.3 16.5 -25.5 23.0 30.9 -25.7
EBITDA pre exceptionals2) 5.3 10.9 -51.7 8.9 19.3 -53.8
EBITDA margin pre exceptionals2) 6.8% 12.2% 5.9% 11.1%
EBITDA 4.1 10.6 -61.9 7.5 19.0 -60.6
EBIT -0.6 6.3 n/a -1.8 10.3 n/a
Net profit -2.5 3.7 n/a -5.0 5.8 n/a
Earnings per share (in €) -0.38 0.57 n/a -0.77 0.90 n/a
Order intake 67.0 88.5 -24.3 165.8 180.8 -8.3
Order backlog as of 30 June 113.0 121.0 -6.6
Cash flow from operating activities -5.5 -0.2 n/a -5.9 -0.9 n/a
Free cash flow -9.1 -2.7 n/a -13.1 -7.0 -86.1
Depreciation and amortization 4.6 4.3 +6.2 9.3 8.6 +7.8
Capital expenditures 3.6 2.5 +42.0 7.1 6.1 +16.5
30 June 2025 31 Dec. 2024 Change in %
Balance sheet total 269.7 265.2 +1.7
Equity 67.5 72.3 -6.7
Equity ratio 25.0% 27.3%
Net financial debt 3) 44.6 28.8 +54.5
Net financial debt incl. lease liabilities 59.5 45.0 +32.4
Employees4) 1,711 1,743 -1.8

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

Interim Report H1

of R. STAHL Aktiengesellschaft for the period 1 January through 30 June 2025

CONTENTS

Group management report

  • Sales down 12.7% from April to June 2025 to € 77.9 million (Q2 2024: € 89.3 million).
  • Order intake in the second quarter of 2025 below prior year at € 67.0 million (Q2 2024: € 88.5 million)
  • EBITDA pre exceptionals amount to € 5.3 million (Q2 2024: € 10.9 million).
  • Net profit declines to € -2.5 million (Q2 2024: € 3.7 million). Earnings per share at € -0.38 (Q2 2024: € 0.57).
  • Free cash flow declines in the second quarter by € 6.3 million to € -9.1 million (Q2 2024: € -2.7 million); net financial liabilities increase to € 44.6 million.

SIGNIFICANT EVENTS IN THE 2ND QUARTER

JUNE 2025 – R. STAHL SHAREHOLDERS APPROVE NEARLY ALL AGENDA ITEMS AT THE ANNUAL GENERAL MEETING

At the 32nd Annual General Meeting of R. STAHL AG, shareholders approved nearly all items on the agenda with the required majority. The resolution on the authorization to acquire own shares fell short of the required majority. The actions of the Executive Board and Supervisory Board were ratified for financial year 2024. BDO AG, Wirtschaftsprüfungsgesellschaft, Hamburg, was appointed as auditor of the annual and consolidated financial statements as well as auditor of the sustainability report. The shareholders also approved the Executive Board's compensation report for the previous year.

JUNE 2025 - R. STAHL INITIATES MEASURES TO REDUCE PERSONNEL COSTS

In order to secure R. STAHL's long-term profitability, the Executive Board initiated measures to reduce personnel costs at the Waldenburg and Weimar sites. A transfer company was established in cooperation with Germany's Federal Employment Agency in order to ensure the job cuts are socially acceptable. The aim is to cut approximately 80 jobs, resulting in expected annual cost savings of up to €10 million. The program will initially take effect in July 2025 and will be open to employees until mid-2026.

BUSINESS DEVELOPMENT

SALES AND ORDER INTAKE

Demand for electrical explosion protection was lower in the second quarter of 2025. Sales momentum also slowed in the same period as a result of subdued demand since the second half of 2024. Overall, the market environment for R. STAHL is becoming increasingly challenging given the uncertain conditions that include trade conflicts and geopolitical events. The oil, chemicals and shipbuilding industries remained relatively stable. The year-on-year decline in sales amounted to 12.7% in the second quarter of 2025, resulting in sales of € 77.9 million (Q2 2024: € 89.3 million).

R. STAHL recorded declining sales rates in all sales regions in the second quarter of 2025. In Germany, sales were down 17.1% to € 16.9 million (Q2 2024: € 20.4 million). In the Central region - which consists of Africa and Europe excluding Germany - sales decreased by 4.0% to € 39.0 million (Q2 2024: € 40.6 million). The Americas region recorded a 17.4% drop in sales to € 9.8 million (Q2 2024: € 11.8 million). At 25.5%, the Asia/Pacific region had the highest percentage decline, with sales in the second quarter of 2025 falling to € 12.3 million (Q2 2024: € 16.5 million).

