Stadler Rail Ag · SIX:SRAIL

Stadler Rail — FY2025 Earnings Presentation

33 slides from Stadler Rail's earnings presentation, Mar 18, 2026

Slide 1: Full-Year Results 2025
18.03.2026 Markus Bernsteiner, Raphael Widmer Full-Year Results 2025 Full-year results 2025 | 18.03.2026 | © Stadler
Slide 2: Representing Stadler today
Markus Bernsteiner Group CEO Representing Stadler today Raphael Widmer Group CFO Full-year results 2025 | 18.03.2026 | © Stadler 2
Slide 3: Agenda
AGENDA 01 Full-year 2025 Markus Bernsteiner, Group CEO 02 2025 financial results Raphael Widmer, Group CFO 03 Outlook Markus Bernsteiner, Group CEO Full-year results 2025 | 18.03.2026 | © Stadler 3
Slide 5: Targets achieved – foundation laid for further success
Targets achieved – foundation laid for further success REVENUE & PROFITABILITY INCREASED MARKET POSITION STRENGTHENED − Targets for 2025 achieved − Order intake: again above 1.5 book-to-bill ratio − Revenue: growth of 13% to CHF 3.7 bn. − Order backlog: growing, well diversified − EBIT margin: +1.3
Slide 6: Stadler Germany – first milestones have been achieved
Stadler Germany – first milestones have been achieved INITIAL SITUATION − Economic pressure from global crises and bankruptcies in the supplier industry MEASURES − Collective labour agreement signed with IG Metall − Cost and efficiency program implemented STATUS − Productivity noticeably increased a
Slide 7: Key Figures – increased profitability and revenue
Key Figures – increased profitability and revenue ORDER INTAKE | CHF 6.1 bn. EBIT-MARGIN | 4.4% Continued strong order intake: Book-to-Bill 1.7x significant increase compared to 2024 (3.1%) ORDER BACKLOG | CHF 32.3 bn. NET INCOME | CHF 100.7 mio. Order backlog reaches a new high Net income nearly do
Slide 8: Innovative mobility solutions of the highest quality
Segment overview Innovative mobility solutions of the highest quality ROLLING STOCK Order intake 20251: CHF 4.4 bn. Share of revenue 20251: 80% Order backlog 20251: CHF 22.4 bn. Share of order backlog1: 69% SERVICE & COMPONENTS Order intake 20251: CHF 1.6 bn. Share of revenue 20251: 17% Order backlo
Slide 9: Rolling Stock: Highlights 2025
Rolling Stock ROLLING STOCK: HIGHLIGHTS 2025 Order intake 2025 CHF MAINLINE METRO & LRV 4.4 bn.1 Netherlands: 36 FLIRT trains for Cologne: 132 high-floor CITYLINK for Nederlandse Spoorwegen Kölner Verkehrs-Betriebe Rolling Stock LOCOMOTIVES TAILOR-MADE Order backlog 2025 CHF 22.4 bn. 1 Luxembourg: F
Slide 10: Service & Components: Highlights 2025
Service & Components SERVICE & COMPONENTS: HIGHLIGHTS 2025 Order intake 2025 CHF SPARE PARTS FULL-SERVICE 1.6 bn.1 Cologne: 37-year contract with KVB Frankfurt: 30-year contract with RTW for new high-floor CITYLINK for 27 CITYLINK Service & Components REFIT FULL-SERVICE Order backlog 2025 CHF 9.3 bn
Slide 11: Signalling: Highlights 2025
Signalling SIGNALLING: HIGHLIGHTS 2025 Order intake 2025 CHF CBTC: MOB (Rochers-de-Naye) CBTC: BLT-STAMMNETZ 103 mio.1 Equipment for the prestigigous rack First network-wide CBTC installation rail route with Nova Pro GoA1 in a Swiss city Signalling ELECTR. INTERLOCKINGS: BERGEN ETCS: SBB Evo France
Slide 12: The track to more sustainability
The track to more sustainability Stadler is the market leader in green technology. No other manufacturer in Europe sells more rail vehicles with sustainable, CO2-free, battery and hydrogen drives. HIGHLIGHTS 2025 Germany: 19 FLIRT Akku-vehicles for Italy: 2 tailor-made hydrogen-powered narrow-gauge
Slide 13: The track to more sustainability
The track to more sustainability Stadler consistently promotes the transition to climate-friendly mobility, has ambitious goals and implements measures that go beyond the products: GOAL –50% Scope 1&2 GOAL 2030 2050 Net Zero –25% Scope 3 HIGHLIGHTS 2025 − Successful transition of the reporting stand
Slide 15: Results 2025 summary I
CHFm Results 2025 summary I Order -4% Order +11% intake 6’368 6’122 backlog 29’180 32’286 2024 2025 31.12.2024 31.12.2025 Net +13% EBIT revenue 3’679 3’256 +60% 3.1% 4.4% 161 100 2024 2025 2024 2025 EBIT as % of net revenue Full-year results 2025 | 18.03.2026 | © Stadler 15
Slide 16: Results 2025 summary II
CHFm Results 2025 summary II Net cash1 -643 Net +589 368 working capital2 -422 -275 -1’011 31.12.2024 31.12.2025 31.12.2024 31.12.2025 Capital +45 Free cash -728 expen- 278 flow4 140 233 diture3 -588 2024 2025 2024 2025 1 Net cash is calculated as cash and cash equivalents less current and non-curre
Slide 17: Order intake of CHF 6.1bn
