The Österreichische Bundesbahnen (ÖBB), Austria’s national railway operator, has reported a rise in passenger numbers but a significant decline in earnings for 2025, as economic recession and one-off impairments weighed on financial performance. The company’s annual results, presented by CEO Andreas Matthä and CFO Manuela Waldner, highlighted both operational strengths and financial challenges.
Passenger growth and infrastructure milestones
In 2025, ÖBB recorded 559 million passenger journeys across its bus and rail networks, marking a 1.4% increase from the previous year. The launch of the Koralm Railway, a flagship infrastructure project, contributed to this growth, with 7,000 passengers now using the new route daily. The company’s mobility services also helped Austria avoid over 4.2 million tonnes of CO₂ emissions, maintaining the same level as in 2024.
Despite these gains, the economic downturn impacted freight operations, where transport performance fell by 4% to 26.2 billion net tonne-kilometres. Consolidated earnings before taxes (EBT) dropped by 40% to €68.1 million, reflecting both the recession’s effects and a one-off write-down in the Rail Cargo Group.
Financial performance: passenger transport offsets freight losses
The passenger transport division remained the primary driver of ÖBB’s earnings, with EBT rising from €70 million to €228 million in 2025. This increase was partly due to a one-off credit adjustment for infrastructure fees, but even excluding this effect, earnings reached €102 million.
In contrast, the freight division faced significant headwinds, including reduced demand, trade distortions, and a €81.1 million impairment on investments in Hungary and an agricultural logistics firm. As a result, the Rail Cargo Group reported an EBT loss of €135.5 million, compared to €24.5 million in 2024.
ÖBB-Infrastruktur AG, responsible for rail infrastructure, saw a 3% increase in operating performance, with train-kilometres rising to 177 million. The division’s EBT improved by 20% to €15.1 million.
Capital expenditure and sustainability investments
Despite government-mandated savings of €300 million annually until 2030, ÖBB maintained a capital expenditure programme worth over €5 billion in 2025. Key projects included the completion of the Koralm Railway, the Brenner Base Tunnel, and the modernisation of Vienna’s main high-speed line. The company also expanded its renewable energy capacity, adding 25 new photovoltaic systems and increasing solar power production by 26 GWh.
Hydropower remained a cornerstone of ÖBB’s CO₂-free traction energy, with the Spullersee plant celebrating its 100th anniversary following a 2021 modernisation.
Digitisation, electrification, and fleet modernisation continued, with 49 new trains purchased in 2025 and a further 130 planned for 2026–2027.
Workforce expansion and diversity
ÖBB’s workforce grew by 1.6% to 48,249 employees, with over 140,000 job applications received in 2025. The company remains one of Austria’s largest employers and training organisations, with 2,145 apprentices at year-end.
Efforts to increase gender diversity saw the proportion of female staff rise to 17.5%, while 25% of apprentices were women. The gender pay gap stood at 1.5%, significantly below the national average of 17.6%.
Outlook for 2026
ÖBB’s management expressed cautious optimism for 2026, anticipating further passenger growth and improved financial results.
The company’s ongoing ‘Compete‘ programme aims to reduce costs by 10% and enhance competitiveness, particularly in freight operations. Despite economic challenges, investments in infrastructure and fleet modernisation are expected to support long-term growth.