Order intake fell sharply in the second quarter of 2024 compared to the previous year, down -24.3% to € 67.0 million. In the Germany and Americas regions, the decline in order volume was still relatively moderate at 11.4% and 0.5% respectively. By contrast, order intake in the Central region (-26.3%) and Asia (-42.9%) fell significantly.

R. STAHL generated sales of € 151.2 million in the first half of 2025, which corresponds to a decrease of 13.1% compared to the same period in the previous year (6M 2024: € 174.0 million). In the first quarter, a downward trend was already evident in the sales markets due to cautious forecasts for overall economic demand. 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 quarter than in the previous quarter, they fell short of overall expectations. From a regional perspective, the decline in sales in the

first half of the year was lowest in the Central region at 7.1%, while sales in the other regions fell by double-digit percentages.

Order intake decreased by € 15.0 million in the first six months of 2025 to € 165.8 million (6M 2024: € 180.8 million). This corresponds to decrease of 8.3%. Order volume in America increased by 1.2% to € 18.3 million and in Asia by 7.1% to € 36.1 million but declined in the other regions. Weak order activity in the Central region in particular, which recorded a decline of € 15.3 million, contributed to the lower order intake. Order backlog amounted to € 113.0 million as of 30 June 2025 and was thus 6.6% below the prior-year level (30 June 2024: € 121.0 million).

€ million Q2 2025 Q2 2024 Change in % 6M 2025 6M 2025 Change in % Share of
Group sales
in %
Germany 16.9 20.4 -17.1 35.5 40.6 -12.5 23
Central Region 39.0 40.6 -4.0 74.9 80.6 -7.1 50
Americas 9.8 11.8 -17.4 17.8 21.9 -18.4 12
Asia/Pacific 12.3 16.5 -25.5 23.0 30.9 -25.7 15
Total 77.9 89.3 -12.7 151.2 174.0 -13.1 100

GROUP SALES BY REGION

EBITDA AND EBIT

Earnings before interest, taxes, depreciation and amortization (EBITDA) pre exceptionals showed a year-on-year decline of € 5.6 million to € 5.3 million in the second quarter of 2025 (Q2 2024: € 10.9 million). This corresponds to a margin in relation to sales of 6.8% (Q2 2024: 12.2%). At € -1.2 million,

exceptionals were well above the level of the previous year (Q2 2024: € -0.3 million), resulting in EBITDA of € 4.1 million (Q2 2024: € 10.6 million).

Total operating performance from April to June was down 7.5% to € 80.7 million (Q2 2024: € 87.2 million). While inventories of finished and unfinished goods decreased by € 3.0 million in the same quarter of the previous year, inventories increased by € 1.9 million in the second 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

€ 0.8 million or € 0.1 million lower than in the previous year (Q2 2024: € 0.9 million). The cost of materials from April to June was up 3.2% to € -26.7 million (Q2 2024: € -26.7 million). The cost of materials ratio increased yearon-year to 34.2% of total operating performance (Q2 2024: 30.6% of total operating performance).

Personnel expenses in the reporting period rose 0.5% to € -36.0 million (Q2 2024: € -35.9 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 decreased by € 1.0 million to € -13.0 million in the second quarter of 2025 (Q2 2024: € -14.0 million). In this context, other operating income increased by € 0.8 million to € 3.2 million, mainly due to higher exchange rate gains from currency translation (Q2 2024: € 2.4 million). Other operating expenses decreased by € 0.2 million to € -16.2 million (Q2 2024: € -16.4 million). While consultancy costs fell by € 1.2 million, exchange rate losses from currency translation increased by € -1.0 million and value adjustments on receivables by € -0.6 million.

Amortization of intangible assets and depreciation of property, plant and equipment increased in the second quarter of 2025 to € -4.6 million (Q2 2024: € -4.3 million).

EBIT (earnings before interest and taxes) decreased to € -0.6 million from April to June (Q2 2024: € 6.3 million).

