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Half-year results 2026 | 26.08.2026 | © Stadler Half-year results 2026 26.08.2026 Markus Bernsteiner, Raphael Widmer
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Host Half-year results 2026 | 26.08.2026 | © Stadler Marc Meschenmoser Group CCO 2
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AGENDA Half-year results 2026 | 26.08.2026 | © Stadler 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 3
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Representing Stadler today Half-year results 2026 | 26.08.2026 | © Stadler Markus Bernsteiner Group CEO Raphael Widmer Group CFO 4
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01 Review half-year 2026 Half-year results 2026 | 26.08.2026 | © Stadler 5
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Stadler continues the positive development Half-year results 2026 | 26.08.2026 | © Stadler − Valencia: supply chains stabilised, resilience increased − Germany: large orders ensure capacity utilisation − Set-up of Stadler Digital Labs proceeding as planned − Successful PLM- & ERP-rollout in Switzerland OPERATIONAL FOCUS TOPICS ON TRACK − Order intake: CHF 2.7bn (H1 2025: CHF 1.7bn) − Order Backlog: CHF 33.3bn (2025: 32.3bn) − Service share of the order backlog continues to grow − Stadler’s successful market entry in 50th country MARKET SUCCESS CONFIRMED − Revenue: CHF 2.0bn (40% increase vs H1 2025) − EBIT margin: 4.0% (+1.4 %pts. vs H1 2025) − Profit for the period: CHF 31.2m (H1 2025: CHF 30.9m) − Stadler confirms 2026 and midterm guidance HIGHER REVENUE AND PROFITABILITY − Targeted expansion of digital capabilities − Production and service capacitites strengthened − Foundation laid for further profitable growth − Role as a driver of innovation reaffirmed THE COURSE IS SET FOR THE FUTURE 6
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Stadler continues the positive development Half-year results 2026 | 26.08.2026 | © Stadler Stadler significantly increased sales and profitability in the first half of 2026. The course for the future has been set. 0 1 2 3 4 5 6 7 8 0 1,000 2,000 3,000 4,000 5,000 6,000 7,000 8,000 2019 2020 2021 2022 2023 2024 2025 2026 mid-term EBIT as a % of net revenues1 Net revenues in CHFm1 Net revenues EBIT margin H1 2026 1Note: The figures for FY 2026 and for the medium term are for illustrative purposes only. 7
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Stadler Germany – Operational progress & major orders Half-year results 2026 | 26.08.2026 | © Stadler Efficiency improvement programme is showing its effectiveness. U-Bahn Berlin option order and order for S-Bahn Berlin ensure long-term capacity utilisation. BVG orders 166 additional carriages for the large profile network ("Grossprofilnetz") of U-Bahn Berlin Consortium of S-Bahn Berlin, Siemens Mobility and Stadler awarded 350 S-Bahn trains 8
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Our segments – innovative mobility solutions of the highest quality Half-year results 2026 | 26.08.2026 | © Stadler Order intake H1 2026: CHF 2.2bn Order backlog 30.06.2026: CHF 23.0bn ROLLING STOCK Order intake H1 2026: CHF 515.1m Order backlog 30.06.2026: CHF 9.7 bn SERVICE & COMPONENTS Order intake H1 2026: CHF 29.7m Order backlog 30.06.2026: CHF 566.3m SIGNALLING 9
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Order intake H1 2026 – Highlights Half-year results 2026 | 26.08.2026 | © Stadler Copenhagen: framework contract for 226 fully automated MU for DSB Ireland: 15-year TSSSA agreement for 8 FLIRT for Iarnród Éireann & Translink Chablais: modernisation with electronic interlockings for TPC Görlitz and Zwickau: 14 TINA LRVs for GVB and SVZ Canada: 20-year TSSSA agreement for 45 hybrid locomotives for ViaRail Spiez: 1st Automation of a depot for regional trains in commercial operation ROLLING STOCK SERVICE & COMPONENTSSIGNALLING 10
