Stadler Rail Ag · SIX:SRAIL

Stadler Rail — Investor Day (March 2025)

119 slides from Stadler Rail's investor day presentation, Mar 19, 2025

Slide 1: Capital Markets Day 2025
Capital Markets Day 2025 Bussnang, 19 March 2025
Slide 2: Strategy update
Peter Spuhler Chairman of the Board Strategy update Capital Markets Day 2025 | 19.03.25 | © Stadler
Slide 3: Stadler – at a glance
Stadler – at a glance Est. 1942 ~ 15 000 employees ~ 270 customers Swiss values ~ 12 000 vehicles in 49 countries 8 procuction- and 8 component-sites globally 6 engineering- 80+ Service- locations locations Capital Markets Day 2025 | 19.03.25 | © Stadler 4
Slide 4: Environmental disasters as a major challenge
Environmental disasters as a major challenge Sierre (30.06.2024) − Flooding of Constellium plant in Sierre − 850t of the 1200t of aluminum profiles in storage had to be scrapped − Partial loss of production: backlog will be made up in August 2025 Dürnrohr (17.09.2024) − Heavy rainfall led to a dam b
Slide 5: Development since the IPO on 12 April 2019
Development since the IPO on 12 April 2019 2018 2024 Workforce (FTE) ~8 900 +71% ~15 000 Order backlog (CHF bn) 13.2 +121% 29.2 Net revenue (CHF bn) 2.0 +63% 3.3 EBIT-margin 7.5% -4.4pp 3.1% Shareprice (CHF)1 38.0 -39% 23.0 COVID-19 & Inflation & FX Russian war in Ukraine, Energy Floodings in Spain,
Slide 6: Challenging global environment since 2019
Challenging global environment since 2019 FX headwinds – Major negative impacts on project margins from Euro deterioration Covid-19 – Supply chain disruptions Stadler IPO – Delays in vehicle takeovers, revenue and cash-in – Inflation Russian war in Ukraine – Supply chain disruptions – Energy cost cr
Slide 7: Overview rolling stock OEM market
Overview rolling stock OEM market Stadler’s Strategic Markets 2023 Market Size (€bn) 1 Global Railway Market 2 Target Market 3 Target Regions 2023-28 (1) CAGR 207 160 59 32 +4.0% +4.0% +4.8% +5.8% Infrastructure 47 Freight Wagons 15 System Technology (2) OEM 11 22 LRV 3 Railway Market 2023-28 CAGR A
Slide 8: SCI market shares by region
SCI market shares by region (2022-2024) Home markets North America: EUR 2.4 bn Europe: EUR 13.9 bn CIS: EUR 4.5 bn Others 6% CRRC (2%) 1% Others Stadler (2%) 1% Others Wabtec (3%) 6% CRRC Pesa (1%) 2% 10% Alstom (3%) 2% Stadler (6%) Alstom Ust-Katav (2%) 3% 11% 8% 24% (23%) Skoda (5%) 6% (37%) 38% S
Slide 9: SCI market shares Europe by segment
SCI market shares Europe by segment (2022-2024) Focus Segments Multiple Units: EUR 5.9 bn LRV: EUR 1.9 bn Locomotives: EUR 1.9 bn Others Newag (3%) 4% Pesa 3% Others Others Alstom CAF (3%) 3% 6% (27%) Pesa (4%) 5% 6% 26% 22% Skoda (5%) 8% Alstom Vossloh (4%) 6% Siemens (39%) 42% (37%) 39% Siemens (7
Slide 10: Stadler widens its focus within the overall rail ecosystem
Stadler widens its focus within the overall rail ecosystem Infrastructure Feasibility study Rolling Maintenance and Economic Planning Funding Operation Stock & Service feasibility Signalling (incl. Wayside) With Rolling Stock at its core, Stadler addresses growing customer demand for complete soluti
Slide 11: The Stadler core strategic dimensions
The Stadler core strategic dimensions Market- segments Geographic Products & markets Solutions Stadler operates in selected market segments with high-quality products and solutions in specific geographical markets Capital Markets Day 2025 | 19.03.25 | © Stadler 12
Slide 12: Example of Stadler core strategic dimensions
Example of Stadler core strategic dimensions Green Technology Locomotives Market- New market segment to Market demand for segments meet growing customer interoperable and demand for multisystem locomotive is decarbonization of rail growing. fleets Europe & USA Europe RS FLIRT Locs RS ZERO for Geogra
Slide 13: Innovation as our driver for long term profitable growth
Innovation as our driver for long term profitable growth Vehicle Commissioning Delivery, Technology & concept & Tendering Order intake Manufacturing & revenue, Innovation product homologation EBIT development Process takes 4 - 10 years on average Capital Markets Day 2025 | 19.03.25 | © Stadler 14
Slide 14: Conservative revenue recognition and production output
Conservative revenue recognition and production output 8.6 ∅ order intake > 5.0 >5.0 Comments CHF 6.8 bn 6.8 ~95% >80% 6.4 ‐ Revenue recognition for trains based on conservative units of 5.6 delivery method 4.2 ‐ This leads to a multi-year lag 3.9 between operational activity 3.63.8 3.8 3.6 3.6 3.3
Slide 15: Strategic thrusts
Strategic thrusts Geographical Green expansion Technology Digitalisation Capital Markets Day 2025 | 19.03.25 | © Stadler 16
Slide 18: Agenda
