Stadler Rail (SRAIL) H2 2025 earnings summary

Executive summary

• Achieved strong financial performance in 2025, with revenue up 13% to CHF 3.7 billion, EBIT margin rising to 4.4%, and net income nearly doubling to CHF 100.7 million.

• Order intake remained robust at CHF 6.1 billion, with a record order backlog of CHF 32.3 billion and a book-to-bill ratio of 1.7x, supporting future growth.

• Significant investments in technology, production sites, and sustainability initiatives have positioned the company as a market leader in alternative drives and innovative rail solutions.

• Successfully navigated external challenges, including supply chain disruptions from natural disasters, economic headwinds in Germany, and currency effects.

• Major contract wins in Europe and beyond, including the Copenhagen commuter train system, Netherlands, Italy, Norway, Germany, and Luxembourg.

Financial highlights

• Revenue increased by 13% year-over-year to CHF 3.7 billion, or 15% adjusted for currency effects.

• EBIT rose to CHF 161 million, with the EBIT margin improving by 1.3 percentage points to 4.4%.

• Consolidated net income nearly doubled to CHF 100.7 million.

• Free cash flow was negative at -CHF 588 million for the year, but positive CHF 155.9 million in the second half.

• Net cash position at year-end 2025 was CHF -275 million, down from CHF 368 million at end-2024.

Outlook and guidance

• Revenue for 2026 and subsequent years expected to exceed CHF 5 billion, with 95% of 2026 and 2027 revenue already secured in the order book.

• EBIT margin guidance set at over 5% for 2026, with a medium-term target of 6%-8%.

• Investments projected at CHF 250 million for 2026 and CHF 200 million annually thereafter.

• Dividend proposal of CHF 0.50 per share for 2025, up from CHF 0.20 per share in the prior year.

• Free cash flow in 2026 may be negatively impacted by increased production output and work in progress.