Disclosure Devil - Summary

Erst ellt durch Vorlagenbauer.ch R&S Group Investor Presentation September 2025 Erst ellt durch Vorlagenbauer.ch Disclaimer 2 This presentation contains certain forward-looking statements. Such forward-looking statements reflect the current views of management and are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause actual results, performance or achievements of the Group to differ materially from those expressed or implied herein. Although R&S Group is convinced that the forward-looking statements are based on reasonable assumptions, R&S Group cannot guarantee that these expectations will be realized. Should such risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in this presentation. R&S Group is providing the information in this presentation as of this date and does not undertake any obligation to update any forward-looking statements contained in it as a result of new information, future events or otherwise. Erst ellt durch Vorlagenbauer.ch Company representatives 3 Matthias P. Weibel Group CFO Doris Rudischhauser Investor Relations Officer Eduardo Terzi Group CEO Erst ellt durch Vorlagenbauer.ch Table of contents 4 Outlook for H2 2025 Q&A 3 4 Key highlights and financial results H1 2025 Introduction Market and R&S Group’s position within 1 2 Erst ellt durch Vorlagenbauer.ch Introduction market and R&S Group’s position within Erst ellt durch Vorlagenbauer.ch Excerpt from the Economist, 28 July 2025: “The scarcity of chips and data- centre hardware, including transformers and switching equipment, has led to sharply increased prices and extended delays.” 6 Introduction ¦ Market Borders between power generation, grid distribution and consumption starting to mix Source: The Economist, Jul 28th 2025 Erst ellt durch Vorlagenbauer.ch 7 Changing consumer behavior Increased access to electricity Increase of economic activity Secular tailwinds… …combined with massive replacement requirements Introduction ¦ Market Strong secular market tailwinds and massive replacement requirement Continued expansion of installed power generation capacity (GW) per region Ageing grid infrastructure demanding replacement: Failure rate of transformers (%) Failure rate increases exponentially after 30 years of operation Increase of global population Sources: Reuters, WHO, IEA, World Economics, S&P, Consultancy analysis Erst ellt durch Vorlagenbauer.ch 8 Introduction ¦ Market Positive trends alive despite shake-ups from US. Strong business resilience. ▪ Business driven by strong mega trends for expanded electrification, except temporary slowdown in electrical vehicle. ▪ Underlying trends still alive for utility. ▪ Growth potential with more focus on utility business, mainly in Germany, already at 13% of sales. Sources: Consultancy analysis Erst ellt durch Vorlagenbauer.ch The expansion of the electricity grid substitution is critical in the substitution by electrical energy. Transformers are essential in electricity transmission & distribution. In developed countries, the required transformer capacity is ~3x higher than power generation capacity. Products: Power Transformers (PT) up to 120 MVA Distribution Transformers (DT) up to 20 MVA Distribution Transformers Oil-immersed (ODT) and Cast Resin (CRT) up to 2.5 MVA and 10 MVA Single-phase Transformers up to 100 kVA PT DT ODT CRT Single-phase Grid levels (source: swissgrid) 1 extra-high-voltage level 3 high-voltage level 5 medium-voltage level 7 low-voltage level Stages 2, 4 and 6 are transformer levels. They transform the electricity to the next level down (or up, if necessary). Introduction ¦ Market and products The transformer market is at an inflection point for growth 9 Erst ellt durch Vorlagenbauer.ch Introduction ¦ Products Production process setting high entry barriers Outbound logistics Sophisticated production process ensuring premium quality and setting high entry barriers for competitors In-house production capabilities across plants1 Note: 1In-hose capabilities for core cutting at production site in Sissach (CH) to 80% and in Lodz (PL) and in Arezzo (IT) In-house Core building in step-lap process Manual / machining winding Core & coil assembly Wiring of the coil with the cover Testing of electrical functions Filling with oil/resin Testing of electrical functions Coordination of steps between internal and external parties Shipping to end clients Installation, supervision & commissioning of transformers Design & engineering Core stacking Winding Core Assembly Wiring Pre-testing Drying & filling Testing Logistics