Strategy & Objectives

Development Stages of VTG

  • Since its independence in 2005 VTG has gone through various development stages
  • The fleet was modernized and gradually expanded
  • At the same time, VTG expanded regionally and diversified its customer base
  • With the takeover of AAE in 2015 and Nacco in 2018 VTG strengthened its position as Europe’s leading wagon hire company
  • With our agenda “VTG 4.0” we started a new chapter towards more efficiency and profitability


Since its independence from the TUI Group in 2005 VTG has gone through various development stages. As a first step, VTG primarily aimed to expand to a size necessary for its business model. The fleet was being modernized, gradually expanded and the customer base diversified. Additionally, we successfully entered the two biggest railway markets, North America and Russia. In doing so, we were able to increase our market share in our core business considerably and to place our business on a broader footing.

After the takeover of AAE we have strengthened our position as Europe's leading supplier of rail freight cars for hire. The new development stage 4.0 thus is setting new priorities: efficiency enhancement, digitization and profitability enhancement.

VTG 4.0

Our mid-term goal is to increase earnings per share to € 2.50.

This goal is built on three pillars:

  • Investment in new wagons and improvement of the logistics business
  • Realization of synergies and efficiency enhancement
  • Reduction of financing costs and optimization of tax rate


VTG is going to invest € 200 – 250 million in the maintenance and expansion of the fleet within the next years. Simultaneously, measures have been initiated in the logistics divisions to bring their productivity back to their former level.

We have been able to exploit synergies arising from the acquisition of AAE, e.g. in the purchase and administration departments. In addition, the successful reorganization of the European wagon hire business will enhance efficiency.

Finance & Tax
At the end of 2015, we managed to refinance half of our financial liabilities at significantly better terms. This will reduce our annual interest payments by € 10 Million. Our tax rate is expected to improve from originally 37 % to 30 %.