The Czech national rail freight operator ČD Cargo has released its results for 2025. It transported more freight than in 2024, but the company also faced a major financial loss. The underlying reason will sound familiar to those who have been following the developments at ČD Cargo’s Polish counterpart, PKP Cargo.
The Czech freight operator has reported a total of 57.8 million tonnes transported in 2025 for the entire group. This is 1.1 million tonnes more than in 2024, a figure achieved “despite the unfavorable situation on the European transport market linked to the transformation of certain industrial sectors”.
ČD Cargo attributes the tonnage growth to increased demand for international fuel and container transportation. It also highlights “steadily growing performance abroad” as a factor contributing to the increased transport volume.
The ČD Cargo group’s international operations contributed substantially more to the transported volume than previously. The Austrian and German branches increased their volumes year-on-year by approximately 167,000 tonnes. In total, 16.6 million tonnes of goods were transported by ČD Cargo trains abroad. By contrast, in 2020 this figure was only 4 million tonnes. The subsidiary ČD Cargo Poland achieved a new annual record of 6 million tonnes transported.
The finances were less than great
Unfortunately for the operator, its financial results do not line up with the positive tonnage dynamic. ČD Cargo made a loss of 3.8 billion Czech crowns (155 million euros). The loss was “primarily influenced by the creation of a restructuring reserve and the write-down of assets no longer needed in the future”, the company explained.
In 2024, the financial results of the Polish freight operator PKP Cargo similarly dipped far below zero following asset write-downs amid restructuring proceedings. The Poles did end up achieving a net profit in 2025, which may bode well for the Czechs in 2026.
As part of restructuring, ČD Cargo has been reducing its excess capacity of wagons, locomotives, the number of employees, and other company expenses. “The aim of these steps is to adapt the size of ČD Cargo to market conditions and thereby ensure its long-term financial stability,” added Michal Krapinec, Chairman of the Board of Directors of ČD.
The first months of 2026 have been slightly positive for the Czech operator. “Our company managed to increase the volume of transported timber and iron, and the automotive sector also reported positive results”, the company said.