Stadler Rail Ag · SIX:SRAIL

Stadler Rail — H1 2026 Earnings Presentation

32 slides from Stadler Rail's earnings presentation, Aug 26, 2026

Slide 1: Half-year results 2026
26.08.2026 Markus Bernsteiner, Raphael Widmer Half-year results 2026 Half-year results 2026 | 26.08.2026 | © Stadler
Slide 3: Agenda
AGENDA 01 Review half-year 2026 Markus Bernsteiner, Group CEO 02 Financial results Raphael Widmer, Group CFO 03 Summary & outlook Markus Bernsteiner, Group CEO 04 Q&A Half-year results 2026 | 26.08.2026 | © Stadler 3
Slide 4: Representing Stadler today
Markus Bernsteiner Group CEO Representing Stadler today Raphael Widmer Group CFO Half-year results 2026 | 26.08.2026 | © Stadler 4
Slide 6: Stadler continues the positive development
Stadler continues the positive development HIGHER REVENUE AND PROFITABILITY OPERATIONAL FOCUS TOPICS ON TRACK − Revenue: CHF 2.0bn (40% increase vs H1 2025) − Valencia: supply chains stabilised, resilience increased − EBIT margin: 4.0% (+1.4 %pts. vs H1 2025) − Germany: large orders ensure capacity
Slide 7: Stadler continues the positive development
Stadler continues the positive development Stadler significantly increased sales and profitability in the first half of 2026. The course for the future has been set. 8,000 8 7,000 7 EBIT as a % of net revenues1 Net revenues in CHFm1 6,000 6 5,000 5 4,000 4 3,000 3 2,000 2 H1 2026 1,000 1 0 0 2019 20
Slide 8: Stadler Germany – Operational progress & major orders
Stadler Germany – Operational progress & major orders Efficiency improvement programme is showing its effectiveness. U-Bahn Berlin option order and order for S-Bahn Berlin ensure long-term capacity utilisation. Consortium of S-Bahn Berlin, Siemens Mobility and BVG orders 166 additional carriages for
Slide 9: Our segments – innovative mobility solutions of the highest quality
Our segments – innovative mobility solutions of the highest quality ROLLING STOCK SIGNALLING SERVICE & COMPONENTS Order intake H1 2026: Order intake H1 2026: Order intake H1 2026: CHF 2.2bn CHF 29.7m CHF 515.1m Order backlog 30.06.2026: Order backlog 30.06.2026: Order backlog 30.06.2026: CHF 23.0bn
Slide 10: Order intake H1 2026 – Highlights
Order intake H1 2026 – Highlights ROLLING STOCK SIGNALLING SERVICE & COMPONENTS Copenhagen: framework contract for Chablais: modernisation with electronic Ireland: 15-year TSSSA agreement for 8 226 fully automated MU for DSB interlockings for TPC FLIRT for Iarnród Éireann & Translink Görlitz and Zwi
Slide 12: Half-year results 2026 summary I
CHFm Half-year results 2026 summary I Order +60% Order +3% intake 2’738 backlog 32’286 33’269 1’714 H1 25 H1 26 31.12.2025 30.06.2026 Net +40% EBIT +115% revenues 1’965 79 4.0% 1’402 2.6% 37 H1 25 H1 26 H1 25 H1 26 EBIT as % of net revenues Half-year results 2026 | 26.08.2026 | © Stadler 12
Slide 13: Half-year results 2026 summary II
CHFm Half-year results 2026 summary II Net cash1 -149 Net +98 working capital2 -275 -324 -424 -422 31.12.2025 30.06.2026 31.12.2025 30.06.2026 Capital -19 Free cash expen- 120 flow4 +690 101 diture3 -54 -744 H1 25 H1 26 H1 25 H1 26 Notes: 1 Net cash is calculated as cash and cash equivalents less cu
Slide 14: Order intake of CHF 2.7bn
CHFm Order intake Order intake of 1.2x 1.4x CHF 2.7bn +60% − Solid overall order intake 2’738 2’738 with a book-to-bill ratio of 30 5% 0% 1.4x. Outlook for full-year 515 23% order intake confirmed − Order intake in the Rolling 1’714 1’714 52 1% Stock segment of CHF 2.2bn 264 16% 0% − Order intake in
Slide 15: Order backlog continues to grow
CHFbn Order backlog Order backlog continues to grow 32.3 33.3 0.6 29.2 0.5 − Order backlog grows to CHF +14% CAGR 0.6 33.3bn 9.3 9.7 24.4 7.6 − Growing Service & 22.0 0.2 0.2 Components share provides 5.9 17.9 4.8 long-term visibility 16.1 0.1 15.0 4.4 13.2 4.1 2.8 11.0 2.3 23.0 9.3 20.9 22.4 2.0 18
Slide 16: Significant revenue growth
CHFm Net revenue Significant +40% revenue growth 1’965 1’965 − Strong total net revenue 27 5% 1% 297 growth of 40% year-on-year 17% incl. FX translation impact of 1’402 1’402 -2.2% 22 1% 5% 4% 20% − Rolling Stock: 271 Net revenues grow 48% year- 31% on-year incl. FX translation 1’640 impact of -2.3%
Slide 17: Production output continues to grow
CHFm Production output Production output +11% continues to grow 2’577 − Operating activities remain 2’332 significantly ahead of 612 revenue recognition by units- of-delivery 930 − Production output grows by 11% vs H1-2025, still exceeding net revenues by CHF 612m 1’965 1’402 H1 25 H1 26 Net revenue
Slide 18: Production output versus revenues
CHFbn Production output versus revenues > 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 2.7 2.6 2.3 2.0 1.7 1.4 2021 2022 2023 2024 H1 25 2025 H1 26 2026E 2027E 2028E Order intake Net revenues Production output % of net revenues from existin
Slide 19: Margin increased substantially
CHFm EBIT Margin increased 4.0% substantially 79.5 − EBIT more than doubled to CHF 79.5m, margin increases 2.6% to 4.0% − H1 EBIT margin is sensitive to revenue recognition by 36.9 “units-of-delivery” combined with order mix effects H1 25 H1 26 EBIT as % of net revenues EBIT Half-year results 2026 |
Slide 20: Higher profit for the period
CHFm Net income H1 2025 H1 2026 Change YOY Higher profit for the period Operating result (EBIT) 36.9 79.5 115.2% Financial result 2.7 (30.8) Share of results from associated companies 3.1 2.3 − At CHF 31.2m, profit for the period increased by 0.9% Ordinary result 42.8 51.0 19.2% year-on-year Non-ope
Slide 21: High production output ties up capital
CHFm Net cash position -149 High production output ties up 664 capital 530 − Even though the growth in production output is still tying up capital as expected, -434 -468 a balanced operating -275 cashflow was achieved − Investments and the -506 -486 dividend payment in H1- 2026 lead to a CHF149m -42
Slide 22: Net working capital increased
CHFm Net working capital Net working +98 capital increased 462 433 939 Overall increase of net working 833 capital mainly driven by an 385 407 increase in compensation claims 239 238 from work in progress -1’140 -1’280 -304 -248 -324 -867 -841 -422 -422 -324 31.12.2025 30.06.2026 31.12.2025 30.06.20
Slide 23: Long-term net working capital evolution
CHFm Long-term net working capital evolution 403 115 27 -157 -323 -324 -443 -422 -710 -856 -1,011 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 30.06.2026 Orders with substan- Consumption of advance Catch-up of Covid delays, progress and Consumption of tial advance payments, pandemic-related fin
Slide 24: Growth and technology investments
CHFm Capital expenditure Growth and technology 288 278 investments 248 57 244 − Investments driven by new 233 69 commissioning and service 35 sites in Austria and Germany, 188 79 as well as capacity 184 70 14 177 expansions in carbody manufacturing in Hungary 59 66 and production sites in the US and
Slide 26: Outlook – our long-term operational fields of action
Outlook – our long-term operational fields of action TEAM INNOVATION Developing talent, securing expertise Promoting innovation, shaping transformation − Professional training and further education − Drive and vehicle concept innovation − Strategic talent management − Digitalisation and artificial i
Slide 27: STADL accelerates Stadler's digital transformation
STADL accelerates Stadler’s digital transformation by building internal capabilities and developing scalable, secure solutions INFORMATION ABOUT STADL SERVICES Joint Venture with Critical Software Digital solutions Majority owned by Stadler (51%) Scalable digital platforms Operational since January
Slide 28: Service & Components – Strong development and attractive prospects
Service & Components – Strong development and attractive prospects SUCCESSFUL DEVELOPMENT SINCE IPO FUTURE GROWTH DRIVERS >95 607 Growing vehicle fleet 4’929 >80 as a basis for additional service business 4’444 Outsourcing trend among operators 40 297 due to know-how advantages of OEMs 2’326 261 Gro
Slide 29: Operational focus topics for 2026
Operational focus topics for 2026 STADLER GERMANY − End-to-end productivity measurably increased − Plant capacity ensured thanks to substantial contract awards − Efficiency program consistently implemented DIGITALISATION − Successful ramp-up of Stadler Digital Labs − Build-up of competencies & organ
Slide 30: Guidance
Guidance 2026 mid-term ORDER INTAKE 1.0-1.5x book-to-bill 1.0-1.5x 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 31: Stadler @ InnoTrans 2026
Stadler @ InnoTrans 2026 FLIRT – Norske Tog EURO Dufour – SBB Cargo Loco Tailor-made hydrogen train – ARST Optimised for nordic climate & long distance Energy-efficient and powerful four-axle multi- First narrow gauge hydrogen train in the transport with electric or bi-modal drive. system locomotive

