Stadler Rail reported record first-half revenue of CHF 1.96 billion for 2026, a 40% increase from the prior year, though foreign exchange effects reduced the gain by 2.2 percentage points. Under a cost-to-cost accounting method, revenue would have reached roughly CHF 2.6 billion. Earnings before interest and taxes rose to CHF 79.5 million, lifting the EBIT margin to 4.0% from 2.6% in H1 2025.
Order intake surged 60% to CHF 2.738 billion, while the order backlog expanded to CHF 33.3 billion, up CHF 1 billion from year-end 2025. Production output climbed 10.5% to CHF 2.577 billion, though net income totaled just CHF 31.2 million. Free cash flow turned negative at CHF 54 million, including a CHF 50 million dividend payment, and net cash declined by CHF 149 million to a negative CHF 424 million. Capital expenditure for the period reached CHF 101 million.
The rolling stock segment led growth, with revenue up 47.9% to CHF 1.6 billion and order intake rising 57% to CHF 2.2 billion. Services and components revenue grew 9.9%, while the signaling segment reported CHF 27 million in revenue and an order backlog of nearly CHF 600 million.
Shares of Stadler Rail fell 21.94% to CHF 29.14 following the results, down from a 52-week high of CHF 36.92. The company reaffirmed full-year 2026 guidance for revenue significantly above CHF 5 billion and an EBIT margin above 5%, with capital expenditure projected at about CHF 250 million for the year. Medium-term targets include annual CapEx of roughly CHF 200 million and EBIT margins of 6% to 8%.
Management highlighted progress on strategic initiatives, including the rollout of a new ERP system covering over 60% of revenue by year-end 2026, with annual costs of CHF 10 million to CHF 20 million. The Berlin plant is expected to break even in 2027, while flood-related costs in Valencia are projected to decline further in the same year.
Stadler secured major contracts in H1, including a €15 billion order for 350 commuter trains and 30 years of operations and maintenance for Berlin’s S-Bahn network, alongside a CHF 3 billion deal for 226 automated trains in Copenhagen. Additional orders were booked in Germany, Montenegro, Switzerland, Ireland, and Canada, where the company will establish a subsidiary to support a 20-year technical services contract for Via Rail.
