Interim report
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1 Interim Report H1 2026
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2 Interim Report H1 2026 Key Figures € million Q2 2026 Q2 2025 Change in % 6M 2026 6M 2025 Change in % Sales 72.2 77.9 -7.3 145.6 151.2 -3.7 Germany 16.2 16.9 -3.9 32.3 35.5 -9.0 Central region1) 33.0 39.0 -15.4 65.3 74.9 -12.9 Americas 7.0 9.8 -28.7 13.9 17.8 -22.3 Asia/Pacific 16.1 12.3 +30.8 34.2 23.0 +48.8 EBITDA pre exceptionals2) 6.0 5.3 +13.7 12.7 8.9 +42.6 EBITDA margin pre exceptionals2) 8.3% 6.8% 8.7% 5.9% EBITDA 4.8 4.1 +17.7 11.2 7.5 +49.8 EBIT 0.3 -0.6 n/a 2.1 -1.8 n/a Net profit -2.5 -2.5 +1.3 -2.7 -5.0 +45.0 Earnings per share (in €) -0.38 -0.38 +0.0 -0.42 -0.77 +45.5 Order intake 68.6 67.0 +2.4 145.8 165.8 -12.1 Order backlog as of 30 June 90.1 113.0 -20.3 Cash flow from operating activities -1.1 -5.5 +79.8 -3.3 -5.9 +44.7 Free cash flow -3.0 -9.1 +66.7 -6.9 -13.1 +46.9 Depreciation and amortization 4.5 4.6 -2.7 9.1 9.3 -2.3 Capital expenditures 1.8 3.6 -49.0 3.6 7.1 -49.4 30 June 2026 31 Dec. 2025 Change in % Balance sheet total 264.2 258.9 +2.1 Equity 73.3 75.7 -3.2 Equity ratio 27.7% 29.2% Net financial debt 3) 43.7 34.9 +25.5 Net financial debt incl. lease liabilities 60.9 48.3 +26.2 Employees4) 1,589 1,659 -4.2 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 Contents Group management report Consolidated financial statements Selected explanatory notes Responsibility statement Financial calendar and Contact / Imprint
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3 Interim Report H1 2026 Interim Report H1 of R. STAHL Aktiengesellschaft for the period 1 January through 30 June 2026 CONTENTS 2 Key figures 4 Group management report 13 Consolidated financial statements 19 Selected explanatory notes 23 Responsibility statement 24 Financial calendar and Contact / Imprint
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4 Interim Report H1 2026 Group management report Sales down 7.3% from April to June 2026 at € 72.2 million (Q2 2025: € 77.9 million). Order intake in the second quarter of 2026 up 2.4% to € 68.6 million (Q2 2025: € 67.0 million). EBITDA pre exceptionals increased to € 6.0 million (Q2 2025: € 5.3 million). Net profit at € -2.5 million (Q2 2025: € -2.5 million). Earnings per share amount to € -0.38 (Q2 2025: € -0.38). Free cash flow improved in the second quarter by € 6.1 million to € -3.0 million (Q2 2025: € -9.1 million). Net debt including lease liabilities increases to € 60.9 million as of 30 June 2026 (31 December 2025: € 48.3 million). SIGNIFICANT EVENTS IN THE 2ND QUARTER MAY 2026 – DR. CLAUS BISCHOFF STEPS DOWN FROM THE EXECUTIVE BOARD The Supervisory Board of R. STAHL AG and the Chairman of the Executive Board, Dr. Claus Bischoff, mutually agreed to end their working relationship. Dr. Bischoff stepped down from the Executive Board with immediate effect at his own request and for personal reasons. His contract as a member of the Executive Board was set to expire on 31 May 2026. The responsibilities he previously held have been assumed by Executive Board member Tobias Popp until further notice. The Supervisory Board has initiated the next steps in the succession planning process. JUNE 2026 – R. STAHL SHAREHOLDERS APPROVE NEARLY ALL AGENDA ITEMS AT THE ANNUAL GENERAL MEETING At the 33rd Annual General Meeting of R. STAHL AG, shareholders approved nearly all agenda items with the required majority. The resolution authorizing the repurchase of own shares did not receive the required majority. The actions of the Executive Board and Supervisory Board in the past financial year were ratified. Rolf Friedrich was elected to the Supervisory Board as the successor to outgoing Supervisory Board member Harald Rönn. All other items on the agenda were approved. BUSINESS DEVELOPMENT SALES AND ORDER INTAKE R. STAHL’s business development in the second quarter of 2026 continued to be shaped by a challenging market environment. Positive momentum was provided in particular by the petrochemical sector, which showed robust growth compared with the previous quarter. By contrast, demand from the chemical industry remained below the prior-year level. Investment activity in the energy sector remained subdued as well. Sales in the second quarter of 2026 decreased by 7.3% compared to the same period last year to € 72.2 million (Q2 2025: € 77.9 million) In Germany, the Central region and the Americas, the lower order intake at the end of the previous year and at the beginning of the current financial year in particular led, with a delayed effect, to weaker sales. In Germany, sales decrea- sed by 3.9% to € 16.2 million (Q2 2025: € 16.9 million). In the Central region – comprising Africa and Europe excluding Germany – sales were down 15.4% at € 33.0 million (Q2 2025: € 39.0 million). The Americas region reported a 28.7% decline in sales to € 7.0 million (Q2 2025: € 9.8 million). By contrast, sales in the Key figures Contents Group management report Consolidated financial statements Selected explanatory notes Responsibility statement Financial calendar and Contact / Imprint