In the first half of 2025, EBITDA pre exceptionals was down € 10.4 million to € 8.9 million (6M 2024: € 19.3 million), corresponding to an EBITDA margin pre exceptionals of 5.9% (6M 2024: 11.1%). At € -1.5 million, exceptionals were above the level of the previous year (6M 2024: € -0.4 million), resulting in EBITDA of € 7.5 million from January to June (6M 2024: € 19.0million). Total operating performance decreased to € 160.8 million in the first half of 2025 (6M 2024: € 179.0 million). Because there was a € 4.6 million increase in inventories compared to the previous year (6M 2024: € 3.1 million), total operating performance was lower by 10.1%, while sales declined by 13.1%. At € 1.9 million, own work capitalized was at the level of the prior year (6M 2024: € 1.9 million).

At € -55.0 million, the cost of materials in the first six months was 7.8% lower than in the previous year (6M 2024: € -59.7 million). The cost of materials ratio increased year-on-year to 34.2% (6M 2024: 33.3%).

Personnel costs from January to June 2025 were up 2.0% to € -73.3 million (6M 2024: € -71.8 million). Provisions for severance payments were the main driver of this development.

The balance of other operating expenses and other operating income decreased by € 3.4 million to € -25.1 million in the first six months (6M 2024: € -28.5 million). Other operating income increased by a moderate € 1.0 million to € 5.3 million (6M 2024: € 4.4 million). In contrast, other operating expenses decreased by € 2.4 million.

Amortization of intangible assets and depreciation of property, plant and equipment were above the level of the previous year at € 9.3 million (6M 2024: € 8.6 million).

EBIT in the reporting period thus declined by € 12.2 million to € -1.8 million (6M 2024: € 10.3 million).

7

Key figures

RECONCILIATION OF EBITDA PRE EXCEPTIONALS TO EBIT

€ million Q2 2025 Q2 2024 Change 6M 2025 6M 2024 Change in income statement
contained in
EBITDA pre exceptionals1) 5.3 10.9 -5.6 8.9 19.3 -10.4
Exceptionals1) -1.2 -0.3 -0.9 -1.5 -0.4 -1.1
Restructuring charges -1.2 -0.3 -0.9 -1.5 -0.4 -1.1
Severance pay -1.2 -0.3 -0.9 -1.4 -0.4 -1.1 Personnel costs
Legal and consultancy costs 0 0 0 0 0 0 Other operating
expenses
Other expenses -0.0 0 -0.0 -0.0 0 -0.0 Other operating
expenses
EBITDA 4.1 10.6 -6.6 7.5 19.0 -11.5
Depreciation and amortization -4.6 -4.3 -0.3 -9.3 -8.6 -0.7
EBIT -0.6 6.3 -6.8 -1.8 10.3 -12.2

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.

FINANCIAL RESULT

The financial result improved by € 0.4 million to € -1.6 million in the second quarter of 2025 (Q2 2024: € -1.9 million) due to an improved interest result. Interest expenses decreased mainly due to lower interest rates.

The financial result increased by € 0.6 million to € -3.1 million in the first six months of the current financial year (6M 2024: € -3.7 million). This development is mainly due to lower interest rates and lower average loan utilization.

INCOME TAXES

Income taxes amounted to € -0.4 million in the second quarter of 2025 (Q2 2024: € -0.6 million). Of this total, € -0.6 million was attributable to effective taxes and € 0.2 million was attributable to deferred taxes.

In the first six months of 2025, income taxes amounted to € -0.1 million (6M 2024: € -0.8 million). Of this total, € -1.1 million was attributable to effective taxes and € 1.0 million was attributable to deferred taxes.

8

Key figures

NET PROFIT/EARNINGS PER SHARE

From January to June 2025, net profit compared with the prior-year was lower by € 10.8 million at € -5.0 million (6M 2024: € 5.8 million). This corresponds to earnings per share of € -0.77 (6M 2024: € 0.90).

In the second quarter of 2025, net profit compared with the prior-year quarter fell by € 6.2 million to € -2.5 million (Q2 2024: € 3.7 million). Earnings per share decreased to € -0.38 (Q2 2024: € 0.57).

