Stadler Rail reported a 40% surge in first-half revenue to CHF 1.965 billion, driven by strong demand across rolling stock and service segments. The Swiss train manufacturer also posted EBIT of CHF 79.5 million, more than doubling from a year earlier, pushing margins to 4.0% from 2.6%. Net income, however, was essentially flat at CHF 31.2 million.
The company’s order intake climbed 60% to CHF 2.738 billion, with a book-to-bill ratio of 1.4x, up from 1.2x in the prior-year period. Backlog expanded to CHF 33.3 billion, reflecting a 14% compound annual growth rate since 2016. Production output rose 11% to CHF 2.577 billion, though free cash flow remained negative at CHF 54 million, an improvement from CHF 744 million a year earlier.
Regional revenue composition shifted, with the DACH region accounting for 57% of total revenue, down from 60% in H1 2025. Western Europe contributed 20%, Eastern Europe 17%, the Americas 5%, and other regions 1%. Order intake in the DACH region surged to 62% of total orders, up from 42% previously.
Stadler highlighted major contract wins, including a framework agreement with Denmark’s DSB for 226 fully automated trains and a 15-year service deal for 8 FLIRT trains in Ireland. The company also emphasized its expanded product portfolio, showcasing seven train platforms at InnoTrans 2026, including hydrogen and battery-electric models.
Management noted that cash flow remains volatile due to the timing of milestone and final payments in rail manufacturing. The company maintained its full-year 2026 targets, including revenue exceeding CHF 5.0 billion and EBIT margins above 5%, with a mid-term target of 6–8%. Capital expenditure is expected to total around CHF 250 million for the year.
Shares of Stadler Rail fell 21.94% to CHF 28.82 following the results, despite trading near a 52-week high of CHF 29.18.
