Slide 1: Full-Year 2023 Results
New image = AR 13.03.2024 Markus Bernsteiner, Raphael Widmer Full-Year 2023 Results
Slide 2: Representing Stadler today
Markus Representing Bernsteiner Group CEO Stadler today Raphael Widmer Group CFO Stadler full-year results 2023 | 13 March 2024 | © Stadler 2
Slide 3: Agenda
AGENDA 01 Introduction/highlights 2023 Markus Bernsteiner, Group CEO 02 2023 financial results Raphael Widmer, Group CFO 03 Summary and outlook Markus Bernsteiner, Group CEO 04 Q&A Stadler full-year results 2023 | 13 March 2024 | © Stadler 3
Slide 4: Introduction / highlights 2023
01 Introduction / highlights 2023 Stadler full-year results 2023 | 13 March 2024 | © Stadler 4
Slide 5: Stadler at a glance
Activities worldwide Stadler at a 14,000 75 glance FTEs worldwide nationalities 8 8 5 80+ production component engineering service locations plants locations locations Orders ~12,000 ~500 >2,500 vehicles sold in 47 vehicles leave our plants FLIRT vehicles sold countries since the every year founding
Slide 6: Segment overview
Segment overview Rolling Stock Service & Components Signalling − No. 2 in Europe for passenger trains − 17% average annual sales growth − Independence from suppliers (CAGR) since 2016 (competitors) − Driver of innovation for alternative drive systems − Growing installed base − Stadler as a system pr
Slide 7: Key figures
2023 Order Intake | CHF 6.8bn Again exceeding our strategic ambition of 1.5x book-to-bill Key figures Order Backlog | CHF 24.4bn Increases by 11% versus year-end 2022 Net revenues | CHF 3.6bn CHF 3.7bn before negative FX effects of c. 2%, 4% decline year on year incl. FX EBIT margin | 5.1% Including
Slide 8: Rolling Stock 2023 order intake CHF 5.0 billion
Rolling Stock 2023 order intake CHF 5.0 billion 1 Metro & LRV Trains − 10 TANGO for Sarajevo − 17 FLIRT trains for Norway − ARST 7 & FdC 3 hydrogen − 35 KISS trains for ÖBB multiple units for Italy Tailor-Made Locomotives − 537 sleeper and couchette − Incoming orders for cars for Kazakhstan locomoti
Slide 9: Driver of innovation
Stadler is expanding its role as a driver of innovation in the Rolling Stock sector Driver of innovation TINA KISS (battery) H2 on narrow gauge − 100% low-floor technology with − World’s first double-decker battery- − Locally CO2-free drive on narrow- additional passage width powered vehicle gauge r
Slide 10: On-schedule backlog execution
Rolling Stock On-schedule backlog execution SBB DOSTO Berlin S-Bahn Pilatus Railway Punctual start of operations for the first On-schedule delivery of 106 new Successful start for the Pilatus Railway 14 of 60 SBB Dosto vehicles on regional vehicles for the Berlin S-Bahn. with eight new Panorama rail
Slide 11: Further highlights
Rolling Stock Further highlights FLIRT multiple units KISS vehicles for ÖBB Golden Spanner First of 286 FLIRT multiple units for SBB, Assembly of the first of 79 KISS double- The FLIRT train was awarded the Thurbo and RegionAlps handed over for decker trains began on schedule at the prestigious Brit
Slide 12: Service & Components 2023 order intake CHF 1.7 billion
Service & Components 2023 order intake CHF Switzerland Partnership with FART Norway 8-year full-service 1.7 billion1 including a 20-year full- contract signed for up to service contract for 8 197 vehicles with Vy AS. tailor-made vehicles. Kazakhstan Locomotives Partnership between Full-service contr
Slide 13: Service & Components 2023 highlights
Service & Components 2023 Maintenance plant in the UK highlights − Opening of an innovative and environmentally friendly depot in Newcastle for 46 new METRO trains for the Tyne & Wear Metro. − 30-year partnership between Stadler and Nexus. Maintenance plant in Germany − Construction of a maintenance
Slide 14: Signalling 2023 order intake / highlights
Signalling 2023 order intake / highlights CHF ETCS Guardia 56 million 1 − Orders from Austria (ÖBB), Slovenia (SŽ), Germany (DB) and Italy (Trenitalia) − Retrofitting in Germany (DB) and Switzerland (BLS) − Authorisations in Switzerland, Germany, the Netherlands, Slovenia, Hungary, Poland, Belgium a