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5 Interim Report H1 2026 Asia/Pacific region rose significantly by 30.8% to € 16.1 million (Q2 2025: € 12.3 million). This positive development was primarily attributable to the completion of a number of major projects. Overall, order intake remained stable in the second quarter of 2026, increasing by 2.4% year-over-year to € 68.6 million (Q2 2025: € 67.0 million). This develop- ment was driven by several individual project-related orders. In Germany, order volume rose by 7.8% to € 17.5 million, while the Central region recorded an increase of 2.0% to € 30.4 million. In Asia/Pacific, order intake increased by 10.0% to € 12.8 million. In the Americas, however, demand remained subdued; order volume declined by 15.3% to € 7.9 million. Customers continued to focus on cost-optimization measures, while some larger investment projects were postponed due to the uncertain economic environment as well as trade policy and customs-related uncertainties. Positive momentum came in particular from the petrochemical sector, while investment activity in other customer industries continues to show subdued growth. In the first half of 2026, R. STAHL generated sales of € 145.6 million. Compared to the same period of the previous year, this represents a decline of 3.7% (6M 2025: € 151.2 million). In Germany, sales fell by 9.0% to € 32.3 million; in the Central region, they declined by 12.9% to € 65.3 million; and in the Americas, they dropped by 22.3% to € 13.9 million. By contrast, sales in Asia/Pacific rose by 48.8% to € 34.2 million, primarily due to the completion of major projects. Order intake in the first six months of 2026 decreased by 12.1% compared to the same period of the previous year to € 145.8 million (6M 2025: € 165.8 million). Order volume was below the prior-year level in all regions. In Germany, order intake declined by 4.7% to € 36.9 million; in the Central region, it fell by 11.3% to € 64.5 million; and in the Americas, it decreased by 13.4% to € 15.8 million. In Asia/Pacific, it decreased by 21.1% to € 28.5 million. Order backlog as of 30 June 2026 amounted to € 90.1 million, down 20.3% from the prior-year figure of € 113.0 million. GROUP SALES BY REGION € million Q2 2026 Q2 2025 Change in % 6M 2026 6M 2025 Change in % Share of Group sales in % Germany 16.2 16.9 -3.9 32.3 35.5 -9.0 22 Central Region 33.0 39.0 -15.4 65.3 74.9 -12.9 45 Americas 7.0 9.8 -28.7 13.9 17.8 -22.3 10 Asia/Pacific 16.1 12.3 +30.8 34.2 23.0 +48.8 23 Total 72.2 77.9 -7.3 145.6 151.2 -3.7 100 EBITDA AND EBIT Earnings before interest, taxes, depreciation and amortization (EBITDA) pre exceptionals increased by € 0.7 million in the second quarter of 2026 compared with the prior-year period, reaching € 6.0 million (Q2 2025: € 5.3 million). The EBITDA margin pre exceptionals improved to 8.3% (Q2 2025: 6.8%). Exceptional items, which were entirely attributable to severance payments in the reporting quarter, amounted to € -1.2 million and were at the level of the prior year (Q2 2025: € -1.2 million). This resulted in EBITDA of € 4.8 million (Q2 2025: € 4.1 million). Key figures Contents Group management report Consolidated financial statements Selected explanatory notes Responsibility statement Financial calendar and Contact / Imprint
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6 Interim Report H1 2026 Total operating performance decreased by 14.4% from April to June 2026 to € 69.1 million (Q2 2025: € 80.7 million). While inventories of finished and unfin- ished goods increased by € 1.9 million in the same quarter of the previous year, they decreased by € 4.0 million in the second quarter of 2026. Own work capitalized amounted to € 0.9 million, slightly above the prior-year level (Q2 2025: € 0.8 million). Cost of materials decreased by 25.5% from April to June 2026 to € -20.6 million (Q2 2025: € -27.6 million). The cost-of-materials ratio fell to 29.8% of total opera- ting performance (Q2 2025: 34.2%). Personnel expenses fell by 8.1% in the reporting quarter to € -33.1 million (Q2 2025: € -36.0 million). The net effect of other operating income and other operating expenses impro- ved by € 2.4 million in the second quarter of 2026 to € -10.6 million (Q2 2025: € -13.0 million). Other operating income decreased by 23.8% to € 2.4 million (Q2 2025: € 3.2 million), primarily due to lower foreign exchange gains. At the same time, other operating expenses decreased by 19.5% to € -13.1 million (Q2 2025: € -16.2 million), primarily due to lower foreign exchange losses and reduced costs for temporary