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10/09/2026
10/09/2026
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Stadler increases profitability and sales

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Stadler continues on course for improved results in the 2025 financial year: sales increased to CHF 3.7 billion and an EBIT margin of 4.4 per cent was achieved. The 2025 results continue to be impacted by the consequences of the flooding disaster in Valencia. In addition, the economic situation in Germany and the strong Swiss franc have left their mark. However, a good order intake and order backlog, as well as high-quality orders, provide positive indicators for the coming years. Revenue of well over CHF 5 billion is forecast for the current 2026 financial year. As a result of conservative accounting, production output in 2025 was over CHF 1 billion higher than the reported revenue. Stadler expects an EBIT margin of over 5 per cent in the current financial year.

Stadler closed the 2025 financial year in line with its forecasts and was able to improve its results despite continuing challenging conditions.

  • Order intake last year amounted to CHF 6.1 billion (previous year: CHF 6.4 billion), while the order backlog rose to over CHF 32 billion (31 December 2024: CHF 29.2 billion).
  • Sales increased by 13 per cent (15 per cent adjusted for currency effects) to CHF 3.7 billion (previous year: CHF 3.3 billion).
  • EBIT amounted to CHF 160.6 million (previous year: CHF 100.5 million). This corresponds to an EBIT margin of 4.4 per cent (previous year: 3.1 per cent). Net profit almost doubled to CHF 100.7 million (previous year: CHF 55.0 million).

Stadler is therefore continuing on the course it set in the 2025 financial year to improve its results. The expectation of revenue growth communicated last year of well over 10 per cent compared to 2024 was thus confirmed. The forecast EBIT margin of between 4 and 5 per cent was also achieved.

Further noticeable consequences of the flooding disaster in Valencia

The recovery measures implemented after the flooding disaster in Valencia began to take effect and led to further improvement in the second half of the year. Nevertheless, the severe weather disaster in Valencia at the end of October 2024 and the associated damage to suppliers and infrastructure continue to have a negative impact on supply chains, production, and earnings. Stadler had to partially rebuild the affected supply chains, tap into alternative sources of supply and adapt production processes. Supply chains stabilized at the end of 2025. However, the consequences of the massive flooding are expected to remain noticeable until 2027. Despite the recovery programme launched by Stadler in 2025, the flood is having an impact on the costs and delivery of rail vehicles. CHF 350 million in revenue could not be generated in 2024.

Economic situation in Germany

In addition to the effects of the storms in Valencia, the economic situation in Germany continues to weigh on earnings. Stadler has been consistently implementing its efficiency improvement programme at its Berlin site since the beginning of 2025. A future collective agreement signed with the IG Metall trade union in April 2025 is helping to strengthen competitiveness. In return for securing their jobs, Stadler employees at the Berlin Pankow plant agreed last year to work 40 hours per week instead of 38. The internal efficiency improvement programme is beginning to show results at the Berlin Pankow plant, with productivity increasing across the entire value chain.

Resurgent Swiss franc puts additional strain on export industry

Switzerland has the highest wage and non-wage labour costs in Europe. An increasingly strong Swiss franc is placing additional strain on the export industry. This exchange rate situation is also reducing Stadler’s consolidated sales by over 50 million Swiss francs.

Expected vehicle orders in Berlin

Stadler expects an order of up to 1,500 metro cars by Berliner Verkehrsbetriebe (BVG) by the end of December 2026. The same applies to the contract awarded by S-Bahn Berlin for over 350 trains. The residents of Berlin have been waiting for new S-Bahn trains since 2020. The deadline for the tender has been postponed repeatedly for years.

The tariffs imposed by US government have affected Stadler – but not to the full extent. Due to the Buy America Act, Stadler has had to demonstrate since 2016 that at least 70 per cent of its product value is generated in the US. At the end of September 2025, Stadler commissioned its own aluminium welding shop for car bodies at its plant in Salt Lake City, which had been planned long before the current presidency. This has further increased the local value share in the United States.

Important market successes in 2025

In the 2025 financial year, Stadler won a number of significant orders and further expanded existing customer relationships. This confirms the company’s strong market position in Europe and beyond.

  • The Dutch railway operator Nederlandse Spoorwegen (NS) and Stadler signed a contract for the delivery of 36 FLIRT trains for commuter transport. With these trains, NS is increasing capacity and comfort on their network in the Netherlands. The trains will go into operation in 2030. Stadler has sold over 3,000 FLIRT trains in 24 countries worldwide.
  • The first ORION multiple unit train equipped with the world’s first “v+” gear brake system from MGBahn and Stadler was unveiled in Andermatt. It will be used on the Andermatt–Göschenen line, which has a gradient of 181 per mille. Thanks to the new technology, it can travel downhill safely at speeds of up to 30 km/h instead of the previous 21 km/h.
  • Stadler hydrogen trains will soon be operating around the volcanic landscape of Mount Etna. The railway company Ferrovia Circumetnea (FCE) has ordered two custom narrow-gauge hydrogen trains. Stadler is the market leader in alternative drive systems. No other manufacturer in Europe sells more battery and hydrogen powered rail vehicles with sustainable, CO₂-free propulsion.
  • Stadler Signalling prevailed against well-known competitors in Bergen, Norway, and won a public tender with a project volume of approximately EUR 50 million. The customised signalling solution meets safety requirements of the highest safety level in railway technology. The majority of  components are produced in-house by Stadler Signalling.
  • With the order from Kölner Verkehrs-Betriebe (KVB) to supply 132 high-floor light rail vehicles, a significant project for urban rail transport has been secured. The order volume amounts to around EUR 700 million. Thanks to their modular design, the vehicles, which are tailored to Cologne’s light rail network, allow for flexible capacity expansion.

Production output and sales will increase significantly

The high order intake in recent years means that production output and thus also sales will increase massively in the coming years. To enable this jump in sales, Stadler has once again invested heavily in production capacity. In addition, the high down payments from previous years are now being used to process current orders and build vehicles. This had a negative impact on free cash flow, net working capital and the net cash position in the past financial year.

After a free cash flow of CHF -744.2 million in the first half of 2025, a positive free cash flow of CHF 155.9 million was achieved in the second half of the year, despite continued high investments. This results in a free cash flow of CHF -588.4 million for the full year 2025. Net working capital remains negative at CHF -421.8 million (31 December 2024: CHF -1,010.9 million). This means that the amount of advance payments received from customers is still higher than the production costs of current orders. The net cash position as of 31 December 2025 is CHF -275.5 million (31 December 2024: CHF 368.0 million).

Stadler confirms medium-term guidance

For the 2026 financial year and subsequent years, Stadler confirms its expectation of sales significantly above CHF 5 billion. Thanks to a strong order backlog, increased production output and the efficiency 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 sales. This forms the basis for sustainable capacity utilisation and further growth. In addition, Stadler expects total investments of around CHF 250 million in 2026.

CEO Bernsteiner: “Expecting significantly higher EBIT in 2026”

Markus Bernsteiner, Group CEO, emphasises: “Our efforts following the environmental disasters are beginning to bear fruit. The combination of a very solid order backlog, more stable supply chains and the consistent efficiency improvement programme is showing its effectiveness. We expect significantly higher sales and EBIT in 2026.”

Stadler expects to be able to increase its EBIT margin to 6 to 8 per cent in the medium term, with stable supply chains and stable sales of over CHF 5 billion. The medium-term guidance is therefore confirmed unchanged.

The Board of Directors intends to propose a dividend of CHF 50 million (CHF 0.50 per share) for the 2025 financial year to the Annual General Meeting, compared to CHF 20 million (CHF 0.20 per share) in the previous year.