coordination Shipping Installation supervision & comm. Core Coil Core cutting Automated slitting & cutting of electric sheets Customer oriented design and efficient engineering Engineering Manufacturing 10 Confidential ✓Product testing at each manufacturing facility as well as in specific assembly and testing facilities to ensure compliance with regulations and international standards ✓Ensuring highest quality and certification standards of the transformers ✓No need for a 3rd party testing provider to allow ownership of testing process and premium quality ✓Labor intensive process, creating high barriers to entry for new entrants given need for highly skilled employees to process the testing Erst ellt durch Vorlagenbauer.ch R&S secondary market R&S core market Kyte secondary market Kyte core market + Middle East 11 Footprint covering key countries in Western / Central Europe Introduction ¦ R&S Group Footprint, expanded product portfolio and skills set Product portfolio – key products Power transformers Up to 145kV & 120MVA Distribution transformers Up to 36kV & 2.5MVA Cast resin transformers Up to 52kV & 20MVA Instrument transformers Up to 36kV R&S Group Single phase transformers 15-100kVA Small/medium transformers 15-315kVA Big transformers 1.2-10MVA Kyte Powertech Substations 400kVA-1MVA Human Resources: Number of employees 635 500 Sources: Company information, Market information Engineering and R&D: Combined design library > 20,000 designs Erst ellt durch Vorlagenbauer.ch Decentralisation Decarbonisation Aging infrastructure Urbanisation Increase in output through efficiency Secure quality Margin improvement Growth in cash conversion Market share growth Penetration of new markets Growth in new applications Increase in customer share of wallet Serving customers in new markets Continuing to produce high performing & reasonably priced transformers Poland as a production hub for other geographies (e.g. Nordics) Proven ability to effectively consolidate targets Potential to pursue selective opportunities M&A Focus on what we have and accelerate. Create long-term value, based on leading positions with selected products and specific countries. Focus on what we do best and offer our engineering expertise, quality and reliability to new markets Acquisitions Portfolio Sales excellence Operational excellence Market growth 12 Introduction ¦ R&S Group Strategy Strategic pillars – portfolio management and M&A as integral parts Erst ellt durch Vorlagenbauer.ch Key highlights H1 2025 Erst ellt durch Vorlagenbauer.ch Key highlights H1 2025 H1 2025 at a glance 14 Progress on Kyte Powertech Capacity expansion and ramp-up Bochnia Strong topline development; High order backlog supporting year-end outlook Investor confidence and more diversified shareholder base Profitability in line with guidance with an EBIT margin at 19.5% FCF impacted by growth investments (NWC, capex) Erst ellt durch Vorlagenbauer.ch Key highlights H1 2025 All product groups and applications with continuing order intake 15 Strong topline development; High order backlog supporting year-end outlook ▪Good demand in core markets of Switzerland, Italy, Poland and Ireland/UK. ▪Continuous development in new markets such as Germany, the Nordics, the Baltics and France. ▪Germany at 13% of sales (6% in prior year). ▪Start of recovery of German and Polish construction sectors. ▪R&S has no sales exposure to the US. ▪High order backlog of CHF 305.7 million. 1) 1 incl. Middle East Net sales mix: Erst ellt durch Vorlagenbauer.ch Key highlights H1 2025 Ongoing progress on Kyte Powertech 16 Progress on Kyte Powertech ▪ Formal integration successfully concluded. ▪ Integration of operational functions like manufacturing and quality to be deployed further. ▪ Productivity in operations in focus. ▪ Pursuit of up- and cross-selling initiatives across markets and customers. Erst ellt durch Vorlagenbauer.ch Key highlights H1 2025 Capacity expansion and ramp-up Bochnia delayed 17 ▪ Official inauguration 3 April 2025 with customers and local representatives. ▪ Ramp-up and output plan of 10,000 sqm state-of-the art facility. Build-up of working capital. ▪ Delays in ramp-up due to late machine deliveries and workforce development. ▪ Impact on sales and order intake. ▪ ISO 9001 certification already received, certification for key customers ongoing. Capacity expansion and ramp-up Bochnia Erst ellt durch Vorlagenbauer.ch H1 2025 financial results Key figures*) as per 30 June 2025 18 244.8 Order intake 206.3 305.7 *) Including Kyte Powertech for the full first half of 2025 