Stadler Rail Ag · SIX:SRAIL
Stadler Rail — FY2024 Earnings Presentation
36 slides from Stadler Rail's earnings presentation, Mar 19, 2025
Slide 1: Full-Year 2024 Results
19.03.2025 Markus Bernsteiner, Raphael Widmer Full-Year 2024 Results Stadler full-year results 2024 | 19.03.25 | © Stadler
Slide 2: Representing Stadler today
Markus Bernsteiner Group CEO Representing Stadler today Raphael Widmer Group CFO Stadler full-year results 2024 | 19.03.25 | © Stadler 2
Slide 3: Financial year 2024
01 Financial year 2024 Stadler full-year results 2024 | 19.03.25 | © Stadler
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: 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 plants in Berlin competitiveness in Berlin − Supplier problems: Bankruptcy cases in the supplier industry le
Slide 6: Key figures
FTE | ~15’000 5’600 Employees in Switzerland Order Intake | CHF 6.4bn Again exceeding our strategic ambition of 1.5 book-to-bill Order Backlog | CHF 29.2bn Increases by 20% versus year-end 2023 2024 Net revenue | CHF 3.3bn Key figures Natural disasters drive a 10% decline vs 2023 EBIT margin | 3.1%
Slide 7: Segment overview
Segment overview Rolling Stock Service & Components Signalling − No. 2 in Europe for passenger trains − 16% average annual sales growth − Independence from suppliers − Driver of innovation for alternative (CAGR) since 2016 (competitors) drive systems − Growing installed base − Stadler as a system pr
Slide 8: Rolling Stock order intake 2024
Rolling Stock Order intake 2024 CHF 4.8 billion1 Mainline Tailor-made − 50 FLIRT for Koleje − 12 Tailor-made Locomotives for Mazowieckie in Poland RATP in France Rolling Stock − 43 FLIRT for SBB − 18 Meter Gauge Locomotives for Order backlog 2024 (Evo option call-off) RhB, MGBahn, MOB & MBC CHF − 47
Slide 9: Leading in alternative drive systems
Stadler Rail Leading in alternative drive systems Stadler has already sold 280 trains including 186 options with battery or hydrogen drive systems Denmark Lithuania Lokaltog: 14 FLIRT Akku LGT: 6-FLIRT Akku (+26 opt.) Austria Brazil ÖBB: 16 FLIRT Akku (+104 opt.) EMTU: 22 TRAMLINK with battery Switz
Slide 10: Service & Components order intake 2024
Service & Components Order intake 2024 CHF 1.0 billion 1 Netherlands Locomotives On behalf of the Dutch State Conclusion of a service Railways, 58 FLIRT vehicle are contract for the maintenance being equipped with the current of EURO-9000 locomotives Service & Components with Alpha Trains ERTMS solu
Slide 11: Signalling order intake 2024
Signalling Order intake 2024 CHF Platzhalter für Bild 520 Mio. 1 Onboard (ETCS) Infrastructure − Country approval for Italy − Successful market entry in − Further development and sale the mainline segment in Signalling of new Baseline Switzerland (SZU) − Expansion of retrofit capacities − Expansion
Slide 12: Signalling – Highlight 2024: MARTA
Signalling – Highlight 2024 MARTA − USD 500 million project to modernise the train control systems in MARTA's rail network − Equipping the metro with Stadler's NOVA Pro train control system − System guarantees the highest level of safety and enables capacity increase − Order represents international
Slide 13: Further highlights 2024
Annual media conference Further highlights 2024 Februar Market entry Saudi-Arabia New Service location New ÖBB-Servicejets − Stadler delivers Intercity trains to − Stadler opens its newest service − ÖBB und Stadler present new Saudi Arabia for the first time location in Rendsburg rescue and firefigh
Slide 14: Sustainability
Attractiveness of rail − The most efficient and environmentally friendly way to travel − Alternative drive systems (battery and H2) Environmentally friendly production − Scope 1 and Scope 2 emissions to be halved by 2030 − Net zero by 2050 (Scope 1 & 2) − SBTi-compliant reduction pathway by 2025 − F
Slide 15: 2024 financial results
02 2024 financial results Stadler full-year results 2024 | 19.03.25 | © Stadler
Slide 16: Results 2024 summary I
CHFm Results 2024 summary I Order -6% Order +20% intake 6’804 6’368 backlog 29’180 24’414 2023 2024 31.12.2023 31.12.2024 Net EBIT -10% revenues 3’608 -45% 3’256 5.1% 3.1% 183 100 2023 2024 2023 2024 EBIT as % of net revenues Stadler full-year results 2024 | 19.03.25 | © Stadler 16
Slide 17: Results 2024 summary II
CHFm Results 2024 summary II Net cash1 -31 Net -155 399 368 working capital2 -856 31.12.2023 31.12.2024 -1’011 31.12.2023 31.12.2024 Capital -11 Free cash -609 expen- 244 233 flow4 749 diture3 140 2023 2024 2023 2024 1 Net cash is calculated as cash and cash equivalents less current and non-current
