ALPHA TRAINS GROUP
SUSTAINABILITY
REPORT
2022

EDITORIAL MESSAGE
Welcome to the third edition of our Sustainability Report.
Today, more than ever, sustainability is an important issue in our business, in our 
society and for all our stakeholders, from employees to suppliers, customers and 
investors.
In this Sustainability Report, we want to provide a comprehensive update on how we 
are continuing our sustainability journey.
The year 2022 has been marked by a number of serious challenges such as the war 
in Ukraine, the energy crisis, supply chain disruptions, high inflation and continued 
growth in greenhouse gas emissions - all accompanied by the lingering effects of the 
COVID 19 pandemic.
Against this backdrop, Alpha Trains’ mission - to create a more sustainable and 
resource-efficient future by shifting transport to rail - is more relevant than ever, 
especially when it comes to tackling climate change.
In the past financial year we have given our best. Thanks to the tremendous effort 
and commitment of our employees, working together as one Alpha Trains team, we 
have achieved great results.
We have every reason to be proud and I would like to thank everyone for their contri-
bution, commitment and courage in this challenging year.
We have assessed the challenges described above as having little impact on our 
business, and in some areas even a positive impact.
For example, vehicle utilisation is a key measure of our financial performance, and 
this year we achieved record levels in our locomotive division, complemented by 
100% utilisation in our passenger division. In fact, for seven months in 2022 we 
achieved 100% utilisation across the Group (locomotives and passenger trains). 
These are remarkable milestones and a testament to our people who ensure that 
we deliver the right vehicles, at the right time, under the right conditions, to our 
growing customer base.
2022 – OUR JOURNEY TO GREATER SUSTAINABILITY
Despite the challenges of 2022, we have maintained our focus on sustainability.
Here are just some of our achievements:
New LEED-certified office in Cologne
In February, Alpha Trains moved into its new sustainable office in Cologne. Built to 
the latest energy and environmental design guidelines and awarded a LEED (Leader-
ship in Energy and Environmental Design) certificate, the office meets the company’s 
high standards for sustainability.
UN Global Signatory and our commitment to the SDGs
Alpha Trains has been a signatory of the UN Global Compact for two years and is 
committed to the Sustainable Development Goals (SDGs).
Successful ISO 14001 and ISO 45001 recertification
In October 2022, Alpha Trains successfully passed the annual external audit for ISO 
14001 and ISO 45001. The auditors from TÜV Rheinland Group commented very po-
sitively on our sustainability strategy and the maturity of our sustainability system.
GRESB Assessment 2022
In October 2022, Alpha Trains demonstrated sustainable leadership at its best and 
achieved a world-class result for Alpha Trains in the GRESB benchmark
  1st place overall in the GRESB assessment (out of 649 participants worldwide)
  Sector Leader in Transport and Sector Leader in Transport/Rail Companies
  GRESB 5-star rating for the sixth consecutive year
  ­Maximum possible score of 100 out of 100
A result we are very proud of.

New Green Finance Framework
In December 2022, Alpha Trains refinances existing debt and secures growth finan-
cing, adding a total of €548 million to its green loan base. The new Green Finance 
Framework is aligned with the latest Green Bond & Green Loan Principles and the EU 
taxonomy.
Continued carbon neutrality
In December 2022, Alpha Trains continued its journey as a sustainable locomotive 
and train rental company in continental Europe to become carbon neutral, underli-
ning the rental company’s strong commitment to sustainability.
Social initiatives
Also in December 2022, Alpha Trains continued to support local charity initiatives. 
Instead of Christmas gifts for customers, we have decided to donate the money to 
three local charity projects.
Alpha Trains receives EcoVadis Gold Medal
We are delighted to announce that we have been awarded the “EcoVadis Gold” 
award, placing us in the top 5% of sustainable companies assessed by EcoVadis 
worldwide.
And a few more achievements in key words
  Flexible work from home policy
  Free public transport passes for our Cologne employees
  Our e-bike leasing scheme for all employees
  Improved car policy to promote electric and hybrid company cars
  Ongoing HSE awareness, regular training and consistent tracking of regular 
inspections.
2023 – OUR NEXT STEPS
We are convinced and excited by the incredible potential of 
modal shift to rail as a lever to reduce the overall environmen-
tal impact of transport. We will therefore continue to seize the 
opportunities it offers to improve the sustainability of a modern 
society.
As a company, we aim to maintain and expand our 
role as a pioneer in corporate responsibility and 
sustainability, and to become a benchmark for 
responsible action.
Based on our current portfolio of 493 loco-
motives and 501 trains, we will continue our 
strategy of regularly updating the portfolio 
and maintaining our diversified approach. In 
particular, we are investing heavily in new, 
sustainable electric and battery-powered 
vehicles.
With APG, Arcus, PGGM and Swiss Life, we 
have stable shareholders who recognise our 
green profile and the value of our robust 
and growing business model, and who sup-
port and promote it 100%.
We have received a lot of positive feedback 
for our sustainability activities in recent ye-
ars. This is very gratifying and strengthens 
our resolve to continue these activities.
I would therefore like to wish you another interesting 
and informative reading experience.
Fernando Pérez 
Chief Executive Officer

