In terms of train-kilometres, FS Group freight trains achieved a total of 46 million. This number is down by 5.1% compared to 2024. Similarly to the tonne-kilometre performance, foreign operations did marginally better, shrinking by 4.6%. “The result was affected by the weak macroeconomic environment, characterised by high uncertainty due to both the protectionist trade policy of the new U.S. administration, and pre-existing geopolitical tensions”, FS explains.

The financial picture

In financial terms, the company’s net loss amounted to 124 million euros in 2024. FS Group, which includes rail freight companies like Mercitalia and TX Logistik, therefore improved its net result by 22.6% in 2025.

FS Group’s freight operating result (Earnings Before Interest, Taxes, Depreciation and Amortisation, EBITDA) looks much better: 105 million euros in the positive. That is an increase of 41.1%. This is mostly attributable to a higher revenue (+48 million euros, achieved by TX Logistik, Mercitalia’s shunting and terminal branch and intermodal recovery).

At the same time, the company faced higher operating and personnel costs, which exerted downward pressure on EBITDA.

About the Author

Dr. Eugen Truschkin is a senior infrastructure and transport consultant with more than 17 years of experience in rail freight, intermodal logistics, and large-scale transformation programs across Europe, the Middle East, and Central Asia. Currently, he serves as Director Rail and Intermodal Logistics Consulting at DB Engineering & Consulting GmbH, leading multi-disciplinary teams and end-to-end delivery of complex consulting engagements. In parallel, he is active as a researcher, author, and speaker in logistics and transport economics, with peer-reviewed publications and international guest lectures.

Truschkin welcomes your opinion on the (future) role of semi-trailers in rail freight and the modal shift. We extend an open invitation to contact the author or the editorial team with your views. What is the path forward in the use of semi-trailers in switching freight from road to rail?

Despite the EU’s modal shift goals, the modal split has seen little change in the past decade. As a result of the prevalence of semi-trailers, technologies for transshipping this equipment from road to rail are gaining more and more importance. To illustrate: in 2024, EU road freight transport remained dominated by semi-trailers, accounting for 77% of transport performance, and 95% of which are non-craneable.

The number of semi-trailers in the EU has grown significantly, increasing by about 50% in the last decade from 2 to 3.1 million. At the same time, the ratio of cranable to non-cranable trailers in production remained unchanged (95% non-cranable vs 5% cranable). Freight forwarders and shippers seem to consistently choose semi-trailers as the main loading unit for European road freight, showing a clear preference for non-cranable units at the same time.

In Germany specifically, around 70% of all semi-trailers are owned by small transport companies (defined as employing fewer than 50 employees), posing additional challenges for a shift to rail due to low competence in combined transport and the general “path dependency” effect, causing a “locked in” in the road transport. In other words, the habit of using road transport makes a shift to rail more difficult. Smaller companies, in particular, are often even less inclined to use combined transport, as they typically lack the resources, experience, and bargaining power needed to adapt their operations to alternative transport solutions.

Techniques to load semi-trailers onto trains exist in vertical and horizontal form. They both offer unique advantages and disadvantages, which impact their business case. The following pictures show vertical and horizontal semi-trailer transshipment technologies that have been accepted onto the EU transport market at the time of writing.

Vertical and horizontal technologies

Vertical technologies (where semi-trailers are loaded onto a train with a crane) offer a manageable investment requiring only transfer baskets, as well as immediate operational readiness, and compatibility with existing conventional terminals. However, they also present drawbacks, such as slower loading and unloading compared to horizontal options, and a greater space demand in traditional terminals which already operate at high capacity. Their primary application is as an additional offering in standard combined transport terminals and for industrial operations with dedicated tracks.

Horizontal technologies offer the advantage of much faster loading and unloading compared to vertical systems, along with partial compatibility with existing terminals operated by companies such as CargoBeamer and Helrom with the latter also boasting operational capacity independent from terminals. Other operators, such as CFL Multimodal, utilise Modalohr technology. However, these technologies necessitate large-scale investments for both terminals and rolling stock (for Helrom: rolling stock only), and a significant drawback is that the technologies are generally not interoperable. Therefore, they are best suited for high-traffic lanes with dedicated terminals. In case of Helrom, it is suited also for industrial operations with dedicated tracks).

Current trends and future outlook

Despite the compatibility challenges, semi-trailers drive the growth of combined transport and are the most dynamic unit. In the case of Germany, it accounted for 34.15% of the total combined transport performance, with a compound annual growth rate of 14% in the period between 2005 and 2024. However, other solutions could further encourage the modal shift from road to rail. Even as non-cranable semi-trailers continue to play a major role, there is potential for more intermodal-friendly options, such as practical 45′ stackable loading units which help optimise infrastructure and increase capacity.

