OUTLOOK.

After the first quarter of 2025, Kombiverkehr can report a decline in the low double-digit range in the volume of consignments compared with the same period the previous year and the budget. This can be attributed to the continuing high scale of engineering works on rail infrastructure and the ongoing difficult economic conditions, which have been exacerbated by the tariff announcements from the US government and are causing demand for transport services to soften. Given the current geopolitical situation, it is uncertain whether the budgeted figures will be reached at the end of the year.

If the drop in demand worsens, however, there remains the option of counteracting this and improving net earnings in the short term by modifying round trips or cancelling train products. The management team did not have to take any steps intervening in the Kombiverkehr network in order to stabilise earnings in the first quarter of the year.