Stadler Rail AG

SRAIL

Equity

ISIN CH0002178181 / Valor 217818

SIX Swiss Exchange (2026-02-23)

CHF 20.40-1.26%

Stadler Rail AG
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About company

Stadler Rail AG is a leading manufacturer of railway rolling stock and equipment, with a focus on providing innovative and sustainable drive solutions in rail transport. The company recently expanded its signaling portfolio by acquiring two signaling companies and establishing a separate division for signaling solutions. Stadler's new production plant in St. Margrethen enhances its expertise in double-decker multiple units, offering approximately 35,000 m2 of production and storage space along with 5,000 m2 of office space. The company showcased seven world premieres at InnoTrans, including the hydrogen multiple unit FLIRT H2, the record train FLIRT Akku, the hybrid locomotive EURO9000, and the next-generation TINA tram.

Summarized from source with an LLMView SourceSector: Consumer Services

Key financials

Net revenue CHF 1,401.7m (+8%); Gross margin 11.6% (H1 2024: 11.9%); EBITDA CHF 95.4m (6.8%); EBIT CHF 36.9m (2.6%); Profit CHF 30.9m (+12%); EPS CHF 0.17 (down from CHF 0.24).

Orders and backlog

Order intake H1 2025 CHF 1,713.9m (−33% YoY), driven by fewer large new orders versus prior year; order backlog remained high at CHF 29,379.4m (≈ +1% vs 31.12.2024), supporting near‑term production visibility.

Segments

Rolling Stock: revenue CHF 1,109.1m (+9%); order intake CHF 1,398.1m (−30%). Service & Components: revenue CHF 270.7m (+17%); order intake CHF 263.8m (−48%). Signalling: revenue CHF 21.9m (−48%); order intake CHF 52.0m (+57%).

Cash flow, working capital and balance sheet

Net cash CHF −406.8m (31.12.2024: CHF 368.0m); free cash flow CHF −744.2m (H1 2024: −384.7m); net working capital improved to CHF −290.9m (was −1,010.9m); net work in progress (net) improved to CHF −1,117.0m (was −1,726.6m). Management attributes cash strain to high advance payments being consumed as production ramps.

Capex and staffing

Capital expenditure CHF 119.5m (H1 2024: CHF 97.9m). Staff rose to 16,583 FTEs (+12% YoY) as production capacity was expanded.

Operational context and accounting

H1 performance still affected by 2024 natural‑disaster supply disruptions and related catch‑up measures; Stadler uses a conservative “units‑of‑delivery” revenue recognition (sales recognised only upon customer acceptance), creating a timing gap between production output and reported revenue. Seasonality concentrates deliveries and cash inflows in H2.

Risks noted

Key headwinds: residual supply‑chain disruption from 2024 floods, geopolitical/tariff risks (US tariffs impact mitigated by local US sourcing/production and Buy American requirements), and a challenged macro environment in some markets (e.g., Germany).

Outlook

Management confirms medium‑term targets: expects a significant revenue increase (management cites >10% rise vs 2024), targets revenue above CHF 5bn in 2026, expects the 2025 EBIT margin to rise to ~4–5% and medium‑term margin of 6–8%, and maintains a dividend policy of ~60% payout of consolidated net profit to Stadler Rail AG shareholders.

Short operational highlights

Stadler reports production output materially higher than H1 revenue (due to conservative accounting), launched catch‑up programmes with affected customers, continues investments (≈CHF 250m in 2025 for capacity), and secured multiple rolling stock, battery/hydrogen and signalling orders across Europe during H1 2025.

Summarized from source with an LLMView Source

Key figures

-2.39%1Y

-44.7%3Y

-54.2%5Y

Performance

33.8%1Y

27.9%3Y

27.1%5Y

Volatility