Russian Railways has shown an increase in revenue, EBITDA and profit from sales in 2025

Over the period of 2025, Russian Railways has shown an increase in revenue, EBITDA and profit from sales.

As the Kommersant newspaper found out, the company's total revenues last year increased by 9.5% year—on—year to 3.1 trillion rubles, while EBITDA increased by 16.3% to 984.2 billion rubles, and sales profit by 11% to 405.6 billion rubles. During this period, the net profit of Russian Railways showed an increase of 0.7%, to 14 billion rubles.

Thus, it follows from the company's RAS reports that in nine months, 90% of the company's revenue came from transportation and provision of infrastructure services. Cargo transportation provided 82.5% of all revenues. At the same time, tariff cargo turnover decreased by 1.8%, to 2,478.5 billion ton-km, loading on the network decreased by 5.6%, to 1,115.8 million tons. The company's data also shows that net debt increased by 20% last year, to 3.33 trillion rubles. The ratio of net debt to EBITDA was 3.4x.

Russian Railways noted that they intend to maintain the principle of outstripping income growth over expenses. The priority projects included ensuring the reliability and safety of transportation, upgrading rolling stock, increasing the carrying capacity of the main sections, and more.

In addition, the investment program for 2026 was approved in the amount of 713.6 billion rubles, where 288 billion rubles will be allocated for the repair of rolling stock and infrastructure, and another 161.7 billion rubles for the purchase of rolling stock, 120 billion rubles for high—speed rail.

It is specified that the increase in loading was shown only by mineral fertilizers, where the indicator was 3.8%, up to 70.3 million tons, and ore by 5.1%, up to 17.2 million tons. In addition, passenger traffic increased by 2% year—on-year to 1311.1 million people. In January, loading decreased by 4% to 89.3 million tons. According to Euler analysts, this figure may decrease by 3% by the end of this year. Demand for ferrous metallurgy will show an increase no earlier than the second half of this year. However, fertilizers are a nomenclature, the loading of which will continue to grow in 2026.

In December last year, it was reported that the Russian authorities were discussing a program to improve the financial condition of Russian Railways. Among the proposed options are debt restructuring, reducing operating costs and selling assets such as Moscow Towers in Moscow City and the Federal Freight Company (FGC).

In addition, according to the results of January-September 2025, Russian Railways received a net loss of 4,207 billion rubles according to Russian accounting standards (RAS). At the same time, despite the loss, the company's revenue increased by 10.1%, reaching 2.298 trillion rubles. Gross profit increased by 12.4% and amounted to 474.8 billion rubles, while profit from sales increased by 16.5%, reaching 319 billion rubles.

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