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EQS-News: R. Stahl AG / Key word(s): Annual Report/Annual Results
R. STAHL, with significantly improved sales and profitability in 2023, forecasts further sales growth for 2024
2024-04-17 / 07:00 CET/CEST
The issuer is solely responsible for the content of this announcement.
R. STAHL, with significantly improved sales and profitability in 2023, forecasts further sales growth for 2024

. R. STAHL published its Annual Report 2023 today and confirmed the preliminary figures: order intake
increased to EUR 342.5 million (+9.3%), Group sales to EUR 330.6 million (+20.5%) and EBITDA pre exceptionals to EUR 38.6
million (+73.0%)
. Full impairment of the investment in ZAVOD Goreltex results in a decline in net income to EUR 0.2 million
(previous year: EUR 1.9 million)
. R. STAHL sales and order intake at a good level in the first quarter of 2024 - EBITDA pre exceptionals
below previous year
. For full year 2024, the Executive Board expects sales to increase to between EUR 335 million and EUR 350
million and EBITDA pre exceptionals to between EUR 35 million and EUR 45 million

Waldenburg, 17 April 2023 - R. STAHL today published its Annual Report 2023 and confirms the preliminary figures
published in February. In financial year 2023, uncertainties those markets that are relevant for the company slowly
eased as the year progressed and demand from key sectors remained at a high level. Because strategic measures are
taking effect, the specialist for explosion protection solutions looks back on a successful financial year 2023 and has
issued a positive outlook for 2024.
Strong customer demand and recovery in the procurement markets ensure record figures for order intake and sales
R. STAHL kicked off 2023 with a strong order intake and managed to maintain this level of momentum over the course of
the year. The company recorded strong demand from the LNG and gas industry as well as from the pharmaceutical sector.
In the chemical industry, there was a drop in demand towards the middle of the year, particularly in Germany and
Europe. But the specialist for explosion protection solutions increased order intake by 9.3% to EUR 342.5 million in 2023
compared to the already high figure in the previous year (EUR 313.5 million).
The recovery on the procurement markets and forward-looking inventory build-up resulted in strong sales growth in 2023.
The recovery helped R. STAHL increase sales for full-year 2023 by 20.5% to EUR 330.6 million (previous year: EUR 274.3
million). The forecast corridor was between EUR 305 million and EUR 320 million. Because order volume once again exceeded
sales in the past financial year, order backlog increased to EUR 115.1 million at the end of 2023 (previous year: EUR 109.4
million).
All sales markets contributed to sales growth in 2023
In Germany, sales improved by 16.3% to EUR 83.5 million in the past financial year due to the strong market position in
the chemical and pharmaceutical industries. Sales in the Central region (Africa and Europe excluding Germany) climbed
by 24.8 % to EUR 146.8 million. In addition to the chemical and pharmaceutical industries, the main sales driver was
stronger demand from the oil and gas sector, particularly LNG. Markets in America continued to benefit from the ongoing
strong order situation in the oil and gas sector. Sales improved by 8.6% to EUR 34.3 million, despite the strong increase
in the previous year. In the Asia/Pacific region, sales were up 23.7% to EUR 65.9 million. Higher demand from wholesalers
for shipbuilding and module engineering contributed to the increase in sales.
Significant improvement in profitability - EBITDA pre exceptionals up 73.0%
In addition to the high demand, good utilization of production capacities and targeted cost management, particularly in
the areas of personnel and purchasing, had a positive impact on the company's profitability. Price increases imposed on
the customer side also compensated for higher procurement prices. Earnings before interest, taxes, depreciation and
amortization (EBITDA) pre exceptionals rose by 73.0% from EUR 22.3 million in the previous year to EUR 38.6 million and
were thus at the upper end of the forecast range that was raised in November 2023 (EUR 35 million to EUR 40 million). The
company increased its profitability as measured by the EBITDA margin from 8.1% in the previous year to 11.7%.
Full impairment of ZAVOD Goreltex burdens net profit
Because the Executive Board at the end of February 2024 no longer assumed that R. STAHL AG's investment in the Russian
company ZAVOD Goreltex Co. LTD., St. Petersburg, was recoverable due to various developments, the 25% stake in ZAVOD
Goreltex was fully impaired. In financial year 2023, this led to a non-cash charge of EUR 15.4 million on the R. STAHL
Group's net profit. The bottom line was a net profit of EUR 0.2 million (previous year: EUR 1.9 million). This corresponds
to earnings per share of EUR 0.03 (previous year: EUR 0.30).
The company improved free cash flow by EUR 4.7 million to EUR 0.3 million (previous year: EUR -4.4 million). The equity ratio
fell from 27.5% in the previous year to 25.0% as of the balance sheet date, mainly due to the lower interest rate for
the valuation of pension provisions.
First quarter of 2024 - order intake and sales at a high level, profitability declining
Demand for R. STAHL's products and services gained steam again in the first quarter of 2024 after a subdued fourth
quarter of 2023. Based on preliminary figures, the company improved its order intake in the first quarter of 2024 by
8.5% to EUR 84.7 million (previous year: EUR 78.1 million). At EUR 92.3 million, order intake recovered significantly
compared to the previous quarter (Q4 2023: EUR 74.5 million) and was only slightly below the very high prior-year figure
of EUR 96.7 million.
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 is primarily attributable to the implementation of the EXcelerate strategy program and higher
personnel costs resulting mainly from collective bargaining agreements.
R. STAHL forecasts further sales growth with stable earnings for 2024
For 2024, the company expects further growth in the relevant key markets based on the overall economic and
industry-specific forecasts. There are still uncertainties in the forecast, primarily due to the unpredictable
developments and consequences of geopolitical tension, which could have an impact on supply chains and commodity
prices.
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.
Profitability in the current financial year should stabilize at around the high level of the previous year. A high
level of investment, increasing competitive pressure and 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).
"The very good business performance in 2023 shows that our Group strategy is working. It makes it possible for the
company to make sustainable progress in terms of sales and profitability. From a current perspective, our business will
not develop as dynamically in 2024 as it did in 2023. In the current year, we will once again make significant
investments in the optimization of our processes, particularly in the areas of finance and IT, thus laying the
groundwork for further efficiency gains in the coming years. The company is well-positioned to take advantage of the
growth opportunities that are presented by our longstanding attractive markets", says Dr. Mathias Hallmann, CEO of
R. STAHL.