A pivotal question persists: Why load an entire semi-trailer onto a train when only the goods matter? Transporting the trailer (including wheels, frame, et cetera) adds unnecessary costs. Alternatives like the Stackmax 45 (see below), a stackable swap body with similar capabilities to a semi-trailer, present promising solutions.

Stackmax appears to be the first EU innovation which combines the benefits of a semi-trailer (payload, efficient loading and unloading from four sides) with the benefits of a container (stackabillity and less tare weight compared to semi-trailers). This solution would be compatible with all existing conventional intermodal terminals in Europe.

Despite these novelties, a rapid shift from semi-trailers is unlikely in the short to medium term due to the current ownership structure, established investments, and the lack of EU-wide policy initiatives preferring specific loading units for combined transport.

Semi-trailers will continue to play a leading role in both European road and combined transport. Although new technologies and intermodal-oriented solutions are developing, substantial changes in market structure and stronger policy support are needed to accelerate the modal shift from road to rail.

Do you want to share your view? You can reach out to the RailFreight.com editorial team, or to Dr. Eugen Truschkin via the button below. You can also leave a comment.

Cross-border traffic

The data provided by the country’s infrastructure manager also included cross-border traffic in 2024. The borders with Austria and Switzerland were by far the most important, especially since the main connection to France saw no traffic at all for the whole year. The two lines leading into Austria (Brenner and Tarvisio) saw 43% of total traffic going through them. Another 44% went through the three border crossings with Switzerland: Chiasso (19%), Domodossola/Domo II (15%) and Luino (10%). The Villa Opicina border crossing to Slovenia accounted for 11%.

The situation was much more dire for France due to the closure of the Frejus railway from August 2023 to April 2025. This closure meant that only 900 out of the 6,000 yearly trains meant for this line were re-routed via Ventimiglia in 2024. Usually, the Frejus border crossing via Modane accounts for around 6% of the total. Its closure caused a massive reverse modal shift to the road and the interruption of the rail highway service between the two countries due to subsidy cuts from both governments.

The rise of private operators

The growth in market share of a state-owned operator is somewhat of a unique circumstance in the current market. State-owned companies are losing ground to private operators in many countries, including Spain, France and Poland. Even giants such as German DB Cargo or Swiss SBB Cargo are facing significant difficulties which might lead to losses in traffic and jobs. More and more private entities have entered the market and, over the past couple of years, have taken a significant slice of the pie.

The rail operator wants to expand its fleet of electric vehicles in the future. That includes a second hybrid locomotive later in 2025. Earlier in the year, the operator got its first fully electric Vectron locomotive from Siemens Mobility.

In 2022, the SmartHybrid DE18 locomotive performed a test run in the Belgian Ardennes:

HSL Belgium

HSL Belgium is a rail freight operator based in Eupen and Antwerp. It is active across much of Europe, connecting Belgian ports with routes spanning from Germany to Ukraine. It transports a wide variety of freight, such as grain, containers, trailers, motor vehicles, chemicals, and hazardous goods. The company is part of the TX Logistik & Mercitalia Rail Group.

When it comes to financial data, the EBITDA of FS’ logistics branch decreased by 37.9 per cent, from 29 to 18 million euros. This trend was justified by FS by the increase in personnel and other operational costs incurred by TX Logistik, the international rail freight operator of the group, despite the acquisition of Exploris Group. It needs to be mentioned that, despite the negative numbers, FS claims that “technical investments” grew by 135 per cent in the first half of 2024 compared to the same period last year, rising from 51 to 120 million euros. Most of these investments concerned fleet renovation.

A national negative trend

The numbers posted by FS’ logistics branch reflect the hardships that the Italian rail freight sector is currently facing. Volumes are generally decreasing, as the numbers for 2023 already showed, and the sector is currently in a fragile position. Between subsidy cancellations and infrastructure works that will disrupt traffic, prompt solutions are necessary, as the sector associations are stressing.

“The NiKRASA platform enables the handling of non-craneable semi-trailers, which currently make up around 90 per cent of European truck fleets. They can be loaded from road to rail in just two minutes”, the two companies explain in a press release.

“Changes to the existing standards in the terminals, on the wagon and on the railway are not necessary for this. In addition to classic semi-trailers, silos and trailers with fixed body, mega-trailers and trailers without a body and container chassis can also be put on the rail.” The companies also clarify that if the NiKRASA loading frame stays empty in the wagon, swap bodies and containers can still be loaded as usual.

