Stadler Rail, the rail vehicle manufacturer based in Bussnang, in the canton of Thurgau, will deliver 21 additional regional trains to Finland. According to the group’s press release of 30 October 2026, the state-owned company RailStock Finland Oy has exercised an option under a contract signed in 2022. This train order strengthens an already record order book for this heavyweight of Swiss industry, but the trainsets will be built in Poland.
An option from the 2022 contract, exercised by the Finnish state
This is not a new contract but the continuation of an existing one. According to the Keystone-ATS news agency, as reported by swissinfo.ch on 31 October 2026, the Finnish rail company VR signed a contract with Stadler in November 2022 for 20 trains. It came with an option for 50 additional trainsets.
The contract has since been transferred to RailStock Finland Oy. This company, owned by the Finnish state, handles the development and leasing of rolling stock for passenger transport. It is RailStock that is exercising the option for 21 trains, according to Stadler’s list of press releases.
Its CEO, Joakim Mette, highlights competition between operators. RailStock aims to provide “all operators in the country” with reliable rolling stock, for sustainable public rail transport “that does not distort competition”, he says in the press release quoted by swissinfo.ch. In his view, these investments lay the foundations for regional transport subsidised by the Finnish state for decades to come.
FLIRT trains adapted to the Nordic winter
The trainsets ordered belong to the FLIRT family, Stadler’s electric regional trains. In Finland, they carry the series name Sm7, according to Stadler’s investor page. According to swissinfo.ch, the manufacturer designed them to run reliably in bad weather.
| Feature | Sm7 train ordered by Finland |
|---|---|
| Configuration | 4 cars, low floor |
| Seats | 340 |
| Total capacity | up to 700 passengers |
| Top speed | 160 km/h |
| Winter equipment | enlarged snowploughs, underfloor heating, reinforced thermal insulation |
| Production site | the group’s plants in Poland |
These figures come from the Keystone-ATS dispatch published by swissinfo.ch.
Where does it fit in Stadler Rail’s order book?
Compared with the group’s order book, this order remains modest in volume. As of 30 June 2026, Stadler reported a record order backlog of 33.3 billion francs. That is what its half-year results of 26 August 2026 showed, as reported by Keystone-ATS on bluewin.ch. New orders in the first half reached 2.7 billion francs, 1 billion more than a year earlier.
The value of the Finnish order is not known. Neither the Keystone-ATS dispatch nor the summary of the press release published by Stadler puts a figure on it.
Finland is part of a series of announcements in October 2026, many of which involve existing customers. On 9 October, Saudi Arabia Railways (SAR), the Saudi rail operator, exercised the option of a contract signed in 2024 for ten additional intercity trains.
| Date | Stadler press release |
|---|---|
| 7 October 2026 | Complete delivery of the electric FLIRT fleet for the Italian region of Aosta Valley |
| 9 October 2026 | Saudi Arabia Railways orders ten more intercity trains, exercising the option of the 2024 contract |
| 16 October 2026 | Hydrogen train tests on a new narrow-gauge track between Hemishofen and Ramsen |
| 20 October 2026 | Greater Anglia, the British operator, extends maintenance of its 58 FLIRT trains by two years |
| 30 October 2026 | RailStock Finland Oy exercises an option for 21 additional FLIRT trains |
This table is based on the titles and summaries of the press releases displayed on Stadler’s media and investor pages.
What does this order mean for the Swiss sites?
The 21 trainsets will not be assembled in Switzerland: according to swissinfo.ch, production will take place at the group’s plants in Poland. Stadler has not said what share of the engineering or components would go to its Swiss sites.
Switzerland nonetheless remains the centre of the group. Stadler employs 18,000 people, including 6,000 in Switzerland, and generated revenue of 3.7 billion francs in 2025, according to swissinfo.ch. Its investor page lists 16 production and component sites, eight engineering sites and more than 95 service sites worldwide.
Swiss territory also serves as a testing ground. It is in the canton of Schaffhausen that Stadler is testing its hydrogen train intended for Sardinia, as 2clics reported on 18 October 2026.
What the share price trend shows
According to swissinfo.ch, Stadler Rail shares were trading at around 32 francs on the day of the announcement, slightly lower. They were up 48% since the start of January and 63% over twelve months. On 18 October 2026, 2clics noted a rise of 44% since January and 57% over twelve months. When the company listed on the Swiss stock exchange SIX Swiss Exchange in April 2019, the stock was priced at 43 francs. These past movements say nothing about future share price performance.
What we don’t know yet
- The value of the order and the delivery schedule for the 21 trainsets.
- The share of the work, engineering or components, entrusted to the Swiss sites.
- Whether RailStock Finland Oy will exercise further tranches of the option agreed in 2022.