Stadler Rail — H1 2026 Earnings Presentation on 6ix

Stadler Rail — H1 2026 Earnings Presentation

Slide 1: Half-year results 2026

Slide 2: Host

Slide 3: Agenda

Slide 4: Representing Stadler today

Slide 5: Review half-year 2026

Slide 6: Stadler continues the positive development

Slide 7: Stadler continues the positive development

Slide 8: Stadler Germany – Operational progress & major orders

Slide 9: Our segments – innovative mobility solutions of the highest quality

Slide 10: Order intake H1 2026 – Highlights

Slide 11: Financial results

Slide 12: Half-year results 2026 summary I

Slide 13: Half-year results 2026 summary II

Slide 14: Order intake of CHF 2.7bn

Slide 15: Order backlog continues to grow

Slide 16: Significant revenue growth

Slide 17: Production output continues to grow

Slide 18: Production output versus revenues

Slide 19: Margin increased substantially

Slide 20: Higher profit for the period

Slide 21: High production output ties up capital

Slide 22: Net working capital increased

Slide 23: Long-term net working capital evolution

Slide 24: Growth and technology investments

Slide 25: Summary and outlook

Slide 26: Outlook – our long-term operational fields of action

Slide 27: STADL accelerates Stadler's digital transformation

Slide 28: Service & Components – Strong development and attractive prospects

Slide 29: Operational focus topics for 2026

Slide 30: Guidance

Slide 31: Stadler @ InnoTrans 2026

Slide 32: Half-year results 2026 | 26.08.2026 | © Stadler