Stadler Rail AG

Latest Results (01.03.2026):

Stadler Rail AG — first half (H1) 2025: the company reported revenue of CHF 1.402 billion (up 8% y/y) and improved operating profitability with EBIT of CHF 36.9 million (EBIT margin 2.6%, +0.4 pp vs H1 2024). Order intake slowed to CHF 1.714 billion (‑33% y/y) but the backlog remains large at ~CHF 29.4 billion. Net profit was CHF 30.9 million (+12% y/y) while cash generation stayed negative (operating cash flow CHF ‑633.9m; free cash flow CHF ‑744.2m), leaving net cash at CHF ‑406.8 million at 30 June 2025. Management attributes results to recovery from 2024 flood-related supply disruptions, conservative units‑of‑delivery revenue recognition and continued ramp‑up of production capacity.

Financial snapshot

Key H1 2025 metrics: net revenue CHF 1,401.7m (+8% vs H1 2024), gross margin 11.6% (CHF 162.6m), EBITDA CHF 95.4m (6.8% margin), EBIT CHF 36.9m (2.6% margin), profit for the period CHF 30.9m, earnings per share CHF 0.17.

Orders & backlog

Order intake fell to CHF 1,713.9m (‑33% y/y) driven by lower rolling‑stock and service orders; order backlog remains strong at CHF 29,379.4m (≈CHF 29.4bn), providing multi‑year revenue visibility.

Segment highlights

Rolling Stock: revenue CHF 1,109.1m (+9%), order intake CHF 1,398.1m (‑30%), backlog CHF 21.03bn. Service & Components: revenue CHF 270.7m (+17%), order intake CHF 263.8m (‑48%), backlog CHF 7.76bn. Signalling: revenue CHF 21.9m (‑48%), order intake CHF 52.0m (+57%), backlog CHF 594.8m.

Cash, working capital and investments

Operating cash flow was negative CHF ‑633.9m and free cash flow CHF ‑744.2m (H1 2024: ‑384.7m). Net cash turned negative to CHF ‑406.8m (from CHF 368.0m at 31.12.2024). Net working capital improved to CHF ‑290.9m (less negative), capex in H1 CHF 119.5m.

Drivers & operational context

Management points to lingering effects of the 2024 floods (supply interruptions, delayed deliveries) and conservative revenue recognition (units‑of‑delivery) that shift earnings into later periods. Production output has been ramped up to meet backlog, with production output materially higher than H1 revenue.

Outlook & guidance

Stadler expects significant revenue growth into 2026 (guidance: revenue > CHF 5bn in 2026) and targets an EBIT margin of 4–5% for 2025, with medium‑term ambition of 6–8% if conditions remain stable. Management expects to maintain a dividend policy of ~60% payout of consolidated net profit.

Strategic actions & market developments

Stadler is investing to expand production capacity (c. CHF 250m in 2025) and strengthen North American production (Stadler North America) to mitigate US tariff exposure and localise value‑add. The company continues to lead in alternative‑drive vehicles (battery/hydrogen) and reported a steady pipeline of related orders.

Workforce & governance

Headcount rose to 16,583 FTEs (+12% y/y), reflecting capacity build‑out and global production activity. Management highlights ongoing efficiency measures and collective agreements to stabilise operations at key sites.