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Stadler Rail (SRAIL) investor relations material

Stadler Rail H1 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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H1 2025 earnings summary27 Aug, 2025

Executive summary

  • Net revenue reached CHF 1.4 billion in H1 2025, up 8% year-over-year, with profit for the period at CHF 30.9 million, a 12% increase compared to H1 2024, despite ongoing supply chain disruptions and flooding impacts.

  • EBIT margin improved to 2.6% (up from 2.2%), with EBIT rising to CHF 36.9 million, a 31% year-over-year increase.

  • Order intake was CHF 1.7 billion, with deferrals pushing some contract awards to H2; order backlog remained stable at CHF 29.4 billion.

  • Free cash flow was negative at CHF -744.2 million, reflecting ramp-up in production, advance payment consumption, and seasonality.

  • Management emphasized operational delivery, production output, and maintaining shareholder value.

Financial highlights

  • EBIT increased to CHF 36.9 million, with margin at 2.6%, and net income rose 12.3% to CHF 30.9 million, supported by positive currency effects.

  • Net cash position declined to CHF -775 million from CHF 368 million at year-end 2024, due to production ramp-up and dividend payouts.

  • Net working capital improved to CHF -290.9 million from CHF -1,010.9 million at year-end 2024, but increased by CHF 720 million in the period due to higher work in progress.

  • Capital expenditure focused on capacity expansions in the US, Hungary, Germany, and R&D in alternative propulsion and signalling.

  • Rolling stock count increased by 9% in the quarter, with revenue up 9% to CHF 1.1 billion.

Outlook and guidance

  • Net revenue expected to grow over 10% in 2025 versus 2024, with targets of over CHF 5.0 billion in 2026 and CHF 5.5 billion mid-term.

  • EBIT margin guidance set at 4–5% for 2025, rising to 6–8% mid-term.

  • Net working capital expected to be further reduced in 2025 and 2026, though swings may occur due to advanced and progress payments.

  • Free cash flow in 2025 may remain negative due to increased production output and work in progress.

  • Dividend policy maintained at around 60% payout of consolidated net profit.

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Frequently asked questions

Stadler Rail AG (Stadler) is a Swiss company specializing in the manufacturing of rail vehicles. It offers a comprehensive product portfolio, including suburban and regional transport trains, light rail vehicles, trams, high-speed and intercity trains, as well as city transport vehicles, locomotives, passenger trains, and tailor-made vehicles. The company is recognized for its emphasis on regional train multiple units and trams, alongside niche products such as rack railway rolling stock, indicating a focus on both broad market needs and specialized segments within the rail industry. The company is headquartered in Bussnang, Switzerland, and its shares are listed on the Swiss Exchange.

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