RECONCILIATION OF EBIT TO EARNINGS PER SHARE

€ million Q2 2025 Q2 2024 Change 6M 2025 6M 2024 Change
EBIT -0.6 6.3 -6.8 -1.8 10.3 -12.2
Financial result -1.6 -1.9 +0.4 -3.1 -3.7 +0.6
Earnings before income taxes -2.1 4.4 -6.5 -4.9 6.7 -11.6
Income taxes -0.4 -0.6 +0.3 -0.1 -0.8 +0.8
Net profit -2.5 3.7 -6.2 -5.0 5.8 -10.8
thereof attributable to other shareholders
not applicable		 -0.0 0.0 -0.0 +0.0 0.0 -0.0
thereof attributable to shareholders of
R. STAHL AG		 -2.5 3.7 -6.2 -5.0 5.8 -10.8
Earnings per share (in €) -0.38 0.57 -0.95 -0.77 0.90 -1.67
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 € 4.6 million to € 269.7 million as of 30 June 2025 compared to the end of the previous year (31 December 2024: € 265.2 million).

At the end of the reporting period, non-current assets decreased by € 1.3 million to € 138.0 million (31 December 2024: € 139.3 million). On the one hand, amortization of intangible assets and depreciation of property, plant and equipment decreased by € 2.1 million, while deferred tax assets increased by € 0.8 million.

Current assets amounted to € 131.7 million as of 30 June 2025 (31 December 2024: € 125.8 million), an increase of € 5.9 million. The € 8.6 million increase in inventories was the main contributor to this development. There was a decrease in cash and cash equivalents to € 12.4 million (31 December 2024: € 16.3 million).

Non-current liabilities decreased by € 3.4 million to € 91.9 million at the end of the reporting period (31 December 2024: € 95.3 million). Provisions for pension obligations decreased by € 3.9 million due to an increase in the discount rate to an average of 3.92% (31 December 2024: 3.51%) and lease liabilities were down € 0.9 million. By contrast, deferred tax liabilities increased by € 0.8 million.

In the case of current liabilities, there was an increase of € 12.8 million to € 110.3 million as of 30 June 2025 compared with the end of the previous year (31 December 2024: € 97.6 million). This was mainly due to the € 11.1 million increase in loan utilization as well as a € 3.9 million increase in other liabilities. This was offset by a € 1.3 million reduction in accrued liabilities.

Consolidated equity decreased by € 4.8 million in the first half of 2025 compared to the end of the prior year to € 67.5 million (31 December 2023: € 72.3 million). Net profit had a negative impact of € -5.0 million; other comprehensive income was positively impacted by the balance of currency translation and the decrease in pension obligations. The equity ratio fell to 25.0% as of 30 June 2025 (31 December 2024: 27.3%).

Key figures

Contents

Group management report

FINANCIAL POSITION

In the second quarter of 2025, cash flow decreased by € 4.9 million to € 2.1 million, mainly as a result negative net profit (Q2 2024: € 7.0 million). Working capital increased to € -7.6 million in the reporting quarter (Q2 2024: € -7.2 million) mainly due to the increase in inventories. The resulting cash flow from operating activities was € -5.5 million, compared with € -0.2 million in the same period of the previous year.

Investments in intangible assets and property, plant and equipment were higher than in the previous year at € 3.6 million (Q2 2024: € 2.5 million). Cash flow from investing activities thus increased by € 1.1 million to € -3.6 million (Q2 2024: € -2.6 million). Overall, free cash flow from April to June was € -9.1 million or € 6.3 million below the prior-year figure (Q2 2024: € -2.7 million).

Cash flow from financing activities was € 10.8 million in the second quarter of 2025 (Q2 2024: € 3.4 million). From April to June, interest-bearing financial liabilities of € -0.1 million (Q2 2024: € -0.7 million) and lease liabilities of € -1.2 million (Q2 2024: € -1.1 million) were repaid. This was countered by cash inflow from interest-bearing financial liabilities in the amount of € 12.0 million (Q2 2024: € 5.3 million).

As of 30 June 2025, the R. STAHL Group had cash and cash equivalents of € 12.4 million at its disposal (31 December 2024: € 16.3 million). Compared with the second quarter of 2024, cash and cash equivalents increased by € 0.7 million (Q2 2024: € 11.8 million).

In the first six months of the current financial year, the company generated a cash flow of € 3.7 million to (6M 2024: € 13.3 million). The change in working capital improved to € -9.6 million after € -14.2 million in the same period of the previous year. While the comparatively higher increase in inventories had a negative impact on cash flow from operating activities, the change in liabilities and other debt was positive, mainly due to higher advance payments received. Cash flow from operating activities decreased by € -5.0 million to € -5.9 million (6M 2024: € -0.9 million). Together with cash flow from investing activities of € -7.2 million (6M 2024: € -6.1 million), free cash

flow in the first half of 2025 amounted to € -13.1 million (6M 2024: € -7.0 million). Due to the higher loan utilization, cash flow from financing activities amounted to € 9.8 million in the first six months of the reporting year (6M 2024: € 7.4 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 € 15.7 million to € 44.6 million as of 30 June 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

12

Due to the drop in demand in the second quarter, the decline in order intake and the expected economic development in the second half of 2025, we no longer expect the original outlook to be achieved. Based on the preliminary half-year figures, we adjusted the outlook as follows on 28 July:

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.

