Slide 1: Full-Year 2022 Results
FULL-YEAR 2022 RESULTS STADLER RAIL Peter Spuhler, Executive Chairman, Markus Bernsteiner, Group CEO, Raphael Widmer, Group CFO 15 March 2023
Slide 2: Representing Stadler Today
REPRESENTING STADLER TODAY Peter Spuhler Markus Bernsteiner Raphael Widmer Executive Chairman Group CEO Group CFO Stadler full-year results 2022 | © Stadler | 15 March 2023 2
Slide 3: Agenda
AGENDA 1 Highlights 2022 Peter Spuhler, Executive Chairman 2 2022 financial results Raphael Widmer, Group CFO 3 Peter Spuhler, Executive Chairman Summary and outlook Markus Bernsteiner, Group CEO 4 Q&A Stadler full-year results 2022 | © Stadler | 15 March 2023 3
Slide 4: Highlights 2022
HIGHLIGHTS 2022 Peter Spuhler, Executive Chairman
Slide 5: Highlights 2022
HIGHLIGHTS 2022 ✓ Superior value proposition confirmed by customers with a strong order intake of CHF 8.6bn at a Order intake CHF 8.6bn book-to-bill ratio of over 2x, driven by large orders from ÖBB, SBB, and VDV +54%(1) ✓ Order backlog increases by 23% to CHF 22.0bn ✓ EBIT margin of 5.5% (2021: 6.2
Slide 6: Order Intake Highlights 2022: Record Year, More Than 1,100 Units Sold
ORDER INTAKE HIGHLIGHTS 2022 RECORD YEAR: MORE THAN 1’100 UNITS SOLD IN 2022 FLIRT KISS LRV − SBB framework contract for up to 510 FLIRT − 41 KISS ÖBB, framework, call-off 41 trains − VDV, firm call-off for 246 CITYLINK including trains, initial firm call-off for 286 trains − Firm call-off valued at
Slide 7: Comprehensive Portfolio for the Broader Rail Ecosystem
COMPREHENSIVE PORTFOLIO FOR THE BROADER RAIL ECOSYSTEM Market segments, vehicle families, Service & Systems Type Market segment Vehicle families Tailor-made Service & Systems Very High Speed Not a strategic focus Signalling Service Full Service & Spare High Speed System Solutions Parts Intercity Tra
Slide 8: Market Outlook and Stadler's Leading Position
MARKET OUTLOOK AND STADLER’S LEADING POSITION Stadler's strategic markets 1 Global Railway Market 2 Target market segments 3 Target regions 2021(1) Market size (€bn) 190 144 54 32 2021-26(2) CAGR +4.3% +4.3% +5.1% +11.3% Infrastructure 46 System Technology (3) OEM 10 Railway market 21 After-Sales 20
Slide 9: Competitive Landscape: Market Share by Region
COMPETITIVE LANDSCAPE MARKET SHARE BY REGION Home markets Opportunistic markets North America Europe CIS Others 14% Others CRRC 16% Others 1% Stadler CAF Alstom 17% Alstom Stadler 6% 5% 39% 2% 31% GE Hitachi Alstom 8% Rail 2% TMH 7% Siemens CRRC Stadler Siemens 69% 13% 23% Siemens 19% 7% 10% Rest of
Slide 10: Competitive Landscape: Global Market Share by Segment
COMPETITIVE LANDSCAPE GLOBAL MARKET SHARE BY SEGMENT Focus segments Multiple Units LRV Locomotives TMH Alstom Alstom 22% Others 22% 20% Others Others 33% 37% 41% Stadler CAF Alstom Hyundai 14% 10% 11% Rotem TMH 4% 9% Stadler CRRC CRRC Siemens 1% Hitachi 10% Skoda 10% 5% Rail TMH 4% CRRC Stadler Prog
Slide 11: Competitive Landscape: European Market Share by Segment
COMPETITIVE LANDSCAPE EUROPEAN MARKET SHARE BY SEGMENT Home markets Focus segments Multiple Units LRV Locomotives Pesa Others CAF 1% 12% 3% Siemens Others Alstom Others 6% 31% 31% 31% Siemens Alstom 34% Hitachi Rail 44% 8% Pesa Stadler CAF 3% Alstom 26% Skoda Stadler 17% 22% 13% Stadler 8% 10% Metro
Slide 12: Innovation the Driver of Profitability
