Presentation Full Year Report 2025

‌18.03.2026‌

Markus Bernsteiner, Raphael Widmer

Full-Year Results 2025

Full-year results 2025 | 18.03.2026 | © Stadler

‌Markus Bernsteiner

Group CEO

Raphael Widmer

Group CFO

2

Representing Stadler today

Full-year results 2025 | 18.03.2026 | © Stadler

AGENDA

01

‌Full-year 2025

Markus Bernsteiner, Group CEO

02

2025 financial results

Raphael Widmer, Group CFO

03

Outlook

Markus Bernsteiner, Group CEO

3

Full-year results 2025 | 18.03.2026 | © Stadler

‌01

Full-year 2025

Full-year results 2025 | 18.03.2026 | © Stadler

‌Targets achieved - foundation laid for further success

REVENUE & PROFITABILITY INCREASED

− Targets for 2025 achieved

− Revenue: growth of 13% to CHF 3.7 bn.

− EBIT margin: +1.3 %pts. compared to 2024

− Profit for the year nearly doubled

MARKET POSITION STRENGTHENED

− Order intake: again above 1.5 book-to-bill ratio

− Order backlog: growing, well diversified

− Alternative drives: leading position secured

− Revenue growth in Signalling & Service

CHALLENGES ADRESSED

− Valencia: measures are having a positive impact

− Aluminum profiles Valais: caught up

− Global supply chains: resilience strengthened

− Stadler Germany: interim targets achieved

POSITIVE OUTLOOK

− Innovative product portfolio ensures success

− Foundation laid for leap in revenues

− Increase in profitability expected

− Process & system harmonization on track

Full-year results 2025 | 18.03.2026 | © Stadler 5

‌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 along the entire value chain

− Organisation & processes streamlined

The aim is to put the site on an economically stable footing for the long term

Full-year results 2025 | 18.03.2026 | © Stadler 6

‌Key Figures - increased profitability and revenue

ORDER INTAKE | CHF 6.1 bn.

Continued strong order intake: Book-to-Bill 1.7x

EBIT-MARGIN | 4.4%

significant increase compared to 2024 (3.1%)

ORDER BACKLOG | CHF 32.3 bn.

Order backlog reaches a new high

NET INCOME | CHF 100.7 mio.

Net income nearly doubled

REVENUE | CHF 3.7 bn.

+13% comp. to previous year (+15% FX-adjusted)

FULL TIME EQUIVALENTS | 17'119

+ approx. 2000 employees compared to 2024

Full-year results 2025 | 18.03.2026 | © Stadler 7

Segment overview

Innovative mobility solutions of the highest quality

‌ROLLING STOCK

Order intake 20251: CHF 4.4 bn.

Order backlog 20251: CHF 22.4 bn.

Share of revenue 20251: 80%

Share of order backlog1: 69%

SERVICE & COMPONENTS

Order intake 20251: CHF 1.6 bn.

Order backlog 20251: CHF 9.3 bn.

Share of revenue 20251: 17% Share of order backlog1: 29%

SIGNALLING

Order intake 20251: CHF 0.1 bn.

Order backlog 20251: CHF 0.5 bn.

