Stadler Rail Half-Year Report 2023

Highlights

Financial Results

• The financial result improved by CHF 45.8 million to CHF –12.9 million in relation to the previous period. While foreign exchange losses had a strong negative impact of CHF 32.1 million on the previous year’s financial result, mainly due to the foreign currency valuation of balance sheet items, foreign exchange gains of CHF 3.2 million were recorded in the current period. In addition, significantly higher interest income was generated by optimized liquidity management.

Operating Results (EBIT)

• Although the gross margin increased compared to the previous period, the EBIT margin fell from 4.5% to 3.7%. The decrease in the EBIT margin is due in particular to the decline in other operating income (see also Note 7). Higher costs for development, marketing and sales and administration in relation to net revenue also weighed on the EBIT margin. It should be noted that these costs do not evolve in proportion to net revenue. These expenses mostly comprise fixed costs that are not directly related to net revenue.

Income Taxes

• Despite the absolute increase in income taxes by CHF 3.6 million to CHF 10.3 million compared to the previous period, income taxes decreased in relation to the profit before income tax. This relative decrease is due to the weighting of the results achieved with different applicable tax rates, and the capitalization or non- capitalization of deferred tax assets on current losses.