Stadler Rail AG

SRAIL

Equity

ISIN CH0002178181 / Valor 217818

SIX Swiss Exchange (2026-10-09)

CHF 30.40+2.84%

Stadler Rail AG
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About company

Stadler Rail AG is a Swiss rolling‑stock manufacturer and supplier of lifecycle services for rail operators and transit authorities, headquartered in Bussnang, Switzerland and listed on the SIX Swiss Exchange. The company designs and builds a range of vehicles—including regional and intercity multiple units, double‑deck and single‑deck EMUs (notably the FLIRT family and KISS double‑deck trains), trams and metros, and freight and shunting locomotives—and supplements vehicle sales with maintenance, modernization, spare parts and long‑term service contracts. Operating production sites and service centers across Europe and in markets such as North America, the UK and Australia, Stadler sells directly to national and regional passenger operators, freight companies and infrastructure managers, generating revenue from new-build contracts as well as aftermarket and refurbishment work.

Summarized from source with an LLMView SourceSector: Consumer Services

Key headline numbers

Net revenue CHF 1,965.3m (+40% y/y); gross margin 11.4%; EBITDA CHF 144.3m (7.3%); EBIT CHF 79.5m (4.0%); profit for the period CHF 31.2m; basic EPS CHF 0.34. Order intake CHF 2,738.1m (+60%); order backlog CHF 33.27bn (+3% vs 31.12.2025). Employees (FTE) 18,537 (+12%).

Profitability improvement

EBIT rose to CHF 79.5m from CHF 36.9m in H1 2025, lifting the EBIT margin by 1.4 percentage points to 4.0%. Stadler attributes the improvement to higher volumes, increased production output and efficiency measures, despite currency headwinds and some one-off cost pressures (e.g., bank guarantee costs and interest).

Orders and backlog

Very strong order intake of CHF 2.74bn in H1 2026 (vs CHF 1.71bn a year earlier). Rolling Stock accounted for the bulk (CHF 2.193bn), Service & Components CHF 515.1m, Signalling CHF 29.7m. Order backlog at CHF 33.27bn provides multi‑year visibility and underpins management’s revenue guidance.

Cash, liquidity and working capital

Operating cash flow turned positive to CHF 4.1m (vs negative CHF 633.9m in H1 2025). Free cash flow improved to CHF –54.4m (vs –744.2m), reflecting higher production and seasonal timing. Net cash was CHF –424.0m at 30.06.2026. Net working capital improved to CHF –324.2m (less negative than 31.12.2025).

Capex and investments

Capital expenditure in H1 2026 was CHF 101.0m. Management expects total investments around CHF 250m for full-year 2026 to support capacity and growth.

Segment performance

“Rolling Stock”: net revenue CHF 1,640.5m (+48%), order intake CHF 2,193.3m. “Service & Components”: net revenue CHF 297.4m (+10%), order intake CHF 515.1m (+95%). “Signalling”: net revenue CHF 27.4m (+25%), order intake CHF 29.7m (down vs prior year).

Notable contracts & operational drivers

Management highlights major contract awards and wins (e.g., large metro/driverless projects, international FLIRT orders and new national contracts) that support capacity utilisation and future revenue. The letter also notes ongoing impacts from the 2024 Valencia floods and prior geopolitical shocks, but says recovery measures and efficiency programmes are yielding benefits.

Outlook & guidance

Stadler confirms 2026 guidance: revenue well over CHF 5bn and EBIT margin >5% for the year, with medium‑term ambition of 6–8% EBIT margin as supply chains stabilise and production scales. Management expects seasonally stronger H2 deliveries.

Risks / one‑offs to watch

Currency effects (strong Swiss franc) negatively affected consolidated revenue (~CHF 30m) and balance‑sheet valuations; increased order‑related bank guarantee costs and interest expense impacted financial result. The company notes the Valencia flooding’s residual impact may continue into 2027 and that vehicle deliveries/receipts remain seasonally concentrated in H2.

Summarized from source with an LLMView Source

Key figures

51.1%1Y

-6.69%3Y

-23.7%5Y

Performance

38.4%1Y

32.5%3Y

30.4%5Y

Volatility