Stadler Rail’s shares surged 18% to 28.80 Swiss francs in early trading on Wednesday, marking the highest level since May 2024 and capping a sharp rebound from multi-year lows. The stock had declined from around 44 francs in January 2022 to below 18 francs earlier this year, erasing roughly 60% of its value over that period.
The company reported a 40% year-on-year increase in revenue to 2.0 billion francs for the first half of 2026, driven primarily by the delivery of multiple rail vehicles scheduled for 2026 and sustained production capacity from the prior year. A stronger Swiss franc weighed on results, reducing revenue by 30 million francs.
Operating profit (EBIT) more than doubled to 79.5 million francs, while the operating margin improved to 4.0% from 2.6% a year earlier. Net profit rose marginally to 31.2 million francs, up from 30.9 million francs in the prior-year period. Stadler attributed the slower net profit growth to the absence of a one-time positive currency effect recorded in the first half of 2025, which had boosted results by approximately 20 million francs.
The company’s performance exceeded analyst expectations across key metrics, including order intake, revenue, EBIT, and margins, though net profit fell short of estimates. The positive results reinforced confidence in Stadler’s full-year guidance and its medium-term outlook, according to Zürcher Kantonalbank (ZKB).
ZKB noted that the strong first-half performance supports the company’s credibility in achieving its annual targets and strengthening its path toward sustainable profitability. The bank highlighted Stadler’s progress in increasing its service revenue share as a key driver for future margin expansion and cash flow generation.
UBS described the half-year results as robust, while Vontobel emphasized that the positive trend would bolster investor confidence in the company’s medium-term financial targets and margin goals.
