Foreword by the Chair and CEO

When I look back at 2025, I feel positive and it is with the same positivity that I look to the future. We updated our strategy and stayed on course, and our passengers noticed. It was the first year of our main rail network concession 2025-2033 and I am proud that we achieved all key performance indicators (KPIs) from the concession.

Updated strategy: Reliable, Affordable, Committed

Our mission is to make the Netherlands accessible in a sustainable manner together – for everyone. Our updated strategy provides a framework for our activities. We focus all our attention on our core mission: getting passengers from A to B, through welcoming and pleasant stations. This is something we can do well and want to do even better, with a proud and healthy workforce. Our guiding principles are 'Reliable, Affordable and Committed'. We want to provide punctual, clean and safe travel, keeping passengers well informed even when things do not go according to plan. Our colleagues help with the journey, whether on the trains, at the stations or at the bicycle parking facilities. We are exploring how we can make train tickets better affordable, especially at less busy times and on less crowded routes. This is how we aim to achieve healthy growth. Committed represents our role in society.

Reliable: more trains on time, enough available seats

NS connects all of the provinces in a national rail system. Our main rail network is a perfect fit for the Netherlands. And it is important to us that our passengers can depend on us. The 2025 timetable, which took effect in December 2024, was a completely redesigned and more robust timetable and produced results. We were better able to cope with minor disruptions and we also had sufficient staff and rolling stock, which improved our reliability.

Our operational performance in 2025 was good. Passengers were more likely to arrive on time and more than enough seats were available. These are excellent results and we have also done a lot to improve quality. It is important to remember, however, that the experience can vary from one passenger to another and not everyone always benefited.

Still, we made significant progress against the backdrop of a very challenging year. I am proud of that. There were many scheduled works and an unprecedented number of unexpected disruptions, from signal failures to track beds that were too dry. This had a negative impact on our passengers. We also know that on specific lines, such scheduled and unscheduled disruptions are affecting customer satisfaction levels. Schiphol, for example, was a destination where there was a high level of work and disruption. Another was Amsterdam South, which was affected by works due to developments such as the Zuidasdok project. Passengers travelling from Breda to The Hague also frequently encountered obstacles. We need to work with ProRail to improve this situation.

The work and disruptions also sometimes prevented trains from reaching shunting yards and maintenance facilities on time for cleaning or maintenance. We were often forced to run dirty trains. As a company, you don't want that for your passengers.

The state of the infrastructure is a major source of concern for me. It is important that sufficient investment is made in the management and maintenance of the Dutch railways. ProRail exceeded the standard for high-impact delays agreed with the Ministry of Infrastructure and Water Management. As we have witnessed in the case of our neighbours to the east, prolonged failure to prioritise and invest in this area has severe consequences. It would not be good if the Netherlands were also to reach such a point. We are not there yet, but we recognise that ProRail faces a difficult task and support the call for more investment.

Work was also carried out at stations. For example, Groningen underwent a transformation and we started renovation work in Venlo and Middelburg. And of course I want to mention Amsterdam Central. Currently a construction site, soon to be ready for the future. Considerable adjustments are being made to the tracks at Amsterdam Central. Work was also carried out on the tracks in many other places, often forcing passengers to make detours. Even under these conditions, we were able to cope with the huge influx of passengers heading to major events such as Sail, the Dutch Grand Prix and the Op de Ring Festival. In spring, National Geographic aired the wonderful series Amsterdam Central 24/7, which followed the day-to-day activities at the station. Raw and unfiltered, as in real life. From our shop employees to Safety & Service staff, the series shows the organisation as the impressive, well-oiled machine that it is. Each person knows their role and performs their job to the best of their ability for the passengers.

Affordable

We closely monitored spending in 2025 and made substantial savings. In the coming years, we will need to continue to make savings and attract more passengers in order to become financially healthy. But NS is doing better. Over the last few years, we have gradually clawed our way out of a very bad financial situation. Higher passenger numbers and cost savings have means that our revenues and costs have been balanced again for the first time since 2019. Yet the results still leave a lot to be desired. NS has spent more money than it made in recent years and has had to borrow heavily for future investments. The task now is to reduce our net debt, so we are not there yet. By further reducing its costs and increasing its revenue by attracting more passengers, NS is ensuring a reliable and affordable train service.

