R&S Group H1 2026 Results and Guidance Update
R&S Group (SIX:RSHN) announced its first‑half 2026 results, reporting net sales of CHF179 million, which fell short of the CHF199 million consensus estimate. Total orders for the period amounted to CHF217 million, also below the consensus of CHF240 million. The company indicated that approximately CHF15‑16 million of orders were shifted from the first half into July, and deliveries were similarly moved from June to July, further weighing on the reported figures. Reported EBITDA was CHF34 million, missing the consensus expectation of CHF39 million and delivering a 19.0 % margin against the anticipated 19.6 % margin. The book‑to‑bill ratio stood at 1.2 x and the order backlog increased to CHF358 million from CHF326 million at the end of fiscal 2025. R&S Group revised its fiscal 2026 sales guidance to a range of CHF410‑420 million and indicated that EBITDA margins are expected to remain stable relative to the first half. This guidance represents a mid‑single‑digit downside relative to the consensus sales forecast of CHF431 million and an adjusted EBITDA margin expectation of 19.4 %. Management highlighted that the growing mix of power transformers, which have longer production and delivery cycles than distribution transformers, is extending the conversion of the order backlog into revenue throughout 2026. Following the announcement, the company’s shares fell 3.6 %.