TABLE OF CONTENTS
COMPANY OVERVIEW
6
HIGHLIGHTS OF THE YEAR
7
ABOUT US
8
OUR SHAREHOLDERS
11
KEY ESG EVENTS 2022
13
OUR MORAL COMPASS
14
OUR APPROACH TO SUSTAINABILITY
16
HOUSE OF SUSTAINABILITY
17
LEADERSHIP
19
POLICIES
20
MATERIALITY ASSESSMENT
22
RISK MANAGEMENT
24
RISK BAROMETER
26
SUSTAINABILITY TARGETS
28
REDUCTION PLAN
30
CERTIFICATES
32
GRESB
34
ECOVADIS
36
TASK FORCE ON CLIMATE-RELATED FINANCIAL DISCLOSURES (TCFD)
38
UN GLOBAL COMPACT
40
SUSTAINABLE DEVELOPMENT GOALS
43
GREEN FINANCING
46
SUSTAINABILITY REPORTING
52
CORPORATE CARBON FOOTPRINT
54
CARBON NET ZERO
57
OUR FURTHER COMMITMENT
59
CUSTOMER SATISFACTION
61
EMPLOYEE ENGAGEMENT
62
CORPORATE SOCIAL RESPONSIBILITY
64
IMPRINT
68

COMPANY OVERVIEW
GOLD MEDAL
ISO 9001
ISO 45001
ISO 14001
ECM
CERTIFICATES
25%
ELECTRIC  
ASSETS
84%
CARBON  
FOOTPRINT
2,348
kg/CO2e
per employee
C02
CARBON NET  
ZERO
Since 2020
REPORTABLE  
ACCIDENTS
0 occupational accidents
STAFF
COUNTRIES  
OF OPERATION
22
LANGUAGES
19
FEMALE/ 
MALE 
(GENDER  
SPLIT)
40%
60%
830/1000  
points
Response Rate
98,4%
EMPLOYEE 
SURVEY
LOCATIONS
Offices in  
Luxembourg/Antwerp/
Cologne/Paris/ 
Madrid/Warsaw
6
REVENUE
232m.
498
TRAINS
LOCOMOTIVES 
UTILISATION 
RATE
493
LOCOMOTIVES
PASSENGER 
UTILISATION 
RATE
100%
100%
AVG. 
FLEET  
AGE
9
Years
3bn.
ASSETS
LEASE MATURITY  
PROFILE
52% 
of leases maturing  
beyond 5 years
NATIONS
16
100/100 points
5STAR RATING
for the 6th time in a row
ESG RELATED  
MISCONDUCT
CAR  
ACCIDENT  
RATE IS
penalties,  
incidents or  
accidents
NIL
132
NUMBER OF 
BUSINESS CARS
68
0
*
* no severe accidents with personal injuries or damages above 5.000 EUR
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AWARD FOR 
SYCAMORE 
REFINANCING 
PROJECT
HIGHLIGHTS OF THE YEAR 
GRESB
ECOVADIS
UN GLOBAL COMPACT
SUSTAINABLE  
DEVELOPMENT GOALS
CERTIFICATIONS
SYCAMORE  
REFINANCING PROJECT
CARBON FOOTPRINT –  
NET ZERO#
GREEN FINANCE  
FRAMEWORK 
ECM
# for Alpha Trains`own operations
for the 6th 
time in a row
5STAR RATING
100/100 points
€548M 
TRANSACTION VOLUME
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ALPHA TRAINS GROUP / SUSTAINABILITY REPORT