We looked and are looking towards the future and have decided to invest in new trains. In a few years' time, these FLIRT Flex trains, in the classic yellow and blue colour scheme, will be travelling the length and breadth of the Netherlands. Providing transport for future generations of Dutch residents.

‘Good, accessible and affordable public transport is in the interests of society’

NS is continuing in its efforts to make train tickets affordable. Public transport is very important to many people and nobody wants to see hefty fare increases. Good, accessible and affordable public transport is in the interests of society. So we will keep doing our best to make this happen. We saw a growing uptake of our attractive NS Price Time Deals in 2025.

Committed

As a state-owned company, it is clear that we are of huge value to society. We know this, of course, from our encounters with passengers. We take people to their work, leisure activities and family. That’s important, but it’s not all there is to it.

NS, as a state-owned company, has public interests to look after. We are part of the solution to many challenges facing the Netherlands. We contribute to the reduction of CO₂ emissions and the energy transition. We play a role in preventing traffic congestion. We collaborate with municipalities on the development and accessibility of new neighbourhoods with thousands of homes. Where is there still room in the timetable, and how can we meet demands? We also ensure good connections between different forms of transport. Such as around Utrecht, where there are plans for a new tram line to Utrecht Central, from which passengers can continue their journey. It may sound strange, but we also lobbied for the extension of the North/South line to Schiphol and Hoofddorp. Because that will relieve pressure on Schiphol station, creating space there for international trains. It will also help provide better access to new housing projects in the Amsterdam Metropolitan Region. So we look beyond our business interests.

‘We look beyond our business interests’

What’s more, there is now a scientific basis for the value provided by NS in the form of the ‘Futureproofing Ratio’. Researchers concluded that our social value is much greater than our financial value. Promoting contact between people and our role in combating climate change play an important part in determining our value. The index shows that NS provides more added social value than would be expected based on financial value.

Committed colleagues

Then there are the NS employees themselves. These are people who are committed to both their passengers and to the company. This perhaps added to the complexity of the collective bargaining and strikes. NS employees want the best for passengers and yet strikes have a negative effect on the country. NS wanted to be a good employer within its means, unions were committed to their membership and not all colleagues were on the same page. Fortunately we were able to resolve the situation, but it was not easy.

Working at NS is people focused. None of this is possible without commitment. In a tight labour market, we will need many new employees who are eager to work for society. A third of our colleagues are aged 55 or over. Some 6,000 will retire in the next 10 years alone. Because of this, we are also constantly looking at how we approach the future of work. Technology and digital innovations are essential, because in the long term there will not be enough people. And work is changing. Trains are now primarily moving computers. Cameras along the tracks provide us with additional information about the condition of our trains. Huge computing power supports our colleagues in making adjustments. As an employer, we help our people acquire the skills they need for their changing work.

NS placed a strong focus on personal development in 2025 and continues to do so. I myself explored innovations in the world of transport. Innovations in our sector are moving fast and we need to know what is on the market. I also returned to politics for around a week and a half, once again in an instructive capacity. I went to work as a scout for the new government, of course in consultation with the Supervisory Board. Many NS employees sent me heartwarming messages when I announced my temporary role and I felt supported by our big NS family.

Thanks to colleagues

All those NS employees collectively put in a lot of work last year. They have generally managed to keep the train service running despite the many disruptions and unscheduled works. It is important to be aware of the hidden workload this involves. This work is often not visible to outsiders, but the world of rail is complex. And if something goes wrong, everyone immediately steps up to the task. Our people display an exceptional level of flexibility in these situations. They have a single aim in mind: getting passengers to their destination. I want to extend my heartfelt thanks to my colleagues for their efforts.

A particular mention goes to the employee participation bodies. This group of colleagues undertook an important task and showed great commitment. Many thanks for that too. Cooperation with the Supervisory Board in 2025 was also positive, open and constructive.

Finally, I am pleased that the Executive Board has been complete since April with the arrival of Daan Schut. The dynamic within the board is good and we complement each other.

Compared to a few years ago, NS is now in calmer waters and we are going forward into the future with confidence. In the first few years, we will focus on providing a reliable service and preparing for passenger growth. We know that 2026 will not be easy, with all the work to come. But we at NS always roll up our sleeves. Our passengers are counting on us.

On behalf of the Executive Board,

Wouter Koolmees,
President of NS