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Financial results Half-year results 2026 | 26.08.2026 | © Stadler 11
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Half-year results 2026 summary I CHFm 12 Order intake Order backlog Net revenues EBIT EBIT as % of net revenues H1 25 H1 26 1’714 2’738 +60% 31.12.2025 30.06.2026 32’286 33’269 +3% H1 25 H1 26 1’402 1’965 +40% 37 79 2.6% H1 25 H1 26 4.0% +115% Half-year results 2026 | 26.08.2026 | © Stadler
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Half-year results 2026 summary II CHFm Net cash1 Net working capital2 Capital expen- diture3 Free cash flow4 Notes: 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. -744 -54 H1 25 H1 26 +690120 101 H1 25 H1 26 -19 -275 -424 31.12.2025 30.06.2026 -149 -422 -324 31.12.2025 30.06.2026 +98 13Half-year results 2026 | 26.08.2026 | © Stadler
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Order intake CHFm Order intake of CHF 2.7bn − Solid overall order intake with a book-to-bill ratio of 1.4x. Outlook for full-year order intake confirmed − Order intake in the Rolling Stock segment of CHF 2.2bn − Order intake in the Service & Components segment of CHF 515m − Order intake in the Signalling segment of CHF 30m 264 515 52 30 1’398 H1 25 2’193 H1 26 1’714 2’738 +60% 42% 41% 0% 16% 1% H1 25 10% 62% 23% 5% 0% H1 26 1’714 2’738 Rolling stock Service & Components Signalling DACH Western Europe Eastern Europe Book-to-bill ratio 1.2x 1.4x Americas RoW 14Half-year results 2026 | 26.08.2026 | © Stadler
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− Order backlog grows to CHF 33.3bn − Growing Service & Components share provides long-term visibility Order backlog CHFbn Order backlog continues to grow Rolling stock Service & Components Signalling 0.8 2016 9.0 2.0 2017 2.3 2018 12.3 2.8 2019 12.0 4.1 2020 13.4 4.4 0.1 2021 17.0 4.8 0.2 2022 18.4 5.9 0.2 10.9 20.9 7.6 0.6 2024 22.4 9.3 0.5 2025 23.0 9.7 0.6 30.06.2026 8.5 9.3 11.0 13.2 15.0 16.1 2023 22.0 24.4 29.2 32.3 33.3 17.9 +14% CAGR 15Half-year results 2026 | 26.08.2026 | © Stadler
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Net revenue CHFm Significant revenue growth − Strong total net revenue growth of 40% year-on-year incl. FX translation impact of -2.2% − Rolling Stock: Net revenues grow 48% year- on-year incl. FX translation impact of -2.3% − Service & Components: Net revenues grow 10% year- on-year, incl. FX translation impact of -1.6% − Signalling: Net revenues grow 25% year- on-year, incl. FX translation impact of -2.5% Rolling stock Service & Components Signalling DACH Western Europe Eastern Europe Americas 271 297 22 27 1’109 H1 25 1’640 H1 26 1’402 1’965 +40% 60% 31% 5% 4% 1% H1 25 57% 20% 17% 5% 1% H1 26 1’402 1’965 RoW 16Half-year results 2026 | 26.08.2026 | © Stadler
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Production output CHFm Production output continues to grow − Operating activities remain significantly ahead of revenue recognition by units- of-delivery − Production output grows by 11% vs H1-2025, still exceeding net revenues by CHF 612m Net revenues Delta gross work in progress 930 612 1’402 H1 25 1’965 H1 26 2’332 2’577 +11% 17Half-year results 2026 | 26.08.2026 | © Stadler
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Production output versus revenues CHFbn Net revenues significantly lag behind production output due to back end loaded revenue recognition (units-of-delivery) Notes: Production output equals net revenues plus delta gross work in progress. Bar height for net revenues 2026E to 2028E are only illustrative. Bar height for production output 2026E to 2028E illustrative of the expected increase in production output. % of net revenues from existing orders ∅ order intake CHF 6.7 bn Guidance Net revenues 5.6 8.6 6.8 6.4 1.7 6.1 2.7 3.6 3.8 3.6 3.3 1.4 3.7 2.0 3.8 3.6 3.9 4.2 2.3 5.0 2.6 2021 2022 2023 2024 H1 25 2025 H1 26 2026E 2027E 2028E Order intake Net revenues Production output >95% >95% > 5.0 >90% 18Half-year results 2026 | 26.08.2026 | © Stadler
