What are the main drivers of the 40% revenue growth in the first half?

According to Stadler Rail, the 40% growth is driven by two concrete factors: (1) the high number of rail vehicle deliveries in the first half of 2026, as a result of the rich orders accumulated; (2) the greater production capacity of the group's plants. The company emphasizes that despite supply chain difficulties due to the bad weather of October 2024, it has stabilized supplies and adapted production processes to keep production high.

Why did net profit grow only 1% while EBIT doubled?

Net profit of CHF 31 million was penalised by negative currency effects (likely due to EUR/CHF exchange rate volatility) and increased financial charges. While the operating result (EBIT) more than doubled due to operating efficiency and increasing volumes, these financial factors offset the benefit on the final net profit.

When will the effects of the October 2024 bad weather be fully resolved?

Stadler Rail estimates that the negative effects of the weather disaster — including additional logistics costs, efficiency losses and delivery delays — will continue until 2027. The company has already stabilized supplies and found new suppliers, but the economic impact will continue to weigh on margins and lead times for at least 12-18 months yet.

What do the CHF 33 billion of orders in the portfolio represent?

The portfolio of CHF 33 billion is an absolute record for Stadler Rail and represents already signed orders (contracts signed with end customers) that will be executed and invoiced over the next few years. This ensures visibility on revenues and future employment and provides a 'shield' against any short-term market downturns in the European rail sector.

What is the role of the Berlin plant in the company's plans?

The Berlin plant was historically loss-making and underutilized. In 2026, it received two large orders: 350 S-Bahn trains and 166 subway cars. Stadler Rail estimates that thanks to efficiency measures and these orders, the factory should reach equilibrium as early as 2027, sustainably ensuring the employment future and profitability of the German pole.

Stadler Rail accelerates in the first semester and flies on the stock exchange (cross-border guide)

Di Redazione Frontaliere Ticino · Published on 26 August 2026

View of a modern Swiss railway station with contemporary trains

Revenues +40% to CHF 2 billion, EBIT doubled. Stock gains 19% on the stock market. Order backlog reaches record CHF 33 billion.

Context

In a nutshell

Stadler Rail recorded 40% revenue growth in the first half, driven by vehicle deliveries and high production capacity
Operating result (EBIT) more than doubled from CHF 37 million to CHF 80 million; margin increased to 4.0% from 2.6%
On the stock exchange, the stock gains 19% to over 29 francs, the highest in over two years; since the beginning of the year +34%
Order book reaches CHF 33 billion, new absolute record; Berlin plant aims to break even in 2027

Key facts

What: Stadler Rail publishes strongly accelerating first half 2026 results
When: First half of 2026 (results published in August 2026)
Where: Headquarters in Bussnang (Thurgau); plants in Germany, Austria, Valais, Spain
Who: Stadler Rail, Swiss railway manufacturer, 18,000 employees (6,000 in Switzerland)
Revenues: CHF 2.0 billion (+40% per annum)
EBIT: CHF 80 million (doubling from CHF 37 million)
Operating margin: 4.0% (from 2.6% previously)
Orders in portfolio: CHF 33 billion (historical record)

Stadler Rail accelerated sharply in the first half of 2026, overcoming the slowdowns linked to the weather disasters of the previous year. The company, based in Bussnang in Thurgau, presented results that impressed the financial market: on the stock market the share has risen to its highest in over two years.

Revenues in the first half of the year jumped 40% year-on-year, reaching CHF 2.0 billion, thanks to the delivery of numerous

Operational details

Stadler Rail in the Swiss national economy: an important reality

Stadler Rail represents one of the Swiss industrial excellence in the European rail sector. With a total employment base of 18,000 employees, including 6,000 in Switzerland, and a 2025 turnover of CHF 3.7 billion, the company has a widespread presence that includes plants in Switzerland, Germany, Austria, Spain and Valais. This positioning allows Stadler Rail to compete directly in European markets against large international competitors.

The 40% growth in revenues in the first half is not a purely statistical figure: it reflects concrete orders from public railways and European private operators, which will result in continuous production, qualified employment and cashflow generation for years. The new orders of CHF 2.7 billion (excluding the Berlin contracts still in the formalization phase) testify to the confidence of the European market in the product and in the production capacity of the Swiss company.

For the Swiss labour market, the consolidation of Stadler Rail means job continuity in the manufacturing-industrial sector: investments in plants, growth in production capacity and the introduction of new production processes generate jobs for engineers, specialised technicians and skilled workers, sectors where Switzerland historically suffers from labour shortages.

Dynamics of

Useful tools to protect your net income

To reduce FX leakage, compare CHF-EUR exchange options and banks for cross-border workers.

Key points

For investors: what changes in the stock positioning

If you own or are considering buying Stadler Rail shares quoted on the SIX in Zurich, today's data provides clear signals of operational improvement:

Consolidated revenue visibility: The portfolio of CHF 33 billion in outstanding orders guarantees a multi-year billing horizon. Management estimates revenue 'significantly above 5 billion francs' in 2026 (compared to CHF 3.7 billion in 2025), signaling an acceleration in line with the growth of the order book.

Margins in structural improvement: The operating margin will increase from 4.0% in the first half to a target above 5% for the full 2026, and is expected to reach 6-8% by 2027 according to the CFO. This improvement reflects the combined effect of growing volumes and productive efficiency measures.

Supply chain risk still present: The effects of the 2024 bad weather will continue until 2027, limiting potential upside on margins in the short term. The market knows this and has moderated enthusiasm accordingly (19% gain, significant but not euphoric).

Berlin as a catalyst: The German plant is expected to reach break-even in 2027 thanks to two orders for 350 S-Bahn trains and 166 metro cars. If it reaches the target, the overall profitability of the group improves considerably; if it delays, margins remain under pressure for longer periods.

…

Frequently Asked Questions

What are the main drivers of the 40% revenue growth in the first half?: According to Stadler Rail, the 40% growth is driven by two concrete factors: (1) the high number of rail vehicle deliveries in the first half of 2026, as a result of the rich orders accumulated; (2) the greater production capacity of the group's plants. The company emphasizes that despite supply chain difficulties due to the bad weather of October 2024, it has stabilized supplies and adapted production processes to keep production high.
Why did net profit grow only 1% while EBIT doubled?: Net profit of CHF 31 million was penalised by negative currency effects (likely due to EUR/CHF exchange rate volatility) and increased financial charges. While the operating result (EBIT) more than doubled due to operating efficiency and increasing volumes, these financial factors offset the benefit on the final net profit.
When will the effects of the October 2024 bad weather be fully resolved?: Stadler Rail estimates that the negative effects of the weather disaster — including additional logistics costs, efficiency losses and delivery delays — will continue until 2027. The company has already stabilized supplies and found new suppliers, but the economic impact will continue to weigh on margins and lead times for at least 12-18 months yet.
What do the CHF 33 billion of orders in the portfolio represent?: The portfolio of CHF 33 billion is an absolute record for Stadler Rail and represents already signed orders (contracts signed with end customers) that will be executed and invoiced over the next few years. This ensures visibility on revenues and future employment and provides a 'shield' against any short-term market downturns in the European rail sector.
What is the role of the Berlin plant in the company's plans?: The Berlin plant was historically loss-making and underutilized. In 2026, it received two large orders: 350 S-Bahn trains and 166 subway cars. Stadler Rail estimates that thanks to efficiency measures and these orders, the factory should reach equilibrium as early as 2027, sustainably ensuring the employment future and profitability of the German pole.