AGENDA 01 Current challenges and measures taken 02 Operational fields of action Core dimensions for profitable growth 03 Operational implementation Processes, systems & organisation Capital Markets Day 2025 | 19.03.25 | © Stadler 19
Slide 20: Environmental disasters
Environmental disasters Sierre − Adjustment of production plans according to reprioritization of orders − Examination of possible cleaning concepts for damaged profiles Measures taken − Short-time working in St. Margrethen & arrangement of overtime − Setting-up task force mode − Alloy adjustments Dü
Slide 21: Stadler Germany
Stadler Germany Objectives & measures Stadler Germany Locations under pressure in Berlin Measures to ensure − Economic situation: Weak economic development in Germany is a burden on Stadler’s locations in Berlin competitiveness in Berlin − Supplier problems: Bankruptcy cases in the supplier industry
Slide 23: Developments since the last Capital Markets Day
Developments since the last Capital Markets Day 330 CHF millions invested +1 Production site in Sites & Products1 +2 Component plants >15 New Service sites 2,000 New employees Order Intake 22% 0 2 4 6 8 Ø OI 2019-21 Ø OI 2022-24 +3 Apprenticeships Prod. capacity 68% More apprentices growth Capital M
Slide 24: Cross-location exchange & operational dimensions
Operational fields of action Cross-location exchange & operational dimensions Cross-location exchange Core dimensions for profitable growth Team Innovation Focus Areas Order intake − Cross-location exchange & harmonisation based on best practices Operation and revenue − Effective communication betwe
Slide 25: Implementation priorities
Operational fields of action Implementation priorities 26 Guidelines Implementation Strategy & governance Product & process 6 Guidelines 7 Guidelines Processes Systems Organisations − Sharpening of the − Implementation − Strengthening of core processes of ERP & PLM Service / Signalling − Examples: −
Slide 26: Operational implementation: Processes
03.01 Operational implementation Processes Capital Markets Day 2025 | 19.03.25 | © Stadler
Slide 27: Sharpening of our core processes
Operational Implementation – Processes Sharpening of our core processes SALES PROCESS PROJECT MANAGEMENT Upcoming Application and Offer preparation Service / Negotiations Engineering Procurement Production IBS Guarantee tender tender analysis including TRM after sales Contract GO-I GO-II Tender X+2
Slide 28: Implementation of the engineering map
Operational implementation – Processes Implementation of the engineering map Milestone / project planning Introduced quality gates Engineering process G1 G2 G3 G4 G5 G6 G7 G8 G9 G10 G11 G12 G13 G14 Design and approvals Car body construction and assembly Factory acceptance and type test Operation and
Slide 29: Components optimisation
Operational implementation – Processes Components optimisation Objectives Examples of implemented solutions − Better technical solutions Push buttons Light curtain doors Batteries − Targeted further developments − Lower production costs − Lower life cycle costs -33% -33% -33% Stakeholders − Engineer
Slide 30: Modularisation machine room panelling
Operational implementation – Processes Modularisation machine room panelling Concept harmonisation Cost reduction of between FLIRT & KISS No welded parts (creation of pooling options in purchasing) (e.g. use of lasered extract air filters) 64% Use of standard c-parts Modern LED (e.g. secondary reten
Slide 31: Operational implementation: Systems
03.02 Operational implementation Systems Capital Markets Day 2025 | 19.03.25 | © Stadler
Slide 32: Ongoing harmonisation of application landscape in several domains
Operational implementation – Systems Ongoing harmonisation of application landscape in several domains Transition phase started in 2022 State of the art platform architecture 2027/28 − Different software providers and local instances Technology and Infrastructure serve as a global − Non-harmonised p
Slide 33: Implementation of ERP & PLM
Operational implementation – Systems Implementation of ERP & PLM 2022 2023 2024 2025 2026 2027 2028 2029 closed WAVE 1 DIV Germany DIV Switzerland WAVE 2 DIV Germany DIV Service DIV Signalling DIV Central Europe ongoing WAVE 3 DIV North America DIV Service DIV Components DIV Service WAVE 4 DIV Spain
Slide 34: Operational implementation: Organisation
03.03 Operational implementation Organisation Capital Markets Day 2025 | 19.03.25 | © Stadler
Slide 35: Adjustments since 2022
Operational Implementation – Organisation Adjustments since 2022 Creation of Division Cross-site collaboration North America − Regular exchange of experience: − Rapid growth of Stadler US since − Cross-location harmonisation based on best practice 2016, already over 500 employees − Utilise synergies
