The Czech national carrier České dráhy (ČD) posted a pre-tax profit of €18 million in the first six months of 2025, according to IFRS standards. While passenger operations remained the main driver of revenues, the freight division ČD Cargo recorded a substantial loss as it continued to adapt to a shrinking European market.
Passenger transport delivered a pre-tax profit of €46 million, an increase of almost €32 million year-on-year. Revenues rose by €68 million, boosted by the deployment of new ComfortJet and RegioFox units and the launch of international services such as a new line to the Baltic coast.
"Thanks to financial stability and a confirmed credit rating, we can continue investing in modern trains and improved services," said Michal Krapinec, Chairman of the Board and CEO of České dráhy. He pointed to growing demand wherever new rolling stock has been introduced, with further ComfortJet, RegioFox and Siemens Vectron trains due for delivery later this year.
By contrast, ČD Cargo reported a pre-tax loss of €37 million. Although the company transported 26.4 million tonnes of goods (29.9 million tonnes at group level), performance measured in tonne-kilometres declined. Growth in combined transport, fuel logistics and automotive shipments was not enough to offset falling volumes elsewhere.
International operations remain central to strategy: container traffic in Germany rose significantly, reinforcing ČD Cargo’s focus on cross-border services. At the same time, restructuring continued with job cuts, the reduction of surplus rolling stock and write-downs on assets no longer expected to generate sufficient revenue.
The company said these steps, including provisions and impairment charges in its accounts, are necessary to stabilise operations and secure long-term sustainability. With the European rail freight market still contracting, ČD Cargo aims to adapt capacity to new conditions at home and abroad.
Meanwhile, Czech Railways is modernising its repair infrastructure with new service halls in Cheb, Havlíčkův Brod, Hradec Králové, Olomouc and Česká Třebová, preparing for a wave of new trains entering service.
ČD Group H1 2025 at a glance
- Group pre-tax profit: €18 million
- Passenger transport: €46 million profit (+€32m YoY)
- Passengers carried: 80.1 million
- Freight transport (ČD Cargo): €37 million loss
- Goods carried: 26.4m tonnes (29.9m incl. subsidiaries)
- Key growth areas: combined transport, automotive, fuels, German container traffic
- Credit rating: Moody’s Baa2, outlook improved to positive