Share of revenue 20251: 3%

Share of order backlog1: 2%

Full-year results 2025 | 18.03.2026 | © Stadler

1 Third parties 8

‌Rolling Stock Order intake 2025

ROLLING STOCK: HIGHLIGHTS 2025

CHF 4.4 bn.1

MAINLINE

METRO & LRV

Rolling Stock

Order backlog 2025

CHF 22.4 bn.1

1 Third parties

Netherlands: 36 FLIRT trains for Nederlandse Spoorwegen

LOCOMOTIVES

Luxembourg: Framework Contract for up to 200 EURO9000 with NEXRAIL

Cologne: 132 high-floor CITYLINK for Kölner Verkehrs-Betriebe

TAILOR-MADE

Switzerland: 13 tailor-made rack rail adhesion track trains for TPC

Full-year results 2025 | 18.03.2026 | © Stadler 9

‌Service & Components Order intake 2025

SERVICE & COMPONENTS: HIGHLIGHTS 2025

CHF 1.6 bn.1

SPARE PARTS

FULL-SERVICE

Service & Components Order backlog 2025

CHF 9.3 bn.1

1 Third parties

Cologne: 37-year contract with KVB for new high-floor CITYLINK

REFIT

Hungary: contract for the refit of 93 former Thurbo GTW multiple units

Frankfurt: 30-year contract with RTW for 27 CITYLINK

FULL-SERVICE

Stockholm: 15-year contract for 7 FLIRT with Arlanda Express

Full-year results 2025 | 18.03.2026 | © Stadler 10

‌Signalling

Order intake 2025

SIGNALLING: HIGHLIGHTS 2025

CHF 103 mio.1

CBTC: MOB (Rochers-de-Naye)

CBTC: BLT-STAMMNETZ

Signalling

Order backlog 2025

CHF 550 mio.1

1 Third parties

Equipment for the prestigigous rack rail route with Nova Pro GoA1

ELECTR. INTERLOCKINGS: BERGEN

Planning & delivery of safety technology for LRV network expansion

First network-wide CBTC installation in a Swiss city

ETCS: SBB Evo France

ETCS equipment on 27 FLIRT trains operating across borders

Full-year results 2025 | 18.03.2026 | © Stadler 11

‌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 Mittelthüringer Akku-Netz

Italy: 2 tailor-made hydrogen-powered narrow-gauge trains for Ferrovia Circumetnea

Full-year results 2025 | 18.03.2026 | © Stadler 12

‌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 2030

-50% Scope 1&2

-25% Scope 3

GOAL 2050

Net Zero

2025

HIGHLIGHTS

− Successful transition of the reporting standard (GRI to ESRS)

− Reduction of Scope 1&2 emissions by 9.6% compared to 2022 despite growth

− Stadler contributes strongly to global climate goals: 62% EU taxonomy compliance

− Continued expansion of training/further education of specialists and managers

− Safe working environment: Reduction of number of accidents resulting in lost workdays

Full-year results 2025 | 18.03.2026 | © Stadler 13

‌02

2025 financial results

Full-year results 2025 | 18.03.2026 | © Stadler

‌CHFm

Results 2025 summary I

‌CHFm

Results 2025 summary II

-643

368

+589

-422

-275

31.12.2024 31.12.2025

-1'011

31.12.2024 31.12.2025

-728

140

+45

233

278

2024 2025

-588

2024 2025

1 Net cash is calculated as cash and cash equivalents less current and non-current financial liabilities. 2 Net working capital is calculated by subtracting the sum of trade payables, liabilities from work in progress and other current liabilities (including other current liabilities, current provisions and deferred income and accrued expenses) from the sum of trade receivables, inventories, work in progress and other current assets (including other current receivables, compensation claims from work in progress and accrued income and deferred expenses). 3 Capital expenditure is calculated as the sum of investments in tangible and intangible assets less grants received for property, plant and equipment and intangible assets. 4 Free cash flow is calculated as EBITDA less capital expenditure less change in net working capital. EBITDA is calculated as the sum of EBIT and depreciation and amortisation.

Full-year results 2025 | 18.03.2026 | © Stadler 16

‌CHFm

Order intake

6'368

520

6'122

103

1'017

1'579

4'831

4'440

-4%

2.0x

6'368 6'122

Order intake of CHF 6.1bn

10% 15%

13%

3%

0%

15%

33%

17%

45%

49%

1.7x

− Strong, stable order intake of CHF 6.1bn

− Book-to-bill ratio of 1.7x

− Order intake in Rolling Stock segment: CHF 4.4bn despite various award delays

− Order intake in Service & Components segment:

CHF 1.6bn significantly up yoy

− CHF 103m Order intake in Signalling segment. 2024 order intake included a 500 mio. USD