Slide 36: Factory expansion & investments in new production technologies
Operational implementation – Organisation Factory expansion & investments in new production technologies Factory expansion Investments in new production technologies Poland Visual inspection − Center of competence (converters & EPA) − Comparison of component photos with 3D − Increase of steel body p
Slide 37: Networking and optimisation for sustainable success
Operational measures Networking and optimisation for sustainable success Cross-location exchange Fields of action for sustainable growth − Strengthening our cross-location cooperation: Leverage expertise − Team: Investing in training and talent management within Stadler and increase operational effi
Slide 39: Deep dive Signalling
Marc Trippel Head of Signalling Division Deep dive Signalling Capital Markets Day 2025 | 19.03.25 | © Stadler
Slide 40: Signalling strategy and positioning
01 Signalling strategy and positioning Capital Markets Day 2025 | 19.03.25 | © Stadler 41
Slide 41: Stadler is more than rolling stock
Stadler Signalling Stadler is more than rolling stock
Slide 42: Why Signalling
Division Signalling Why Signalling SAFETY CAPACITY / EFFICENCY COMPETITIVENESS Signalling – from safe train operations (collision avoidance and speed supervision) to efficiency gains Capital Markets Day 2025 | 19.03.25 | © Stadler 43
Slide 43: Signalling portfolio
Division Signalling Signalling portfolio Mainline Urban Metro On-board European Train Control Automatic Train Protection Automatic Train Protection System (ETCS) and Driver Advisory Systems and Driver Advisory Systems Wayside Interlocking (CH) Conventional Signalling Conventional Signalling Portfoli
Slide 44: Strong market drivers
Division Signalling Strong market drivers Demand drivers and their implications Positive outlook in focus markets High demand for mass-transit and M€ +3.7 % CAGR Rail control market outlook Urbanisation capacity increase on existing 30 27.6 infrastructure 25 22.2 +4.9 % CAGR Climate Need for efficie
Slide 45: Milestones and growth rate on track
Division Signalling Milestones and growth rate on track Growing order backlog Order intake hilights MCHF 1’000 Saudi Arabia: First ETCS nnboard 900 contract in the Middle East with 800 SAR 9x 700 600 500 USA: First large CBTC contract with 400 MARTA (Atlanta) 300 200 100 Switzerland: First mainline
Slide 46: Strategic positioning in signalling market landscape
Division Signalling Strategic positioning in signalling market landscape Strategic positioning in signalling market landscape Headcount ~1’000 Large global Local players ‐ Clear focus on players1 high value core ‐ Agile innovator developments ‐ Close to ‐ Access to group customers resources and buil
Slide 47: Leveraging global Rolling Stock and Service footprint
Division Signalling Leveraging global Rolling Stock and Service footprint Focused organisation with global reach − Lean, agile and innovative Signalling organization with selective expansion − Clear focus on centralized Signalling competence centres − Solid base in Europe (Germany, Italy and Switzer
Slide 48: Focused on innovation and market entries
Division Signalling Focused on innovation and market entries Achievements Strong base for the future Mainline: successful onboard market entry in Well-positioned for the growing ETCS on- Europe, including Refit business board market and solid base for wayside Urban: comprehensive product portfolio o
Slide 49: Strategic direction – from vision to reality
Division Signalling Strategic direction – from vision to reality Independence and value-added Mainline Independence from direct competition ‐ Interoperable solutions, onboard and wayside and increasing value-added for Stadler ‐ Leader for ETCS Refit solutions Innovation-leader Determined to be innov
Slide 50: ERTMS & ETCS
02 ERTMS & ETCS Sazi Enicker Head of Sales ETCS Capital Markets Day 2025 | 19.03.25 | © Stadler 51
Slide 51: Strategic ETCS framework
Secure independence Independence from the competition in ETCS train protection is crucial for Stadler’s long-term success. Strategic ETCS framework Manage complexity ETCS business is complex, demanding and requires up- front investments. For new market entries, this heavily depends on the need for i
Slide 52: ETCS: strategic focus areas
Division Signalling ETCS: strategic focus areas Strategic focus areas New Stadler fleets Stadler installed base New markets Third-party fleets Drive margin by Drive margin by Enter new markets by Do retrofit projects for equipping new Stadler addressing retrofit of means of suitable third party vehi
Slide 53: Different project set ups
