Moldova Railways announced on Wednesday, 21 October, a positive financial result of 22.7 million lei in January–September 2026. This is a nine-month result, not the annual accounts. The state enterprise says the figure follows recovery measures and investment programmes of the Ministry of Infrastructure and Regional Development, with government support.

In 2024, according to deputy prime minister Vladimir Bolea, CFM closed with losses of about 320 million lei. In 2025 the deficit was about 85 million. Wage arrears, estimated at about 49 million lei in 2025, were paid in full only in April 2026. Today’s announcement does not reopen those arrears.

The communique stresses freight, the restart of some operations and sectors, and logistics links. Revenue trouble dates, in NewsMaker’s account, from 2009, when freight volume more than halved. The situation worsened in 2022, after Ukrainian transit fell when the port of Odesa closed.

The structural reform continues: a reorganisation and the formation of two joint-stock companies, by splitting activities. The stated aim is clearer management and long-term sustainability. This is not a completed privatisation and not a year-end balance sheet.

Moldpres carries the same 22.7 million lei nine-month result. The figure is the enterprise’s, not an audit published today. We do not turn an October communique into a closed financial year.

CFM remains a state enterprise. The nine-month surplus is a sign of recovery, not a verdict that old debts have vanished. A nine-month result, not annual accounts.

Image: NAC, Chisinau railway station, 27 November 2024, CC BY-SA 4.0, Wikimedia Commons; the station, not a photograph of the 21 October 2026 communique.

Sources consulted: After years of losses, Moldova Railways posted a surplus: 22.7 million lei in nine months - NewsMaker; Moldova Railways recorded a 22.7 million lei profit in nine months - MOLDPRES, 21 October 2026.