2024

2025

2024

2025

order from MARTA

Rolling stock Service & Components

Signalling

1 Others: CIS and rest of the world.

Full-year results 2025 | 18.03.2026 | © Stadler

DACH

Americas

Western Europe

Others1

Eastern Europe Book-to-bill ratio

17

‌CHFbn

29.2

32.3

0.5

4.8

4.1

4.4

Order backlog

Rolling stock Service & Components Signalling

Full-year results 2025 | 18.03.2026 | © Stadler

Order backlog continues to grow

Order backlog of CHF 32.3bn with a growing Service & Components share

18

‌CHFm

Net revenue

49

3'256

3'679

+13%

+15%1

510

607

2024

2025

118

8%

2024

5%

2025

Growth in net revenue

7%

7%

5%

32%

7%

29%

− Overall net revenue grows 15% at constant currencies.

− Rolling Stock net revenue grows 10% year-on-year incl. a negative FX translation impact of -1%

− Service & Components net revenue grows 19% year-on-year, incl. a negative FX translation impact of -2%

− Signalling net revenue grows 140% year-on-year, incl. a negative FX translation impact of

-9%

Rolling stock Service & Components

Signalling

1 At constant currencies. 2 Others: CIS and rest of the world.

Full-year results 2025 | 18.03.2026 | © Stadler

DACH Western Europe

Eastern Europe Americas

Others2

19

‌CHFm

Production output

898

1'339

+21%

5'018

4'154

2024 2025

Net revenue Delta gross work in progress

Full-year results 2025 | 18.03.2026 | © Stadler

Operating activities ahead net of revenue

Production output grows by 21%, exceeding net revenue by CHF 1'339m

20

‌CHFbn

3.6 3.8

∅ order intake

CHF 6.7 bn

3.7

3.3

4.2

3.6 3.9

3.8 3.6

5.0

6.1

6.4

6.8

>95%

8.6

Production output versus revenue

>95%

>90%

5.6

2021 2022 2023 2024 2025 2026E 2027E 2028E

Order intake Net revenues Production output % of net revenue from existing orders

Net revenue significantly lags behind production output due conservative revenue recognition

Notes: Production output equals net revenue plus delta gross work in progress. Bar height for net revenue 2026E to 2028E only illustrative. Bar height for production output 2026E to 2028E illustrative of the expected increase in production output.

Full-year results 2025 | 18.03.2026 | © Stadler 21

‌CHFm

EBIT

Improved margin

− Significant improvement to an EBIT-margin within our 2025 target range of 4-5%

− Counter measures following floodings and efficiency programme in Germany take effect

− Higher net revenue supporting better fixed cost absorption

EBIT as % of net revenue EBIT

Full-year results 2025 | 18.03.2026 | © Stadler 22

‌CHFm

Net income

Full-year results 2025 | 18.03.2026 | © Stadler

Net income increases significantly

− Higher EBIT also has an impact on consolidated net income

− Positive currency effects in the financial results supported the consolidated results

23

‌CHFm

Net cash

-643

368

368

Ramp-up is

1'261

-50

-843

-506

-434

consuming cash…

− High level of advance payments collected in previous years are now being used to ramp-up production output

− Processing of various orders in a phase of negative cash flows

− These effects had a negative impact on operating cashflow, net working capital and net cash

-275

31.12.2024 31.12.2025

-275

31.12.2024 31.12.2025

Cash and cash equivalents Current financial liabilities Non-current financial liabilities

Full-year results 2025 | 18.03.2026 | © Stadler 24

‌CHFm

Net working capital

+589

-422

385

833

433

414

776

-422

-743

-230

-867

-304

-1'140

-1'011

31.12.2024 31.12.2025

-1'011

31.12.2024

31.12.2025

Trade receivables Compensation claims from WIP Inventories

Other current assets

Work in progress (net) Trade payables Other current liabilities

Note: Other current assets also include other current receivables and accrued income and deferred expenses; Other current liabilities also include current provisions and deferred income and accrued expenses