Division Signalling Different project set ups NEW REFIT • ATP full integration • TSI compliance upgrade • Customizable solutions • ETCS update or 1st installment • Project planning & execution support • Class-B integration • Authorization & Test • Authorization & Test • Mainly Stadler vehicles, • Ex
Slide 54: 10 country homologations in record time
Division Signalling 10 country homologations in record time Homologated Roadmap − Austria − Czech Republic − Belgium − Denmark − Croatia − France − Germany − Saudia Arabia − Hungary − Spain − Italy − Slovakia − Netherlands − Poland − Slovenia − Switzerland Saudi- Arabia Capital Markets Day 2025 | 19
Slide 55: More than 1,400 vehicles equipped and increasing market share
Division Signalling More than 1’400 vehicles equipped and increasing market share New OBUs 2022/2023 6% 15% 11% 8% 60% Stadler Hitachi Rail (incl. Ansaldo) Saudi- Siemens Arabia Alstom (incl. Bombardier) Others Legend Homologation obtained Source: Deployment World Map (UNISIG), 10/2024 Ongoing activ
Slide 56: Trusted by established customers for ETCS refits
Division Signalling Trusted by established customers for ETCS refits Average age of Rolling Stock in Europe1 ‐ Diesel locomotives 40 years ‐ Electric locomotives 29 years ‐ Diesel multiple units 25 years ‐ Electric multiple units 18 years ‐ High-speed trains 14 years 1) SCI 2024: Worldwide Market fo
Slide 57: Success story: Locomotive BR 185
Division Signalling Success story: Locomotive BR 185 OVERVIEW CONCEPT EXECUTION SUCCESS FACTORS Freight Locomotive operating in Reverse Engineering with Execution close to the vehicle Modification limits AT and DE Vehicle Scan and numerous home location, without investigations on the Vehicle involve
Slide 58: Success story: Train BR 605
Division Signalling Success story: Train BR 605 OVERVIEW CONCEPT EXECUTION SUCCESS FACTORS Passangers Train for DK, DE and Reverse Engineering with “Backpack solution” history of vehicle modifications CH Vehicle Scan and numerous without involvement of the train investigations on the Vehicle manufac
Slide 59: Success story: Yellow Machine BR 741
Division Signalling Success story: Yellow Machine BR 741 OVERVIEW CONCEPT EXECUTION SUCCESS FACTORS Maintenance vehicle for ETCS Reverse Engineering with Limited access to technical Mastering safety analysis is lines in Germany Vehicle Scan and numerous documents critical due to vehicle complexity i
Slide 60: Market entry: ETCS competency also on infrastructure side
Division Signalling Market entry: ETCS competency also on infrastructure Side SZU (Zuerich) awarded Stadler with the network- wide modernisation of its signalling systems − Partnership and long-term implementation con- tract from planning and installation to testing and commissioning of the safety s
Slide 61: Innovation
03 Innovation Ankit Dabral Head of Business Development CBTC/ATO Capital Markets Day 2025 | 19.03.25 | © Stadler 62
Slide 62: Innovation at core
Division Signalling Innovation at core Communication Based Train Control – NOVA PRO ‐ Innovative approach with first CBTC application compatible for both Metro and Light Rail Vehicles ‐ Pure Moving block, based on commercial-off-the-shelf (COTS) – one of a kind in the industry Depot automation ‐ Mod
Slide 63: Metro
Division Signalling Metro For customers who want to be ensured of reliability, precision and maximum safety in urban metro lines. Stadler offers high-quality, lean and modular CBTC solutions and their migration into the existing infrastructure. Automated operation – CBTC Migration The Stadler NOVA P
Slide 64: The most modern metre gauge railway in Europe
Division Signalling The most modern metre gauge railway in Europe CBTC GoA2 ‐ In commercial operation since December 2022 ‐ Scalable system design: GoA2 in 2024 / expandable to GoA4 ‐ Including collision warning system ‐ Depot automation 2025 in commercial operation Capital Markets Day 2025 | 19.03.
Slide 65: Full automation (GoA4) on open track
Division Signalling Full automation (GoA4) on open track CBTC GoA4 ‐ ATO GOA4 on open track ‐ Pioneering automated rail operation on branch line ‐ Communication via public network ‐ Defines standards for autonomous operation on open track ‐ On-demand operation in planning ‐ Commissioning 2027 Capita
Slide 66: Depot
Division Signalling Depot Whether interlocking, ATO solutions or sensors – Stadler supplies tailored hard- and software solutions for visualization and operation within depots Shunting systems Automated shunting Stadler offers innovative system solutions for regulated and We support railway operator
Slide 67: From partial automation in the depot area…
From partial automation in the depot area… Capital Markets Day 2025 | 19.03.25 | © Stadler 68
Slide 68: … up to fully automatised depot operations