ABOUT US
Pioneer in leasing rail vehicles
Alpha Trains has owned and leased 
locomotives and passenger trains for 
23 years. As the leading provider of 
flexible leasing solutions in Europe, we 
offer:
  Know-how in the fields of 
procurement, asset management, 
maintenance and repair
  Extensive experience in financing 
new build projects
  Expertise in refurbishment
  Fleet of vehicles with a total 
value of over €3 billion
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About 132 employees of different nationalities and specialisations are working 
to fulfil the needs of our customers across Europe in our offices in the cities of 
Luxembourg, Antwerp, Cologne, Madrid, Warsaw and Paris. With our current 
portfolio of 494 locomotives and 501 multiple-unit trains, we offer vehicles for a 
wide range of uses across 22 European countries.
Motivated by our success story, we have set ourselves the goal of driving forward 
the liberalisation and modernisation of the market – whilst at the same time living up 
to the social and environmental role of passenger and freight railway transportation: 
with modern, high-quality vehicles and sustainable financing solutions.
Modal shift from road and air to rail
Alpha is a low carbon business which is environmentally and socially aware of the 
contribution that rail makes as a sustainable and environmentally responsible 
mode of transport for people and goods.
Alpha’s fleet is approx. 84 % electric traction driven and it ensures that all its 
assets comply with relevant environmental regulations, for example regarding 
permissible emissions from diesel engines and the disposal of waste oil and other 
contaminants. In order to be sustainable and to increase interoperability, Alpha 
Trains uses dual mode solutions for locomotives.
On the global way to modern transport solutions, there is a trend in the choice of 
vehicles – in addition to the usual EMU products – towards alternatively powered 
multiple units for non-electrified routes. A growing number of tenders for new 
builds require battery electric multiple units (BEMU) or, on a smaller scale, 
hydrogen electric multiple units (HEMU) with fuel cell technology. 
The company also participates in industry and owner wide safety and operational 
improvement initiatives. Alpha’s key ESG KPIs reported and monitored at Board 
level are asset-related operational utilisation and safety indicators, employee 
injury and sickness rates and employee engagement.
The leading European train and locomotive lessor – 
unrivalled success
We have built up an enviable track record and now support liberalisation and 
competition through sustainable solutions which enable modal shift onto rail and 
by efficient green rolling stock.
We are a reliable partner for our customers and a qualified point of contact for 
workshops, manufacturers, and suppliers. And by developing a future-oriented 
used-vehicle market, we also support competition and thereby the future of the 
railway market and in a through life environmentally friendly manner.
LEADING ROLLING STOCK 
LESSOR IN EUROPE
Alpha Trains leases passenger trains  
and locomotives
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ALPHA TRAINS GROUP / SUSTAINABILITY REPORT

