Photo: DB
The half-year figures from the German rail industry, of which Stadler Rail is a member (VDB), reflect slightly increasing infrastructure investments. Now, manufacturers are warning of renewed stagnation and demanding "legislative-independent" financing and planning certainty.
The emerging majority in the Bundestag, favoring a conservative-led government – a party not exactly known for its decisive expansion of rail services based on the experiences of past decades, the dismantling of rail infrastructure, and the abandonment of industrial sidings – is causing the rail industry to fear for the energy and transport transition. "We cannot afford a standstill on the railways now," they say. "Our balance sheets show that where investments are available, the money is demonstrably spent. Where funds are scarce, the entire rail system suffers, and with it, Germany's economic standing," says VDB President Andre Rodenbeck.
A. Rodenbeck. Photo: VDB
With a turnover of €6.5 billion, the revenue of the rail industry in Germany has already decreased by around 17 percent compared to the first half of the year. The industry is experiencing a particularly sharp decline of 23 percent abroad. New orders have fallen by 32 percent to €8.3 billion. However, 2023 was an absolute record year. Currently, according to Rodenbeck, "turnover and orders are stabilizing at a normal level again." It would be good for the rail industry if this trend continued, given the already modest margins.
Don't slow down the ramp-up
The infrastructure business is showing positive development, with a turnover of €2 billion and an increase of around 5 percent. According to the German Rail Association (VDB), revenues in the German market are growing by 8 percent, while order intake is rising dynamically by 40 percent to €2.1 billion. A total order volume of €2.6 billion is recorded. "Slightly increasing federal infrastructure investments are now also reaching the rail industry, and the urgently needed ramp-up for the modernization of railway infrastructure is beginning. This momentum must not be slowed down under any circumstances. The government's collapse must not lead to a standstill on the railways; we cannot afford that," said Rodenbeck.
Graphic: VDB
The rail vehicle business itself is declining. Sales are down 24 percent to €4.5 billion. Order intake amounts to €5.7 billion, a decrease of 40 percent compared to the first half of the year. This decline is largely attributable to one-off effects from major international projects booked in 2023, which resulted in a record balance sheet. However, the first effects of the underfunding of regional rail passenger transport are already being felt in the German market.