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EBIT CHFm Margin increased substantially − EBIT more than doubled to CHF 79.5m, margin increases to 4.0% − H1 EBIT margin is sensitive to revenue recognition by “units-of-delivery” combined with order mix effects EBIT as % of net revenues EBIT 36.9 79.5 2.6% 4.0% H1 25 H1 26 19Half-year results 2026 | 26.08.2026 | © Stadler
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Net income CHFm Higher profit for the period − At CHF 31.2m, profit for the period increased by 0.9% year-on-year − Positive currency effects supported the financial result in H1-2025, while negative currency effects were recorded in H1-2026 − Tax expenses increased significantly year-on-year H1 2025 H1 2026 Change YOY 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 Ordinary result 42.8 51.0 19.2% Non-operating result (0.1) (0.0) Profit before income taxes 42.7 51.0 19.3% Income taxes (11.8) (19.8) Profit for the period 30.9 31.2 0.9% Thereof attributable to Shareholders of Stadler Rail AG 17.1 34.4 101.4% Minority interests 13.9 (3.2) 20Half-year results 2026 | 26.08.2026 | © Stadler
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Net cash position CHFm High production output ties up capital Cash and cash equivalents Current financial liabilities Non-current financial liabilities -275 -424 31.12.2025 30.06.2026 -149 664 530 -434 -468 -506 -486 31.12.2025 30.06.2026 -275 -424 − Even though the growth in production output is still tying up capital as expected, a balanced operating cashflow was achieved − Investments and the dividend payment in H1- 2026 lead to a CHF149m decline in net cash Net cash 21Half-year results 2026 | 26.08.2026 | © Stadler
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Net working capital CHFm Net working capital increased Overall increase of net working capital mainly driven by an increase in compensation claims from work in progress Trade receivables Compensation claims from WIP Inventories -422 -324 31.12.2025 30.06.2026 +98 385 407 833 939 433 462 -304 -867 -841 -1’140 239 31.12.2025 -1’280 238 30.06.2026 -422 -324 -248 Work in progress (net) Other current assets 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 22Half-year results 2026 | 26.08.2026 | © Stadler
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Long-term net working capital evolution Net working capital (and Net cash) 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 -443 -710 -323 27 403 115 -157 -856 -1,011 -422 -324 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 30.06.2026 Orders with substan- tial advance payments Consumption of advance payments, pandemic-related delays Catch-up of Covid delays, progress and final payments, solid inflow of advance payments on new orders CHFm Consumption of advance payments to ramp-up revenue Half-year results 2026 | 26.08.2026 | © Stadler 23
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Capital expenditure CHFm Growth and technology investments − Investments driven by new commissioning and service sites in Austria and Germany, as well as capacity expansions in carbody manufacturing in Hungary and production sites in the US and Spain − Intangibles Capex mainly relate to R&D in locomotives, alternative propulsion technology and signalling Investments in tangible assets, less grants received Investments in intangible assets, less grants received 48 65 174 213 231 112 125 166 163 209 74 14 35 57 66 59 79 70 69 27 8 2016 11 2017 2018 2019 2020 2021 2022 2023 2024 H1 26 55 76 188 248 288 177 184 244 233 101 2025 278 24Half-year results 2026 | 26.08.2026 | © Stadler
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03 Summary and outlook Half-year results 2026 | 26.08.2026 | © Stadler 25