Key figures of R. STAHL Group for FY 2023 pursuant to IFRS

EUR million                                2023  2022 Change Change 
in EURm   in % 
Sales                                   330.6 274.3  +56.3  +20.5 
Order income                            342.5 313.5  +29.0   +9.3 
Order backlog as of 31 December         115.1 109.4   +5.7   +5.2 
EBITDA pre exceptionals^1)               38.6  22.3  +16.3  +73.0 
in % of sales                          11.7%  8.1% 
EBIT                                     19.1   3.9  +15.2  >+100 
Net profit                                0.2   1.9  -10.7  -90.6 
Earnings per share (in EUR)                0.03  0.30  -0.27  -90.0 
Dividend per share (in EUR)                   0     0      0 
Cash flow from operating activities      14.2   6.0   +8.2  >+100 
Free Cash flow                            0.3  -4.4   +4.7    n/a 
Depreciation and amortization            17.5  16.7   +0.8   +4.7 
Capital expenditures^2)                  13.9  14.1   -0.2   -1.0 
Balance sheet total of 31 December      271.4 259.7  +11.7   +4.5 
Shareholders' equity as of 31 December   67.7  71.3   -3.6   -5.1 
Equity ratio as of 31. December        25.0% 27.5% 
Net debt as of 31 December.^3)           38.8  29.2   +9.6  +32.9 
Employees as of 31 December^4)          1,721 1,676    +45   +2.7 

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^1) Exceptionals: restructuring charges, unscheduled depreciation and amortization, charges for designing and implementing IT projects, M&A costs, profit and loss from deconsolidation as well as profit and loss from the disposal of assets no longer required for business operations ^2) Payments for investments in intangible assets and property, plant & equipment ^3) Cash and cash equivalents less interest-bearing loans ^4) excl. apprentices

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