workers. Depreciation and amortization of intangible assets and property, plant and equip- ment decreased slightly in the second quarter of 2026 to € -4.5 million (Q2 2025: € -4.6 million). EBIT improved by € 0.9 million from April to June to € 0.3 million (Q2 2025: € -0.6 million). In the first half of 2026, EBITDA pre exceptionals increased by € 3.8 million to € 12.7 million (6M 2025: € 8.9 million). This corresponds to an EBITDA margin pre exceptionals of 8.7% (6M 2025: 5.9%). At € -1.5 million, exceptional items were virtually unchanged from the prior year (6M 2025: € -1.5 million). This resulted in EBITDA of € 11.2 million for the first six months of 2026 (6M 2025: € 7.5 million). Total operating performance decreased by 8.9% to € 146.5 million in the first half of 2026 (6M 2025: € 160.8 million). While an increase in inventories of € 7.7 million was recorded in the same period of the previous year, inventories decreased by € 0.8 million in the first six months of 2026. Own work capitalized, at € 1.7 million, was below the prior-year level (6M 2025: € 1.9 million). The cost of materials decreased by 16.3% in the first half of 2026 to € -46.0 million (6M 2025: € -55.0 million). The cost-of-materials ratio fell to 31.4% of total operating performance (6M 2025: 34.2%). Personnel expenses were down 8.9% from January to June 2026 to € -66.7 million (6M 2025: € 73.3 million). The balance of other operating income and other operating expenses improved by € 2.5 million in the first six months to € -22.6 million (6M 2025: € -25.1 million). Other operating income decreased slightly to € 5.2 million (6M 2025: € 5.3 million), while other operating expenses fell by 8.6% to € -27.8 million (6M 2025: € -30.4 million). Depreciation and amortization of intangible assets and property, plant, and equip- ment decreased to € -9.1 million (6M 2025: € -9.3 million). EBIT improved by € 4.0 million to € 2.2 million during the reporting period (6M 2025: € -1.8 million). Key figures Contents Group management report Consolidated financial statements Selected explanatory notes Responsibility statement Financial calendar and Contact / Imprint
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7 Interim Report H1 2026 RECONCILIATION OF EBITDA PRE EXCEPTIONALS TO EBIT € million Q2 2026 Q2 2025 Change 6M 2026 6M 2025 Change in income statement contained in EBITDA pre exceptionals1) 6.0 5.3 +0.7 12.7 8.9 +3.8 Exceptionals1) -1.2 -1.2 -0.0 -1.5 -1.5 -0.1 Restructuring charges -1.2 -1.2 -0.0 -1.5 -1.5 -0.1 Severance pay -1.2 -1.2 -0.0 -1.5 -1.4 -0.1 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 4.8 4.1 +0.7 11.2 7.5 +3.7 Depreciation and amortization -4.5 -4.6 +0.1 -9.1 -9.3 +0.2 EBIT 0.3 -0.6 +0.8 2.1 -1.8 +3.9 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 weakened by € 0.2 million in the second quarter of 2026 to € -1.8 million (Q2 2025: € -1.6 million). This was primarily the result of higher interest expenses. In the first six months of the current financial year, the financial result decreased by € 0.4 million to € -3.5 million (6M 2025: € -3.1 million). This development is primarily attributable to the increase in interest expenses from € -3.2 million to € -3.6 million. INCOME TAXES Income taxes amounted to € -1.0 million in the second quarter of 2026 (Q2 2025: € -0.4 million). Of this amount, € -0.5 million was attributable to current taxes and € -0.4 million to deferred taxes. In the first six months of 2026, income taxes totaled € -1.3 million (6M 2025: € -0.1 million). The tax expense was primarily attributable to current taxes. Key figures Contents Group management report Consolidated financial statements Selected explanatory notes Responsibility statement Financial calendar and Contact / Imprint
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8 Interim Report H1 2026 NET PROFIT/EARNINGS PER SHARE In the second quarter of 2026, net profit of € -2.5 million was at the prior-year level (Q2 2025: € -2.5 million). Earnings per share of € -0.38 were in line with the prior-year quarter. From January through June 2026, net profit improved by € 2.2 million year-over- year to € -2.7 million (6M 2025: € -5.0 million). This corresponds to earnings per share of € -0.42 (6M 2025: € -0.77). RECONCILIATION OF EBIT TO EARNINGS PER SHARE € million Q2 2026 Q2 2025 Change 6M 2026 6M 2025 Change EBIT 0.3 -0.6 +0.8 2.1 -1.8 +3.9 Financial result -1.8 -1.6 -0.2 -3.5 -3.1 -0.4 Earnings before income taxes -1.5 -2.1 +0.6 -1.4 -4.9 +3.5 Income taxes -1.0 -0.4 -0.6 -1.3 -0.1 -1.3 Net profit -2.5 -2.5 +0.0 -2.7 -5.0 +2.2 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 -2.5 +0.0 -2.7 -5.0 +2.3 Earnings per share (in €) -0.38 -0.38 +0.00 -0.42 -0.77 +0.35 Average number of shares outstanding (weighted, in million units) 6.44 6.44 0 6.44 6.44 0 ASSET POSITION BALANCE SHEET STRUCTURE As of 30 June 2026, the