R&S Group (AO) | Hold | H1 2026 preview: Softer H1 with likely stronger H2 in line with guidance

Research evidence excerpt

R&S Group (AO) | Hold | H1 2026 preview: Softer H1 with likely stronger H2 in line with guidance

#EarningsPreview

Release date: 16 July 2026

Hans-Joachim Heimbuerger

Equity Research Analyst

+49 69 7569 6121

hheimburger@keplercheuvreux.com

HoldR&S Group

Switzerland | Capital goods MCap: CHF844.6M

Target Price: CHF22.00 Bloomberg: RSGN SW Reuters: RSGN.S

Current Price: CHF22.68 Free float 90%

Up/downside: -3.0% Avg. daily volume (CHFm) 4.5

YTD abs performance 43.4% Market data: 15 July 2026

52-week high/low (CHF) 40.35/14.70

H1 2026 preview: Softer H1 with likely stronger H2 in line with guidance

Key points:

R&S will release a H1 2026 trading update on 5th August 2026 with orders, sales and maybe margin and FCF indications. A

conference call with full H1 figures will, however, just take place on 16th September.

H1 2026 is expected to reflect a softer market environment, with order intake down 16% YoY to CHF205m and sales declining 8%

to CHF189m, partly due to around CHF5m of portfolio effects, while EBITDA is forecast to fall 16% to CHF36m with the margin

remaining resilient at 19.1% despite lower volumes. Looking ahead, management is expected to reiterate its mid-term targets of

8–12% organic sales growth and a 19–21% EBITDA margin, supported by continued capacity expansion, operational investments,

and structural demand growth.

We remain concerned about the flattening earnings momentum, the sustainability of pricing, and the remarkably low share of

recurring revenues (below 5%) to cushion business cycles. We keep our Hold rating with a TP of CHF22.

Reporting date 5th - August

Conference call 5th August

Dial in number TBC

Table 1:H1 2026 preview

Group H1-26E H1-25R % y-o-y H2-25R % q-o-q

Order intake 205 244.8 -16% 232.2 -12%

Sales group 189 206 -8% 209 -9%