jump to
2025
2024
2023
2022

Annual Report 2025

Annual Report 2025

Result of the valuation

The very high percentages of the taxonomy-aligned revenue, CapEx and OpEx KPIs show that the business model is focused on sustainable activities as per the EU Taxonomy.

Disclosure: Proportion of revenue from products or services associated with taxonomy-aligned economic activities

Disclosure covering financial year 2025

 

 

 

2025

 

Substantial contribution criteria

 

DNSH criteria
(“Do No Significant Harm”)

 

Proportion of tax­onomy-
aligned (A.1) or eligible (A.2) revenue,
Year N-1
(18)

 

Category en­abling activ­ity (19)

 

Cate­gory tran­sitional activ­ity (20)

Economic activities (1)

 

Code (2)

 

Revenue (3)

 

Pro­por­tion of
revenue,
2025 (4)

 

Cli­mate change
miti­gation (5)

 

Cli­mate change
adap­tation (6)

 

Water (7)

 

Pollu­tion (8)

 

Circular econ­omy (9)

 

Bio­diver­sity (10)

 

Cli­mate change
miti­gation (11)

 

Cli­mate change
adap­tation (12)

 

Water (13)

 

Pol­lution (14)

 

Circular econ­omy (15)

 

Bio­diver­sity (16)

 

Mini­mum
safe­guards (17)

 

 

 

 

 

 

 

thou­sand €

 

%

 

Y; N;
N/EL

 

Y; N;
N/EL

 

Y; N;
N/EL

 

Y; N;
N/EL

 

Y; N;
N/EL

 

Y; N;
N/EL

 

Y/N

 

Y/N

 

Y/N

 

Y/N

 

Y/N

 

Y/N

 

Y/N

 

%

 

E

 

T

A. Taxonomy-Eligible activities

A.1 Environmentally sustainable activities (taxonomy-aligned)

Electricity generation using solar photovoltaic technology

 

CCM 4.1

 

4

 

0.0

 

J

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

J

 

J

 

–

 

–

 

J

 

J

 

J

 

0

 

–

 

–

Freight rail transport

 

CCM 6.2

 

466,250

 

26.5

 

J

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

J

 

J

 

–

 

J

 

J

 

–

 

J

 

25.7

 

–

 

*

Freight transport services by road

 

CCM 6.6

 

222

 

0.0

 

J

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

J

 

–

 

N/EL

 

N/EL

 

–

 

J

 

0

 

–

 

–

Infrastructure for rail transport

 

CCM 6.14

 

81,718

 

4.7

 

J

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

J

 

J

 

J

 

J

 

J

 

J

 

J

 

4.7

 

E

 

–

Infrastructure enabling low-carbon road transport and public transport

 

CCM 6.15

 

5

 

0.0

 

J

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

J

 

J

 

J

 

J

 

J

 

J

 

J

 

0

 

E

 

–

Infrastructure enabling low-carbon water transport

 

CCM 6.16

 

862,190

 

49.1

 

J

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

J

 

J

 

J

 

J

 

J

 

J

 

J

 

49.3

 

E

 

–

Revenue of environmentally sustainable activities (taxonomy-aligned) (A.1)

 

 

 

1,410,389

 

80.3

 

80.3

 

0.0

 

0.0

 

0.0

 

0.0

 

0.0

 

J

 

J

 

J

 

J

 

J

 

J

 

J

 

79.7

 

 

 

 

Of which enabling activities

 

 

 

943,912

 

53.7

 

53.7

 

0.0

 

0.0

 

0.0

 

0.0

 

0.0

 

J

 

J

 

J

 

J

 

J

 

J

 

J

 

54.1

 

E

 

 

Of which transitional activities

 

 

 

0

 

0

 

0

 

 

 

 

 

 

 

 

 

 

 

J

 

J

 

J

 

J

 

J

 

J

 

J

 

 

 

 

 

–

A.2 Taxonomy-Eligible but not environmentally sustainable activities (not taxonomy-aligned activities)

 

 

 

 

 

 

 

 

EL;
N/EL

 

EL;
N/EL

 

EL;
N/EL

 

EL;
N/EL

 

EL;
N/EL

 

EL;
N/EL

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Freight rail transport

 

CCM 6.2

 

43,024

 

2.4

 

EL

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2.4

 

 

 

 

Freight transport services by road

 

CCM 6.6

 

170,104

 

9.7

 

EL

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9.8

 

 

 

 

Infrastructure for rail transport

 

CCM 6.14

 

104

 