R. STAHL Group’s total assets increased by € 5.3 million compared to the end of the previous year, reaching € 264.2 million (31 December 2025: € 258.9 million). At the end of the reporting period, non-current assets increased slightly by € 0.2 million to € 139.3 million (31 December 2025: € 139.1 million). An increase in property, plant, and equipment of € 1.1 million was offset, in particular, by a decrease in intangible assets of € 0.9 million. Deferred tax assets decreased by € 0.1 million. Current assets totaled € 124.9 million as of 30 June 2026 (31 December 2025: € 119.8 million), representing an increase of € 5.1 million. This was primarily driven by a € 3.7 million increase in receivables and other assets, as well as a € 1.4 million increase in cash and cash equivalents to € 14.2 million. Inventories remained virtually unchanged at € 56.9 million. Key figures Contents Group management report Consolidated financial statements Selected explanatory notes Responsibility statement Financial calendar and Contact / Imprint
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9 Interim Report H1 2026 Non-current liabilities increased by € 13.1 million to € 147.2 million at the end of the reporting period (31 December 2025: € 134.1 million). This was primarily due to a € 10.5 million increase in the utilization of interest-bearing loans and a € 3.4 million increase in lease liabilities. By contrast, provisions for pension obligations decreased by € 0.2 million and deferred tax liabilities also decreased by € 0.2 million. Current liabilities as of 30 June 2026 decreased by € 5.4 million compared to the end of the previous year to € 43.7 million (31 December 2025: € 49.1 million). This was primarily attributable to a € 5.5 million decrease in trade payables and a € 0.9 million reduction in accrued liabilities. These effects were offset primarily by a € 0.9 million increase in advance payments received, as well as a € 0.4 million increase in each of lease liabilities and income tax liabilities. Consolidated equity decreased by € 2.4 million in the first half of 2026 compared to the end of the previous year to €73.3 million (31 December 2025: € 75.7 million). The negative net profit of € -2.7 million had a particularly significant impact here. A positive effect of € 0.4 million resulted from currency translation differences. The equity ratio fell to 27.7% as of 30 June 2026 (31 December 2025: 29.2%). Key figures Contents Group management report Consolidated financial statements Selected explanatory notes Responsibility statement Financial calendar and Contact / Imprint
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10 Interim Report H1 2026 ASSET AND CAPITAL STRUCTURE 30 June 2026 Balance sheet total € 264.2 million Assets Liabilities 31 December 2025 Balance sheet total € 258.9 million Assets Liabilities Equity Non-current assets (not including rights-of-use from leases) Non-current pensions provisions Right-of-use from leases Interest-bearing loans Lease liabilities Other current assets Other liabilities Cash and cash equivalents Inventories and prepayments Equity Non-current assets (excl. rights- of-use from leases) Non-current pension provisions Rights-of-use from leases Interest-bearing loans Lease liabilities Other current assets Other liabilities Cash and cash equivalents Inventories and Prepayments 5.4% 18.5%20.2% 6.5% 21.6% 21.9% 9.4% 25.4% 43.4% 27.7% 5.0% 21.2% 19.2% 5.2% 22.0% 18.4% 8.2% 26.0% 45.6% 29.2% Key figures Contents Group management report Consolidated financial statements Selected explanatory notes Responsibility statement Financial calendar and Contact / Imprint
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11 Interim Report H1 2026 FINANCIAL POSITION In the second quarter of 2026, cash flow before changes in working capital amounted to € 2.0 million, virtually unchanged from the prior-year quarter (Q2 2025: € 2.1 million). Changes in working capital resulted in a cash outflow of € 3.1 million in the reporting quarter, compared with € 7.6 million in the same period of the previous year. The decrease in inventories, accounts receivable and other assets had a positive effect of € 3.2 million. This was offset by a cash outflow of € 6.3 million resulting from changes in payables and other liabilities. Cash flow from operating activities thus improved by € 4.4 million to € -1.1 million (Q2 2025: € -5.5 million). Investments in intangible assets and property, plant and equipment totaled € 1.8 million in the second quarter of 2026, significantly below the prior-year figure of € 3.6 million. Cash flow from investing activities changed accordingly by € 1.7 million to € -1.9 million (Q2 2025: € -3.6 million). Overall, free cash flow from April through June totaled € -3.0 million, which was € 6.1 million higher than the prior-year figure (Q2 2025: € -9.1 