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EQS-News: R. Stahl AG / Key word(s): Quarterly / Interim Statement/Quarter Results
R. STAHL sales and order intake at a high level in the first quarter of 2024
2024-05-08 / 07:30 CET/CEST
The issuer is solely responsible for the content of this announcement.
R. STAHL sales and order intake at a high level in the first quarter of 2024
. At EUR 92.3 million, order intake in the first quarter of 2024 were close to the extremely high level of
the previous year (EUR 96.7 million) and significantly higher than the figure for the fourth quarter of 2023 (EUR 74.5
million).
. Sales up 8.5% year-on-year to EUR 84.7 million from January to March.
. One-time items push profitability below the strong figure from the previous year EBITDA pre exceptionals
decreased from EUR 10.4 million in the previous year to EUR 8.4 million in the first three months of 2024. This
resulted in an EBITDA margin pre exceptionals of 9.9% (previous year: 13.3 %).
. For 2024, R. STAHL expects sales to increase to between EUR 335 million and EUR 350 million and EBITDA pre
exceptionals of between EUR 35 million and EUR 40 million.
Waldenburg, 10 May 2024 - R. STAHL got off to a strong start in financial year 2024. Demand for the company's products
and services picked up again in nearly all regions and sectors in the first quarter of 2024, after development in the
fourth quarter of 2023 was somewhat subdued.
Order intake of EUR 92.3 million at a high level - order backlog increases to EUR 122.0 million
The increased willingness on the part of customers to invest led to an order intake of EUR 92.3 million from January to
March 2024. Although this figure was down 4.6% on the high prior-year figure of EUR 96.7 million, it was significantly
higher than the order volume for the fourth quarter of 2023 (EUR 74.5 million). While the order situation in the Central
region (Africa, Europe not including Germany) remained virtually unchanged in the first quarter compared to the
previous year, the order volume in Germany (-10.6%), the Americas
(-6.2%) and Asia/Pacific (-7.3%) fell. Order intake from the chemical industry in particular slowed compared to the
previous year. There was positive momentum from all other customer sectors, however. As a result of the overall good
demand in the first three months of 2024, order backlog increased to EUR 122.0 million as of 31 March (31 December 2023:
EUR 115.1 million).
International regions push 8.5% growth in sales to EUR 84.7 million
Easing bottlenecks in supply chains led to higher utilization of production capacities in the first quarter of 2024.
The key sales drivers included orders from the nuclear sector, shipbuilding and the oil industry. Overall, R. STAHL
increased its sales by 8.5% to EUR 84.7 million from January to March 2024. The main contributors to this increase were
the Americas region with growth of 26.4% and the Central region (Africa, Europe not including Germany) with growth of
18.2%. Sales in Germany, on the other hand, declined slightly (-8.1%), while sales in Asia/Pacific remained virtually
unchanged (+1.2%).
At EUR 8.4 million, EBITDA pre exceptionals was below the previous year's strong figure of EUR 10.4 million due to high
one-time items
Despite an increase in the company's total operating performance, EBITDA pre exceptionals decreased from EUR 10.4 million
in the previous year to EUR 8.4 million in the period from January to March 2024. This was mainly due to one-time items
resulting from the implementation of the EXcelerate strategy program and higher personnel costs, mainly due to
collective bargaining agreements. Profitability as measured by the EBITDA margin pre exceptionals decreased from the
extraordinarily strong figure of 13.3% in the previous year to 9.9%. Net profit decreased from EUR 3.9 million to EUR 2.1
million. This corresponds to earnings per share of EUR 0.33 (previous year: EUR 0.60).
The increased volume of business from January to March led to an increase in inventories and thus to an increase in
working capital of EUR -7.4 million. This was, however, below the previous year's figure of EUR -15.3 million. This had a
positive impact on free cash flow, which at EUR -4.3 million was EUR 4.4 million higher than in the previous year (Q1 2023:
EUR -8.7 million). The equity ratio of 25.1% was slightly improved (31 December 2023: 25.0%).
Good first quarter 2024 confirms outlook for full-year 2024
For 2024, the company expects further growth in the relevant key markets based on the overall economic and
industry-specific forecasts.
The high order backlog that R. STAHL started 2024 with, as well as the good demand in the first quarter of 2024, mean
that the company can look ahead to full-year 2024 with careful optimism. The Executive Board expects Group sales to
grow to between EUR 335 million and EUR 350 million (2023: EUR 330.6 million).
Profitability in the current financial year should stabilize at around the very good level of the previous year. A high
level of investment for additional growth, increasing price sensitivity on the part of customers as well as rising
personnel costs are likely to have a temporary negative impact on earnings development. The Executive Board expects
EBITDA pre exceptionals to be between EUR 35 million and EUR 45 million in 2024 (2023: EUR 38.6 million). In terms of free
cash flow, R. STAHL expects a medium single-digit positive million euro amount in 2024 (2023: EUR 0.3 million).
"There was a noticeable recovery in demand for R. STAHL products in the first quarter. This makes us confident that,
with the strategy we are pursuing, we will continue to grow and generate stable earnings in 2024", says Dr. Mathias
Hallmann, CEO of R. STAHL.
Key figures of R. STAHL Group for Q1 2024 pursuant to IFRS
EUR million Q1 2024 Q1 2023 Change
in %

