Stadler Rail (SRAIL) H1 2026 earnings summary

Executive summary

• Revenue increased 40% year-over-year to CHF 2.0 billion in H1 2026, with EBIT margin rising to 4.0% from 2.6% in H1 2025 and EBIT more than doubling to CHF 79.5 million.

• Order intake reached CHF 2.7 billion, and order backlog hit a record CHF 33.3 billion.

• Net profit was CHF 31.2 million, slightly above the prior year, despite negative currency effects and higher costs.

• Major contracts secured in Berlin, Copenhagen, Ireland, Montenegro, and Turkey, expanding global reach to 50 countries.

• Operational focus on digitalization, process harmonization, supply chain stabilization, and capacity expansion.

Financial highlights

• Net revenue: CHF 2.0 billion (H1 2025: CHF 1.4 billion), up 40%.

• EBIT: CHF 79.5 million (H1 2025: CHF 36.9 million); EBIT margin: 4.0% (H1 2025: 2.6%).

• Net income: CHF 31.2 million; higher tax impact and less favorable FX compared to prior year.

• Free cash flow: CHF -54.4 million, a significant improvement year-over-year, including CHF 50 million dividend payment.

• Net cash position: CHF -424 million, reflecting use of down payments for production and investments.

Outlook and guidance

• Full-year 2026 revenue expected to exceed CHF 5 billion, with EBIT margin over 5%.

• Medium-term EBIT margin target: 6%-8%, with revenue above CHF 5 billion.

• Investments for 2026 projected at CHF 250 million; mid-term annual CapEx around CHF 200 million.

• Order intake expected at 1x-1.5x annual revenue, supporting sustainable growth.

• High single-digit revenue growth expected for 2027, with over 95% of 2026-2027 revenue already in backlog.