million). Cash flow from financing activities amounted to € 4.2 million in the second quarter of 2026 (Q2 2025: € 10.8 million). Proceeds from the raising of interest- bearing financial liabilities of € 5.9 million (Q2 2025: € 12.0 million) were offset by repayments of interest-bearing financial liabilities of € 0.7 million (Q2 2025: € 0.1 million) and repayments of lease liabilities of € 1.1 million (Q2 2025: € 1.2 million). As of June 30, 2026, the R. STAHL Group had cash and cash equivalents totaling € 14.2 million (31 December 2025: € 12.9 million). Compared with 30 June 2025, cash and cash equivalents increased by € 1.8 million to € 14.2 million (30 June 2025: € 12.4 million). In the first six months of the current financial year, the company generated cash flow before changes in working capital of € 6.6 million, which is € 2.9 million higher than in the same period of the previous year (6M 2025: € 3.7 million). The improved net profit compared to the previous year contributed significantly to this result. The change in working capital resulted in a cash outflow of € -9.9 million, slightly higher than in the same period of the previous year (6M 2025: € -9.6 million). While the change in inventories, trade receivables and other assets resulted in a significantly lower cash outflow of € -4.1 million compared to the previous year (6M 2025: € -13.3 million), the change in trade payables and other liabilities had a negative impact on cash flow of € -5.8 million (6M 2025: positive effect of € 3.7 million). Cash flow from operating activities improved by € 2.6 million to € -3.3 million in the first half of 2026 (6M 2025: € -5.9 million). Combined with cash flow from investing activities of € -3.7 million (6M 2025: € -7.2 million), this resulted in free cash flow of € -6.9 million, which was € 6.1 million higher than the prior-year figure (6M 2025: € -13.1 million). Cash flow from financing activities amounted to € 8.1 million in the first six months of 2026 (6M 2025: € 9.8 million). This included cash inflows of € 13.2 million from the raising of interest-bearing financial liabilities, offset by repay- ments of interest-bearing financial liabilities of € 2.9 million and repayments of lease liabilities of € 2.2 million. Due to the continued negative free cash flow and increased loan utilization, net debt – excluding pension provisions and lease liabilities – rose by € 8.9 million as of 30 June 2026 compared to the beginning of the year, reaching € 43.7 million (31 December 2025: € 34.9 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 2025 from page 42 continue to apply unchanged. Key figures Contents Group management report Consolidated financial statements Selected explanatory notes Responsibility statement Financial calendar and Contact / Imprint
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12 Interim Report H1 2026 OUTLOOK The assessment of the R. STAHL Group’s expected development in the current year was first presented in detail in the Outlook of the 2025 Annual Report, which was published in April 2026. Accordingly, based on a declining order backlog at the beginning of the year and taking into account general economic conditions, R. STAHL anticipates sales for 2026 to range from between € 285 million and € 300 million. For EBITDA pre exceptionals, the company expects a figure between € 22 million and € 27 million, assuming a comparable level of cost efficiency. Assuming a constant interest rate level for the valuation of pension obligations, the company anticipates a slight decrease in the equity ratio for financial year 2026. The company forecasts a balanced free cash flow over the course of the year. In addition, it expects a moderate increase in net debt. Depending on business development and existing uncertainties, planned investments may be adjusted to ensure financial stability. FORECAST 2026 € million Forecast 2026 Full year 2025 Sales 285 – 300 313.0 EBITDA pre exceptionals1) 22 – 27 34.4 Free cash flow balanced -0.3 Equity ratio slight decrease 29.2% 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. Key figures Contents Group management report Consolidated financial statements Selected explanatory notes Responsibility statement Financial calendar and Contact / Imprint