FORCAST 2025

€ million July 2025 April 2025 Full year
2024
Sales 320 – 330 340 – 350 344.1
EBITDA pre
exceptionals		 25 – 30 35 – 40 34.4
Mid single
digit positive
million euro
Free cash flow balanced amount 14.7
Equity ratio slight
decrease		 slight
increase		 27.3%

Consolidates financial statements

CONSOLIDATED INCOME STATEMENT

1 January to 30 June

€ 000 Q2 2025 Q2 2024 Change in % 6M 2025 6M 2024 Change in %
Sales 77,898 89,259 -12.7 151,228 173,966 -13.1
Change in finished and unfinished products 1,943 -2,989 n/a 7,681 3,083 > +100
Own work capitalized 845 940 -10.1 1,909 1,906 +0.2
Total operating performance 80,686 87,210 -7.5 160,818 178,955 -10.1
Other operating income 3,211 2,446 +31.3 5,345 4,379 +22.1
Cost of materials -27,581 -26,728 -3.2 -55,003 -59,681 +7.8
Personnel costs -36,029 -35,866 -0.5 -73,263 -71,847 -2.0
Depreciation and amortization -4,614 -4,344 -6.2 -9,297 -8,627 -7.8
Other operating expenses -16,237 -16,434 +1.2 -30,423 -32,841 +7.4
Earnings before financial result and income
taxes (EBIT)		 -564 6,284 n/a -1,823 10,338 n/a
Result from companies consolidated using the
equity method		 0 0 0 0 0 0
Investment result 53 123 -56.9 85 174 -51.1
Interest and similar income -1,608 -2,052 +21.6 -3,177 -3,847 +17.4
Interest and similar expense -1,555 -1,929 +19.4 -3,092 -3,673 +15.8
Financial result -2,119 4,355 n/a -4,915 6,665 n/a
Earnings before taxes -379 -640 +40.8 -58 -832 +93.0
Income taxes -2,498 3,715 n/a -4,973 5,833 n/a
Net profit -6 21 n/a 16 31 -48.4
thereof attributable to other shareholders -2,492 3,694 n/a -4,989 5,802 n/a
thereof attributable to shareholders of
R. STAHL AG		 -0.38 0.57 n/a -0.77 0.90 n/a

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

1 January to 30 June

€ 000 Q2 2025 Q2 2024 Change in % 6M 2025 6M 2024 Change in %
Net profit -2,498 3,715 n/a -4,973 5,833 n/a
Gains/losses from currency translations of
foreign subsidiaries, recognized in equity		 -1,990 543 n/a -2,393 292 n/a
Deferred taxes on gains/losses from currency
translations		 0 0 0 0 0 0
Currency translation differences after taxes -1,990 543 n/a -2,393 292 n/a
Other comprehensive income with
reclassification to profit for the period		 -1,990 543 n/a -2,393 292 n/a
Gains/losses from the subsequent
measurement of pension obligations,
recognized in equity		 19 1,684 -98.9 3,635 2,452 +48.2
Deferred taxes from pension obligations -5 -509 +99.0 -1,098 -741 -48.2
Other comprehensive income without
reclassification to profit for the period		 14 1,175 -97.8 2,537 1,711 +48.3
Other comprehensive income (valuation
differences recognized directly in equity)		 -1,976 1,718 n/a 144 2,003 -92.8
thereof attributable to other shareholders -9 10 n/a -12 9 n/a
thereof attributable to shareholders of
R. STAHL AG		 -1,967 1,708 n/a 156 1,994 -92.2
Total comprehensive income after taxes -4,474 5,433 n/a -4,829 7,836 n/a
thereof attributable to other shareholders -15 31 n/a 4 40 -90.0
thereof attributable to shareholders of
R. STAHL AG		 -4,459 5,402 n/a -4,833 7,796 n/a

