Stadler Rail reported a 40% year-on-year rise in first-half revenue to 2.0 billion Swiss francs, driven by strong vehicle deliveries and sustained output, offsetting a 30 million franc drag from the appreciating Swiss franc. The Swiss train manufacturer also posted an EBIT of 79.5 million francs, more than doubling from 36.9 million francs a year earlier, lifting its operating margin to 4.0% from 2.6% in H1 2025.
The surge in profitability follows a period of disruption in 2024 and early 2025, when severe weather damaged production facilities in Switzerland, Spain and Austria, as well as key supplier operations. While the company’s net profit rose marginally to 31.2 million francs from 30.9 million francs, the increase lagged EBIT growth due to the absence of a one-off currency gain of roughly 20 million francs recorded in the prior-year period and negative foreign-exchange effects on balance-sheet valuations in 2026. Bank guarantee costs, interest and tax expenses also increased.
Order intake climbed to 2.7 billion francs in the first six months, up 1 billion francs from the same period last year, pushing the total backlog to a record 33.3 billion francs. Stadler reiterated its full-year 2026 targets, including revenue of more than 5 billion francs, an EBIT margin above 5%, and total investments of about 250 million francs. Management also maintained medium-term guidance for an EBIT margin of 6% to 8% at sustained revenue of over 5 billion francs, contingent on stable supply chains.
The results exceeded analyst expectations for revenue, EBIT and margin, though net profit trailed forecasts.