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Outlook – our long-term operational fields of action Half-year results 2026 | 26.08.2026 | © Stadler Developing talent, securing expertise − Professional training and further education − Strategic talent management − Safeguarding know-how TEAM Promoting innovation, shaping transformation − Drive and vehicle concept innovation − Digitalisation and artificial intelligence − Sustainable mobility INNOVATION Ensure excellence, improve performance − Strict cost and progress control − Process and system harmonisation − Digitisation and automation OPERATION Seize market opportunities, grow profitably − Capacity optimization and on-time delivery − Selective participation in tenders − Growth in Service and Signaling ORDER INTAKE & REVENUE 26
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Half-year results 2026 | 26.08.2026 | © Stadler STADL accelerates Stadler’s digital transformation by building internal capabilities and developing scalable, secure solutions INFORMATION ABOUT STADL Joint Venture with Critical Software Majority owned by Stadler (51%) Operational since January 2026 Locations: Coimbra (HQ) and Lisbon >130 employees Scaling to >300 employees planned SERVICES Digital solutions Scalable digital platforms System engineering System architecture and integration Cyber and safety engineering Cybersecurity and safety expertise (SIL 4) 27
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Half-year results 2026 | 26.08.2026 | © Stadler SUCCESSFUL DEVELOPMENT SINCE IPO Service & Components – Strong development and attractive prospects 2’326 4’444 4’929 40 >80 >95 261 607 297 FTE Locations Revenue1 (CHFm) = FY 2019 = FY 2025 = H1 2026 FUTURE GROWTH DRIVERS Growing vehicle fleet as a basis for additional service business Outsourcing trend among operators due to know-how advantages of OEMs Growing need for modernisation due to increased complexity and requirements Digitalisation in rail transport driving refit and service business 1Note: size of revenue bar chart for FY 2026 is for illustrative purposes only. 28
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Operational focus topics for 2026 Half-year results 2026 | 26.08.2026 | © Stadler − Successful PLM & ERP rollout in Switzerland − Planning of next rollouts as planned − Harmonise processes group-wide PROCESSES & SYSTEMS − End-to-end productivity measurably increased − Plant capacity ensured thanks to substantial contract awards − Efficiency program consistently implemented STADLER GERMANY − Successful ramp-up of Stadler Digital Labs − Build-up of competencies & organisation on track − Driving innovation in a targeted manner DIGITALISATION STADLER continues on its path toward improving operating results 29
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Guidance Half-year results 2026 | 26.08.2026 | © Stadler 2026 mid-term > CHF 5.0bn ~ CHF 250m 60% > CHF 5.5bn 6 – 8% ~ CHF 200m 60% 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. 1.0-1.5x book-to-bill 1.0-1.5x ø book-to-billORDER INTAKE NET REVENUE EBIT MARGIN CAPEX DIVIDEND1 FREE CASH FLOW 1 In % of profit for the year, attributable to shareholders of Stadler Rail AG > 5% 30
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Stadler @ InnoTrans 2026 Half-year results 2026 | 26.08.2026 | © Stadler FLIRT – Norske Tog Optimised for nordic climate & long distance transport with electric or bi-modal drive. EURO Dufour – SBB Cargo Loco Energy-efficient and powerful four-axle multi- system locomotive developed in record time. Tailor-made hydrogen train – ARST First narrow gauge hydrogen train in the world. Optimised for demanding routes. FLIRT Akku – ÖBB TINA – Rostock KISS Railjet – ÖBB Battery-electric multiple unit for emission-free regional services. Low floor double-deck train with wide doors & high capacity. Barrier-free, low-floor LRV with spacious interior. Powerful light rail optimised for steep routes. 31 Tailor-Made LRV - Stuttgart
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