NS posts first profits since 2019: €11 million profit, debt climbs to €1.2 billion
Dutch Railways (NS) reported a profit for the first time since 2019, posting an underlying operating result of 11 million euros for 2025, the company said Thursday, even as its debt climbed to more than 1.2 billion euros.
Despite the profit, the company said the result is insufficient to restore full financial health. The 11 million euro gain follows a 141 million euro loss in 2024, and passenger traffic remains below pre-pandemic levels.
NS said it is pursuing a program to cut 200 million euros in structural costs, achieving 60 million euros in 2025. The company plans further reductions in office staff and IT and consulting expenses.
“During the coronavirus pandemic, passenger numbers collapsed. Even now, fewer people travel by train than before the outbreak,” NS said in its report. “For years, revenue has lagged behind expenses, while the state-owned company annually spent hundreds of millions of euros to keep services running and invest in trains, staff, and stations. As a result, debts have risen to over 1.2 billion euros.”
The company’s net profit, affected by special accounting items, totaled 380 million euros. Passenger numbers rose last year, with travelers covering 16.5 billion kilometers, a 2.9 percent increase from 2024. Revenue from passenger transport grew 6 percent to 3.364 billion euros, driven by more business travelers and leisure trips. Subscription sales increased nearly 10 percent, while single-ticket sales rose 7 percent. Use of bank cards for train travel jumped 46 percent. Revenue from stations climbed 7 percent to 556 million euros.
Service punctuality improved, with more than 85 percent of trains arriving within three minutes of schedule, including cancellations. In the peak hours, 92.4 percent of travelers had a seat, up slightly from 92.3 percent in 2024. NS attributed improvements to additional train availability, new staff, and adjustments for long-standing speed restrictions on the high-speed line.
NS also highlighted international service upgrades, including the new Eurostar UK Terminal at Amsterdam Centraal, Nightjet trains to Austria with modern sleeping compartments, and new ICE trains to Berlin. Stations renovations continued across the country, including Amsterdam Centraal, Utrecht Overvecht, Groningen, and Heiloo, with further projects planned.
The operator cautioned that maintenance by infrastructure manager ProRail could cause disruptions, as work increasingly occurs during daytime hours on weekdays. NS also reported that avoided CO₂ emissions from travelers switching from cars to trains totaled 597 kilotons in 2025, exceeding the government-agreed minimum of 562 kilotons.