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13 Interim Report H1 2026 Consolidates financial statements CONSOLIDATED INCOME STATEMENT 1 January to 30 June € 000 Q2 2026 Q2 2025 6M 2026 6M 2025 Sales 72,245 77,898 145,620 151,228 Change in finished and unfinished products -4,038 1,943 -783 7,681 Own work capitalized 862 845 1.711 1,909 Total operating performance 69,069 80,686 146,548 160,818 Other operating income 2,446 3,211 5,180 5,345 Cost of materials -20,551 -27,581 -46,011 -55,003 Personnel costs -33,123 -36,029 -66,725 -73,263 Depreciation and amortization -4,491 -4,614 -9,085 -9,297 Other operating expenses -13,074 -16,237 -27,798 -30,423 Earnings before financial result and income taxes (EBIT) 276 -564 2,109 -1,823 Investment result 0 0 0 0 Interest and similar income 43 53 66 85 Intrest and similar expense -1,824 -1,608 -3,597 -3,177 Financial result -1,781 -1,555 -3,531 -3,092 Earnings before taxes -1,505 -2,119 -1,422 -4,915 Income taxes -960 -379 -1,311 -58 Net profit -2,465 -2,498 -2,733 -4,973 thereof attributable to other shareholders 12 -6 1 16 thereof attributable to other shareholders -2,477 -2,492 -2,734 -4,989 Earnings per share in € -0.38 -0.38 -0.42 -0.77 Key figures Contents Group management report Consolidated financial statements Selected explanatory notes Responsibility statement Financial calendar and Contact / Imprint
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14 Interim Report H1 2026 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME 1 January to 30 June € 000 Q2 2026 Q2 2025 6M 2026 6M 2025 Net profit -2,465 -2,498 -2,733 -4,973 Gains/losses from currency translations of foreign subsidiaries, recognized in equity -48 -1,990 386 -2,393 Deferred taxes on gains/losses from currency translations 0 0 0 0 Currency translation differences after taxes -48 -1,990 386 -2,393 Other comprehensive income with reclassification to profit for the period -48 -1,990 386 -2,393 Gains/losses from the subsequent measurement of pension obligations, recognized in equity -978 19 -80 3,635 Deferred taxes from pension obligations 244 -5 20 -1,098 Other comprehensive income without reclassification to profit for the period -734 14 -60 2,537 Other comprehensive income (valuation differences recognized directly in equity) -782 -1,976 326 144 thereof attributable to other shareholders 10 -9 8 -12 thereof attributable to shareholders of R. STAHL AG -792 -1,967 318 156 Total comprehensive income after taxes -3,247 -4,474 -2,407 -4,829 thereof attributable to other shareholders 22 -15 9 4 thereof attributable to shareholders of R. STAHL AG -3,269 -4,459 -2,416 -4,833 Key figures Contents Group management report Consolidated financial statements Selected explanatory notes Responsibility statement Financial calendar and Contact / Imprint
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15 Interim Report H1 2026 CONSOLIDATED BALANCE SHEET € 000 30 June 2026 31 Dec. 2025 ASSETS Intangible assets 45,943 46,793 Property, plant and equipment 76,842 75,705 Financial assets 728 594 Other financial assets 390 459 Other non-financial assets 2,529 2,446 Real estate held as a financial investment 3,565 3,669 Deferred taxes 9,327 9,410 Non-current assets 139,324 139,076 Inventories and prepayments 56,944 56,929 Trade receivables 41,929 39,320 Contract receivables 75 3 Income tax claims 178 161 Other financial assets 4,037 4,557 Other non-financial assets 7,458 5,949 Cash and cash equivalents 14,244 12,885 Current assets 124,865 119,804 Total assets 264,189 258,880 Key figures Contents Group management report Consolidated financial statements Selected explanatory notes Responsibility statement Financial calendar and Contact / Imprint
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16 Interim Report H1 2026 CONSOLIDATED BALANCE SHEET € 000 30 June 2026 31 Dec. 2025 EQUITY AND LIABILITIES Share capital 16,500 16,500 Capital reserve 13,457 13,457 Retained earnings 63,321 66,055 Accumulated other comprehensive income -20,220 -20,538 Equity attributable to shareholders of R. STAHL AG 73,058 75,474 Non-controlling interests 206 197 Equity 73,264 75,671 Pension provisions 67,017 67,238 Other provisions 3,876 4,050 Interest-bearing loans 56,441 45,973 Lease liabilities 13,336 9,940 Other liabilities 54 203 Deferred taxes 6,481 6,690 Non-current liabilities 147,205 134,094 Other provisions 1,588 1,849 Interest-bearing loans 1,546 1,773 Lease liabilities 3,868 3,490 Trade payables 9,978 15,486 Contract liabilities 4,513 3,566 Deferred liabilities 14,361 15,221 Income tax liabilities 1,365 982 Other financial liabilities 850 980 Other non-financial liabilities 5,651 5,768 Current liabilities 43,720 49,115 Total equity and liabilities 264,189 258,880 Key figures Contents Group management report Consolidated financial statements Selected explanatory notes Responsibility statement Financial calendar and Contact / Imprint