FLEXIBILITY
We do not offer 
standardised solu-
tions: with vehicles 
produced by va-
rious manufactu-
rers, the possibility 
to operate in a to-
tal of 21 European 
countries, and a 
wide product port-
folio, our custo-
mers will receive a 
tailor-made leasing 
solution.
STABILITY
Our many years 
of experience, 
our fleet size, our 
strong financial 
standing, a BBB 
investment grade 
rating, and  long 
term shareholders 
all offer a stable 
foundation for the 
future – and allow 
us to develop new 
and innovative 
solutions geared 
towards our custo-
mers success.
PLANNING 
CERTAINTY
Our leasing con-
tracts include fixed 
regular monthly 
instalments. 
This gives you 
planning certainty 
and visibility of 
cashflow throug-
hout the entire 
contract term.
RISK  
AWARENESS
Our risk manage- 
ment is fully tai- 
lored to suit your 
needs: we eva-
luate the risks 
depending on the 
possible fields of 
application, finan-
cial conditions, or 
rental period. You 
can make eco-
nomic decisions 
regardless of the 
service life of the 
vehicle – because 
ultimately, the 
residual value risk 
lies with us.
TECHNICAL 
EXPERTISE
From the selection 
of vehicles, cons-
truction supervi-
sion for new build 
or conversions to 
passing vehicle 
inspections and 
support with war-
ranties and re- 
visions: our engi-
neers are experts in 
their field and have 
known our fleet, 
manufacturers, and 
suppliers for many 
years. Specialist 
knowledge that is 
ultimately priceless.
HIGH QUALITY  
STANDARDS
We invest in 
modern vehicles. 
Regular moderni-
sation and mainte-
nance ensure high 
availability, top 
safety, and quality. 
Outstanding qua-
lity: the passenger 
trains division 
of Alpha Trains 
Europa GmbH is 
certified according 
to ISO 9001.
SUSTAINABLE  
FUTURE
Alpha Trains is aware of its 
role and responsibility for 
sustainability in business 
and society and is therefore 
committed to engagement 
beyond its normal boun-
daries. Alpha Trains Group 
is certified according to  
ISO 14001 and ISO 45001.
Modal shift  
of passengers and freight 
Road to rail
Air to rail
Investments  
in new assets 
Enables 
competition
FL
HQS
TE
PC
RA
ST
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ALPHA TRAINS GROUP / SUSTAINABILITY REPORT

OUR SHAREHOLDERS
Success in strong hands
Alpha Trains relies on a solid founda-
tion: with four strong, international 
shareholders, we continue to gain 
momentum. Our shareholders and our 
experience in large financing projects 
provide long-term security – and allow 
us to break new ground.
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ALPHA TRAINS GROUP / SUSTAINABILITY REPORT

APG, a subsidiary of APG Groep 
N.V. (APG Group), is the world’s 
largest independent pension fund 
manager, with assets under ma-
nagement of c. €625 billion (as 
of January 2022), managed on 
behalf of its clients, all of which 
are Dutch pension funds. APG 
Group administers the collective 
pension schemes for participants 
in the Dutch education, govern-
ment, energy and utilities, and 
construction sectors (among 
others), representing over 30% 
of all collective pension schemes 
in the Netherlands. In this role, 
it represents one in five families 
in the Netherlands, c. 4.5 million 
participants, and over 30,000 
employers. APG’s approximate-
ly 3,000 employees work from 
Heerlen, Amsterdam, Brussels, 
New York, Hong Kong, Shanghai 
and Beijing.
Arcus Infrastructure Partners is 
an independent fund manager 
focused solely on long-term 
investments in European infras-
tructure. Arcus invests on behalf 
of institutional investors through 
discretionary funds and special 
co-investment vehicles and, 
through its subsidiaries, current-
ly manages investments with an 
aggregate enterprise value in ex-
cess of €19bn (as of 31 December 
2021). Arcus targets mid-market, 
value-add infrastructure invest-
ments, with a particular focus on 
businesses in the transportation, 
energy and telecommunications 
sectors.
Swiss Life Asset Managers is a 
well-established European asset 
manager and leading real estate 
manager in Switzerland, with 
offices in France, Germany, Lu-
xembourg and the UK. They have 
more than 160 years of experien-
ce in managing the assets of the 
Swiss Life Group. Together with 
insurance mandates for the Swiss 
Life Group, total assets under 
management at Swiss Life Asset 
Managers stood at CHF 276.3 
billion. Swiss Life Asset Managers 
employs more than 2500 people 
in Europe. The insurance back-
ground of Swiss Life Group has 
exerted a key influence on the 
long-term, and stable investment 
philosophy of Swiss Life Asset 
Managers.
PGGM is a not-for-profit coopera-
tive pension fund service provi-
der. As a pensions administrator, 
asset manager and advisor to 
pension fund boards, it executes 
its social mandate: to provide 
for good old-age incomes for 
4.4 million participants in the 
Netherlands. On December 31, 
2021 PGGM managed long-term 
pension capital of EUR 291 billion 
worldwide. Rooted firmly in the 
Dutch healthcare sector, PGGM 
develops innovative provisions 
for labour market issues in this 
sector, alone or with strategic 
partners. Our member organisa-
tion PGGM&CO supports 764,000 
workers and pensioners with a 
background in healthcare.
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ALPHA TRAINS GROUP / SUSTAINABILITY REPORT