0.0

 

EL

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0

 

 

 

 

Acquisition and ownership of buildings

 

CCM 7.7

 

58,238

 

3.3

 

EL

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3.7

 

 

 

 

Revenue of taxonomy-eligible but not environmentally sustainable activities (not taxonomy-aligned activities) (A.2)

 

 

 

271,471

 

15.5

 

15.5

 

0.0

 

0.0

 

0.0

 

0.0

 

0.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

A. Revenue of taxonomy-eligible activities (A.1+A.2)

 

 

 

1,681,859

 

95.8

 

95.8

 

0.0

 

0.0

 

0.0

 

0.0

 

0.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

B. Taxonomy-non-eligible activities

Revenue of taxonomy-non-eligible activities

 

 

 

74,330

 

4.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

1,756,189

 

100.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Y - Yes, taxonomy-eligible activity that is aligned with the relevant environmental target, N - No, taxonomy-eligible activity that is not aligned with the relevant environmental target

EL - 'eligible', activity eligible for taxonomy for the relevant target, N/EL - 'not eligible', activity not eligible for taxonomy for the relevant target; CCM = Climate Change Mitigation

*

A very small number of runs are made with bi-mode locomotives, which can be considered as transitional activity.
Disclosure: Proportion of CapEx from products or services associated with taxonomy-aligned economic activities

Disclosure covering financial year 2025

 

 

 

2025

 

Substantial contribution criteria

 

DNSH criteria
(“Do No Significant Harm”)

 

Proportion of tax­onomy-
aligned (A.1) or eligible (A.2) CapEx,
Year N-1
(18)

 

Category en­abling activ­ity (19)

 

Cate­gory tran­sitional activ­ity (20)

Economic activities (1)

 

Code (2)

 

CapEx (3)

 

Pro­por­tion of
CapEx,
2025 (4)

 

Cli­mate change
miti­gation (5)

 

Cli­mate change
adap­tation (6)

 

Water (7)

 

Pollu­tion (8)

 

Circular econ­omy (9)

 

Bio­diver­sity (10)

 

Cli­mate change
miti­gation (11)

 

Cli­mate change
adap­tation (12)

 

Water (13)

 

Pol­lution (14)

 

Circular econ­omy (15)

 

Bio­diver­sity (16)

 

Mini­mum
safe­guards (17)

 

 

 

 

 

 

 

thou­sand €

 

%

 

Y; N;
N/EL

 

Y; N;
N/EL

 

Y; N;
N/EL

 

Y; N;
N/EL

 

Y; N;
N/EL

 

Y; N;
N/EL

 

Y/N

 

Y/N

 

Y/N

 

Y/N

 

Y/N

 

Y/N

 

Y/N

 

%

 

E

 

T

A. Taxonomy-Eligible activities

A.1 Environmentally sustainable activities (taxonomy-aligned)

Electricity generation using solar photovoltaic technology

 

CCM 4.1

 

0

 

0.0

 

J

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

J

 

J

 

–

 

–

 

J

 

J

 

J

 

0.2

 

–

 

–

Freight rail transport

 

CCM 6.2

 

77,159

 

15.1

 

J

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

J

 

J

 

–

 

J

 

J

 

–

 

J

 

28.2

 

–

 

*

Freight transport services by road

 

CCM 6.6

 

1,470

 

0.3

 

J

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

J

 

–

 

N/EL

 

N/EL

 

–

 

J

 

0

 

–

 

–

Infrastructure for rail transport

 

CCM 6.14

 

46,436

 

9.1

 

J

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

J

 

J

 

J

 

J

 

J

 

J

 

J

 

7.7

 

E

 

–

Infrastructure enabling low-carbon road transport and public transport

 

CCM 6.15

 

137

 

0.0

 

J

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

J

 

J

 

J

 

J

 

J

 

J

 

J

 

0

 

E

 

–

Infrastructure enabling low-carbon water transport

 

CCM 6.16

 

241,681

 

47.2

 

J

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

J

 

J

 

J

 

J

 

J

 

J

 

J

 

48.9

 

E

 

–

CapEx of environmentally sustainable activities (taxonomy-aligned) (A.1)

 

 

 

366,883

 

71.6

 

71.6

 

0.0

 

0.0

 

0.0

 

0.0

 

0.0

 

J

 

J

 

J

 

J

 

J

 

J

 

J

 

84.9

 

 

 

 

Of which enabling activities

 

 

 

288,254

 

56.3

 

56.3

 

0.0

 

0.0

 