Slide 15: Sustainability
Attractiveness − The most efficient and Sustainability of rail environmentally friendly way to travel − Alternative drive systems (battery and H2) Environmentally − Scope 1 and Scope 2 emissions to be friendly halved by 2030 production − Net zero by 2050 and SBTi-compliant reduction pathway by 2025
Slide 16: 2023 financial results
02 2023 financial results Stadler full-year results 2023 | 13 March 2024 | © Stadler 16
Slide 17: Full-year results 2023 summary I
CHFm Full-year results 2023 summary I Order -20% Order +11% intake 8’557 backlog 21’984 24’414 6’804 2022 2023 31.12.2022 31.12.2023 Net EBIT -4% revenues 3’751 3’608 -11% 205 183 5.5% 5.1% 2022 2023 2022 2023 EBIT as % of net revenues Stadler full-year results 2023 | 13 March 2024 | © Stadler 17
Slide 18: Full-year results 2023 summary II
CHFm Full-year results 2023 summary II +630 Net cash1 Net -698 399 working capital2 -157 -231 -856 31.12.2022 31.12.2023 31.12.2022 31.12.2023 Capital +60 Free cash +353 expen- 244 flow4 749 diture3 184 396 2022 2023 2022 2023 Notes: 1 Net cash is calculated as cash and cash equivalents less current
Slide 19: Order intake
CHFm Order intake 2.3x 1.9x Comments -20% − Total order intake of CHF 6.8bn in 8’557 8’557 2023 which – as expected – is a 49 3% decline year-on-year on a very 1’160 18% 0% high comparison base 6’804 6’804 56 − Order intake in the Rolling Stock 15% 1’713 segment of CHF 5.0bn − Order intake in the Se
Slide 20: Order backlog
CHFbn Order backlog 24.4 Comments 0.2 22.0 Order backlog of CHF 24.4bn with a 0.2 growing Service & Components 5.9 share providing long-term visibility +15% CAGR 17.9 4.8 0.1 16.1 15.0 4.4 13.2 2.8 4.1 11.0 2.3 9.3 2.0 0.8 18.4 17.0 12.3 13.4 10.9 12.0 8.5 9.0 31.12.2016 31.12.2017 31.12.2018 31.12.
Slide 21: Net revenues
CHFm Net revenues -4% Comments 3’751 3’608 − Overall net revenues decline 50 64 9% 1% 3% 4% year-on-year, driven by FX 453 7% 464 translation impact of c. -2% 17% 9% − Rolling Stock net revenues decline 5% year-on-year, FX 34% translation impact of c. -2% 31% − Service & Components net revenues grow
Slide 22: EBIT
CHFm EBIT Comments 5.5% − EBIT reaches CHF 183.3m, 5.1% including negative currency effects of c. CHF 25m − EBIT margin at 5.1% remains 205 negatively affected by currencies 183 and inflation due to long term nature of orders 2022 2023 EBIT as % of net revenues EBIT Stadler full-year results 2023 |
Slide 23: Net income
CHFm Net income 2022 2023 Change YOY Comments Earnings before interest & taxes (EBIT) 205.1 183.3 (10.6%) − Profit for the period significantly Financial result (122.0) (34.7) improved year-on-year Share of results from associates 2.8 3.8 − Improvement mainly driven by significantly lower exchange r
Slide 24: Net cash position
CHFm Net cash position +630 Comments 399 399 Progress payments and solid inflow of advance payments on new orders drive a significant improve- 1’087 ment in net cash versus year-end 832 2022 despite high level of Capex -172 -461 -516 -601 -231 -231 31.12.2022 31.12.2023 31.12.2022 31.12.2023 Cash an
Slide 25: Net working capital
CHFm Net working capital -698 Comments 473 334 Overall reduction of net working capital of CHF 698m mainly driven 623 695 by a significant decline of work in -157 progress (net) and a lower level of 241 302 trade receivables 154 147 -808 -1’592 -240 -601 -159 -157 -583 -856 -856 31.12.2022 31.12.202
Slide 26: Capital expenditure
CHFm Capital Expenditure 288 Comments 248 57 − Capacity investments driven by 244 land acquisition in Switzerland 35 (St. Margrethen) as well as 79 expansions in Germany, Spain 188 184 177 and Hungary 14 − Intangibles Capex mainly relate 59 to R&D in locomotives, alternative 66 drive systems and sig
Slide 27: Cash flow cycles through project execution
