Johannesburg, 12 September 2026 — The Transnet annual results 2026 show the state logistics group back in profit for the first time in four years. Transnet reported a R4.6 billion profit for the year to 31 March 2026. A year earlier it lost R1.9 billion. Revenue rose 7.1% to R88.6 billion, while rail volumes climbed 4.9% from 160.1 million tonnes to 167.9 million tonnes. Pipeline volumes also grew, up 6.9% to 14.3 billion litres. The group presented the numbers in Johannesburg on Thursday.
The rail figure carries the headline, and it also carries the caveat. Transnet had targeted 180 million tonnes for the year, so it fell 12.1 million tonnes short. Since volumes bottomed in 2022/23, the group has recovered 18.4 million tonnes. However, the 2030 goal of 250 million tonnes still sits 82 million tonnes away. Meanwhile, container terminals handled 4.58 million TEUs, up 7%, and security incidents fell 7%.
The profit needs reading with care. Transnet sold a 49.999% stake in the Durban Gateway Terminal to ICTSI for R10.5 billion, effective 1 January 2026. That transaction produced a R12.5 billion gain on disposal, including a fair value adjustment. At the same time, net operating expenses rose 10.8% to R57.7 billion. EBITDA grew just 0.7% to R30.9 billion, and the margin slipped 2.2 points to 34.8%. Borrowings also climbed, to R150.7 billion.
Where The Transnet Annual Results 2026 Spent The Money
Capital investment came in at R23.3 billion. That is R1.7 billion below the R25 billion target and down from R24 billion the year before. Chief financial officer Nosipho Maphumulo told the results presentation that 85% went to replacing and refurbishing existing assets. Only 15% funded expansion, and rail businesses took 71% of the spend. In addition, National Treasury has approved R14.8 billion in Budget Facility for Infrastructure grants for rail and port projects. That is well short of the R35 billion Transnet asked for in August.
The Next Five Years: R70 Billion And 11 Private Operators
Transnet plans close to R70 billion of investment in coal, iron ore, containers, energy, manganese, chrome, magnetite and vehicles. For the vehicle sector, it promises a dual rail-channel export solution in the new financial year. That channel would link Gauteng with Durban, Gqeberha and KuGompo City. Transnet has also signed rail access agreements with 11 train operating companies, and the first private trains should run during 2026/27. Furthermore, the accounting separation of Transnet Freight Rail into an operating company and the Transnet Rail Infrastructure Manager is complete.
Analysis
What The Transnet Annual Results 2026 Mean For Road Freight
Every tonne that returns to rail is a tonne a truck no longer carries. For two months the Desk has followed the rail arc, from Traxtion’s R3.4 billion locomotive deal to the R35 billion funding request. Thursday’s numbers put a scale on it. Rail gained 7.8 million tonnes this year. Yet the miss against target was larger than the gain, so road operators still hold the difference by default. The vehicle corridor is the one to watch. A working dual rail channel from Gauteng to the ports would take car-carrier loads off the N3 and the N2. Bulk coal, iron ore and chrome are the other targets. By contrast, general freight, containers to inland depots and FMCG distribution are not on the list. Consequently, those lanes stay on the road for the rest of the decade.
The Desk Calculation: Tonnes Into Truckloads
Here is the arithmetic, with the assumptions shown. Take a 34-tonne payload as the working average for an interlink or side-tipper. On that basis, the 7.8 million tonnes rail added this year equals about 230,000 truck trips removed from the road. Similarly, the 12.1 million tonnes Transnet missed against its own target equals roughly 356,000 loads that stayed with hauliers. The 82 million tonnes still to reach 250 million by 2030 equals about 2.4 million truckloads a year. That is the pool road freight defends, corridor by corridor, until rail proves it can carry it. Then apply the same discipline to the profit line. Strip out the R12.5 billion disposal gain and the underlying result is a loss of close to R8 billion. In short, operations improved, but the balance sheet did not fix itself.
Transnet Annual Results 2026 At A Glance
| Indicator | 2025/26 | Change |
|---|---|---|
| Profit / (loss) | R4.6bn | From −R1.9bn |
| Revenue | R88.6bn | +7.1% |
| EBITDA | R30.9bn | +0.7%; margin 34.8% (−2.2pts) |
| Net operating expenses | R57.7bn | +10.8% |
| Rail volumes | 167.9Mt | +4.9%; target 180Mt |
| Pipeline volumes | 14.3bn litres | +6.9% |
| Container throughput | 4.58m TEU | +7% |
| Capital investment | R23.3bn | Target R25bn; 85% renewal |
| Borrowings | R150.7bn | Up |
| DGT stake sale | R10.5bn | R12.5bn disposal gain |
The Numbers Behind The Transnet Annual Results 2026
Fleet Impact
The Fleet Playbook As Rail Comes Back
Road freight does not lose volume in a year. Instead, it loses it corridor by corridor as rail reliability crosses the line where a shipper trusts it again. The operators who keep their share will be the ones who prove what a train cannot match. That means door-to-door timing, live location and a clean loss record. Live vehicle tracking across the fleet supplies the first two. Depot CCTV and access control supplies the third, and Transnet’s own security incidents fell 7% this year.