CHFm Order intake 2.0x 1.7x Order intake of -4% CHF 6.1bn 6’368 6’368 6’122 6’122 − Strong, stable order intake of CHF 520 103 10% 3% 0% 6.1bn 1’017 15% 15% 1’579 − Book-to-bill ratio of 1.7x 13% − Order intake in Rolling Stock 33% segment: CHF 4.4bn despite 17% various award delays − Order intake i
Slide 18: Order backlog continues to grow
CHFbn Order backlog 32.3 Order backlog 29.2 0.5 continues to grow 0.6 9.3 Order backlog of CHF 32.3bn with a +15% CAGR 24.4 growing Service & Components 22.0 0.2 7.6 share 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 20.9 22.4 2.0 18.4 0.8 17.0 12.3 12.0 13.4 10.9 8.5 9.0 2016 2017 2
Slide 19: Growth in net revenue
CHFm Net revenue +13% +15%1 Growth in net 3’679 118 5% revenue 3’256 7% − Overall net revenue grows 15% 49 607 at constant currencies. 8% 7% 510 5% 7% − Rolling Stock net revenue grows 10% year-on-year incl. a negative 32% FX translation impact of -1% 29% − Service & Components net revenue grows 19%
Slide 20: Operating activities ahead of net revenue
CHFm Production output +21% Operating 5’018 activities ahead 4’154 1’339 net of revenue 898 Production output grows by 21%, exceeding net revenue by CHF 1’339m 3’679 3’256 2024 2025 Net revenue Delta gross work in progress Full-year results 2025 | 18.03.2026 | © Stadler 20
Slide 21: Production output versus revenue
CHFbn Production output versus revenue > 5.0 8.6 ∅ order intake CHF 6.7 bn >95% >95% >90% 6.8 6.4 6.1 5.6 5.0 4.2 3.9 3.6 3.8 3.8 3.6 3.6 3.7 3.3 2021 2022 2023 2024 2025 2026E 2027E 2028E Order intake Net revenues Production output % of net revenue from existing orders Guidance Net revenue Net reve
Slide 22: Improved margin
CHFm EBIT Improved margin 4.4% − Significant improvement to an EBIT-margin within our 2025 target range of 4-5% 3.1% − Counter measures following 160.6 floodings and efficiency programme in Germany take effect 100.5 − Higher net revenue supporting better fixed cost absorption 2024 2025 EBIT as % of
Slide 23: Net income increases significantly
CHFm Net income 2024 2025 Change YOY Net income increases Operating result (EBIT) 100.5 160.6 59.8% Financial result -1.5 -16.7 Share of results from associated companies 4.0 6.5 significantly − Higher EBIT also has an impact Ordinary result 103.0 150.3 46.0% on consolidated net income Non-operating
Slide 24: Ramp-up is consuming cash…
CHFm Net cash -643 Ramp-up is 368 368 consuming cash… 1’261 − High level of advance payments collected in previous years are 664 now being used to ramp-up production output -50 − Processing of various orders in a -434 phase of negative cash flows − These effects had a negative -843 impact on operati
Slide 25: … and driving a net working capital increase
CHFm Net working capital +589 … and driving a 414 433 net working 776 833 capital increase Overall increase of net working capital 328 385 mainly driven by an increase of work 171 239 in progress (net) -422 -1’140 -1’727 -304 -230 -867 -743 -422 -1’011 -1’011 31.12.2024 31.12.2025 31.12.2024 31.12.2
Slide 26: Long-term net working capital evolution
CHFm Long-term net working capital evolution 403 115 27 -157 -323 -443 -422 -710 -856 -1,011 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Orders with substan- Consumption of advance Catch-up of Covid delays, progress and final Consumption of tial advance payments payments, pandemic-related paym
Slide 27: Capacity and technology investments
CHFm Capital expenditure 288 278 Capacity and 248 57 244 technology 35 233 69 investments 79 − Investments in expansions in 188 184 70 177 Hungary, Spain, Germany and the 14 US 59 − R&D investments in locomotives, 66 alternative propulsion technology 231 and signalling 213 209 76 174 166 163 55 11 1
Slide 29: Long-term operational fields of action
Long-term operational fields of action TEAM INNOVATION − Safeguarding of knowhow − Innovative drive systems & vehicle concepts − Training of internal specialists − Decarbonisation of freight transport − Strategic talent management − Advancing digital solutions − Promotion of managers from own ranks
Slide 30: Operational focus topics for 2026
Operational focus topics for 2026 STADLER GERMANY − Continue efficiency program successfully − Further streamline organisation & processes − Increase performance sustainably DIGITALISATION − Drive innovation consistently − Further develop organisation − Successfully establish Stadler Digital Labs ST
Slide 31: Guidance
Guidance 2026 mid-term ORDER INTAKE 1.0-1.5 ø book-to-bill 1.0-1.5 ø book-to-bill NET REVENUE > CHF 5.0bn > CHF 5.5bn EBIT MARGIN > 5% 6 – 8% CAPEX ~ CHF 250m ~ CHF 200m DIVIDEND1 60% 60% FREE CASH FLOW 2026 FCF may be negatively impacted by increase in production output and work in progress despite
Slide 33: 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