Sales                                                      84.7         78.1   +8.5 
Germany                                                   20.2         22.0   -8.1 
Central region^1)                                         40.0         33.8  +18.2 
Americas                                                  10.7          8.0  +26.4 
Asia/Pacific                                              14.4         14.3   +1.2 
Order income                                               92.3         96.7   -4.6 
Order backlog as of 31 March                              122.0        125.7   -2.9 
EBITDA pre exceptionals^2)                                  8.4         10.4  -18.9 
in % of sales                                             9.9%        13.3% 
EBITDA                                                      8.3         10.3  -19.2 
EBIT                                                        4.1          6.1  -33.4 
Net profit                                                  2.1          3.9  -45.2 
Earnings per share (in EUR)                                  0.33         0.60  -45.0 
Cashflow from operating activities                         -0.7         -5.5  +87.3 
Free Cashflow                                              -4.3         -8.7  +50.7 
Depreciation and amortization                               4.3          4.2   +1.3 
Capital expenditures^3)                                     3.6          3.1  +13.8 

31 March 2024 31 Dec. 2023

Balance sheet total                                       279.9        271.4   +3.1 
Shareholders' equity                                       70.1         67.7   +3.5 
Equity ratio                                             25.1%        25.0% 
Net financial liabilities^4)                               44.2         38,8  +14.0 
Net financial liabilities incl. lease liabilities          60.5         55,4   +9.2 
Employees^5)                                              1,743        1,721   +1.3 

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^1) Africa and Europe without Germany ^2) Exceptionals: restructuring charges, unscheduled depreciation and amortization, charges for designing and implementing IT projects, M&A costs, gains and losses from deconsolidation processes as well as profit and loss from the disposal of assets no longer required for business operations ^3) Payments for investments in intangible assets and property, plant & equipment ^4) excl. pension provisions and without lease liabilities ^5) excl. apprentices

Percentages and figures in may include rounding differences. The signs used to indicate rates of changes are based on mathematical aspects. Rates of changes > +100% are shown as >+100%, rates of change <-100% as "n/a" (not applicable)

Note The quarterly statement Q1 2024 is available for download under the following link: https://r-stahl.com/en/global/ corporate/investor-relations/ir-news-and-publications/financial-reports

Financial calendar 27 June 2024 31^st Annual General Meeting 8 August 2024 Interim Report H1 2024 6 November 2024 Quarterly Statement Q3 2024

About R. STAHL - www.r-stahl.com R. STAHL is the world's leading supplier 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 ranges from products used in switching/distributing, installing, operating/monitoring, lighting and signaling/alarming up to automation.

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. In 2023 global sales amounting to around EUR 331 million were generated by 1,721 employees. The shares of R. STAHL AG are traded on the Regulated Market/Prime Standard of Deutsche Boerse (ISIN DE000A1PHBB5).

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