Stadler Rail AG reported first-half 2026 revenue of CHF 1.96 billion, up 40% year-over-year, though foreign exchange effects trimmed growth by 2.2%. Under a cost-to-cost accounting method, revenue would have reached about CHF 2.6 billion. Earnings before interest and taxes rose to CHF 79.5 million from CHF 47 million a year earlier, lifting the EBIT margin to 4.0% from 2.6%.
Net income for the period totaled CHF 31.2 million, while order intake surged 60% to CHF 2.738 billion, including CHF 2.2 billion in rolling stock orders and CHF 515 million in services and components. The order backlog expanded to CHF 33.3 billion, with rolling stock accounting for CHF 23 billion. Production output increased 10.5% to CHF 2.577 billion.
Free cash flow remained negative at CHF 54 million, including a CHF 50 million dividend payment. Net cash declined by CHF 149 million to minus CHF 424 million, while net working capital rose by CHF 98 million to CHF 324 million. Capital expenditure reached CHF 101 million in the first half, with full-year 2026 expected at about CHF 250 million and mid-term annual outlays around CHF 200 million.
Shares of Stadler Rail fell 21.94% to CHF 28.82, near the 52-week low of CHF 29.14, despite a P/E ratio of 24.19 and a PEG ratio of 0.25. The decline followed a 40% revenue increase and a 1.4 percentage point EBIT margin expansion, as investors weighed weaker cash generation and margin pressures.
Full-year 2026 revenue is forecast to exceed CHF 5 billion, with EBIT margins projected above 5% and medium-term targets of 6% to 8%. The company expects stronger second-half performance due to seasonality, with free cash flow expected to turn neutral or slightly positive. More than 60% of revenue is set to run on the new ERP system by year-end 2026, with implementation costs of CHF 10 million to CHF 20 million annually.
Key contracts secured in the first half included a consortium order with Siemens and Deutsche Bahn for 350 commuter trains and 30 years of operation for Berlin’s S-Bahn, valued at €15 billion. Additional wins included 226 automated trains for Copenhagen, 166 metro cars for Berlin, and a 15-year services contract in Ireland. Stadler also delivered 45 locomotives to Canada’s Via Rail under a 20-year support agreement.
CEO Markus Bernsteiner highlighted the company’s resilience amid external disruptions, stating that Stadler had navigated the COVID-19 pandemic, the Ukraine war, and environmental disasters. CFO Raphael Widmer noted that Stadler’s conservative revenue recognition method results in later recognition compared to competitors.
