RS Group PLC：RS集团2025财年业绩符合预期，执行良好；2026财年指引平淡-20250522

Investment Rating - The report assigns an "Equal-weight" rating to RS Group PLC with a price target of 800p, while the stock closed at 602p on May 20, 2025 [5]. Core Insights - RS Group PLC reported FY25 organic growth of -2%, slightly better than the consensus estimate of -2.2%, indicating marginally positive growth in Q4 compared to previous quarters [2][7]. - The operating profit for FY25 was £274 million, aligning closely with the consensus of £275 million, resulting in a margin of 9.4%, which is down approximately 100 basis points year-on-year [2]. - Management expressed confidence in achieving medium-term financial targets through improved execution and market share gains, despite challenging market conditions, particularly in EMEA [2][9]. - The company implemented a cost restructuring plan that generated £29 million in savings, contributing to a solid free cash flow of £214 million and a cash conversion rate of 111% [2]. Financial Performance - FY25 results showed a stable performance in the Industrial category, with Facilities & Maintenance, Mechanical & Fluid Power, and PPE & Site Safety growing by 3% year-on-year, while electronics-related categories faced declines [4]. - The Americas and Asia Pacific regions demonstrated resilience with organic growth of 3% in Q4, while EMEA remained weak at -3% [8][9]. - For FY26, the company anticipates revenues of £2,983 million with organic growth of approximately 3%, but expects consensus adjusted profit before tax to decrease by 4-5% due to lower growth expectations [9].