Earnings release
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1 / 5 Ad hoc announcement pursuant to Art. 53 LR Bussnang, 26 August 2026 Stadler continues positive development: significantly higher revenue, higher EBIT margin Stadler has further confirmed the positive trend seen in the 2025 financial year during the first half of 2026 . Key performance indicators are developing very positively. Revenue rose significantly by 40 per cent to CHF 2.0 billion – compared with CHF 1.4 billion in the first half of 2025. The EBIT margin increased by 1.4 percentage points from 2.6 per cent in the first half of 2025 to 4.0 per cent. At CHF 2.7 billion , order intake was also very high . The order book has reached a record high of CHF 33.3 billion. Against this backdrop, and given the higher number of vehicle deliveries in the second half of the year – which is typical for the industry – Stadler confirms its outlook. Stadler expects revenue for the 2026 financial year to be well over CHF 5 billion and an EBIT margin of over 5 per cent. Demand for Stadler’s rail vehicles and services remained high in the first half of the year. Order intake for the first six months totalled CHF 2.7 billion (previous year: CHF 1.7 billion). The order book continued to grow to CHF 33.3 billion. 40 per cent increase in revenue in the first six months of 2026 Revenue amounted to CHF 2.0 billion, representing a 40 per cent increase compared with the first half of 2025 (H1 2025: CHF 1.4 billion). The main reason for this is the delivery of numerous vehicles in the first half of 2026 and the high production output in the previous year . In recent years, Stadler has made targeted investments in its plants and expanded its production capacity in response to the sustained high level of order intake. These investments are now increasingly bearing fruit. The period between the successful conclusion of a contract and the delivery of the final vehicles can sometimes span up to ten years of development and production. However, the vehicles only appear in Stadler’s revenue once they have been successfully delivered to customers. This conservative accounting approach sets Stadler apart from its competitors in the industry. Revenue was, however, weighed down by the strong Swiss franc, which reduced consolidated revenue by CHF 30 million.
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2 / 5 EBIT: Significantly improved profitability Profitability also improved significantly. EBIT stands at CHF 79.5 million, representing an increase of CHF 43 million (H1 2025: CHF 36.9 million). At 4.0 per cent, the EBIT margin also rose sharply (H1 2025: 2.6 per cent). Consolidated profit, at CHF 31.2 million, was also higher than in the same period last year (H1 2025: CHF 30.9 million). The lower increase in net profit compared with EBIT is primarily attributable to the absence of a one-off positive currency effect of around CHF 20 million in the previous period’s results. In the first half of 2026, currency effects resulting from the valuation of balance sheet items were negative. In addition, order -related bank guarantee costs, as well as interest and tax expenses , increased compared with the corresponding period. The environmental disaster in Valencia continues to have an impact Since its IPO in 2019, Stadler has been repeatedly hit hard by external events. The consequences of the COVID-19 pandemic and the war in Ukraine were particularly severe. As a result of the war, Stadler was effectively forced to shut down its plant in Minsk . The environmental disaster in Valencia in October 2024 is still having a negative impact on results. Through a recovery programme implemented immediately , Stadler has since largely stabilised its supply chains , adapted production processes and secured new suppliers. However, the impact of the massive flooding on costs and delays in vehicle deliveries will continue to be felt until 2027. Major contracts for Berlin’s S-Bahn and U-Bahn In addition to the consequences of the severe weather disaster , the difficult economic environment in Germany continues to weigh heavily on the Group’s results . Since early 2025 , Stadler has been consistently implementing an efficiency improvement programme at its Berlin site. The improvement measures introduced are proving effective, and the interim operational targets have been achieved. As a result, Stadler has been able to streamline processes at the plant and increase productivity. In addition, the contract awarded for Berlin’s S-Bahn in July 2026 will ensure long-term capacity utilisation at the Stadler plant in Berlin-Pankow. The major contract, which Stadler is carrying out as part of a consortium with Siemens and Deutsche Bahn, involves Stadler supplying 350 new four-car S-Bahn trains and providing maintenance services for 30 years. Stadler is building the trains at its plant in Berlin. In addition, Stadler is pleased that Berliner Verkehrsbetriebe (BVG) placed an order in July for 166 additional carriages for the Berlin U-Bahn’s large-profile network. This means that all new S-Bahn and U-Bahn rolling stock will be built by Stadler. From Berlin for Berlin. Markus Bernsteiner, Group CEO: “The positive trend seen in the 2025 financial year continued in the first half of 2026. The increases in production capacity and the EBIT margin show that the measures we have implemented are taking effect. Thanks to our high-quality order book and our technological expertise, we are confident that we will continue on this course.”