CONSOLIDATED BALANCE SHEET

€ 000 30 June 2025 31 Dec. 2024 Change
ASSETS
Intangible assets 47,082 47,798 -716
Property, plant and equipment 77,416 78,811 -1,395
Other financial assets 459 332 +127
Other non-current assets 3,195 3,149 +46
Investment property 3,773 3,877 -104
Deferred taxes 6,097 5,347 +750
Non-current assets 138,022 139,314 -1,292
Inventories and prepayments 57,476 48,906 +8,570
Trade receivables 48,005 48,032 -27
Contract receivables 75 0 +75
Income tax claims 283 473 -190
Other receivables and other assets 13,451 12,157 +1,294
Cash and cash equivalents 12,404 16,268 -3,864
Current assets 131,694 125,836 +5,858
Total assets 269,716 265,150 +4,566

CONSOLIDATED BALANCE SHEET

€ 000 30 June 2025 31 Dec. 2024 Change
EQUITY AND LIABILITIES
Share capital 16,500 16,500 0
Capital reserve 13,457 13,457 0
Retained earnings 58,109 63,098 -4,989
Accumulated other comprehensive income -20,767 -20,923 +156
Equity attributable to shareholders of R. STAHL AG 67,299 72,132 -4,833
Non-controlling interests 195 191 +4
Equity 67,494 72,323 -4,829
Pension provisions 66,353 70,254 -3,901
Other provisions 2,686 2,640 +46
Interest-bearing loans 5,592 4,831 +761
Lease liabilities 10,963 11,900 -937
Other liabilities 409 570 -161
Deferred taxes 5,887 5,060 +827
Non-current liabilities 91,890 95,255 -3,365
Other provisions 6,691 7,175 -484
Trade payables 16,791 17,609 -818
Contract liabilities 52 68 -16
Interest-bearing loans 51,391 40,283 +11,108
Lease liabilities 3,975 4,218 -243
Deferred liabilities 14,573 15,858 -1,285
Income tax liabilities 1,439 873 +566
Other liabilities 15,420 11,488 +3,932
Current liabilities 110,332 97,572 +12,760
Total equity and liabilities 269,716 265,150 +4,566

CONSOLIDATED CASH FLOW STATEMENT

1 January to 30 June

€ 000 Q2 2025 Q2 2024 Change 6M 2025 6M 2024 Change
Net profit -2,498 3,715 -6,213 -4,973 5,833 -10,806
Depreciation, amortization and impairment of non-current assets 0 0 0 0 0 0
Changes in non-current provisions 4,614 4,344 +270 9,297 8,627 +670
Changes in deferred taxes -442 -723 +281 -693 -1,239 +546
Equity valuation -232 -165 -67 -1,032 -445 -587
Other income and expenses without cash flow impact 659 -192 +851 1,093 364 +729
Result from the disposal of non-current assets 13 49 -36 14 137 -123
Cash flow 2,114 7,028 -4,914 3,706 13,277 -9,571
Changes in current provisions -8,543 952 -9,495 -13,262 -8,491 -4,771
Changes in inventories, trade receivables and other non-capex or non-financial
assets		 956 -8,177 +9,133 +3,655 -5,685 +9,340
Changes in trade payables and other non-capex or non-financial liabilities
not attributable to investing or financing activities		 -7,587 -7,225 -362 -9,607 -14,176 +4,569
Changes in working capital -5,473 -197 -5,276 -5,901 -899 -5,002
Cash flow from operating activities -1,483 -1,557 +74 -2,985 -2,805 -180
Cash outflow for capex on intangible assets -2,081 -952 -1,129 -4,078 -3,260 -818
Cash outflow for capex on property, plant & equipment 9 17 -8 25 65 -40
Cash inflow from disposals of property, plant & equipment and investment
property		 -63 -59 -4 -126 -119 -7
Cash outflow for capex on non-current financial assets 2 0 +2 2 0 +2
Cash flow from investing activities -3,616 -2,551 -1,065 -7,162 -6,119 -1,043
Free cash flow -9,089 -2,748 -6,341 -13,063 -7,018 -6,045
Cash outflow for the repayment of lease liabilities -1,167 -1,070 -97 -2,286 -2,098 -188
Cash inflow from interest-bearing liabilities +12,009 5,263 +6,746 +14,122 10,436 +3,686
Cash outflow for repayment of interest-bearing liabilities -71 -744 +673 -2,065 -932 -1,133
Cash flow from financing activities 10,771 3,449 +7,322 +9,771 7,406 +2,365
Changes in cash and cash equivalents 1,682 701 +981 -3,292 388 -3,680
Foreign exchange and valuation-related changes in cash and cash equivalents -340 -7 -333 -572 -172 -400
Net profit +11,062 11,056 +6 +16,268 11,534 +4,734
Depreciation, amortization and impairment of non-current assets +12,404 11,750 +654 12,404 11,750 +654

