Russian Railways (RZD) has reported a net loss for the first nine months of 2025. The company also reported a net loss in Q2, but 2025 seems to end up being the first loss-making year for RZD since 2020.
RZD reported a loss of around 4.2 billion rubles (45 million euros) for the period of January-September 2025. During the same period of 2024, the rail operator reported a net profit of 44.7 billion rubles (around 480 million euros).
The 9-month net loss comes despite an increase in revenues of 10.1%, and gross profit grew by 12.4% to 319 billion rubles (3.4 billion euros).
Earlier, RailFreight.com pointed out that RZD’s vanishing net profits are the result of financial liabilities, such as debt and interest payments. The high Russian interest rate has increased RZD’s expenses on that front significantly. Recent decreases in the interest rate (even if symbolic, from 17.00% to 16.50% in October), have not provided the desired relief.