Cash flow cycles through project execution Comments − No structural change in payment Front-end terms loaded cash − Customer and market specific profile cash flow profiles typically vary significantly − Key driver for cashflows in a specific period are the mix of ongoing orders combined with advance
Slide 28: Long-term net working capital evolution
CHFm Long-term net working capital evolution 403 115 27 -157 -323 -443 -710 -856 2016 2017 2018 2019 2020 2021 2022 2023 Orders with substantial Consumption of advance payments as Catch-up of Covid delays, progress and final advance payments at early orders are being executed Pandemic- payments from
Slide 29: Percentage of completion: units-of-delivery method
Percentage of completion: units-of-delivery method Conservative revenue recognition Rationale Phase I: Phase II: Phase III: Phase IV: Phase V: Signing Engineering Manufacturing Delivery Warranty − Pressure on team: Revenue Project recognition is the result of phases successfully executing orders as
Slide 30: Timing of revenue recognition – an example
Timing of revenue recognition – an example Initial Tender Offer Contract Objections Signature Engineering/ Type Homologation Revenue meeting award production testing recognition January 2021 April 2021 June 2021 October 2021 October 2021 February 2022 June 2023 May 2024 December 2025 January 2026 −
Slide 31: Production output versus revenues
CHFbn Production output versus revenues 8.6 3.5 – 3.7 4.0 – 4.2 5.0 – 5.5 ~95% ~85% >80% ∅ order intake 6.8 CHF 6.3bn 5.6 4.3 3.7 3.6 3.8 3.8 3.6 3.9 3.6 3.1 2020 2021 2022 2023 2024E 2025E 2026E Order intake Net revenues Production output % of net revenues in order backlog XX = Guidance net revenue
Slide 32: Summary and outlook
03 Summary and outlook Stadler full-year results 2023 | 13 March 2024 | © Stadler 32
Slide 33: Overview of Global Railway Market and Stadler's Strategic Market
External Perspective Overview of Global Railway Market and Stadler’s Strategic Market 01 | Global Railway Market 02 | Target Market 03 | Target Regions 190 Stadler’s Strategic Markets +4.3% 2021(1) Market Size (€bn) 2021-26(2) CAGR 144 54 32 Infrastructure 46 +4.3% +5.1% +9.4% Railway Market System
Slide 34: Mid-Term Strategy confirmed
Focused on profitable growth Mid-Term Strategy confirmed Markets Rolling Stock Signalling Service & Compon. Europe − Selectively win market − Must have ETCS − Growth in accessible Win market share and stabilize in share through best − Further advance in- markets and installed focus markets products
Slide 35: Key Focus Areas
Key Focus Areas Actions to achieve our objectives Order intake − Selective tender participation − Optimisation of capacities − profitable growth in the Service & Signalling − Continue on-schedule processing of order backlog and revenue segments Operations − Permanent optimisation of order execution
Slide 36: Guidance
Guidance Our financial guidance is based on constant currency exchange rates and on the assumption that there is no further deterioration of the current economic conditions 2024 2025 2026 Order intake ~1.5x ø book-to-bill ~1.5x ø book-to-bill ~1.5x ø book-to-bill Net revenues CHF 3.5 – 3.7bn CHF 4.0
Slide 37: Leading global railway player
Stadler on track Leading global Market environment Leading position in a growing, dynamic market railway player Product portfolio Stadler is increasingly operating as an integrated system provider Strong demand reflected in high order Order intake intake Technological leadership secures strong Innov
Slide 38: Q&A
Q&A Stadler full-year results 2023 | 13 March 2024 | © Stadler 38
Slide 39: Information
Information SHARE INFORMATION FINANCIAL CALENDAR Listing SIX Swiss Exchange 13 March Annual Report 2023 Currency CHF 22 May General Assembly Ticker symbol SRAIL 28 August Half-Year Report 2024 ISIN CH0002178181 Listing date 12 April 2019 INVESTOR CONTACT MEDIA CONTACT Daniel Strickler Gerda Königsto
Slide 40: 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 based on curren