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17 Interim Report H1 2026 CONSOLIDATED CASH FLOW STATEMENT 1 January to 30 June € 000 Q2 2026 Q2 2025 6M 2026 6M 2025 Net profit -2,465 -2,498 -2,733 -4,973 Gain / loss on disposal of consolidated entities 0 0 0 0 Depreciation, amortization and impairment of non-current assets 4,491 4,614 9,085 9,297 Changes in non-current provisions -750 -442 -738 -693 Changes in deferred taxes 440 -232 -34 -1,032 Other income and expenses without cash flow impact 218 659 916 1,093 Result from the disposal of non-current assets 79 13 128 14 Cash flow 2,013 2,114 6,624 3,706 Changes in inventories, trade receivables and other non-capex or non-financial assets 3,222 -8,543 -4,132 -13,262 Changes in trade payables and other non-capax or non-financial liabilities not attributable to investing or financing activities -6,342 956 -5,756 3,655 Changes in working capital -3,120 -7,587 -9,888 -9,607 Cash flow from operting activities -1,107 -5,473 -3,264 -5,901 Cash outflow for capex on intagible assets -1,248 -1,483 -2,383 -2,985 Cash outflow for capax on property, plant & equipment -569 -2,081 -1,192 -4,078 Cash inflow from disposals of property, plant & equipment & investment property -34 9 31 25 Cash inflow from disposal of non-current financial assets -67 -63 -134 -126 Increase / decrease in current financial assets 0 2 0 2 Cash flow from investing activities -1,918 -3,616 -3,678 -7,162 Free cash flow -3,025 -9,089 -6,942 -13,063 Cash outflow for the repayment of lease liabilities -1,082 -1,167 -2,215 -2,286 Cash inflow from interest-bearing liabilities 5,938 12,009 13,196 14,122 Cash outflow for the payment of interest-bearing financial liabilities -652 -71 -2,881 -2,065 Cash flow from financing activities 4,204 10,771 8,100 9,771 Changes in cash and cash equivalents 1,179 1,682 1,158 -3,292 Foreign exchange and valuation-related changes in cash and cash equivalents 63 -340 201 -572 Cash and cash equivalents at the beginning of the period 13,002 11,062 12,885 16,268 Cash and cash equivalents at the end of the period 14,244 12,404 14,244 12,404 Key figures Contents Group management report Consolidated financial statements Selected explanatory notes Responsibility statement Financial calendar and Contact / Imprint
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18 Interim Report H1 2026 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY 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. 2025 16,500 13,457 63,098 -6,395 -14,528 -20,923 72,132 191 72,323 Net profit -4,989 -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 1 Jan. 2026 16,500 13,457 66,055 -9,585 -10,953 -20,538 75,474 197 75,671 Net profit -2,734 -2,734 1 -2,733 Accumulated other comprehensive income 378 -60 318 318 8 326 Total comprehensive income -2,734 378 -60 318 -2,416 9 -2,407 Dividend distribution 0 0 30 June 2026 16,500 13,457 63,321 -9,207 -11,013 -20,220 73,058 206 73,264 Key figures Contents Group management report Consolidated financial statements Selected explanatory notes Responsibility statement Financial calendar and Contact / Imprint
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19 Interim Report H1 2026 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 pre- pared 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. ACCOUNTING STANDARDS ISSUED BUT NOT YET EFFECTIVE Financial Statements.” The standard replaces IAS 1 “Presentation of Financial Statements” and – following its adoption into EU law in February 2026 – be- comes mandatory for financial years beginning on or after January 1, 2027. Early implementation is permitted but is not being considered by R. STAHL at this time. IFRS 18 contains, in particular, new provisions regarding the presentation of the income statement, the aggregation and disaggregation of information as well as disclosures regarding management-defined performance measures (MPMs). R. STAHL is preparing for the initial application of IFRS 18. The analysis of the effects on the presentation of the income statement is largely complete. As part of this process, the classifications of significant revenues and expenses into the categories of operating, investing, and financing activities – as required by IFRS 18 – as well as the future structure of the income statement have been largely determined. Based on the current status, the effects will therefore primarily relate to the presentation of the income statement and to additional notes to the financial statements. In addition, analyses conducted in connection with the adoption of the new standard have shown that R. STAHL does not conduct any specific principal business activity as defined by IFRS 18. IFRS 18 will also result in changes to the presentation of the cash flow state- ment. In the future, interest and dividends received will be reported in cash flows from investing activities, while interest and dividends paid will be reported in cash flows from financing activities; with the indirect method used by R. STAHL, operating income serves as the starting point for the reconciliation of cash flows from operating activities. R. STAHL is currently evaluating which management-defined performance measures (MPMs) the R. STAHL Group will report on in the future. 3. SCOPE OF CONSOLIDATION In addition to R. STAHL AG, the interim consolidated financial statements include 30 domestic and foreign companies for which it is possible for R. STAHL AG to exercise a controlling influence. The scope of consolidation changed compared to 31 December 2025. R. STAHL Tunisia SUARL was founded in June 2026. 4. 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 account- Key figures Contents Group management report Consolidated financial statements Selected explanatory notes Responsibility statement Financial calendar and Contact / Imprint