Slide 18: Order intake
CHFm Order intake 1.9x 2.0x Comments -6% − Strong order intake of CHF 6.4bn 6’804 6’804 in 2024 which – as expected – is a 56 6’368 2% 6’368 decline year-on-year on a high 1’713 520 9% comparison base 30% 0% 1’017 13% − Book-to-bill ratio of 2.0x 15% − Order intake in the Rolling Stock 8% 4% segment
Slide 19: 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 20: Net revenues
CHFm Net revenues -10% Comments 3’608 − Overall net revenue declines 64 3’256 7% 3% 10% year-on-year incl. FX 464 49 9% 8% translation impact of -1% 510 5% 7% − Rolling Stock net revenue declines 12% year-on-year incl. FX 34% translation impact of -1% 29% − Service & Components net revenue grows 10%
Slide 21: Production output
CHFm Production output +7.4% Comments 4’154 − Production output grows by 3’869 7.4% vs 2023, exceeding net 261 898 revenues by CHF 898m 3’608 3’256 2023 2024 Net revenues Delta gross work in progress Stadler full-year results 2024 | 19.03.25 | © Stadler 21
Slide 22: Production output
CHFm Production output 8.6 > 5.0 >5.0 Comments 6.8 ~95% >80% − Operating activities and 6.4 production output significantly ahead of revenue recognition by 5.6 units-of-delivery − Significant step-up in production 4.2 output expected in 2025 driving 3.9 revenue growth into 2026/2027 3.6 3.8 3.8 3.6
Slide 23: EBIT
CHFm EBIT Comments 5.1% − Major drag on EBIT as a result of revenue shifts (incl. under- 183.3 absorption) and additional costs related to floods − EBIT also impacted by higher 3.1% growth-related SG&A costs (mainly fixed costs) 100.5 2023 2024 EBIT as % of net revenues EBIT Stadler full-year result
Slide 24: Net income
CHFm Net income 2023 2024 Change YOY Comments Operating result (EBIT) 183.3 100.5 -45.2% − Lower EBIT follows through to net Financial result -34.7 -1.5 income Share of results from associated companies 3.8 4.0 − Higher tax expenses negatively impact the profit for the period Ordinary result 152.4 1
Slide 25: Net cash position
CHFm Net cash position -31 Comments 399 368 368 399 − Solid inflow of cash from orders in execution and advance payments on new orders 1’261 − Despite continuous ramp up of 1’087 various orders with negative cash flows, net cash position remains largely stable -172 -50 -516 -843 31.12.2023 31.12.202
Slide 26: Net working capital
CHFm Net working capital -155 Comments 414 Overall decrease of net working 334 capital mainly driven by a decrease of 695 776 work in progress (net) and other current liabilities 302 328 147 171 -1’592 -1’727 -159 -230 -583 -856 -743 -856 -1’011 -1’011 31.12.2023 31.12.2024 31.12.2023 31.12.2024 Tra
Slide 27: 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
Slide 28: EBIT margin bridge to mid-term guidance
EBIT in % of net revenue EBIT margin 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 incre
Slide 29: Summary & outlook
03 Summary & outlook Stadler full-year results 2024 | 19.03.25 | © Stadler
Slide 30: Stadler's strategic markets
Market volume 2023 in € billions Stadler’s strategic markets € 59 Mia. Stadler’s Strategic Markets +4.8% p.a. Growth Rate Freight € 32 Mia. Wagons 15 +5.8% p.a. Growth Rate LRV 3 Passanger 4 China 12 Coaches 7 LRV HS Trains Asia 3 Passenger (w/o China) 9 Opportunistic 3 Locomotives 9 Markets Coaches
Slide 31: Mid-term strategy confirmed
Focus on profitable growth Mid-term strategy confirmed Markets Rolling Stock − Selectively win market share through best products and new product pipeline Europa − Normalisation of growth: Focus on delivering backlog & Operational excellence Win market share and stabilise in focus markets Service &
Slide 32: Actions to achieve our objectives
Focus on profitable growth Actions to achieve our objectives Operational fields of action for profitable growth Reactions to floodings − Close support for affected suppliers Team Innovation − Development of alternative suppliers − Safeguarding of expertise − Innovative drive systems & vehicle concep
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 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
Slide 34: Stadler is very well positioned in the market for long-term success
Stadler is very well positioned in the market for long-term success
Slide 35: Information
Information SHARE INFORMATION FINANCIAL CALENDAR Listing SIX Swiss Exchange 7 May: General Assembly Currency CHF 27 August: Half-Year Report 2024 Ticker symbol SRAIL ISIN CH0002178181 Listing date 12 April 2019 INVESTOR CONTACT MEDIA CONTACT Daniel Strickler Marc Meschenmoser Investor Relations Offi
Slide 36: 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