KEY ESG EVENTS
2022
In October 2022 Alpha Trains 
successfully passed the annual 
external audit for ISO 14001  
and ISO 45001. The auditors  
from TÜV Rheinland Group  
commented positively on our  
sustainability strategy and the maturity  
of our sustainability system.
In particular, the auditors highlighted:
✔ Our joining the UN Global Compact
✔ Our alignment with the new EU  
taxonomy
✔ Our move to a new energy-efficient office 
building, awarded LEED Standard Gold
✔ Our e-bike leasing scheme for all  
employees
✔ Free job tickets for our Cologne  
employees
✔ The ongoing awareness raising on HSE 
issues, regular training and consistent 
tracking of regular inspections.
✔ Extensive investments in new electric 
and battery-powered assets
In January 2022 
Alpha Trains has 
published the  
2nd edition of the 
Sustainabilty Report, which shows 
our continued commitment to 
sustainable development. The 
report contains information about 
our activities in the areas of 
environmental protection,  
employees, occupational safety  
and social responsibility.
ALPHA TRAINS GROUP
SUSTAINABILITY
REPORT
2020 / 2021
In December 2022 Alpha 
Trains refinances existing 
debt and secures growth 
financing and adds a total  
of €548m to its green loan 
base.
New Green Finance Frame-
work which is aligned with 
the latest Green Bond & 
Green Loan Principles as 
well as the EU taxonomy.
In October 2022 Alpha Trains 
showed sustainable leadership 
at its best and reached a world 
best-in-class results for Alpha 
Trains in the GRESB benchmark:
 1st place overall in the GRESB ratings 
(out of 649 participants worldwide)
 Sector Leader in Transport and Sector 
Leader in Transport/Rail Companies
 GRESB 5-star rating for sixth  
consecutive year
 Maximum achievable 100 out of 100 p
In February 2022 Alpha 
Trains moved into its 
new, sustainable office in 
Cologne. 
Built according to the latest energy and 
environmental design guidelines and awar-
ded with a LEED certificate (Leadership in 
Energy and Environmental Design), the 
office meets the company’s high sustainable 
requirements.
In December 2022 Alpha 
Trains continued its journey  
as a sustainable locomotive 
and train rental company in 
continental Europe to be 
carbon neutral, underlining 
the rental company’s strong 
commitment to sustainability.
Also in December 
2022 Alpha Trains is 
once again doing its 
bit to support local 
charity initiatives.
Instead of Christmas 
gifts for customers, 
we have decided to 
donate the money to 
three local charity 
initiatives.
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ALPHA TRAINS GROUP / SUSTAINABILITY REPORT

OUR MORAL COMPASS
Five Values that drive us
Vision, Mission and Values
Our Vision, Mission, Values statement serves as a compass for our overall orientation and is the basis 
for our corporate culture to which we align our sustainable actions.
Every employee embraces this philosophy. The awareness of all employees is key for us and is 
consistently promoted and reinforced through training and information.
The Values provide a moral framework for interaction with others.
One of our five Mission statements specifically recognizes the contribution that rail makes to a 
sustainable and socially responsible means of transport. Our goal is to continuously improve our 
services and processes by acting sustainably, promoting a sense of responsibility within our employees 
which we hope spills over into our stakeholder network.
Being a socially responsible business in a sector which requires long term planning and investment 
decisions means that sustainability plays a significant role – meeting sustainability requirements 
under environmental, safety, quality, social and governance headings helps us achieve the demanding 
requirements of our customers. It’s a virtuous circle of dependence.
“Five Values that drive us.”
Our corporate culture is based on 
a vision, a mission and five values 
that have been developed by all our 
employees. These provide us with 
orientation and guide our actions.
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ALPHA TRAINS GROUP / SUSTAINABILITY REPORT