- Map your book against the R70bn list. Coal, iron ore, chrome, manganese and vehicle-export lanes face rail competition first. Containers to inland depots and FMCG distribution do not.
- Ask the shipper for the rail comparison now, before the first private trains run in 2026/27. A documented on-time record at 2.0 km per litre beats a promise of 180Mt.
- Treat the profit as a once-off. Without the R12.5bn DGT gain, Transnet lost money and borrowings rose to R150.7bn. Rate pressure from a cash-hungry rail operator is coming.
- Gauteng–Durban car carriers: the dual rail channel targets your lane specifically. Lock multi-year contracts with service-level clauses while rail is still a plan.
Fleet Technology
Fleet Technology For A Rail Comeback
Rail will win the tonnes it can prove it moved. Road keeps the tonnes it can prove it moved better. DigitFMS tracking records departure, arrival, standing time and route deviation for every load. As a result, a haulier can put a service record beside a train timetable. Driver identification and dashcam footage then close the loss argument that shippers raise first. Cartrack, Netstar, Tracker, Ctrack and MiX by Powerfleet compete in the same telematics market. The DigitFMS difference is reach. With over 100 franchise branches nationwide, support sits on the corridors where the rail contest will be decided.
Key Numbers · Transnet Annual Results 2026
Profit R4.6bn (2024/25: loss R1.9bn); revenue R88.6bn (+7.1%); EBITDA R30.9bn (+0.7%), margin 34.8% (−2.2pts); net operating expenses R57.7bn (+10.8%); borrowings R150.7bn
Rail volumes 167.9Mt (+4.9% from 160.1Mt); target 180Mt; +18.4Mt since 2022/23 low; 2030 target 250Mt; pipeline 14.3bn litres (+6.9%); containers 4.58m TEU (+7%); security incidents −7%
DGT: 49.999% sold to ICTSI for R10.5bn, effective 1 January 2026; R12.5bn gain on disposal incl. fair value adjustment; Transnet retains 50.001%, ICTSI holds management control
Capex R23.3bn (target R25bn; 2024/25 R24bn); 85% renewal / 15% expansion; 71% to rail; BFI grant approved R14.8bn (August request R35bn); forward plan ~R70bn across coal, iron ore, containers, energy, manganese, chrome, magnetite, vehicles
Reform: 11 train operating companies signed, first services 2026/27; TFR split into operating company and TRIM completed; TNPA incorporation advancing
Desk calculation at 34t payload: 7.8Mt gain ≈ 230,000 truck trips; 12.1Mt target miss ≈ 356,000 loads; 82Mt gap to 250Mt ≈ 2.4m loads a year; underlying result ex-disposal ≈ −R7.9bn
Source: Transnet annual results statement for the year ended 31 March 2026, presented 10 September 2026; SAnews, Freight News and BusinessDay reporting of the results presentation.
Questions Answered
Frequently Asked Questions: Transnet Annual Results 2026
Did Transnet Make A Real Profit In 2025/26?
The reported profit is R4.6 billion. It includes a R12.5 billion gain from selling 49.999% of the Durban Gateway Terminal to ICTSI. Without that once-off, the Desk calculation shows a loss near R8 billion. Moreover, operating expenses grew faster than revenue, and borrowings rose to R150.7 billion.
How Much Freight Did Transnet Move By Rail?
Rail volumes reached 167.9 million tonnes, up 4.9% from 160.1 million. However, that missed the 180 million tonne target by 12.1 million tonnes. Since the 2022/23 low, Transnet has recovered 18.4 million tonnes, and it still aims for 250 million by 2030.
Which Road Freight Lanes Face Rail Competition First?
The R70 billion plan names coal, iron ore, manganese, chrome, magnetite, containers, energy and vehicles. Transnet singles out the vehicle-export corridor from Gauteng to Durban, Gqeberha and KuGompo City for a dual rail channel in 2026/27. However, general freight and FMCG distribution are not targeted.
When Do Private Trains Start Running?
Transnet has signed rail access agreements with 11 train operating companies. It expects the first to begin services during the 2026/27 financial year. Traxtion’s 46 refurbished locomotives, which the Desk covered in August, are among the earliest candidates.
What Does The Transnet Annual Results 2026 Rail Gain Mean In Truckloads?
At a 34-tonne payload, the 7.8 million tonne increase equals about 230,000 truck trips a year moved off the road. Similarly, the 82 million tonnes still needed to reach 250 million equals roughly 2.4 million loads a year that hauliers currently carry.
How Should A Haulier Respond To The Results?
First, audit which contracts sit on the targeted corridors. Then build the service-level evidence a train cannot match: on-time records, live tracking and a clean loss history. Finally, lock multi-year agreements on vehicle and bulk lanes before the first private operators start in 2026/27.
Facts checked 12 September 2026. Source: SAnews, Freight News, TimesLive and WorldCargo News. Related: the Durban Gateway Terminal complaint and July mining production and bulk haulage.
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