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3 / 5 Stadler supplies rail vehicles to 50 countries In the first half of 2026 , Stadler once again secured a number of significant orders. This demonstrates that Stadler holds and excellent position in a growing market and enjoys a high level of trust among customers as a punctual supplier of reliable rail vehicles. • At the end of May, Stadler and the Montenegrin railway company ŽPCG signed a contract for the delivery of three FLIRT trains. This means that Stadler now supplies trains to 50 countries worldwide across Europe, North America, Asia, Oceania and Africa. • For the first time, Stadler is building trains for Ireland. The railway companies Iarnród Éireann and Translink placed an order in early May for eight FLIRT Intercity trains, including a 15-year maintenance contract. The trains will operate starting in 2030 on the iconic Dublin–Belfast route, reducing journey times and significantly enhancing comfort. • Together with Siemens, Stadler is supplying 226 fully automated commuter trains for Copenhagen. The €3 billion project will create the world’s largest driverless rail system and is expected to enable up to ten million additional journeys per year in the future. Stadler is supplying the car bodies and interior fittings, carrying out final assembly and strengthening its position in Northern Europe. • Stadler is supplying 35 modern EURO4001 locomotives to the Turkish company TCDD Taşımacılık. The locomotives combine high performance with significantly reduced emissions. Turkey is increasingly becoming an international logistics hub for rail freight transport between Europe, Asia and the Middle East. • Thanks to the large number of contracts secured , order intake in the ‘Service & Components’ segment has risen sharply. In the first half of 2026, this totalled CHF 515.1 million. This represents an increase of 95 per cent on the previous year’s figure (H1 2025: CHF 263.8 million). The order book in the service business rose by 3 per cent to CHF 9.7 billion (31 December 2025: CHF 9.3 billion). Investments lay the foundations for profitable growth The record-high order intake of recent years is leading to a significant increase in production output and revenue. As expected, this is placing a temporary strain on free cash flow, net working capital and the net cash position. Free cash flow was slightly negative in the first half of 2026 at CHF -54.4 million (H1 2025: CHF - 744.2 million). Net working capital remains negative at CHF -324.2 million (31 December 2025: CHF -421.8 million). As a result, the total amount of payments made by customers exceeds the accumulated costs of producing the orders currently being processed. The net cash position as of 30 June 2026 stood at CHF -424.0 million (31 December 2025: CHF -275.5 million). Free cash flow and the net cash position are generally influenced by seasonal business patterns, as deliveries and the associated final payments largely occur in the second half of the year . In addition, the dividend was paid out in the first half of the year.
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4 / 5 Stadler confirms outlook: EBIT margin expected to rise to over 5 per cent Thanks to its strong market position and positive business performance, Stadler confirms the outlook communicated at the close of the financial year in mid-March 2026. For the financial year 2026 and subsequent years, Stadler expects revenue to be well over CHF 5 billion. Thanks to the strong order intake comprised of high-quality orders, increased production output and the efficiency improvement programme launched in Germany, an EBIT margin of over 5 per cent is expected for 2026. Order intake is expected to be in the range of 1 to 1.5 times annual revenue. This forms the basis for sustainable capac ity utilisation and further growth. In addition, Stadler anticipates total investments of around CHF 250 million in 2026. Provided supply chains remain stable , Stadler expects to be able to increase the EBIT margin to between 6 and 8 per cent in the medium term, with revenue remaining constant at over CHF 5 billion. The medium-term guidance is therefore confirmed unchanged. Raphael Widmer, Group CFO, emphasises: “Thanks to our strong order book, rising production output and the consistent implementation of our projects, we are well positioned to achieve our targets for 2026 and continue on our path of profitable growth.” Key figures for the first half of 2026 at a glance: - Order intake: CHF 2.7 billion (H1 2025: CHF 1.7 billion) - Order backlog: CHF 33.3 billion (31 December 2025: CHF 32.3 billion) - Net revenue: CHF 2.0 billion (H1 2025: CHF 1.4 billion) - EBIT margin: 4.0 per cent (H1 2025: 2.6 per cent) - Profit for the period: CHF 31.2 million (H1 2025: CHF 30.9 million) - Outlook for 2026 confirmed: EBIT margin of over 5 per cent, revenue well over CHF 5 billion. Webcast conference call today, 26 August 2026, at 10.00 am (CEST) Markus Bernsteiner, Group CEO, and Raphael Widmer, Group CFO, will present the first -half results today at 10.00 am (CEST) am during a conference call. The presentation and the detailed half-year report are available on our website under Investor Relations. • Conference call in German or English (audio only via telephone) • Link to the webcast in German or English (presentation will be streamed) • Link to the key figures for the first half of 2026 in Excel format
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5 / 5 About Stadler Stadler has been building trains for over 80 years. The provider of mobility solutions in rail vehicle manufacturing, service and signalling technology is headquartered in Bussnang, in eastern Switzerland. Around 18,000 employees work across 8 production a nd 6 engineering sites, as well as at over 95 service locations, of whom around 6,000 are based in Switzerland. Stadler is the world’s leading manufacturer of vehicles with alternative drive systems (hydrogen and battery) as well as rack -and-pinion railway vehicles. The company is mindful of its social responsibility for sustainable mobility and therefore stands for innovative, sustainable and durable quality products. Follow Stadler on LinkedIn, Instagram, YouTube and Facebook Stadler Rail Group Media enquiries: Investor Relations contact: Marc Meschenmoser Daniel Strickler Head of Communications & Public Relations Investor Relations Officer Telephone: +41 71 626 19 19 Telephone: +41 71 626 86 47 E-mail:medien@stadlerrail.com E-mail: ir@stadlerrail.com