OUR VISION
We want to be THE stand out rolling stock leasing company, respected by all and facilitating the evolution  
of the European railway market.
 OUR VALUES
RESPECT
TRUST
PASSION
DIVERSITY
INTEGRITY
 OUR MISSION
We are environmentally 
aware and recognise the 
contribution that rail 
makes as a socially and 
environmentally responsible 
mode of transport for people 
and goods.
We create long-
term customer 
relationships. 
Our reliability 
and proven track 
record underpin 
this ability.
We select and retain the 
best staff and create 
an environment which 
inspires people. We value 
individuality and diversity 
in teamwork, which leads 
to success.
Our business goes beyond leasing safe 
rolling stock; we offer an integrated 
set of technical, commercial and 
financial competences. The variety 
of our product offerings presents a 
unique spectrum of choice for our 
customers.
The underlying 
stability of our 
business model gives 
all parties confidence 
in the long-term 
sustainability of the 
business.
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ALPHA TRAINS GROUP / SUSTAINABILITY REPORT

TAILORMADE
Every company is unique 
and therefore there is no 
one-size-fits-all approach to 
achieving sustainability.
FOCUSED
We understand environ-
mental and social issues as 
business issues.
HOLISTIC
As a result, we have made 
environmental, health and 
safety, quality, social and 
governance core issues and 
defined a holistic approach 
to sustainability with the 
House of Sustainability. 
CONTINUOUSLY  
IMPROVING
Our vision is to continuous-
ly improve our commitment 
to sustainability and to be 
recognized for “doing the 
right thing”. 
OUR APPROACH TO SUSTAINABILITY
Based on 4 pillars
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ALPHA TRAINS GROUP / SUSTAINABILITY REPORT

HOUSE OF SUSTAINABILITY
A solid foundation
Environment
Health & 
safety
Quality
Operational 
safety
Governance
Social 
responsibility
We believe that constantly improving our 
engagement in sustainability issues leads to long 
term value accretion – and creates a symmetry 
between financial goals and social responsibility.
At the Alpha Trains Group, the term  
“Sustainability” covers:
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ALPHA TRAINS GROUP / SUSTAINABILITY REPORT

ALPHA TRAINS
HOUSE OF SUSTAINABILITY
GROUP
BUSINESS UNITS
GRESB Assessment
Third Party Certification
ISO 
14001
ISO 
9001
ECM
ISO14001 – Environmental Management Standard
ISO 45001 – Occupational Health & Safety Standard
ISO 9001 – Quality Management Standard
ECM – EU Regulation 445/2011 (Entity in charge of maintenance)
ISO 
45001
Policies | Targets | KPIs | Carbon Footprint | Sustainability Report
Materiality & Risk Assessments | Procedures | Documents
Internal  Audits |  External Validation | Disclosure
EcoVadis Assessment
ENVIRONMENT
HEALTH & 
SAFETY
QUALITY
OPERATIONAL
SAFETY
GOVERNANCE
SOCIAL
We have adopted a holistic approach – branded as the 
“House of Sustainability”, which we are constantly 
developing.
As you can see below, the different components are 
individually part of a coherent plan with now two main
 strands: the annual GRESB and EcoVadis 
assessments and the ISO 9001, ISO 14001, ISO 45001 
and ECM third-party certifications.
With the recent ISO 9001, ISO 14001 and ISO 45001 
certifications and the Entity in Charge of Maintenance 
(“ECM”) certifications in both, our Locomotive and 
Passenger division, we have achieved all the third-
party certifications prescribed in our “House of 
Sustainability“.
We are extremely proud of our results in the 
assessments and the successful external audits and 
the resulting recertifications, which underline our 
commitment to sustainability as part of our culture 
and our daily work.
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ALPHA TRAINS GROUP / SUSTAINABILITY REPORT

