Stadler Rail Ag · SIX:SRAIL

Stadler Rail — H1 2025 Earnings Presentation

34 slides from Stadler Rail's earnings presentation, Aug 27, 2025

Slide 1: Half-Year Results 2025
27.08.2025 Markus Bernsteiner, Raphael Widmer Half-Year- Results 2025 Half-Year Results 2025 | 27.08.2025 | © Stadler
Slide 3: Agenda
AGENDA 01 Review Half-Year 2025 Markus Bernsteiner, Group CEO 02 Financial Results Raphael Widmer, Group CFO 03 Summary & Outlook Markus Bernsteiner, Group CEO 04 Q&A Half-Year Results 2025 | 27.08.2025 | © Stadler 3
Slide 4: Presenters
Markus Bernsteiner Group CEO Presenters Raphael Widmer Group CFO Half-Year Results 2025 | 27.08.2025 | © Stadler 4
Slide 6: External influences continue – measures are having an effect
External influences continue – measures are having an effect © ARD Tagesschau Floodings Economic situation in Germany − Sierre CH: Caught up with Aluminium profile delays − Future collective agreement: Signature of the collective agreement for the Stadler plant in Pankow in April 2025 − Dürnrohr AT:
Slide 7: Stadler North America
Stadler North America US Tariffs: Stadler not fully affected − Location established in 2016: Buy America Act fulfilled (≥70% US value added) − Optimisation: currently 70–80% US value added, rest majority from EU (15% tariff), risks partially covered in contracts − Salt Lake City: doubling of product
Slide 8: Key Figures
Net revenue | CHF 1.4 billion 8% above the first half of 2024 Profit for the period | CHF 30.9 million 12% increase compared to the first half of 2024 EBIT margin | 2.6% EBIT margin increases by 0.4 percentage points H1 2025 Order intake | CHF 1.7 billion Key Figures Deferrals of contract awards to
Slide 9: Overview of the 3 segments
Overview of the 3 segments Rolling stock Service & Components Signalling − No. 2 in Europe for passenger trains − 16% average annual revenue growth − Independence from suppliers − Market leader in alternative drives since 2016 (competitors) (battery & hydrogen) − Growing installed base of vehicles −
Slide 10: Rolling Stock
Rolling Stock Mainline Tailor-Made − 13 train sets for Metro & Light Rail − 30 TANGO for Stuttgart (DE) − 19 FLIRT for Deutsche Bahn (DB Regio) Chablais (CH) − 6 TRAMLINK for Valencia (ES) − 14 FLIRT for Mazovia (PL) − 8 train sets for Montreux- − 4 TRAMLINK for Gotha (DE) Vevey (CH) − 13 KISS for M
Slide 11: Market leader for alternative drives
Green technology Market leader for alternative drives Stadler has sold more than 300 trains with battery or hydrogen drive with options for up to 204 additional vehicles. Switzerland Denmark 9 locomotives with battery drive 14-FLIRT Akku Germany Brazil 151 FLIRT Akku (+68 opt.) 22 TRAMLINK with batt
Slide 12: Service & Components
Service & Czech Republic Sweden Components Leo Express: 25 kV conversion and modernisation of five Arlanda Express: 7 FLIRT trains and 15-year maintenance vehicles contract Net revenue H1 2025 Poland Switzerland CHF 270.7m1 Koleje Mazowieckie: 18-year ELP: 12 Year maintenance maintenance contract fo
Slide 13: Signalling
Onboard (ETCS) Infrastructure Signalling − Homologation in 10 countries − Implementation of new baseline − Market entry in France − Expansion of components (incl. − Retrofit of Stadler & third-party signals, indicators) vehicles CBTC Digitisation Net revenue H1 2025 − Market breakthrough in USA − Mo
Slide 15: Half-year results 2025 summary I
CHFm Half-year results 2025 summary I Order -33% Order +1% intake 2’549 backlog 29’180 29’379 1’714 H1 24 H1 25 31.12.2024 30.06.2025 Net +8% EBIT +31% revenues 1’402 37 1’293 28 2.2% 2.6% H1 24 H1 25 H1 24 H1 25 EBIT as % of net revenues Stadler half-year results 2025 | 27 August 2025 | © Stadler 1
Slide 16: Half-year results 2025 summary II
CHFm Half-year results 2025 summary II Net cash1 -775 Net +720 368 working capital2 -291 -407 -1’011 31.12.2024 30.06.2025 31.12.2024 30.06.2025 Capital +22 Free cash expen- 120 flow4 -360 98 diture3 -385 -744 H1 24 H1 25 H1 24 H1 25 Notes: 1 Net cash is calculated as cash and cash equivalents less
Slide 17: Order intake of CHF 1.7bn
CHFm Order intake 2.0x 1.2x Order intake of -33% CHF 1.7bn 2’549 2’549 − Overall order intake can vary 33 significantly due to bulky nature 512 23% of certain orders. Outlook for full- 0% 1’714 year order intake confirmed 1’714 10% 52 1% − Order intake in the Rolling Stock 264 8% segment of CHF 1.4b
Slide 18: Order backlog continues to grow
CHFbn Order backlog 29.4 Order backlog 29.2 0.6 0.6 continues to grow 24.4 Order backlog of CHF 29.4bn with a 0.2 7.6 7.8 growing Service & Components +15% CAGR 22.0 0.2 share providing long-term visibility 5.9 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 20.9 21.0 0.8 17.0 18.4 12.3 12.
Slide 19: Growth in net revenues
