In the first half of 2024, SBB transported more passengers than ever before. In addition, work was carried out on the rail network at several thousand construction sites. Punctuality was nevertheless improved. In western Switzerland and Ticino in particular, trains were significantly more punctual than in the same period last year. The half-year profit is CHF 50.8 million (EUR 54 million), and SBB’s financial situation remains tense.
In the first half of the year, 1.34 million passengers traveled on SBB trains every day. That is 0.7 percent more than in the same period last year. Despite this record number of passengers and several thousand construction sites, passenger trains were 93.8 percent more punctual than ever before in a first semester. 98.9 percent of connections were guaranteed. Punctuality was significantly improved, particularly in western Switzerland and Ticino.
The punctuality of shipments at SBB Cargo fell by over five percentage points to 87.1 percent compared to the previous year. The reasons for this include the challenging situation at the Gotthard, the reduced reliability of freight locomotives and the availability of staff.
SBB’s financial situation remains tense
In the first half of 2024, SBB made around half as much profit as in the previous year, at CHF 50.8 million (EUR 54 million). The main reasons for this are lower revenues in freight transport and higher costs in infrastructure and regional transport (see box below for figures).
SBB’s financial situation remains tense. For sustainable financial stabilization, the SBB needs an annual profit of around CHF 500 million (EUR 532 million).
Net debt is still too high at CHF 11.6 billion (EUR 12.35 billion). The SBB continues to exceed the debt coverage ratio set by the federal government for 2030. T
he pressure to save and improve efficiency remains high. The SBB is sticking to its goals: it wants to become more efficient and productive and to meet the debt coverage ratio of 6.5 set by the owner by 2030.
In March 2024, SBB took stock of the situation and outlined a long-term vision for the railway. SBB is in the process of making this vision more concrete. The following is key for SBB:
The expansion of the rail network is essential in order to be able to meet mobility needs in Switzerland in the future. Maintenance takes priority so that the rail infrastructure remains efficient. In addition, measures are needed to ensure that even more trains can run on the existing network.
From SBB’s point of view, expansion is needed where as many travelers as possible will benefit from it.
SBB in the first half of 2024
Passenger transport
The half-year result in long-distance traffic increased from CHF 13.7 million (EUR 14.60 million) to CHF 32.3 million (EUR 34.39 million). This is mainly due to the positive development in demand, especially in weekend traffic.
Despite a positive market development, the result in regional traffic fell from CHF 18.3 million (EUR 18.49 million) to CHF -5.9 million. This is mainly due to increased costs, in particular the scheduled maintenance services for rolling stock, which fluctuate in individual years due to the maintenance cycles.
Property
The positive result from real estate had a stabilizing effect, rising from CHF 114.4 to 121.3 million (EUR 121 to 128 million). Third-party rental income increased by over five percent. The reasons for this are higher turnover-based rents at train stations due to increased customer frequency and new lettings of residential and commercial properties.
Freight transport
Freight transport recorded a total loss of CHF -42.6 million (EUR 45.36 million) due to lower volumes in national and international traffic. Individual sectors such as the construction industry caused the decline in national traffic. In international traffic, the economic situation, especially in Germany and Italy, the restrictions in the Gotthard Base Tunnel and the increasing construction activity on certain routes in Germany were the reasons for the lower result.
In order to transport more goods by rail in a climate-friendly manner, SBB wants to put freight transport on an economically sustainable basis with the help of the federal government: the structural deficit in SBB Cargo’s single wagon load transport is to be eliminated. The renewal of rolling stock, digitalization and automation as well as fair prices will help in this.
Infrastructure
Infrastructure Network recorded a worse result than in the previous year due to higher costs, especially for the maintenance of the rail infrastructure (2024: CHF -37.8 million, 2023: CHF -17.1 million/EUR 40 million; EUR 18.21 million). Infrastructure Energy’s result was at the previous year’s level with a profit of CHF 48.6 million/EUR 51.75 million (2023: CHF 48.5 million/EUR 51.64 million). Reduced energy revenues were offset by a more stable market environment.
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