Original-Research: R. STAHL AG - from NuWays AG Classification of NuWays AG to R. STAHL AG Company Name: R. STAHL AG ISIN: DE000A1PHBB5 Reason for the research: Update Recommendation: Kaufen from: 10.05.2024 Target price: EUR 29.00 Target price on sight of: 12 Monaten Last rating change: Analyst: Christian Sandherr Final Q1 out // Good start into 2024; chg. est. Topic: R. Stahl reported a solid final Q1 underpinning the strong demand for electrical explosion protection solutions, which should continue due to favorable structural trends. Management confirmed FY24e guidance, which looks well in reach (eNuW). To recap, Q1 sales grew 8.5% yoy to € 84.7m, driven by a strong order backlog of € 115m at the end of FY23. Further, while global supply chains remained partially disrupted in the previous year, there were no significant restrictions in Q1 FY24. Q1 adj. EBITDA decreased 19% to € 8.4m with a lower but still solid margin of 9.9% (-3.4 pp) due to inflationary effects from personnel costs, a higher material expense ratio and a € 2m one-off from the implementation of the EXcelerate strategy program; 12.3% adj. EBITDA margin excluding one-offs. After a subdued order intake of € 74.5m in the fourth quarter, order intake came in surprisingly positive at € 92.3m, only slightly below the exceptionally strong order intake of last year’s Q1 (€ 96.7m). Driven by an increasing stabilization of global supply chains, the order intake in Q4 2023 was negatively affected by active destocking activities from customers in addition to a soft chemical industry in the DACH region. While demand in the chemical industry remained muted, the LNG, and petrochemical industry as well as the nuclear sector showed positive momentum during Q1. Due to the strong order intake, order backlog increased 6% to a solid level of € 122m (end of FY23: € 115m). Management confirmed its FY24e guidance with sales in the range of € 335 – 350m and adj. EBITDA between € 35 – 45m. Thanks to the good start into the year and a solid order backlog, the guidance seems to be well in reach (eNuW sales: € 347m; adj. EBITDA: € 39.7m). Even more importantly, R. Stahl’s mid-term prospects remain bright as the company strongly benefits from (1) its superior market share along the LNG value chain (liquefaction and shipping: 75%, natural gas production: 50% and regasification 25%), (2) a rising need for production automation across offshore oil and gas rigs, and production plants of several industries and (3) the ongoing nuclear renaissance across Europe. With that, R. Stahl is well positioned to gradually improve margins, returns and cash flow generation. As shares are trading on only 5.9x EV/EBITDA 2024e we confirm our BUY rating with an unchanged € 29 PT, based on DCF. You can download the research here: http://www.more-ir.de/d/29655.pdf For additional information visit our website www.nuways-ag.com/research. Contact for questions NuWays AG - Equity Research Web: www.nuways-ag.com Email: research@nuways-ag.com LinkedIn: https://www.linkedin.com/company/nuwaysag Adresse: Mittelweg 16-17, 20148 Hamburg, Germany ++++++++++ Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte. Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse. ++++++++++ -------------------transmitted by EQS Group AG.------------------- The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.

Original-Research: R. Stahl AG - from NuWays AG Classification of NuWays AG to R. Stahl AG Company Name: R. Stahl AG ISIN: DE000A1PHBB5 Reason for the research: Update Recommendation: Kaufen from: 18.04.2024 Target price: EUR 29.00 Target price on sight of: 12 Monaten Last rating change: Analyst: Christian Sandherr Strong FY23 results with a record high in revenue; chg. est. Topic: R. Stahl confirmed its strong FY23 prelims and released a promising FY24e guidance supported by a solid preliminary first quarter revenue of € 84.7m. To recap, FY23 sales increased by 21% yoy to a record high of € 331m, exceeding the guidance range of € 305-320m. The remarkable increase in revenue was carried by an unbroken demand for electrical explosion protection solutions in the LNG and gas industry as well as further improved supply chains and price increases. The adj. EBITDA grew by 73% to € 38.6m, hitting the guidance range of € 35-40m with a significantly improved margin of 11.7% (+3.6 pp) due to price increases as well as a good utilization of production capacities and targeted cost management. What’s new: Free Cashflow improved to € 0.3m (FY23: € -4.4m), due to a strong operating performance and despite a further expansion of working capital. For instance, inventories and prepayments rose 30% yoy to € 64m (FY22: € 37m) due to an increased stock in electronic materials. Furthermore, R. Stahl recognized a full impairment of the 25% stake in the Russian company ZAVOD Goreltex as expected (NuWays Update 16.02.2024). However, the € 10.3m write-off did not affect liquidity and adjusting for the impairment, EBT would have been € 12.3m (FY22: € 3.9m). Solid Q1 sales with profitability on a high level: Preliminary sales in the first quarter came in at € 84.7m (eNuW: € 81m), an 8.5% increase yoy (Q1 FY23: € 78.1m). After a subdued order intake of € 74.5 in the fourth quarter, due to a soft