Stadler Rail — FY2025 Earnings Presentation on 6ix

Stadler Rail — FY2025 Earnings Presentation

Slide 1: Full-Year Results 2025

Slide 2: Representing Stadler today

Slide 3: Agenda

Slide 4: Full-year 2025

Slide 5: Targets achieved – foundation laid for further success

Slide 6: Stadler Germany – first milestones have been achieved

Slide 7: Key Figures – increased profitability and revenue

Slide 8: Innovative mobility solutions of the highest quality

Slide 9: Rolling Stock: Highlights 2025

Slide 10: Service & Components: Highlights 2025

Slide 11: Signalling: Highlights 2025

Slide 12: The track to more sustainability

Slide 13: The track to more sustainability

Slide 14: 2025 financial results

Slide 15: Results 2025 summary I

Slide 16: Results 2025 summary II

Slide 17: Order intake of CHF 6.1bn

Slide 18: Order backlog continues to grow

Slide 19: Growth in net revenue

Slide 20: Operating activities ahead of net revenue

Slide 21: Production output versus revenue

Slide 22: Improved margin

Slide 23: Net income increases significantly

Slide 24: Ramp-up is consuming cash…

Slide 25: … and driving a net working capital increase

Slide 26: Long-term net working capital evolution

Slide 27: Capacity and technology investments

Slide 28: Outlook

Slide 29: Long-term operational fields of action

Slide 30: Operational focus topics for 2026

Slide 31: Guidance

Slide 32: Full-year results 2025 | 18.03.2026 | © Stadler

Slide 33: Disclaimer