40.2 28.8 +19.5% 5.2 +2.5% Erst ellt durch Vorlagenbauer.ch H1 2025 financial results All product groups with continuing positive order intake MCHF +40% ◼Continuous high monthly order intake from key markets (CH, GER, IT) ◼Delays in the ramp-up of the new plant near Bochnia, resulting in a negative impact on order intake and sales of ~CHF 12 million in 2025 ◼Book-to-bill at 1.2 in H1 2025 ◼High backlog for Power Transformers until Q2/2027, adequate backlog for Oil Distribution- and Cast Resin Transformers. Previous half-year 2024 does not include Kyte Powertech (acquired in Aug. 2024) 19 +74% Erst ellt durch Vorlagenbauer.ch H1 2025 financial results Key financial figures as per 30 June 2025 20 Erst ellt durch Vorlagenbauer.ch 9.5% 9.9% 8.0% 5.1% 4.6% 5.0% 3.6% 3.2% 3.1% 4.4% Others 17.6% Not registered 24.9% Artemis Beteiligungen AG UBS Fund Management (Switzerland) AG The Capital Group Companies Janus Henderson Lock-up 8 members (Kyte management) Swisscanto Fondsleitung AG BlackRock J.P. Morgan Chase Columbia Threadneedle Investment Not registered As of 17 September 2025 Free float of 90.5% Number of shareholders: 2,103 H1 2025 financial results Share price performance YTD and shareholder structure 21 Comments Significant shareholders4 1) Calculated based on closing prices. 2) Based on number of shares outstanding at listing and as of 17 September 2025, incl. conversion of redeemable warrants. 3) Free float according to definition of SIX Index Division excludes Artemis 4) Significant shareholders >3% with percentage as filed with SER Disclosure Office. CHF 31.05 • Share price development +2111 since listing • Market capitalization CHF 1,156 million +300%2 since listing • Number of shares outstanding: 37.2 million Nominees Erst ellt durch Vorlagenbauer.ch Outlook for H2 2025 Erst ellt durch Vorlagenbauer.ch Outlook ¦ R&S Group improvement areas First impressions from Eduardo Terzi Group as CEO after ~100 days 23 Positive aspects Improve- ment potential “Strategy only works when it meets strong and disciplined day-to-day execution. This is how we drive customer trust and profitable growth.” Go-to market: customer and market focus, value propositions/share of wallet Operations: operational and technological excellence, process optimization Culture: performance orientation, talent development, competence management Procurement: bundling, renegotiation, development of new suppliers People: dedicated, professional, passionate Markets: Addressing megatrends, good market positions, customer proximity Business model: excellent technology, people and material intensive, focus on cash conversion Strategy: current successful strategy needs to be sharpened -> integrated company Erst ellt durch Vorlagenbauer.ch Outlook Focus topics for H2 2025 24 Focus topics H2 2025 ▪ Continue on positive business momentum based on current backlog and good market demand ▪ Further drive Operational Excellence in all the plants (process and cost optimizations), esp. @Kyte. ▪ Ramp-up Bochnia (throughput and output) without compromising quality. ▪ Progress on the new greenfield plant for power transformers ▪ Focus on working capital and cash conversion Erst ellt durch Vorlagenbauer.ch New plant in Lodz: ▪ Greenfield factory for power transformers ▪ Start of operations planned for Q4 2026 ▪ Doubling output Outlook Plant expansion power transformers on track 25 New factory visualization Erst ellt durch Vorlagenbauer.ch Q&A Thank you for your attention. We are now happy to answer your questions. Erst ellt durch Vorlagenbauer.ch Financial Calendar Full-year 2025 results 8 April 2026 Annual General Meeting 7 May 2026 Analyst Coverage - Kepler Cheuvreux Hans-Joachim Heimbürger, hheimburger@keplercheuvreux.com - Octavian Alessandro Foletti, alessandro.foletti@octavian.ch - UBS Sebastian Vogel, sebastian.vogel@ubs.com - ZKB Bernd Laux, bernd.laux@zkb.ch Contact Investor and Media Relations Doris Rudischhauser Phone: +41 79 410 81 88 Email: investors@the-rsgroup.com Financial calendar | Contact 27 Erst ellt durch Vorlagenbauer.ch Appendix Erst ellt durch Vorlagenbauer.ch 10%-13% p.a. Around 20% of net sales • Mid-term outlook organic growth over the cycle. • Continuing global electrification demand, decarbonization, decentralization and aged grids. • Increased importance of sales mix and currencies due to integration of Kyte. • Resilient gross profit margin profile. • Economies of scale from continued net sales growth. • Operational excellence supporting margin expansion. • Good cost discipline at all plants. • FCF equals cash