CHFm Net revenues +8% Growth in net 1’293 1’402 22 1’293 1’402 4% 1% revenues 42 5% − Overall net revenues grow 8.4% 271 7% 7% year-on-year incl. FX translation 232 impact of -1.0% 6% 31% − Rolling Stock net revenues grow 26% 8.9% year-on-year incl. FX translation impact of -0.9% − Service & Compone
Slide 20: Significant increase in production output
CHFm Production output +18% Significant in- 2’332 crease in pro- 1’974 duction output 930 − Operating activities significantly 681 ahead of revenue recognition by units-of-delivery − Production output grows by 18.1% vs H1-2024, exceeding net revenues by CHF 930m 1’293 1’402 H1 24 H1 25 Net revenues
Slide 21: Production output versus revenues
CHFbn Production output versus revenues > 5.0 >5.0 8.6 ∅ order intake CHF 6.8 bn ~95% >80% 6.8 6.4 5.6 4.2 3.9 3.63.8 3.83.6 3.6 3.3 2.5 2.3 2.0 1.7 1.3 1.4 2021 2022 2023 H1 24 2024 H1 25 2025E 2026E 2027E Order intake Net revenues Production output % of net revenues from existing orders Guidance N
Slide 22: Improved margin
CHFm EBIT Improved margin 2.6% − EBIT reaches CHF 36.9m, margin increases to 2.6% 2.2% − EBIT margin remains negatively 36.9 affected by 2024 floodings due to long term nature of orders 28.2 − Overall limited significance of H1 EBIT margin due to revenue recognition by “units-of-delivery” combined w
Slide 23: Profit increases significantly
CHFm Net income H1 2024 H1 2025 Change YOY Profit increases significantly Operating result (EBIT) 28.2 36.9 31.0% Financial result 3.1 2.7 − At CHF 30.9m, profit for the Share of results from associated companies 2.3 3.1 period increased by 12.3% year- on-year Ordinary result 33.6 42.8 27.3% − Posit
Slide 24: Advance payments invested into ramp-up
CHFm Net cash position -775 Advance pay- 368 368 ments invested into ramp-up 1’261 − High level of advance payments collected in 2023 and 2024, 518 which are now being used to ramp-up production output -50 -104 − The processing of various orders with negative cash flows is being ramped up -843 -820
Slide 25: Net working capital increases
CHFm Net working capital +720 Net working 414 340 capital increases Overall increase of net working capital 776 853 of CHF 720m mainly driven by an 355 increase of work in progress (net) -291 328 171 236 -1’117 -1’727 -250 -230 -709 -743 -291 -1’011 -1’011 31.12.2024 30.06.2025 31.12.2024 30.06.2025
Slide 26: Long-term net working capital evolution
CHFm Long-term net working capital evolution 403 115 27 -157 -323 -291 -443 -710 -856 -1’011 2016 2017 2018 2019 2020 2021 2022 2023 2024 H1-25 Orders with substan- Consumption of advance Catch-up of Covid delays, progress and final Consumption of tial advance payments payments as orders are being p
Slide 27: Capacity investments
CHFm Capital expenditure 288 Capacity 248 57 244 investments 233 − Capacity investments driven by 35 expansions in the U.S., Hungary 79 and Germany 188 184 70 177 − Intangibles Capex mainly relate 14 to R&D in locomotives, alternative 59 propulsion technology 66 and signalling 120 231 213 98 32 76 1
Slide 29: Stadler's strategic markets
Stadler’s strategic markets € 44bn Stadler’s Strategic Markets +4.8% p.a. Growth Rate € 32bn Freight Wagons 15 16 +5.8% p.a. Growth Rate LRV 3 4 China 12 12 LRV Passenger Coaches 7 HS Trains Asia Passenger 3 (w/o China) 9 Opportunistic 3 Coaches Locomotives 9 Markets RoW 2 4 HS Trains CIS 5 6 Metro
Slide 30: Factory Expansions
Factory Expansions Switzerland − Increase in total production capacity − Expansion of apprentice workshops United States − Increase in car body capacity − Increase in assembly capacity Spain − Establishing alu car body construction − Increase in assembly capacity Poland − Competence centre (converte
Slide 31: Operational fields of action
Operational fields of action Team Innovation − Securing know-how − Innovative drives & vehicle concepts − Training of in-house specialists − Decarbonisation of freight transport − Strategic talent management − Digitisation: Digital twin/depot − Growing managers from own ranks automation/ETCS/CBTC/AT
Slide 32: Efficiency thanks to connectivity and innovation
Efficiency thanks to connectivity and innovation Strengthening the connectivity between our Investment in new manufacturing technologies locations ... Digitised test procedure − Algorithm finds quality defects Friction stir welding (FSW) − Higher structural strength & quality − Efficiency & sustaina
Slide 33: Guidance
Guidance 2025 2026 mid-term Order intake 1.0-1.5 ø book-to-bill 1.0-1.5 ø book-to-bill 1.0-1.5 ø book-to-bill Net revenue > 10 % growth vs 2024 > CHF 5.0bn > CHF 5.5bn EBIT margin 4 – 5% 6 – 8% CAPEX ~ CHF 250m ~ CHF 200m max. CHF 200m Dividend1 60% 60% 60% Free cash flow 2025 FCF may be negatively
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Stadler Rail — H1 2025 Earnings Presentation on 6ix