INNOVATION THE DRIVER OF PROFITABILITY Technology and Product Tendering Order intake Revenues EBIT innovation development process Stadler full-year results 2022 | © Stadler | 15 March 2023 12
Slide 13: Strategy 2025: Focused on Profitable Growth
STRATEGY 2025: FOCUSED ON PROFITABLE GROWTH Rolling Stock Signalling Service & Components • Selectively win market • Must have ETCS • Growth in accessible Europe share through best markets and installed Win market share and stabilize in focus markets • Further advance in-house products and new base
Slide 14: 2022 Financial Results
2022 FINANCIAL RESULTS Raphael Widmer, Group CFO
Slide 15: Full-Year Results 2022 Summary I
FULL-YEAR RESULTS 2022 SUMMARY I CHFm Order intake Order backlog +54% +23% 8’557 21’984 17’871 5’566 2021 2022 31.12.2021 31.12.2022 Net revenues EBIT +3% -8% 3’751 224 3’635 205 6.2% 5.5% 2021 2022 2021 2022 EBIT as % of net revenues Stadler full-year results 2022 | © Stadler | 15 March 2023 15
Slide 16: Full-Year Results 2022 Summary II
FULL-YEAR RESULTS 2022 SUMMARY II CHFm Net cash(1) Net working capital(2) -272 +120 115 -231 -351 -157 31.12.2021 31.12.2022 31.12.2021 31.12.2022 Capital expenditure(3) Free cash flow(4) +4% -38 177 184 434 396 2021 2022 2021 2022 Notes: (1) Net cash is calculated as cash and cash equivalents less
Slide 17: Order Intake
ORDER INTAKE CHFm +54% 8’557 8’537 49 3% 1’160 18% 5’566 5’566 4 733 Others(1) 13% 7’348 Western Europe 40% 78% 4’828 DACH 47% 2021 2022 2021 2022 Rolling Stock Service & Components Signalling Comments − Order intake for the Group amounted to CHF 8.6bn in 2022, which is 54 percent higher year-on-yea
Slide 18: Order Backlog by Reporting Segment
ORDER BACKLOG BY REPORTING SEGMENT CHFBN 22.0 0.2 +15% CAGR 17.9 4.8 16.1 0.1 15.0 4.4 13.2 2.8 4.1 11.0 2.3 9.3 2.0 0.8 17.0 12.3 12.0 13.4 10.9 8.5 9.0 31.12.2016 31.12.2017 31.12.2018 31.12.2019 31.12.2020 31.12.2021 31.12.2022 Rolling Stock Service & Components Signalling Comments − Strong order
Slide 19: Significant Top-Line Visibility
SIGNIFICANT TOP-LINE VISIBILITY Share of expected net revenues secured by existing orders 100% ~95% ~85% 80% ~70% 60% 40% 20% 0% 2023E 2024E 2025 Strong revenue visibility combined with our state-of-the-art manufacturing capacities and operational excellence initiatives Stadler full-year results 202
Slide 20: Net Revenues
NET REVENUES CHFm +3% 3’751 4% 1% 3’635 Others(1) 50 9% 6 6% 455 453 Americas 18% 17% Eastern Europe Western Europe 25% 31% 3’173 3’247 DACH 47% 42% 2021 2022 2021 2022 Rolling Stock Service & Components Signalling Comments − Overall net revenues up 3% year-on-year including negative FX translation
Slide 21: EBIT
EBIT CHFm 250 6.2% 7% 5.5% 6% 200 5% 150 4% 224 3% 100 205 2% 50 1% 0 0% 2021 2022 EBIT EBIT in % of net revenues Comments − EBIT reaches CHF 205m, including negative currency effects of c. CHF 60m − EBIT margin at 5.5%, before currency effects EBIT margin at c. 7.0% Stadler full-year results 2022 |
Slide 22: Net Income
NET INCOME CHFm 2021 2022 Change YOY Earnings before interest and taxes (EBIT) 223.7 205.1 (8%) Financial result (75.0) (122.0) Share of results from associates 3.8 2.8 Ordinary result 152.5 85.8 (43.7%) Non-operating result (0.5) (0.1) Profit before income taxes 152.0 85.7 (43.6%) Income taxes (17.
