Reading guide

Welcome to the NS annual report. In it, we describe what we did to promote current and future mobility in 2025. Whether you are a passenger, employee or journalist, or are particularly interested in our operational or financial performance, sustainability results or social role: this reading guide will help you quickly find what you are looking for.

Note: The original annual accounts, including the financial statements 2025, were drafted in Dutch. This document is an English translation of the original. In case of any discrepancies between the English and the Dutch text, the latter will prevail.

Key information by target group

Let us start by saying that the entire annual report is of interest to all our readers. At the same time, there are only so many hours in a day. To make searching easier, we therefore identify the most relevant chapters for each reader group.

For our passengers and public transport experts

You can read more about our operational performance starting on page 32. Starting on page 40, we discuss specific 2025 initiatives and actions, followed by information on accessibility and customer service on page 50. You can read more about developments at our stations from page 52 onwards. Particularly interested in learning more about our trains? Then turn to page 43.

For journalists, ministry staff and other stakeholders

On page 4, you will find the key figures at a glance. You can read more about our operational performance starting on page 32. For information on, and analysis of, our financial performance, go to page 68. For the full financial statements with notes, turn to page 184. The independent auditor’s report follows on page 250.

For readers interested in our performance on sustainability

A summary of our performance on sustainability can be found in the report of the Executive Board report on page 63. The detailed sustainability report (ESG) consists of three sections: Environmental, Social and Governance, and begins on page 120. For specific information on accessibility, social impact and inclusiveness (S) turn to page 132, climate and the energy transition (E) page 156, and governance and integrity (G) page 178.

For employees, applicants and trade union staff

Go to page 81 for information on a selection of our activities for our employees in 2025. To read colleagues’ accounts of their work at NS, turn to page 76. Information on employment conditions and employment relations can be found from page 143. To find out more about diversity and inclusion, go to page 145. You can read about public safety and a pleasant working environment from page 147 onwards.

Structure of the report

2025 at a glance and foreword (p. 3)

After NS at a glance, 2025 in figures and a brief annual review, we hear from some of our passengers on page 9. This is followed on page 12 by a foreword from our Chair and CEO, who discusses the key developments of 2025.

How we add value and our performance (p. 16)

In this section, we address the value we add to society. Starting on page 20, we shed light on external developments and how NS is responding to them. We present our strategy on page 24 and address three dilemmas on page 29. We then provide a detailed account of our performance from page 31: our operational performance (p.32), at our stations (p.52), at an international level (p.58), a summary of our performance on sustainability (p.63). We conclude with our financial performance (p.68).

Our people (p. 74)

The ‘Our people’ section provides more information about NS as one of the largest employers in the Netherlands. From page 76, six colleagues talk about their work and from page 80 we discuss our efforts to ensure that our staff remain proud, resilient and professionally fit.

Our organisation and governance (p. 84)

The ‘NS Group’ chapter covers the organisation and governance: from NS's profile and the roles on the Executive Board to the report of the Supervisory Board, risk management and remuneration.

Sustainability report (p. 120)

This year will be the first that we report on our sustainability performance in a separate sustainability report. This report starts on page 120. It has been drawn up on the basis of the Global Reporting Initiative standards and follows the Environmental, Social and Governance (ESG) structure.

Financial statements (p. 184)

This section contains the consolidated financial statements with detailed notes on the balance sheet and income statement, followed by the company financial statements.

Other information (p. 250)

This final section contains the auditor's audit opinion, the independent auditor's assurance report on the 2025 sustainability information, the five-year summary, a list of definitions and contact information.

Conclusion

Digital version: you can find our digital annual report at nsjaarverslag.nl. You can also download the searchable PDF document here. For questions about this annual report, please email communicatie@ns.nl. We hope you enjoy reading our account of 2025.