CONSOLIDATED STATEMENT OF CHANGES IN QUITY

1 January to 30 June

Equity attributable to shareholders

Accumulated other comprehensive income
€ 000 Share capital Captial
reserve		 Retained
earnings		 Currency
translation		 Unrealized
gains/
losses from
pension
obligations		 Total
accumulated
other
comprehend
sive income		 Total Non
controlling
interests		 Equity
1 Jan. 2024 16,500 13,457 57,280 -6,333 -13,346 -19,679 67,558 160 67,718
Net profit 5,801 0 5,801 31 5,832
Accumulated other
comprehensive income		 283 1,711 1,994 1,994 9 2,003
Total comprehensive
income		 5,801 283 1,711 1,994 7,795 40 7,835
Dividend distribution 0 0
30 June 2024 16,500 13,457 63,081 -6,050 -11,635 -17,685 75,353 200 75,553
1 Jan. 2025 16,500 13,457 63,098 -6,395 -14,528 -20,923 72,132 191 72,323
Net profit -4,989 0 -4,989 16 -4,973
Accumulated other
comprehensive income		 -2,381 2,537 156 156 -12 144
Total comprehensive
income		 -4,989 -2,381 2,537 156 -4,833 4 -4,829
Dividend distribution 0 0
30 June 2025 16,500 13,457 58,109 -8,776 -11,991 -20,767 67,299 195 67,494

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).

- 20

The derivative 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.

A breakdown of sales by sales source is shown below:

€ 000 6M 2025 6M 2024
Sales from contracts with customers 150,721 173,459
Rental income from
investment property		 507 507
Total 151,228 173,966

A breakdown of sales by time of recognition is shown below:

€ 000 6M 2025 6M 2024
At a specific time 146,107 168,842
Over a specific period 5,121 5,124
Total 151,228 173,966

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.

The fair values of derivative financial instruments are as follows:

€ 000 30 June 2025 31 Dec. 2024
Positive market values
Currency derivatives without hedging
relationship		 212 0
Negative market values
Currency derivatives without hedging
relationship		 0 200
Interest rate derivatives without a hedging
relationship		 409 399

8. REPORT ON SIGNIFICANT RELATED PARTY TRANSACTIONS

There were no significant transactions with related parties in the reporting period.

9. EVENTS AFTER THE BALANCE SHEET DATE

There were no significant events after the balance sheet date.

6. NUMBER OF EMPLOYEES

The number of employees at the 30 June 2025 reporting date was 1,711 (31 December 2024: 1,743), not including apprentices.

Waldenburg, 7 August 2025

R. Stahl Aktiengesellschaft

Dr. Mathias Hallmann Tobias Popp Chief Executive Officer / CEO Chief Commercial Officer / CCO

7. CONTINGENT LIABILITIES AND OTHER FINANCIAL OBLIGATIONS

There were no significant changes to contingent liabilities and other financial obligations compared with 31 December 2024.

RESPONSIBILITY STATEMENT

We attest – to the best of our knowledge – that the Interim Consolidated Financial Statements in accordance with applicable reporting principles give a true and fair view of the Group's asset, financial, and earnings position, and that the Interim Group Management Report includes a fair review of the development and performance of the business and the position of the Group, together with a description of the material opportunities and risks associated with the expected development of the Group for the rest of the financial year.

Waldenburg, 7 August 2025

R. Stahl Aktiengesellschaft

Dr Mathias Hallmann Tobias Popp

Chief Executive Officer / CEO Chief Commercial Officer / CCO

Financial Calendar 2O25

4 November Quarterly statement Q3 2025

This report is available in German and English. Both versions can also be found on-line 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 realis-tic, 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 AG Investor Relations Judith Schäuble T: +49 7942 943 13 96 F: +49 7942 943 40 13 96 [email protected]

R. STAHL Aktiengesellschaft Am Bahnhof 30 74638 Waldenburg (Württ.) www.r-stahl.com

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, gains and loss from deconsolidation processes as well as gains and loss from the disposal of 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).

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