… up to fully automatised depot operations (shunting, parking, coupling, washing, preparation) Capital Markets Day 2025 | 19.03.25 | © Stadler 69
Slide 69: Use cases of depot automation in GoA4
Division Signalling Use cases of depot automation in GoA4 Autonomous shunting of the train Autonomous to the workshop Coupling of trains Driverless parking of vehicles Autonomous washing of the train Autonomous preparation of the train at departure platform Capital Markets Day 2025 | 19.03.25 | © St
Slide 70: Digital solutions
Division Signalling Digital solutions Stadler links different systems to develop digital solutions for various applications. Railway transport therby becomes more punctual and attractive and supports the climate-friendly mobility transportation. We are creating a digital, flexible and independent e-
Slide 71: Revolutionizing migration
Division Signalling Revolutionizing migration − No platform solutions − Customer-specific migration and strategy − Parallel equipment onboard and trackside − Tailored solutions − Applicable on a large product portfolio Tailormade solutions for our customers’ needs Capital Markets Day 2025 | 19.03.25
Slide 73: Deep dive US market
Dr. Ansgar Brockmeyer Head of Marketing & Sales Deep dive US market Capital Markets Day 2025 | 19.03.25 | © Stadler
Slide 74: Stadler worldwide market shares
01 Stadler worldwide market shares Regional Development Capital Markets Day 2025 | 19.03.25 | © Stadler 75
Slide 75: SCI market shares by region
Competitive landscape global market SCI market shares by region (2022-2024) Home markets North America: EUR 2.4 bn Europe: EUR 13.9 bn CIS: EUR 4.5 bn Others 6% CRRC (2%) 1% Others Stadler (2%) 1% Others Wabtec (3%) 6% CRRC Pesa (1%) 2% 10% Alstom (3%) 2% Stadler (6%) Alstom Ust-Katav (2%) 3% 11% 8%
Slide 76: US rail market characteristics
02 US rail market characteristics Geographical and technological challenges Capital Markets Day 2025 | 19.03.25 | © Stadler 77
Slide 77: Geographical footprint of US population is challenging for railways
US Rail Market Characteristics Geographical footprint of US population is challenging for railways 4500km Population: ~340 Mio Area: ~10 Mio km2 2500km Capital Markets Day 2025 | 19.03.25 | © Stadler 78
Slide 78: The railway network is the largest of the world with <1% electrification
US Rail Market Characteristics The railway network is 290 tkm the largest of the world with <1% electrification Capital Markets Day 2025 | 19.03.25 | © Stadler 79
Slide 79: The US passenger rail market has a vast modernisation potential
US Rail Market Characteristics The US passenger rail market has a vast modernisation potential: Past, present and future of CalTrain (CA) in a single image Capital Markets Day 2025 | 19.03.25 | © Stadler 80
Slide 80: Market review: Stadler in North America
Stadler in North America MARKET REVIEW AUTHORITY: Lack of: central authority / planning / knowledge Consultant driven INFRASTRUCTURE: Mostly owned by freight FUNDING: Track class 1 – 9 Generally very good Upgrades are very costly and slow CapEx vs OpEx SUPPLY CHAIN: Small supplier base Long lead tim
Slide 81: Stadler in North America
03 Stadler in North America Innovation and Technology offensive Capital Markets Day 2025 | 19.03.25 | © Stadler 82
Slide 82: Stadler product families in North America
A solid basis Stadler product families in North America Leader in ZERO emissions technology Most advanced Metro vehicles Next Generation Light Rail Vehicles 2002 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 Metro Marta CBTC LRV UTA KISS Caltrain EMU FLIRT TexRail Caltrain BE
Slide 83: Our products in an overview
Stadler Rail in the United States Our products in an overview GTW FLIRT KISS METRO LIGHT RAIL VEHICLES TAILOR MADE Propulsion Systems: Propulsion Systems: Propulsion Systems: Propulsion Systems: Propulsion Systems: Options: - Diesel - Battery - Battery - Battery - Overhead Catenary - Cog Rail - Over
Slide 84: Footprint Salt Lake City (UT)
Footprint Salt Lake City (UT) Stadler in North America New paint booths Water test station Expanded Expansion commissioning area hall - NEW View Looking Southwest View Looking Southeast Capital Markets Day 2025 | 19.03.25 | © Stadler 85
Slide 85: Stadler in the United States
04 Stadler in the United States Growing fast & sustainably Capital Markets Day 2025 | 19.03.25 | © Stadler 86
Slide 86: Ongoing projects
Stadler in the United States Ongoing projects − Caltrain ‒ Fleet stable in revenue service − 19 KISS ‒ Last 2 Trainsets from Base Order & Option 1 in final assembly EMU − SBCTA ‒ Start of revenue service with H2 scheduled for spring 2025 − 3 FLIRT ‒ Maintenance contract awarded DMU + 1 ‒ DMU Fleet i
Slide 87: Newly awarded projects
