Stadler Rail expands with Vienna service hub and 1,000 new jobs by 2026
Peter Spuhler Doesn't Mince Words
In an appearance on Swiss television over the weekend, the chairman of Stadler Rail's board of directors warned of the consequences of stricter migration policies—and he wasn't talking about abstract economic theory, but a very real challenge facing his own company.
Record Order Backlog, But a Shortage of Workers
The rail vehicle manufacturer is sitting on an order book worth over 32 billion Swiss francs. Major projects like Copenhagen's S-train network and Switzerland's new SBB double-decker trains are waiting to be fulfilled. To handle this volume, Stadler Rail plans to create around 1,000 new jobs worldwide in 2026 alone.
Spuhler called the so-called "10 Million Initiative" migration proposal "too harsh and too extreme." Without enough skilled workers, delays in key projects could threaten cash flow and trigger contractual penalties.
Expansion on Track, Pressure on Margins
Meanwhile, the company is pushing ahead with physical expansion. In Leopoldsdorf near Vienna, a new service facility will open in the second week of April, initially serving as a testing center for ÖBB's double-decker trains before expanding service operations in Eastern Europe. At the Berlin-Pankow site, working hours have been increased to 40 hours under a new collective agreement aimed at boosting competitiveness.
The overarching goal: to lift the EBIT margin back above 5 percent. A strong Swiss franc and rising wage costs are weighing on the balance sheet—and help explain why capital markets remain skeptical despite operational progress. The stock fell by around 3.4 percent on Friday, trading nearly 14 percent below its 52-week high.
New Leadership for the Annual General Meeting
At the May 2026 shareholders' meeting, Michael Schöllhorn and Sabrina Soussan are set to be elected to the board of directors. Both bring extensive international experience, continuing the ongoing generational shift in the company's leadership.
The half-year results will reveal whether efficiency programs and capacity expansion are enough to profitably support the ambitious revenue target of well over 5 billion Swiss francs—and whether the hiring push succeeds before delivery delays cast a shadow over the company's prospects.