Full-year results 2025 | 18.03.2026 | © Stadler

… and driving a net working capital increase

Overall increase of net working capital mainly driven by an increase of work in progress (net)

25

CHFm

Long-term net working capital evolution

‌403

27

115

-443

-710

-323

-157

-856

-1,011

-422

2016 2017

Orders with substantial advance payments

2018 2019 2020

Consumption of advance payments, pandemic-related delays

2021 2022 2023 2024

Catch-up of Covid delays, progress and final payments, solid inflow of advance payments on new orders

2025

Consumption of advance payments to ramp-up revenue

Net working capital can be subject to significant swings because of the lumpy nature of advance,

milestone and final payments. Long-term expectation of slightly negative NWC with swings over the cycle

Full-year results 2025 | 18.03.2026 | © Stadler 26

‌CHFm

Capital expenditure

288

Capacity and technology investments

76

11

163

278

248

244

233

188

14

177

184

55

8

166

66

59

70

79

35

69

57

− Investments in expansions in Hungary, Spain, Germany and the US

− R&D investments in locomotives, alternative propulsion technology and signalling

2016 2017 2018 2019 2020 2021 2022 2023 2024 2025

Investments in tangible assets, less grants received

Investments in intangible assets, less grants received

Full-year results 2025 | 18.03.2026 | © Stadler 27

‌03

Outlook

Full-year results 2025 | 18.03.2026 | © Stadler

‌Long-term operational fields of action

TEAM

− Safeguarding of knowhow

− Training of internal specialists

− Strategic talent management

− Promotion of managers from own ranks

INNOVATION

− Innovative drive systems & vehicle concepts

− Decarbonisation of freight transport

− Advancing digital solutions

− Further strengthen alternative drives

OPERATION

− Process- & system-harmonisation

− Digitalisation and automation

− Optimising group inventory planning

− Consistent cost / progress control

ORDER INTAKE & REVENUE

− Selective tender participation

− Optimisation of capacities

− On-schedule processing of order backlog

− Profitable growth in Service & Signalling

Full-year results 2025 | 18.03.2026 | © Stadler 29

‌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

PROCESSES & SYSTEMS

− Further strengthen group-wide cooperation

− Drive process harmonisation

− Successfully implement ERP & PLM rollouts

STADLER continues on its current path toward

improving operating results

Full-year results 2025 | 18.03.2026 | © Stadler 30

‌Guidance

2026 mid-term

FREE CASH FLOW

2026 FCF may be negatively impacted by increase in production output and work in progress despite milestone payments from orders in execution. We continue to expect solid advance payments and improved milestone payments.

1 In % of profit for the year, attributable to shareholders of Stadler Rail AG

Full-year results 2025 | 18.03.2026 | © Stadler 31

‌Full-year results 2025 | 18.03.2026 | © Stadler 32

‌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 current expectations, estimates and projections about the factors that may affect our future performance, including global economic conditions, and the economic conditions of the regions and markets in which the Group operates. These expectations, estimates and projections are generally identifiable by statements containing words such as "expects," "believes", "estimates", "targets", "plans", "outlook" or similar expressions.

There are numerous risks and uncertainties, many of which are beyond our control, that could cause our actual results to differ materially from the forward-looking information and statements made in this Presentation, which, in turn, could affect our ability to achieve our stated targets. The important factors that could cause such differences include: changes in the markets the Group serves, including as a result of changes in the global demand for transportation and demographic changes; the Group's ability to successfully develop, launch and market new products and services; the Group's ability to retain existing customers and/or secure new customers; the Group's ability to compete with existing and new competitors; the Group's ability to maintain the high quality, reliability, performance and timely delivery of its products and services; the impact of fluctuations in foreign exchange rates; and such other factors as may be discussed from time to time. Although we believe that our expectations reflected in any such forward-looking statement are based upon reasonable assumptions, we can give no assurance that those expectations will be achieved.

33

Full-year results 2025 | 18.03.2026 | © Stadler