Stadler in the United States Newly awarded projects − Caltrain ‒ Route: San Francisco Peninsula – San Jose – Gilroy − 1 KISS ‒ Ridership: TBD BEMU ‒ Revenue Service: Expected end of 2027 ‒ Power: Electric, runs on 25kV 60Hz AC overhead line − Metra ‒ Route: Rock Island Line − 8 FLIRT ‒ Ridership: TB
Slide 88: Projects in production
05 Projects in production 2019 - 2025 Capital Markets Day 2025 | 19.03.25 | © Stadler 89
Slide 89: Caltrain KISS Double-Decker EMU
Caltrain (CA) KISS Double-Decker Electric Multiple Unit (EMU) TRACK Route San Francisco Peninsula – San Jose – Tamien Stations 24 stations Length 77 miles Ridership 65,000+ per day CUSTOMER TRAIN SPECIFICATIONS Name Peninsula Corridor Joint Powers Board (PCJPB) Type EMU KISS 7-CAR Vehicles 19 trains
Slide 90: MARTA Metro
Metropolitan Atlanta Rapid Transit Authority (MARTA) (GA) Metro TRAIN SPECIFICATIONS Type Metro Vehicles 56 trains / 224 cars Max Speed 70 mph Axle Arrangement TBD Power Electric, 750v DC Third Rail Size of Train L 340’ x W 10.5’ CUSTOMER TRACK Name Metropolitan Atlanta Rapid Transit Authority Route
Slide 91: Utah State University FLIRT BEMU
Utah State University (UT) FLIRT Battery Electric Multiple Unit (BEMU) TRAIN SPECIFICATIONS Type FLIRT BEMU 2-Car Vehicles 1 train / 2 cars Max Speed 79 mph Axle Arrangement 4 Powered 4 Unpowered Power Battery Size of Train L 169’ x W 9’ x H 14’ CUSTOMER TRACK Name Utah State University (USU) Route
Slide 92: In design and future projects
06 In design and future projects 2024 - 2028 Capital Markets Day 2025 | 19.03.25 | © Stadler 93
Slide 93: Caltrans FLIRT H2 ZEMU
California Department of Transportation (Caltrans) (CA) FLIRT H2 Zero-Emission Multiple Unit (ZEMU) TRACK Route Sacramento - Merced Stations 15 Length Approx 230m per direction Ridership tbd CUSTOMER TRAIN SPECIFICATIONS Name Caltrans Type FLIRT H2 Vehicles 10 + 19 Location Sacramento Max. Speed 90
Slide 94: Caltrain Options KISS BEMU
Caltrain Options (CA) KISS Battery Electric Multiple Unit (BEMU) TRACK Route San Jose Tamien -Salinas, CA Stations 3 stations Length 67 miles Ridership Showcase demonstrator CUSTOMER TRAIN SPECIFICATIONS Name Peninsula Corridor Joint Powers Board (PCJPB) Type BEMU KISS 4-CAR Vehicles 1 train Locatio
Slide 95: Metra FLIRT BEMU
Metra / RTA Chicago (IL) FLIRT Battery Electric Multiple Unit (BEMU) TRACK Route Chicago – Joliet (Rock Island Line) Stations 26 Length 41 miles Ridership 7M per year CUSTOMER TRAIN SPECIFICATIONS Name Metra Type FLIRT BEMU 2-Car Vehicles 8 Location Chicago Max Speed 100 mph Due Date June 2028 Axle
Slide 96: UTA CITYLINK Light Rail Vehicle
Utah Transit Authority (UT) CITYLINK Light Rail Vehicle TRACK Route Airport – Draper – University of Utah - Daybreak Stations 26 Length 45 miles Ridership 11M per year CUSTOMER TRAIN SPECIFICATIONS Name Utah Transit Authority Type CITYLINK Vehicles 20 Location Salt Lake City, Utah Max Speed 65 mph D
Slide 97: TexRail FLIRT DMU
TexRail (TX) FLIRT Diesel Multiple Unit (DMU) TRAIN SPECIFICATIONS Type FLIRT / 5 car DMU Vehicles 4 trains / 20 cars Max Speed 79 mph Axle Arrangement 4 powered 8 unpowered Power Diesel, 700kW Size of Train L 266’ x W 9’5.4” x H 15’10” Weight 160 Tons CUSTOMER TRACK Fort Worth – Dallas Name Trinity
Slide 98: MARTA signaling
MARTA signaling - Project volume approx. 500 Mio USD - Modernization of infrastructure and on-board equipment - Upgrade to Communication Based Train Control (CBTC) - Implementation of Stadler Nova Pro - Replacement of 3rd party obsolete legacy system - Breakthrough in NA-market Capital Markets Day 2
Slide 99: Financial performance and outlook
Raphael Widmer Group CFO Financial performance and outlook Capital Markets Day 2025 | 19.03.25 | © Stadler
Slide 100: Conservative accounting principles
Conservative accounting principles Order • Only firm orders are booked as order intake (no options included) intake • Order financing must be secured Revenue • Percentage of completion: units-of-delivery method recognition • Revenue is only booked when a train is delivered; costs are calculated usin
Slide 101: Financial risk management
Financial risk management • Currency exposures are naturally hedged where feasible • In regions where Stadler is exposed to a structural mismatch between the currency of its net revenue and costs, it utilises hedging tools such as foreign currency forward contracts and other derivative instruments i
Slide 102: Long-term development of key financials
Long-term development of key financials Unpegging of Growth & Ukraine war COVID-19 Floodings European crisis CHF vs. EUR execution inflation 10’000 9’000 8’000 7’000 6’000 Order intake (CHFm) 5’000 Average order intake (CHFm) 4’000 Book-to-bill ratio (1) 3’000 2’000 1’000 0 2011 2012 2013 2014 2015
Slide 103: Order backlog
