Looking ahead

We expect to see further financial challenges in the years ahead. This is due to high inflation rates, the long-term drop in passenger numbers and the end of the support measures that were introduced in connection with the COVID-19 pandemic. In the coming years, NS will have to continue borrowing to fund all of its investments, even though the company’s debt has already risen significantly in recent years. To improve financial performance, we will continue our efforts to reduce the cost level and bring it into balance with the passenger forecast, which has been adjusted downwards. These efforts should also help to keep train fares affordable.