0.0

 

0.0

 

0.0

 

J

 

J

 

J

 

J

 

J

 

J

 

J

 

56.6

 

E

 

 

Of which transitional activities

 

 

 

0

 

0.0

 

0.0

 

 

 

 

 

 

 

 

 

 

 

J

 

J

 

J

 

J

 

J

 

J

 

J

 

 

 

 

 

–

A.2 Taxonomy-Eligible but not environmentally sustainable activities (not taxonomy-aligned activities)

 

 

 

 

 

 

 

 

EL;
N/EL

 

EL;
N/EL

 

EL;
N/EL

 

EL;
N/EL

 

EL;
N/EL

 

EL;
N/EL

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Freight rail transport

 

CCM 6.2

 

6,269

 

1.2

 

EL

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0.3

 

 

 

 

Freight transport services by road

 

CCM 6.6

 

1,164

 

0.2

 

EL

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1.7

 

 

 

 

Infrastructure for rail transport

 

CCM 6.14

 

4,727

 

0.9

 

EL

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1.8

 

 

 

 

Acquisition and ownership of buildings

 

CCM 7.7

 

35,030

 

6.8

 

EL

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

6.6

 

 

 

 

CapEx of taxonomy-eligible but not environmentally sustainable activities (not taxonomy-aligned activities) (A.2)

 

 

 

47,190

 

9.2

 

9.2

 

0.0

 

0.0

 

0.0

 

0.0

 

0.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

A. CapEx of taxonomy-eligible activities (A.1+A.2)

 

 

 

414,073

 

80.8

 

80.8

 

0.0

 

0.0

 

0.0

 

0.0

 

0.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

B. Taxonomy-non-eligible activities

CapEx of taxonomy-non-eligible activities

 

 

 

98,087

 

19.2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

512,160

 

100.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Y - Yes, taxonomy-eligible activity that is aligned with the relevant environmental target, N - No, taxonomy-eligible activity that is not aligned with the relevant environmental target

EL - 'eligible', activity eligible for taxonomy for the relevant target, N/EL - 'not eligible', activity not eligible for taxonomy for the relevant target; CCM = Climate Change Mitigation

*

A very small number of runs are made with bi-mode locomotives, which can be considered as transitional activity.
Disclosure: Proportion of OpEx from products or services associated with taxonomy-aligned economic activities

Disclosure covering financial year 2025

 

 

 

2025

 

Substantial contribution criteria

 

DNSH criteria
(“Do No Significant Harm”)

 

Proportion of tax­onomy-
aligned (A.1) or eligible (A.2) OpEx,
Year N-1
(18)

 

Category en­abling activ­ity (19)

 

Cate­gory tran­sitional activ­ity (20)

Economic activities (1)

 

Code (2)

 

OpEx (3)

 

Pro­por­tion of
OpEx,
2025 (4)

 

Cli­mate change
miti­gation (5)

 

Cli­mate change
adap­tation (6)

 

Water (7)

 

Pollu­tion (8)

 

Circular econ­omy (9)

 

Bio­diver­sity (10)

 

Cli­mate change
miti­gation (11)

 

Cli­mate change
adap­tation (12)

 

Water (13)

 

Pol­lution (14)

 

Circular econ­omy (15)

 

Bio­diver­sity (16)

 

Mini­mum
safe­guards (17)

 

 

 

 

 

 

 

thou­sand €

 

%

 

Y; N;
N/EL

 

Y; N;
N/EL

 

Y; N;
N/EL

 

Y; N;
N/EL

 

Y; N;
N/EL

 

Y; N;
N/EL

 

Y/N

 

Y/N

 

Y/N

 

Y/N

 

Y/N

 

Y/N

 

Y/N

 

%

 

E

 

T

A. Taxonomy-Eligible activities

A.1 Environmentally sustainable activities (taxonomy-aligned)

Electricity generation using solar photovoltaic technology

 

CCM 4.1

 

0

 

0.0

 

Y

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

Y

 

Y

 

–

 

–

 

Y

 

Y

 

Y

 

0

 

–

 

–

Freight rail transport

 

CCM 6.2

 

20,885

 

10.6

 

Y

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

Y

 

Y

 

–

 

Y

 

Y

 

–

 

Y

 

8.9

 

–

 

*

Infrastructure for rail transport

 

CCM 6.14

 

8,736

 

4.5

 

Y

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

Y

 

Y

 

Y

 

Y

 

Y

 

Y

 

Y

 

4.1

 

E

 

