Transformer manufacturer R&S massively increased both sales and incoming orders in the first half of 2025. However, the consolidation of the Irish company Kyte Powertech, which was acquired in August 2024, contributed to this.
At 206.3 million Swiss francs (109.9 million), the Basel-based group's turnover in the first six months was almost twice as high as in the same period of the previous year, according to a press release published by R&S on Tuesday.
The company has thus continued the positive development of the previous year. This is despite the fact that the new plant for oil distribution transformers in Bochnia, Poland, which was officially opened at the beginning of April 2025, got off to a slower start than expected.
Incoming orders amounted to CHF 244.8 million in the first six months, compared to CHF 141.0 million in the same period of the previous year. The book-to-bill ratio of 1.2 is promising for developments in the second half of the year. The order backlog amounted to CHF 305.7 million at the end of June compared to CHF 278 million at the end of 2024.
Turnover is therefore above analysts' expectations. On average (AWP consensus), they had forecast sales of CHF 199.7 million.
High demand
According to the report, all markets and product groups contributed to the positive development. Demand for power transformers remains high, but the demand for distribution transformers from energy suppliers remains a challenge.
According to the information provided, the cast resin transformer business benefited from a recovery in the German and Polish construction sector, but also from good business in the Middle East and new applications such as the electrification of ports. Applications in the field of renewable energies and data centers showed stable development.
The Group continued its capacity expansions in the first half of 2025, which led to higher investments in working capital and property, plant and equipment, according to the statement. In the press release, R&S speaks of a continued positive outlook for the second half of the year.
R&S intends to present its full half-year report on September 11, 2025.
H1 2025
(in CHF million)
ACTUAL 206.3
AWP consensus 199.7
Range 195-204
H1 2024 109,9
Actual/PY 87.7%