Stadler Rail — H1 2025 Earnings Presentation

Slide 1: Half-Year Results 2025

Slide 2: Host

Slide 3: Agenda

Slide 4: Presenters

Slide 5: Review Half-Year 2025

Slide 6: External influences continue – measures are having an effect

Slide 7: Stadler North America

Slide 8: Key Figures

Slide 9: Overview of the 3 segments

Slide 10: Rolling Stock

Slide 11: Market leader for alternative drives

Slide 12: Service & Components

Slide 13: Signalling

Slide 14: Financial Results

Slide 15: Half-year results 2025 summary I

Slide 16: Half-year results 2025 summary II

Slide 17: Order intake of CHF 1.7bn

Slide 18: Order backlog continues to grow

Slide 19: Growth in net revenues

Slide 20: Significant increase in production output

Slide 21: Production output versus revenues

Slide 22: Improved margin

Slide 23: Profit increases significantly

Slide 24: Advance payments invested into ramp-up

Slide 25: Net working capital increases

Slide 26: Long-term net working capital evolution

Slide 27: Capacity investments

Slide 28: Summary & Outlook

Slide 29: Stadler's strategic markets

Slide 30: Factory Expansions

Slide 31: Operational fields of action

Slide 32: Efficiency thanks to connectivity and innovation

Slide 33: Guidance

Slide 34: Slide 34