Slide 23: Net Cash Position
NET CASH POSITION CHFm +120 Cash and cash equivalents 1’149 832 -461 Current financial liabilities -818 -231 -601 Non-current financial liabilities -682 -231 -351 -351 31.12.2021 31.12.2022 31.12.2021 31.12.2022 Comments − Progress payments and solid inflow of advance payments on new orders drive an
Slide 24: Net Working Capital
NET WORKING CAPITAL CHFm -272 115 115 Trade receivables 318 473 Comp. claims from WIP 691 623 Inventories 219 241 Other current assets 172 154 Work in progress (net) -461 -808 Trade payables -215 Other current liabilities -609 -240 -601 -157 -157 31.12.2021 31.12.2022 31.12.2021 31.12.2022 Comments
Slide 25: Long-Term Net Working Capital Evolution
LONG-TERM NET WORKING CAPITAL EVOLUTION CHFm 403 115 27 -157 -323 -443 -710 2016 2017 2018 2019 2020 2021 2022 Orders with substantial advance Consumption of advance payments as orders Catch-up of Covid delays, payments at early stage of order are being executed progress and final payments execution
Slide 26: Capital Expenditure
CAPITAL EXPENDITURE CHFm 288 248 57 35 188 184 177 14 59 66 231 213 76 174 55 11 125 8 112 65 48 2016 2017 2018 2019 2020 2021 2022 Investments in tangible assets Investments in intangible assets Comments − Capacity investments driven by expansion in Germany and Spain as a result of recent strong or
Slide 27: Summary and Outlook
SUMMARY AND OUTLOOK Markus Bernsteiner, Group CEO
Slide 28: Outlook: Two-Pronged Approach
OUTLOOK TWO-PRONGED APPROACH • Technology leadership by • Comprehensive fulfillment of continuous product innovation our performance mindset: highest quality on time Technology • Development of sustainable Operational solutions (e.g. alternative • Maintaining entrepreneurial leadership propulsion) e
Slide 29: Technology Leadership: Product Innovation
TECHNOLOGY LEADERSHIP PRODUCT INNOVATION • Stadler is a global leader in battery & H2 vehicles H2 Alternative Propulsion • Ability to adopt various technologies allows a versatile, long- term and sustainable use of vehicles Service & • Stadler sets the benchmark regarding fleet availability Life-Cyc
Slide 30: Operational Excellence: Our Mission
OPERATIONAL EXCELLENCE OUR MISSION Decentralized • Decentralised and agile organisation close to the customer Organization • Leveraging individual strengths and capabilities Supply Chain • Achieving organizational resilience that exceeds traditional supply chain management Modularization • Optimize
Slide 31: 2025 Financial Guidance Confirmed
2025 FINANCIAL GUIDANCE CONFIRMED Order intake >1.5x book-to-bill on average Net revenues Mid-single digit growth on average 7 - 8% in 2025 EBIT-margin 8 - 9% under normal market conditions Net Working Capital Long-term level of zero NWC with swings over the cycle Capex CHF 120-150m Dividend Approxi
Slide 32: 2023 Financial Guidance
2023 FINANCIAL GUIDANCE Order intake C. 1.5x book-to-bill Net revenues Between CHF 3.7 and CHF 4.0bn EBIT-margin EBIT-margin comparable to FY 2022 level Capex / FCF Capex of around CHF 200m Positive free cash flow Dividend Payout ratio of c. 60% of net income Our financial guidance is based on const
Slide 33: Thank You for Your Attention
THANK YOU FOR YOUR ATTENTION STADLER
Slide 34: Diversified, High-Quality Order Backlog
DIVERSIFIED, HIGH-QUALITY ORDER BACKLOG Order backlog by region Order backlog by market segment 3% 1% 3% 1% 5% 22% 38% 7% 31% 56% 14% 7% 11% DACH Eastern Europe Trains LRV Signalling Western Europe Rest of the world Locomotives Tailor-made Americas CIS Metro Service & Components Stadler full-year re
Slide 35: Reporting Segments
REPORTING SEGMENTS Rolling Stock CHFm 2021 2022 Change Order intake 4’828 7’348 52% Order backlog 13’402 17’048 27% Net revenues (third party) 3’173 3’247 2% Additions to fixed assets 66 92 40% (1) Total staff as FTEs 9’457 9’300 -2% Service & Components CHFm 2’021 2’022 Change Order intake 733 1’16
Slide 36: Experienced and Dedicated Team Further Strengthened by Recent Appointments
EXPERIENCED AND DEDICATED TEAM FURTHER STRENGTHENED BY RECENT APPOINTMENTS Group Executive Board Board of Directors Peter Spuhler Hans-Peter Schwald Barbara Egger-Jenzer Dr Christoph Franz Markus Bernsteiner Raphael Widmer Dr. Ansgar Brockmeyer Lucius Gerig Executive Vice President Chairman Vice Cha
Slide 37: Information
INFORMATION Share information Investor contact Listing: SIX Swiss Exchange Daniel Strickler Currency: CHF Investor Relations Officer Ticker symbol: SRAIL Phone: +41 71 626 86 47 ISIN: CH0002178181 E-mail: ir@stadlerrail.com Listing date: 12 April 2019 Financial calendar Media contact 15 March 2023 A
Slide 38: Disclaimer
DISCLAIMER IMPORTANT NOTICE This presentation (the "Presentation") has been prepared by Stadler Rail AG ("Stadler" and together with its subsidiaries, "we", "us" or the "Group") and includes forward-looking information and statements concerning the outlook for our business. These statements are base