R Stahl AG – Annual Report 2025 and Outlook for 2026

2025 Performance

  • Group sales: €313.0 million, a decline of 9.1 % compared with €342.9 million in 2024.
  • EBITDA (pre‑exceptionals): €34.4 million, unchanged from the prior year. The stability is attributed to positive one‑time items that offset the weaker operating environment.
  • Order intake: €306.5 million, lower than the €327.6 million recorded in 2024.
  • Free cash flow: €‑0.3 million, a reversal from the €14.8 million positive cash flow reported in 2024.

The company attributes the decline in revenue and order intake to weak demand across its core markets, where explosion protection products and systems are required for facilities handling combustible gases or dust.

Outlook for 2026

The Executive Board forecasts a modest stabilization of the business. The board expects sales to remain at a similar level to 2025, with no significant growth or decline anticipated. Key points for the 2026 outlook:

  • Sales: Expected to hold steady, reflecting the ongoing weakness in demand but also the company’s established market presence.
  • EBITDA: Likely to remain in the low‑$30 million range, assuming the one‑time items that supported 2025 figures do not repeat.
  • Free cash flow: The board has not provided a specific forecast, but the negative cash flow in 2025 suggests a continued challenge unless operational efficiencies improve.

Market Context

  • Market capitalization: €85.0 million.
  • Price‑to‑earnings ratio: –20.21, reflecting the company’s negative earnings in recent periods.
  • Share price (14 April 2026): €13.10, with a 52‑week high of €21.20 (2 June 2025) and a low of €12.00 (16 February 2026).

The company’s financial metrics indicate a firm that has maintained profitability in a challenging market, but its cash flow position and negative earnings multiple highlight the sensitivity to demand cycles in the explosion protection sector.

Summary

R Stahl AG reported a 9.1 % decline in sales for 2025, with EBITDA remaining flat due to one‑time gains. Weak demand has also reduced order intake and turned the free cash flow negative. Management expects the business to stabilise at a modest level in 2026, with sales and earnings projected to remain roughly unchanged from 2025. The company’s market cap and price‑to‑earnings ratio underline the impact of the current demand environment on investor perception.