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R & S Group Holding AG / Key word ( s ) : Preliminary Results R & S Group provides trading update for H1 2026 05 - Aug - 2026 / 06:30 CET / CEST Release of an ad hoc announcement pursuant to Art . 53 LR The issuer is solely responsible for the content of this announcement . Ad hoc announcement pursuant to Art . 53 LR R & S Group provides trading update for H1 2026 • • Order intake of CHF 216.8 million and net sales of CHF 179.2 million lead to book - to - bill of 1.2x Record order backlog of CHF 357.9 million at 30 June 2026 , up 17 % compared to prior year • EBITDA margin of 19.0 % and free cash flow margin of 6.4 % • Mid - term guidance confirmed as strategic investments are on track 5 August 2026 - R & S Group Holding AG ( SIX : RSGN ) today provides its trading update for the first half of 2026 ( H1 2026 ) . H1 2026 confirms that the Group's strategic investments in power transformer capacity and commercial capabilities are progressing as planned . Order backlog , resilient profitability and solid cash generation demonstrate the sound underlying demand environment despite a temporary moderation in deliveries to parts of the utility distribution transformer market . At the same time , R & S Group continues its transformation towards structurally attractive markets including data centers , battery energy storage systems ( BESS ) , industrial infrastructure and photovoltaic applications . The continued capacity expansion for both the power transformer as well as the dry - type transformer business will improve the sales mix , which will further strengthen R & S's margins . However , as power transformers have longer production and delivery cycles than distribution transformers , the conversion of the overall order backlog into net sales is being prolonged due to the higher proportion of power transformers , especially in 2026 . Order intake amounted to CHF 216.8 million ( H1 2025 : CHF 240.6 million if adjusted for divestment ) , a decline of 10 % on an adjusted basis . The Group recorded postponed orders of over CHF 15 million after the balance sheet date , since the order confirmation of few larger projects shifted from the first into the second half of the year . These orders are in addition to the expected regular order intake . Order backlog reached a record CHF 357.9 million as of 30 June 2026 ( CHF 305.7 million at 30 June 2025 ) , with delivery schedules for power transformers extending well into 2027 and 2028 . Net sales in H1 2026 amounted to CHF 179.2 million compared to the strong H1 2025 ( CHF 201.4 million adjusted for divestment ) . At constant currency , net sales would amount to CHF 183.6 million , 9 % lower organically than in the prior year period . The Group achieved an EBITDA margin of 19.0 % for H1 2026 and a Free Cash Flow margin of 6.4 % . Thanks to a stronger second half , the Group anticipates FY2026 net sales of around CHF 410-420 million , subject to the successful delivery of large power transformers , and an EBITDA margin within its guided range . While the expected FY2026 net sales are below the Group's mid - term growth guidance , the strong order backlog and solid business outlook underpin the mid - term guidance . Eduardo Terzi , Group CEO , said : " Our order backlog provides evidence that the long - term demand environment for our products remains strong . While parts of the utility distribution transformer market are somewhat normalizing as a result of elevated inventory levels and installation bottlenecks at certain customers , the structural growth drivers of our industry have never been more compelling . The transformation of R & S Group is progressing as intended , and we are building a focused and strong business . Supported by our expansion investments in manufacturing capacity , operational excellence and our people , we are confident that R & S Group is well positioned for profitable growth over the years ahead . " The key figures are summarized in the table below . Key figures Order intake H1 2026 H1 2025 H1 2025 adjusted ¹ reported reported MCHF MCHF MCHF Change in reported figures in % 216.8 244.8 240.6 -11 %