CHFbn Order backlog 29.2 Comments 0.6 Order backlog of CHF 29.2bn with a 24.4 growing Service & Components 0.2 7.6 share providing long-term visibility +15% CAGR 22.0 0.2 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 0.8 17.0 18.4 12.3 12.0 13.4 10.9 8.5 9.0 2016 2017 2018 2019 2
Slide 104: Capital expenditure
CHFm Capital expenditure 288 Comments 57 − Capacity investments driven by 248 244 233 expansions in Spain, Hungary, the 35 US and Poland 79 − Intangibles Capex mainly relate 188 184 70 to R&D in locomotives, alternative 14 177 propulsion technology 59 and signalling 66 231 213 76 174 166 163 55 11 1
Slide 105: Cash flow cycles through project execution
Cash flow cycles through project execution Comments Front-end − No structural change in payment loaded terms 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 106: Long-term net working capital evolution
CHFm Long-term net working capital evolution 403 115 27 -157 -323 -443 -710 -856 -1’011 2016 2017 2018 2019 2020 2021 2022 2023 2024 Orders with substantial Consumption of advance payments Catch-up of Covid delays, progress and final advance payments at as orders are being execute.d payments from or
Slide 107: Long-term net cash evolution
CHFm Long-term net cash evolution 960 629 532 399 368 6 -231 -351 -608 2016 2017 2018 2019 2020 2021 2022 2023 2024 Movements in net cash are mainly driven by swings in net working capital Capital Markets Day 2025 | 19.03.25 | © Stadler 108
Slide 108: Deep dive long-term project accounting
Deep dive long-term project accounting Capital Markets Day 2025 | 19.03.25 | © Stadler 109
Slide 109: Conservative revenue recognition
Conservative revenue recognition Phase I: Phase II: Phase III: Phase IV: Phase V: Signing Engineering Manufacturing Delivery Warranty Project phases 6m 1y 1.5y 3-4y 3-6y Milestones payments Milestones payments Delivery payment (10% - 30%) (70% - 75%) (5% - 15%) % of total payments(1) Cash in Cash ou
Slide 110: Production output
CHFm Production output 8.6 ∅ order intake > 5.0 >5.0 CHF 6.8 bn Comments 6.8 ~95% >80% 6.4 − Operating activities and production output significantly 5.6 ahead of revenue recognition by units-of-delivery 4.2 − Significant step-up in production 3.9 3.6 3.8 3.8 3.6 3.6 output expected in 2025 driving
Slide 111: Example: Units-of-delivery vs cost-to-cost I/II
CHFm Example: Units-of-delivery vs cost-to-cost I/II Assumptions 2025 2026 2027 2028 Total Manufacturing costs (material & hours) 13.6 30.4 28.8 7.2 80.0 Cash-in (Advance-, milestone- and final payments) 15.0 37.5 37.5 10.0 100.0 Order margin in % 20.0 Vehicle deliveries 0 0 4 1 5 Units-of-Delivery
Slide 112: Example: Units-of-delivery vs cost-to-cost II/II
CHFm Example: Units-of-delivery vs cost-to-cost II/II Units-of-delivery (annual) Units-of-delivery (cumulative) Units-of-delivery 100 100 10 80 80 5 60 60 0 40 40 20 20 -5 0 0 -10 2025 2026 2027 2028 2025 2026 2027 2028 2025 2026 2027 2028 Cost-to-cost (annual) Cost-to-cost (cumulative) Cost-to-cost
Slide 113: Work in progress I/II
Work in progress I/II Assets Liabilities ‐ Work in progress is determined on an order-by-order basis ‐ Depending on its cashflow profile, stage of execution and percentage of completion, an order can either constitute an asset or a liability from work in progress ‐ Net work in progress is the main d
Slide 114: Work in progress II/II
Work in progress II/II Assets Liabilities Capital Markets Day 2025 | 19.03.25 | © Stadler 115
Slide 115: Compensation claims from work in progress
Compensation claims from work in progress Accounting principles (extract) – Revenue from rail vehicles is recognised on the basis of the percentage of completion (by units-of- delivery), provided the relevant conditions are met – There are justified cases in which acceptance by the customer is delay
Slide 116: Diversified, high-quality order backlog
Diversified, high-quality order backlog Order backlog by region Order backlog by market segment Share of top 10 orders(1) 4% 2% 6% 8% 5% 6% 26% 4% 7% 37% 3% 47% 3% 3% 2% 2% 2% 2% 11% 66% 30% 6% 10% 7% DACH CIS Trains Tailor-made Western Europe Eastern Europe Locomotives Service & Components Americas
Slide 117: EBIT bridge to mid-term guidance
EBIT in % of net revenue EBIT bridge to mid-term guidance Comments 6-8% − Negative impacts in 2024 to diminish over the coming years ~1% − Step-up in revenues going into ~1% 2026 will lead to significantly higher SG&A absorption − More stringent and selective sales ~2% process drives an increasing 3
Slide 118: 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 increase vs 2024 > CHF 5.0bn > CHF 5.5bn EBIT-margin 4 – 5% 6 – 8% CAPEX ~ CHF 250m ~ CHF 200m max. CHF 200m Dividend policy 60% 60% 60% (% of profit for the year, attributable t