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20 Interim Report H1 2026 ting and measurement methods applied in the consolidated financial state- ments for 2025. A description of these principles is published in the notes to the consolidated financial statements 2025. 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). 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 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 2026, 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. 5. SALES Sales presented in the income statement includes both sales from contracts with customers and sales not within the scope of IFRS 15. Key figures Contents Group management report Consolidated financial statements Selected explanatory notes Responsibility statement Financial calendar and Contact / Imprint
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21 Interim Report H1 2026 A breakdown of sales by sales source is shown below: € 000 6M 2026 6M 2025 Sales from contracts with customers 145,113 150,721 Rental income from investment property 507 507 Total 145,620 151,228 A breakdown of sales by time of recognition is shown below: € 000 6M 2026 6M 2025 At a specific time 140,443 146,107 Over a specific period 5,177 5,121 Total 145,620 151,228 Sales are recognized over a specified period with a high probability of occur- rence within a period of one to two months. 6. 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 2026 31 Dec. 2025 Positive market values Currency derivatives without hedging relationship 19 131 Negative market values Currency derivatives without hedging relationship 36 0 Interest rate derivatives without a hedging relationship 54 203 7. NUMBER OF EMPLOYEES The number of employees at the 30 June 2026 reporting date was 1,589 (31 December 2025: 1,659), not including apprentices. 8. CONTINGENT LIABILITIES AND OTHER FINANCIAL OBLIGATIONS There were no significant changes to contingent liabilities and other financial obligations compared with 31 December 2025. Key figures Contents Group management report Consolidated financial statements Selected explanatory notes Responsibility statement Financial calendar and Contact / Imprint
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22 Interim Report H1 2026 9. REPORT ON SIGNIFICANT RELATED PARTY TRANSACTIONS There were no significant transactions with related parties in the reporting period. 10. EVENTS AFTER THE BALANCE SHEET DATE There were no significant events after the balance sheet date. Waldenburg, 31 July 2026 R. Stahl Aktiengesellschaft Tobias Popp Executive Board Key figures Contents Group management report Consolidated financial statements Selected explanatory notes Responsibility statement Financial calendar and Contact / Imprint
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23 Interim Report H1 2026 RESPONSIBILITY STATEMENT I 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, 31 July 2026 R. Stahl Aktiengesellschaft Tobias Popp Executive Board Key figures Contents Group management report Consolidated financial statements Selected explanatory notes Responsibility statement Financial calendar and Contact / Imprint
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24 Interim Report H1 2026 Financial Calendar 2O26 10 November Quarterly statement Q3 2026 12 November MKK – Munich Capital Market Conference Contact / Imprint R. STAHL AG Investor Relations Judith Schäuble T: +49 7942 943 13 96 F: +49 7942 943 40 13 96 investornews@r-stahl.com R. STAHL Aktiengesellschaft Am Bahnhof 30 74638 Waldenburg (Württ.) www.r-stahl.com 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 discre- pancies include: changes in the macroeconomic and business environment, exchange rate and interest rate fluctuations the roll-out of competing pro- ducts, 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. 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 inter- national accounting standards. R. STAHL uses these indicators to improve the comparability of its business performance over time. EBITDA pre excep- tionals is derived from earnings before interest, taxes, depreciation and amortization (EBITDA) less adjustments classified as exceptionals (restruc- turing 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). Key figures Contents Group management report Consolidated financial statements Selected explanatory notes Responsibility statement Financial calendar and Contact / Imprint