chemical industry in the DACH region, order intake came in at € 92.3m, slightly below last year (Q1 2023: € 96.7m). Adj. EBITDA in the first quarter decreased 19% to € 8.4m (eNuW: € 7.9m), with a lower but still solid margin of 9.9% (-3.4 pp) due to higher personnel costs and a € 2m one-off from the implementation of the EXcelerate strategy program. Conservative FY24e guidance: Management expects sales in the range of € 335-350m (eNuW: € 347m) and an adj. EBITDA of € 35-45m (eNuW: € 39.7m) supported by a strong demand from the LNG industry. In our view, the guidance seems reasonable thanks to R. Stahl having done its homework by implementing changes on the back of efficiency, structural trends kicking in and a high preliminary order backlog of € 123m at the end of Q1. We reiterate our BUY rating with a slightly reduced PT of € 29 (old: € 31), based on DCF. You can download the research here: http://www.more-ir.de/d/29451.pdf For additional information visit our website www.nuways-ag.com/research. Contact for questions NuWays AG - Equity Research Web: www.nuways-ag.com Email: research@nuways-ag.com LinkedIn: https://www.linkedin.com/company/nuwaysag Adresse: Mittelweg 16-17, 20148 Hamburg, Germany ++++++++++ Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte. Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse. ++++++++++ -------------------transmitted by EQS Group AG.------------------- The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.

Original-Research: R. STAHL AG - from NuWays AG Classification of NuWays AG to R. STAHL AG Company Name: R. STAHL AG ISIN: DE000A1PHBB5 Reason for the research: Update Recommendation: BUY from: 29.02.2024 Target price: 31.00 Target price on sight of: 12 Monaten Last rating change: Analyst: Christian Sandherr Several structural trends could drive mid-term growth Topic: Despite a strong competitive quality, R. Stahl had difficulties translating it into operating performance between 2016 and 2021. Thanks to R. Stahl having done its homework by implementing changes on the back of efficiency and structural trends kicking in, shares look poised for a re-rating. R. Stahl has begun to supply LED lightning solutions to a nuclear plant in UK (Hinkley Point C) with a total expected revenue of € 10-12m, of which c. € 3.5m are already booked as revenue in FY23e (eNuW). Importantly, the UK project is partially owned by the French utility company EDF, which also manages France’s 56 power reactors. C. 54 of these need to be refurbished within the next 20 years and 6 new reactors are planned by 2050. With an estimated potential revenue of € 5m per refurbished reactor and € 10m for the new ones, this implies a € 330m revenue opportunity for R. Stahl (eNuW). LNG delivers a material mid-term growth opportunity. R. Stahl is the globally leading provider of explosion protection for LNG tankers, terminals and liquification/regassification plants (25-75% market shares). Independence from Russian energy imports leads to a rising demand for LNG in Europe. For instance, Germany opened its first LNG terminal in Wilhelmshaven during December 2022 to compensate for the Russian gas imports. Until 2027, nine LNG terminals are planned in Germany, to import capacities of up to 69 billion cubic meters, of which the majority is seen to come from USA and Qatar. In contrast to the booming LNG business, the chemical industry in Germany was rather weak since the Russian invasion, due to substantially increased energy and gas prices. We expect the softening to carry well into FY24e, as the German chemical association (VCI) expects a revenue decline of 3% during 2024e for its home market (2023: -12%). Despite the short-term challenges, in the long-run we do not see the local chemical industry in severe danger. It should hence remain an integral part of the company. Order intake increased for the third consecutive year up to € 343m (+9.3% yoy) leading to a strong order backlog of € 115m at the end of FY23e. We expect to see mid-single-digit sales growth for FY24e in combination with low double-digit EBITDA margins. Yet, valuation looks undemanding. Shares are trading on a mere 5.0x EV/EBITDA (9x PE) 2024e, clearly below the historical average of roughly 7x. This is despite the structural demand tailwinds, which should fuel mid-term sales and margin growth. Hence, we reiterate our BUY rating with an unchanged PT of € 31, based on DCF. You can download the research here: http://www.more-ir.de/d/29027.pdf For additional information visit our website www.nuways-ag.com/research. Contact for questions Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden www.nuways-ag.com/research. Kontakt für Rückfragen NuWays AG - Equity Research Web: www.nuways-ag.com Email: research@nuways-ag.com LinkedIn: https://www.linkedin.com/company/nuwaysag Adresse: Mittelweg 16-17, 20148 Hamburg, Germany ++++++++++ Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte. Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse. ++++++++++ -------------------transmitted by EQS Group AG.------------------- The issuer is solely responsible for the content of this research. The result of this research does not constitute investment advice or an invitation to conclude certain stock exchange transactions.

