The Swiss intermodal operator Hupac looks back at a relatively successful 2025. It defied construction works on its key routes by turning a profit and growing volumes. Despite short-term uncertainty, growth opportunities should arise by 2029.
Combined transport will remain challenging in the coming years, says Hupac. This has everything to do with the German rail construction works in the Rhine Valley and northern Italy. These are key areas for Hupac, whose core business focuses on transalpine traffic through Switzerland. The intermodal operator expects improvements and a return to growth once these works are completed in 2029.
Until then, Hupac wants to boost the reliability and competitiveness of Combined Transport. It plans to use the left bank of the Rhine corridor more often, engage in closer partnerships and conduct targeted investment in digitalisation. It is also working to expand terminal infrastructure for future growth.
A year gone by
Looking back at 2025 however, Hupac’s performance is not as bad as it could have been considering the circumstances. The company turned a profit of 3.5 million Swiss francs (3.8 million euros, down from 2024 by 63%). Revenue increased by 3.1% compared to 2024 and reached 646 million Swiss francs (704 million euros).
At the same time, transport volumes grew by 4.3% to 1.9 million TEU. Transalpine traffic through Switzerland grew at an even faster rate of 4.5%. This is “partly thanks to the acquisition of traffic on the Belgium-Italy corridor”.
Despite costs for services rising more rapidly than revenues, Hupac maintained its group result at a “satisfactory level” by implementing “measures aimed at safeguarding results”. This increase in costs led to a slight drop in the gross profit margin by 0.6%, resulting in a 21.6% margin. The EBIT margin was 1.9%.
Strategic initiatives
In 2025, Hupac also launched new strategic initiatives to increase the resilience of its services, the company says. These are said to begin delivering results now.
One such initiative is the RadicalShift2Rail concept. Under this banner, Hupac is concentrating traffic flows on a limited number of high-performance terminals. It organises transport between the terminals through high-frequency shuttle trains with four or six daily departures both ways.
This approach should stabilise Combined Transport and improve planning reliability, according to Hupac. Examples include Köln Nord and Busto Arsizio, as well as a connection between Ludwigshafen and Busto Arsizio. “Further high-frequency services will be introduced with the timetable change at the end of 2026.”