LEADERSHIP
Responsibility & continuous improvement
ESG OVERSIGHT
Leadership and oversight on ESG issues starts with our CEO and is shared 
throughout the company. To ensure this and to manage climate-related 
strategies, risks and opportunities appropriately, Alpha Trains has robust 
governance structures and processes in place.
Board-level accountability is held by Fernando Pérez, Chief Excecutive Officer. 
Alpha Trains business leaders shape and deliver ESG strategies relevant to their 
segments and functions. Carsten Schnurpfeil, the Sustainability Manager, unifies 
these strategies, defines the sustainability agenda and is responsible for the 
day-to-day management of ESG issues across our business. The Sustainability 
Manager reports directly to our CEO and regularly updates the Alpha Trains 
leadership team on our ESG agenda and progress. 
Board committees are also responsible for overseeing specific ESG issues. 
For example, the Audit Committee has oversight of our ethics and compliance 
programme and cyber and information security, or the Renumeration Committee 
has oversight of our people management strategies, including culture, diversity 
and inclusion strategies, programmes and initiatives.
Any ESG-related misconduct, sanctions, incidents or accidents are reported to 
the CEO or a member of the Executive Team within 24 hours of the incident.
All ESG issues are also discussed with our shareholders during our regular Board  
meetings. Details of any ESG incidents are reported and resulting action plans agreed.
OUR COMMITMENT  
TO THE FUTURE
We care for Sustainability issues and 
support the contribution that rail makes 
as a socially and environmentally 
responsible means of transport for 
people and goods. 
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ALPHA TRAINS GROUP / SUSTAINABILITY REPORT

Alpha Trains has developed a broad set of policies that  
are aligned with the legal requirements and standards such 
as the ISO 9001, ISO 14001 and ISO 45001.
Policies are important to help set the direction and establish standards of conduct 
within an organization. We create policies that offer a “light touch”, are easy to 
understand and in so doing are more effective. They are not overburdensome but 
are vital in several key areas as captioned alongside.
Every year we review our policies to ensure they are appropriate and up to date. 
This year we have updated our ESG policy.
All policies are communicated throughout the organization and are also available 
to interested parties, as appropriate.
POLICIES
Orientation & framework
The three most 
important policies  
in sustainability 
are:
Health & 
Safety 
Policy
Environmental, 
Social and 
Governance 
Policy
Ethics in  
Business 
Policy
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ALPHA TRAINS GROUP / SUSTAINABILITY REPORT

Environmental, Social and  
Governance (ESG) Policy
Alpha Trains’ commitment to a green and sustainable 
business is firmly anchored and is described in its  
Environmental, Social and Governance (ESG) Policy.
 In its ESG Policy, Alpha Trains also recognises the 
importance of identifying and managing environ-
mental, social and governance risks in its business 
activities by adhering to principles of sustainable 
management and by responding appropriately in 
dealing with its own environmental impacts
On the corporate governance side, the Company is 
continuously adapting its governance systems in 
fulfilment of legislation changes, external threats and 
changes in its structure. To ensure this and to manage  
climate-related strategies, risks and opportunities 
appropriately, Alpha Trains has robust governance 
structures and processes in place as further defined 
in the Sustainability Reporting of Alpha Trains. 
In the rail vehicle sector, where safety plays an 
important role, the quality of vehicles and services 
must be high. Processes must be intelligently linked, 
procedures transparent and technical documentation 
up to date. To achieve this, it is important that work-
shops and suppliers work closely together. Alpha 
Trains has been promoting this exchange for many 
years through operator workshops and workshop 
audits. The verification and confirmation of our mea-
sures by independent bodies is an important element 
in the sustainability process and creates a uniform 
and transparent system, especially with the growing 
number of employees and suppliers. 
ENVIRONMENTAL, SOCIAL 
& GOVERNANCE POLICY
Our commitment to green and 
sustainable business is firmly anchored 
and described in the Group’s mission 
statement and in our ESG.
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Sustainability aspects –  
Materiality Assessment
Alpha Trains Group identifies its sustainability aspects through a mate-
riality analysis. Materiality is an important concept in our sustainability 
management. It helps to ensure that Alpha Trains’ key economic, envi-
ronmental, social, governance, health and safety aspects and impacts, as 
well as the issues most likely to impact the company’s stakeholders, are 
identified and considered in relation to our sustainability. Once identified, 
aspects and impacts are reviewed annually. They may also be reviewed 
in the event of significant changes to Alpha Trains Group’s activities or 
services.
In 2022 the materiality assessment still shows the impact of COVID-19 on 
the business, the economy and our society. In addition to data protection 
and IT security, which remain key for us, the issues of resilience to disas-
ters, health and safety for employees, customers, the community and our 
supply chain, as well as safety standards and working conditions are now 
coming to the fore and are also rated as highly relevant by us.
MATERIALITY ASSESSMENT
Expectations and needs
We have determined the relevant external and internal 
issues that affect our ability to achieve the intended 
outcome of our sustainability efforts. We have considered 
the full business environment, the key drivers and trends 
having an impact on the objectives of the organization 
and the relationship and values of external stakeholders 
in our context analysis.
We have identified “Interested Parties” and their needs 
and expectations regarding sustainability. 
Appropriate actions to meet these expectations also 
influence our integrated management system, processes 
and guidelines.
22
ALPHA TRAINS GROUP / SUSTAINABILITY REPORT

