In 2025, the Norwegian rail freight operators had a much better year than in 2024. Infrastructure stabilisation and favourable economic conditions helped the companies to improve much on their disappointing 2024 results – at least, that is the expectation.
Both state-owned operator CargoNet and the private operator OnRail will have their final financial results towards the end of February, but it is clear that much has improved in Norway over the past year.
To illustrate, CargoNet made an operational loss of 200 million Norwegian crowns (17 million euros) in 2024. That won’t be the case in 2025: “The results are more positive in 2025, mainly driven by the effects of the compensation scheme – in addition, we are experiencing better demand from the market. Part of this picture is also driven by the bankruptcy of our competitor BLS halfway through the year”, the state company comments.
CargoNet points to infrastructure closures, such as on the Dovre line, as being the biggest obstacle to profitability. The reopening of that line has shown CargoNet that rail freight operations can be profitable if the infrastructure works, the company tells RailFreight.com.
Interest rate cuts
Similarly, private operator OnRail is rather positive about 2025, especially after the Rauma line was reinstated in October. Its CEO Henning Aandal also points out that the Norwegian Central Bank cut the interest rate twice in 2025, allowing for more consumer spending. That has had a positive impact on the intermodal market segment.
If OnRail succeeds in attaining a positive net result for 2025, then it will be the first company to do so. “We would be smiling more than ever”, comments Aandal – who also points out that OnRail managed that once before, in 2021.
Both Onrail and CargoNet seem to have benefited from the bankruptcy of competitor BLS Rail. Henning Aandal explains that with its entry into the market, BLS Rail did not expand the market, but only captured market share from the existing operators. BLS’ bankruptcy therefore removed overcapacity from the market.