Stadler Rail (SRAIL) H2 2025 earnings summary

Executive summary

• Revenue increased by 13% year-over-year to CHF 3.7 billion, with EBIT margin rising to 4.4% and net income nearly doubling to CHF 100.7 million.

• Order intake reached CHF 6.1 billion, maintaining a high level and exceeding strategic targets, with a record order backlog of CHF 32.3 billion.

• Business stabilized despite supply chain disruptions from 2024 flooding in Valencia, economic headwinds in Germany, and currency volatility.

• Strengthened market position in alternative drives and expanded Service & Signalling segments, with significant contract wins in Europe.

• Achieved all 2025 targets, laying the foundation for further growth.

Financial highlights

• EBIT margin improved to 4.4%, up from 3.1% year-over-year, and EBIT increased to CHF 160.6 million.

• Consolidated net income nearly doubled to CHF 100.7 million year-over-year.

• Free cash flow was negative at -CHF 588 million for the year, but positive CHF 155.9 million in H2; turned positive at CHF 140 million in some reports.

• Net cash position decreased to CHF -275 million, reflecting increased production output and working capital.

• CapEx rose to CHF 589 million in some reports, with other sources citing CHF 278 million, focused on capacity expansion and technology investments.

Outlook and guidance

• Revenue for 2026 and beyond expected to exceed CHF 5 billion, with 95% already secured in the order book.

• EBIT margin guidance for 2026 is over 5%, with a medium-term target of 6%-8% as supply chain normalizes.

• Investments of CHF 250 million planned for 2026, then CHF 200 million annually thereafter.

• Book-to-bill ratio expected to remain between 1x and 1.5x, supporting sustainable growth.

• Dividend proposal of CHF 0.50 per share (CHF 50 million total), up from CHF 0.20 per share last year.