NS reports profit from passenger transport for the first time since 2019

Dutch Railways (NS) reported a profit from passenger transport over 2025 for the first time since 2019, but its debt has risen to 1.2 billion euros. The rail operator attributed this result to price increases for train tickets and season tickets, a slight increase in passenger numbers and cost savings. 

This combination resulted in a modest profit of 11 million euros. This is the underlying result from NS’s business activities, excluding one-off gains or losses. In 2024, the company still posted a loss of 141 million euros. The national railway operator was privatised in 1995 but is fully owned by the Dutch state.

Corona consequences

Despite the profit, NS says the result is insufficient to be financially healthy. During the corona pandemic, passenger numbers plummeted. Fewer people are still travelling by train than before the virus outbreak, because working from home for several days has become standard practice for many people.

For years, this meant that NS saw less money come in than it spent. At the same time, the state-owned company spent hundreds of millions of euros annually to continue operating and to invest in trains, personnel and stations. As a result, its debts have risen to more than 1.2 billion euros.

In its annual report, NS therefore emphasises the need to continue to make a profit from its core activities. The company is implementing a programme to achieve €200 million in structural cost savings, of which €60 million was achieved last year. Among other things, NS wants to reduce the number of office staff and cut IT and consultancy costs.

More timely than year before

NS reports that trains were on time more often in 2025 than in the previous year. Passengers also had to stand less often during rush hour because all seats were occupied. According to NS, this is because more train sets were available and more staff were recruited. In addition, the long-term speed restrictions that plague the high-speed line are now included in the timetable.

Last year, more than 85 percent of train journeys arrived with less than a 3-minute delay, including cancelled trains. This means that NS meets the “minimum standard” agreed with the government in the new concession for the main rail network. However, it is still below the target value for 2029, which will determine whether NS receives a bonus or has to pay a penalty for its performance that year.

NS considers its performance to be good, but warns that passengers may be affected in the coming period by the extensive work that railway manager ProRail has to carry out. This work is increasingly taking place during the day and on working days.

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