Stadler Rail — Investor Day (March 2025) on 6ix

Stadler Rail — Investor Day (March 2025)

Slide 1: Capital Markets Day 2025

Slide 2: Strategy update

Slide 3: Stadler – at a glance

Slide 4: Environmental disasters as a major challenge

Slide 5: Development since the IPO on 12 April 2019

Slide 6: Challenging global environment since 2019

Slide 7: Overview rolling stock OEM market

Slide 8: SCI market shares by region

Slide 9: SCI market shares Europe by segment

Slide 10: Stadler widens its focus within the overall rail ecosystem

Slide 11: The Stadler core strategic dimensions

Slide 12: Example of Stadler core strategic dimensions

Slide 13: Innovation as our driver for long term profitable growth

Slide 14: Conservative revenue recognition and production output

Slide 15: Strategic thrusts

Slide 16: Q&A

Slide 17: Operations

Slide 18: Agenda

Slide 19: Current challenges

Slide 20: Environmental disasters

Slide 21: Stadler Germany

Slide 22: Operational fields of action

Slide 23: Developments since the last Capital Markets Day

Slide 24: Cross-location exchange & operational dimensions

Slide 25: Implementation priorities

Slide 26: Operational implementation: Processes

Slide 27: Sharpening of our core processes

Slide 28: Implementation of the engineering map

Slide 29: Components optimisation

Slide 30: Modularisation machine room panelling

Slide 31: Operational implementation: Systems

Slide 32: Ongoing harmonisation of application landscape in several domains

Slide 33: Implementation of ERP & PLM

Slide 34: Operational implementation: Organisation

Slide 35: Adjustments since 2022

Slide 36: Factory expansion & investments in new production technologies

Slide 37: Networking and optimisation for sustainable success

Slide 38: Capital Markets Day 2025 | 19.03.25 | © Stadler

Slide 39: Deep dive Signalling

Slide 40: Signalling strategy and positioning

Slide 41: Stadler is more than rolling stock

Slide 42: Why Signalling

Slide 43: Signalling portfolio

Slide 44: Strong market drivers

Slide 45: Milestones and growth rate on track

Slide 46: Strategic positioning in signalling market landscape

Slide 47: Leveraging global Rolling Stock and Service footprint

Slide 48: Focused on innovation and market entries

Slide 49: Strategic direction – from vision to reality

Slide 50: ERTMS & ETCS

Slide 51: Strategic ETCS framework

Slide 52: ETCS: strategic focus areas

Slide 53: Different project set ups

Slide 54: 10 country homologations in record time

Slide 55: More than 1,400 vehicles equipped and increasing market share

Slide 56: Trusted by established customers for ETCS refits

Slide 57: Success story: Locomotive BR 185

Slide 58: Success story: Train BR 605

Slide 59: Success story: Yellow Machine BR 741

Slide 60: Market entry: ETCS competency also on infrastructure side

Slide 61: Innovation

Slide 62: Innovation at core

Slide 63: Metro

Slide 64: The most modern metre gauge railway in Europe

Slide 65: Full automation (GoA4) on open track

Slide 66: Depot

Slide 67: From partial automation in the depot area…

Slide 68: … up to fully automatised depot operations

Slide 69: Use cases of depot automation in GoA4

Slide 70: Digital solutions

Slide 71: Revolutionizing migration

Slide 72: Q&A

Slide 73: Deep dive US market

Slide 74: Stadler worldwide market shares

Slide 75: SCI market shares by region

Slide 76: US rail market characteristics

Slide 77: Geographical footprint of US population is challenging for railways

Slide 78: The railway network is the largest of the world with <1% electrification

Slide 79: The US passenger rail market has a vast modernisation potential