Original-Research: R. STAHL AG - von NuWays AG Einstufung von NuWays AG zu R. STAHL AG Unternehmen: R. STAHL AG ISIN: DE000A1PHBB5 Anlass der Studie: Update Empfehlung: BUY seit: 16.02.2024 Kursziel: 31.00 Kursziel auf Sicht von: 12 Monaten Letzte Ratingänderung: Analyst: Christian Sandherr Q4 prelims: Operating turnaround intact; chg. est. Topic: R. Stahl released solid FY23 preliminary figures, exceeding the company’s guidance on the topline. However, Q4 profitability and order intake were slightly weaker than expected due to a soft chemical industry in the DACH-region. Preliminary Q4 sales came in at € 89.9m (eNuW: € 77.3m), a 25.2% yoy increase stemming from a strong order backlog and further improved supply chains as well as logistics situations. Preliminary FY23 sales were up 20.5% yoy at € 331m, exceeding the guidance range of € 305-320m and our expectations (eNuW: € 318m). Adj. EBITDA in Q4 stood at € 6.1m (eNuW: € 7.1m), up from € 5.7m yoy and with a slightly lower margin of 6.8% (- 1.1pp) due to a weak chemical business and wage inflation. Strong order intake and backlog for FY23. R. Stahl’s order intake for FY23 increased 9.3% yoy, despite a weak Q4. With c. 20% of sales coming from the chemical industry, R. Stahl’s final quarter of FY23 was affected by a temporarily weak chemical sector. Despite a strong order intake for the first weeks of FY24, we expect the softening to carry well into FY24e. Nevertheless, FY24e sales should be supported by the strong € 115m in order backlog (+5.2% yoy) and structural growth drivers kicking in. LNG delivers a material mid-term growth opportunity. Independence from Russian energy imports leads to a rising demand for LNG in Europe and R. Stahl offers a wide range of explosion-proof equipment for this approach. In 2023, the EU imported over 120 billion cubic meters (bcm) in LNG and grew its capacity by 40 bcm. As a leading provider of explosion protection solutions for LNG tankers, terminals and liquefaction/regassification plants, R. Stahl should clearly benefit from this trend. Potential impairment of investments in associated companies burdens the financial result. In 2016, R. Stahl acquired a 25% stake in ZAVOD Goreltex, the second largest company for explosion protection in Russia (company news 16.09.2016). In our view, a full write-off for the € 10.3m carrying amount in FY23 is likely, as R. Stahl cannot participate in the earnings of ZAVOD Goreltex and lost its influence in the company. Apart from the investment in ZAVOD Goreltex, R. Stahl’s operating turnaround is intact. We reiterate our BUY rating with an unchanged PT of € 31, based on DCF. Die vollständige Analyse können Sie hier downloaden: http://www.more-ir.de/d/28905.pdf Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden www.nuways-ag.com/research. Kontakt für Rückfragen Die Analyse oder weiterführende Informationen zu dieser können Sie hier downloaden www.nuways-ag.com/research. Kontakt für Rückfragen NuWays AG - Equity Research Web: www.nuways-ag.com Email: research@nuways-ag.com LinkedIn: https://www.linkedin.com/company/nuwaysag Adresse: Mittelweg 16-17, 20148 Hamburg, Germany ++++++++++ Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte. Offenlegung möglicher Interessenskonflikte nach § 85 WpHG beim oben analysierten Unternehmen befinden sich in der vollständigen Analyse. ++++++++++ -------------------übermittelt durch die EQS Group AG.------------------- Für den Inhalt der Mitteilung bzw. Research ist alleine der Herausgeber bzw. Ersteller der Studie verantwortlich. Diese Meldung ist keine Anlageberatung oder Aufforderung zum Abschluss bestimmter Börsengeschäfte.