flow from operating activities minus cash flow from investing activities. • Mid-term lower as investment waves increase. • Strong focus on cash conversion. • Stable dividend for FY2024 to FY2026, thereafter accelerated. • Mid-term target below 1.0x Net Debt / LTM EBITDA. • Excess cash to be returned to shareholders. Mid-term outlook*) Commentary Confirmed 10%-12% of net sales Netsales growth EBIT margin Freecashflow margin Dividend policy and leverage CHF 0.50 per share Confirmed *) 3 years Outlook Guidance: R&S to deliver profitable growth on a sustainable basis 29 Confirmed Confirmed Erst ellt durch Vorlagenbauer.ch Sustainability Our path to sustainability - ESG Roadmap (2025–2027)​ 30 2025 2025 2026 2027 TCFD & climate risk assessment, laid ESG reporting foundation Double Materiality Assessment conducted, continuing of ISO 50001 implementation ISO 14064-1, 22301, 26000, 27001, 31000, 37001 introduced; full ISO 45001 & 50001 rollout Annual ESRS reporting, EURD & CSDDD compliance, group-wide ISO alignment Completed In progress Yet to start Yet to start Foundation Start Implementation Integration Leadership TCFD = Task Force on Climate-related Financial Disclosures ¦ ESRS = European Sustainability Reporting Standards ¦ EURD = European Deforestation Regulation ¦ CSDDD = Corporate Sustainability DueDiligence Directive Erst ellt durch Vorlagenbauer.ch H1 2025 financial results Consolidated profit & loss statement as per 30 June 2025 A B C D E F G Net sales continuing positive development in the German market (13% of total Net sales vs. 6% in H1 2024 prior year) Material costs stable material prices with good availability of key materials; materials ratio slightly lower at 55% compared to 56% in the previous year Value added (Gross Margin) decrease due to the acquisition of Kyte (portfolio effect) and more deliveries in the first half of the year (esp. Poland and Germany) and therefore lower WIP and semi-/finished goods Personnel costs increase is attributable to higher number of employees due to the ramp-up of new plant in Bochnia and already started stuffing for new plant in Łódź (already 20 FTE). While absolute costs have increased, costs relative to Net sales remained stable at 18%. Operating expenses decrease relative to Net sales, even though increase in absolute terms due to the acquisition of Kyte (higher maintenance costs and operational costs) Other operating expenses included in 2024 additional consultancy costs of CHF 1.5 million related to strategic projects Depreciation, amortisation higher due to the assets’ capitalization as part of the PPA adjustments of Kyte (property and software). Financial result increase is attributable to more interest expenses related to the syndicated loan for the acquisition of Kyte Tax expenses lower due to a subsequent tax payment in Italy in the previous year (CHF 3.7 million) previous HY 2024: «old» R&S group without acquired Kyte Powertech Ltd. B A B C D E F G 31 H H Erst ellt durch Vorlagenbauer.ch H1 2025 financial results Consolidated Balance Sheet as per 30 June 2025 B Decrease is mainly attributable to the waiver of a long-term guarantee deposits in 2025 Decrease of cash due to higher dividend payout of the capital contribution reserve and amortisation of syndicated loan (CHF 12.5 million) Increase is reflecting higher business volumes and the build-up of the base stock in the new plant in Bochnia A B C A Tangible assets growth reflects investments in the new plant near Bochnia (PL), in new machines across the group D A A 32 C D Erst ellt durch Vorlagenbauer.ch H1 2025 financial results Consolidated Cash Flow Statement as per 30 June 2025 C D E B A Less accruals for customer claims (risk provisioning for penalties and onerous contracts) Repayment of long-term guarantee deposits following the waiver of the contracts in January 2025 Higher inventories and accounts receivables due to higher business volumes, ramp up of new plant near Bochnia. Overall increase in accounts payable balances also a result of increased operations, but also due to better management of payables and more favorable supplier payment terms. Main cash capital expenditures for new plant near Bochnia and new greenfield for Power transformers in Łódź. High financing cash outflows due to dividend payout out of the capital contribution reserve and partial repayment of syndicated bank loan, which was raised in connection with last year’s acquisition of Kyte previous HY 2024: «old» R&S group without acquired Kyte Powertech Ltd. A B C D E E 33 Erst ellt durch Vorlagenbauer.ch 34