State-owned Dutch rail operator NS recorded a €60 million loss in the first half of 2025, a slight improvement on the €65 million loss over the same period last year.

The company said on Wednesday that rising investment costs and reduced government support, including cuts to student travel subsidies, have left a €97 million annual gap in its budget. Without those reductions, the half-year loss would have been just €11.5 million.

To stay afloat, NS is pushing ahead with a major cost-cutting programme, aimed at saving €200 million by the end of 2025. So far, €50 million has been realised. More “sharp choices” are needed, the company said, including more flexible use of trains and staff on quieter days.

“If there are hardly any passengers on Fridays, we don’t need to run a train every 10 minutes to certain destinations,” said finance director Angelique Magielse. “There are definitely opportunities for more tailored timetables.”

The NS is also trying to spread demand more evenly throughout the week. Since the pandemic, Tuesday and Thursday mornings have seen a surge in commuters, while Mondays, Wednesdays and Fridays remain relatively quiet.

Passenger numbers rose by 5.5% in the first half of the year, despite disruption during the Nato summit in The Hague and several strike days. Even so, passenger numbers remain 7% below pre-Covid levels.

Magielse said the outlook remains cautious: “We are on track with savings and seeing more passengers… NS will need until at least 2027 to return to profit.”

The NS said its performance on mainline routes has improved. More trains arrived on time, and fewer people had to stand for part of their journeys. Ticket prices will continue to rise and are set to increase between 6% to 9% this year.

Earlier this month the European Commission said it is referring the Netherlands to the European Court of Justice for failing to ensure proper competition on the main railway network.

“Competition in the rail market is essential to provide passengers with more attractive and innovative services at lower cost, while keeping public service tasks,” the commission said in a statement.

Brussels objects to the Dutch government’s decision to award the rail passenger transport concession for 2025 to 2033 directly to the NS, without a competitive tender. A majority of MPs supported the decision when it was taken two years ago.