Cooperation beyond NiKRASA

The signed agreement also provides for cooperation more generally between TX Logistik and Wascosa. “In the current tense market situation, this partnership is a sign that we are looking to the future,” comments Ugo Dibennardo, CEO of TX Logistik. “In addition to wagon rental and the marketing of NiKRASA, we also want to work closely together on transport solutions and innovative developments and drive these forward together and with other partners.”

Nikrasa and Modalohr

“Both technologies have their advantages”, Laurent Erhard, CEO of CFL terminals, pointed out. “With the Nikrasa baskets, you don’t need additional equipment, it can be used everywhere as long as there is a crane or a reach stacker”. This is the main difference between Modalohr and Nikrasa, and more in general between horizontal and vertical transshipment technologies.

More specifically, implementing the Modalohr system requires the installation of special wagons with pivoting pockets. Trucks can drive on top of these wagons, which then rotate to form a full train. Moreover, horizontal loading techniques also require built-in systems at the terminals. With Nikrasa, on the other hand, all that is required is a base platform. Trucks drive the semi-trailer on the platform, or basket, and a crane lifts it and puts it on the wagons.

Truck2Rail

The consortium that launched the Truck2Rail initiative includes parties from various segments of the industry. TIP Group is a provider of trailers, Ermewa is a leading company in Europe for wagon leasing and TX Logistik provides the Nikrasa technology. The CFL multimodal group is participating with its terminal operator subsidiary CFL terminals. The four companies presented their project on 18 June at the Bettembourg-Dudelange multimodal terminal, which is managed by the CFL multimodal group.

CFL multimodal’s plans for expansion

One of the points raised by Erhard is that a network of compatible terminals is vital to creating a network across which these technologies can be deployed. Consequently, the CFL multimodal group is considering the option of expanding outside the Luxembourgish borders. “There are no concrete plans yet, but the strategy would be to build or buy terminals abroad and upgrade them to accommodate these technologies or create partnerships”, Erhard concluded.

Following a good year

TX Logistik proceeded with these two upgrades following a relatively solid performance in 2023, at least expansion-wise. Two of last year’s highlights included commencing the joint operation of the combined transport terminal Logport III in Duisburg (Ziel Terminal) alongside duisport and Samskip. The company holds a 25.1 per cent share in the joint venture established for the terminal’s operation, with duisport also holding 25.1 per cent and Samskip maintaining the lion’s share of 49.8 per cent.

The second highlight was the acquisition of Exploris Deutschland Holding, which includes companies like the HSL Logistik group, Delta Rail, and Via Cargo. This development will play an important role in streamlining the company’s network expansion, especially on the east-west axis, with more services between Germany and Poland and Czechia and Slovakia. More importantly, the acquisition helped the company increase its market share in Germany even more since it became the country’s second-largest operator.

Adding important assets

The Exploris group currently runs around 240 weekly trains, which will be added to TX’s portfolio. The company’s locomotive fleet will also significantly increase from 91 to 166 thanks to the 75 owned by Exploris. The workforce is also expected to almost double, from 700 to 1,200 people.

Apart from operations within Germany, Exploris also operates multiple services on the East-West axis with the help of its subsidiaries Delta Rail, HSL Logistik and Via Cargo. It connects countries like Czechia, Slovakia, Austria and Poland with Germany, the Netherlands, Switzerland and Belgium with 12 direct services. Those services will all be transferred to TX Logistik’s network.

Apart from serving the European expansion of FS Group, the mother company of Mercitalia Logistics and TX Logistik, this acquisition has additional strategic significance. FS Group explained that the countries in which Exploris operates account for 34 per cent of Italy’s imports and 26 per cent of its exports, meaning that increased East-West volumes will also be transferred to Trans-Alpine traffic.

While waiting for the EC’s approval, Samskip and TX Logistik already started new rail freight operations serving the Logport III terminal. For example, TX Logistik launched a new connection between the terminal in Duisburg and the Interporto Padova terminal, in northeastern Italy. Moreover, Samskip linked the German terminal with the Kaunas Intermodal Terminal, in Lithuania and in collaboration with LTG Cargo.

Logport III terminal

The terminal covers a surface area of 140,000 square metres. It is armed with seven transshipment tracks able to handle trains up to 720 metres in length. The facility can rely on two shunting tracks and two gantry cranes for the transshipment from road to rail. The terminal is also equipped with a control tower system, high-tech gate functions, OCR scanning. At the Logport III it is also possible to carry out railcar repair operations. The total capacity of the terminal is currently 250,000 loading units.

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