–

Infrastructure enabling low-carbon water transport

 

CCM 6.16

 

137,966

 

70.3

 

Y

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

Y

 

Y

 

Y

 

Y

 

Y

 

Y

 

Y

 

71.5

 

E

 

–

OpEx of environmentally sustainable activities (taxonomy-aligned) (A.1)

 

 

 

167,587

 

85.4

 

85.4

 

0.0

 

0.0

 

0.0

 

0.0

 

0.0

 

Y

 

Y

 

Y

 

Y

 

Y

 

Y

 

Y

 

84.5

 

 

 

 

Of which enabling activities

 

 

 

146,702

 

74.7

 

74.7

 

0.0

 

0.0

 

0.0

 

0.0

 

0.0

 

Y

 

Y

 

Y

 

Y

 

Y

 

Y

 

Y

 

75.6

 

E

 

 

Of which transitional activities

 

 

 

0

 

0

 

0

 

 

 

 

 

 

 

 

 

 

 

Y

 

Y

 

Y

 

Y

 

Y

 

Y

 

Y

 

 

 

 

 

–

A.2 Taxonomy-Eligible but not environmentally sustainable activities (not taxonomy-aligned activities)

 

 

 

 

 

 

 

 

EL;
N/EL

 

EL;
N/EL

 

EL;
N/EL

 

EL;
N/EL

 

EL;
N/EL

 

EL;
N/EL

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Freight rail transport

 

CCM 6.2

 

3,002

 

1.5

 

EL

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1.0

 

 

 

 

Freight transport services by road

 

CCM 6.6

 

1,336

 

0.7

 

EL

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

0.7

 

 

 

 

Infrastructure for rail transport

 

CCM 6.14

 

1,522

 

0.8

 

EL

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1.0

 

 

 

 

Acquisition and ownership of buildings

 

CCM 7.7

 

9,525

 

4.9

 

EL

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

N/EL

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4.7

 

 

 

 

OpEx of taxonomy-eligible but not environmentally sustainable activities (not taxonomy-aligned activities) (A.2)

 

 

 

15,385

 

7.8

 

7.8

 

0.0

 

0.0

 

0.0

 

0.0

 

0.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

A. OpEx of taxonomy-eligible activities (A.1+A.2)

 

 

 

182,972

 

93.2

 

93.2

 

0.0

 

0.0

 

0.0

 

0.0

 

0.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

B. Taxonomy-non-eligible activities

OpEx of taxonomy-non-eligible activities

 

 

 

13,339

 

6.8

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

196,311

 

100.0

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Y - Yes, taxonomy-eligible activity that is aligned with the relevant environmental target, N - No, taxonomy-eligible activity that is not aligned with the relevant environmental target

EL - 'eligible', activity eligible for taxonomy for the relevant target, N/EL - 'not eligible', activity not eligible for taxonomy for the relevant target; CCM = Climate Change Mitigation

*

A very small number of runs are made with bi-mode locomotives, which can be considered as transitional activity.
Template 1: Nuclear and fossil gas related activities

Nuclear energy related activities

 

 

The undertaking carries out, funds or has exposures to research, development, demonstration and deployment of innovative electricity generation facilities that produce energy from nuclear processes with minimal waste from the fuel cycle.

 

NO

The undertaking carries out, funds or has exposures to construction and safe operation of new nuclear installations to produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production, as well as their safety upgrades, using best available technologies.

 

NO

The undertaking carries out, funds or has exposures to safe operation of existing nuclear installations that produce electricity or process heat, including for the purposes of district heating or industrial processes such as hydrogen production from nuclear energy, as well as their safety upgrades.

 

NO

Fossil gas related activities

 

 

The undertaking carries out, funds or has exposures to construction or operation of electricity generation facilities that produce electricity using fossil gaseous fuels.

 

NO

The undertaking carries out, funds or has exposures to construction, refurbishment, and operation of combined heat/cool and power generation facilities using fossil gaseous fuels.

 

NO

The undertaking carries out, funds or has exposures to construction, refurbishment and operation of heat generation facilities that produce heat/cool using fossil gaseous fuels.

 

NO
EU Taxonomy
The EU taxonomy is a legally binding classification system that defines which economic activities of a company are considered sustainable. This is linked to specific requirements for the performance of business activities and the calculation methods of various key figures. The aim is to channel more investment into sustainable companies and technologies and thus support the European Union's 2050 climate neutrality target.
Revenue
Revenue from sales or lettings and from services rendered, less sales deductions and VAT.

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