Materiality Matrix
Importance to our stakeholder
(Influence on stakeholder assessments & decisions)
Importance to Alpha Trains
(Significance of economic, environmental & social impact)
Low 
High 
Medium 
Low 
Medium 
High 
Medium
High
Low
High Relevance
H&S employees
Labor standars
Local employment
Cybersecurity
Data protection  
and privacy
Medium Relevance
Air pollutants
Energy
Greenhouse gas emissions
Material sourcing & efficiency
Resilience to climate change
 Resilience to catastrophe
Community development
Customer satisfaction
Employee engagement
Gender and diversity
H&S community, users
H&S contractors, supply chain
Social enterprise partnering
Stakeholder relations
Audit committee structure/
independence
Board composition
Board ESG oversight
Compensation committee 
structure
Conflict of interests
Delegating authority
Executive compensation
Fraud
Independence of Board chair
Lobbying activities
Political contributions
Shareholder rights
Whistleblower protection
Low Relevance
Biodiversity & habitat
Contaminated land
Hazardous substances
Light pollution
Noise pollution
Water inflows/outflows
 Waste
Child labor
Forced or compulsory labor
Freedom of association
Bribery and corruption
Fiduciary duty
 Issue increasing  
in importance  
(2022 versus 2021)
 Issue decreasing  
in importance  
(2022 versus 2021)
23
ALPHA TRAINS GROUP / SUSTAINABILITY REPORT

RISK MANAGEMENT
Structured risk prevention
Alpha Trains provides a strategic, structured risk management system  
that tracks the identification and assessment of material risks and manages 
and monitors the implementation of appropriate mitigating actions.
ALPHA TRAINS GROUP  
RISK MANAGEMENT SYSTEM (RMS)
AIM
Identifying, evaluating, reporting, mitigation and monitoring all of the key risks
BACKGROUND
The risk management system is an important part of our “Good Corporate Governance”  
and seen as a valuable, complementary component of day-to-day business
RESPONSIBILITIES
Overall:	
CEO
Division Passenger / Division Locomotives:	
Managing Directors
Sustainability:	
Sustainability Manager
24
ALPHA TRAINS GROUP / SUSTAINABILITY REPORT

1.  
Risk Identification
Recording of all risks in 
Alpha Trains Group and its 
divisions at all levels with 
the aim of fully recording 
and documenting the risks 
(in the respective risk ma-
trix) and being able to take 
measures and mitigation 
actions at an early stage.
Headquarters:
 Exogenous / Other
 Funding / Treasury
 Finance / Tax / IT / Staff / HR
 Sustainability with ESG 
and Health & Safety
 Legal/Insurances
Division Passenger /  
Division Locomotives:
 Exogenous / Other
 Competition /  
Competitiveness
 Assets incl.  
Operational safety
 Commercial / Business
2.  
Determination  
of gross risk 
(without risk reduction /  
reduction measures)
The gross risk is determi-
ned by using the factors 
probability of occurrence 
and impact.
3.  
Risk management / 
determination  
of measures
Basically, four options are 
possible:
 Risk avoidance
 Risk reduction
 Risk transfer
 Risk acceptance
4.  
Determination  
of net risk 
(after risk reduction /  
mitigation measures)
The net risk is the gross 
risk mathematically de-
termined by the factor’s 
probability of occurrence 
and impact but after ref-
lecting mitigation factors 
to reduce the gross risk.
5.  
Risk-Reporting 
& risk  
barometer
The risk registers are 
updated every six 
months and pre-
sented to the main 
Board.
Alpha Trains Risk Management Process:
The risk management process is a permanent process consisting of the following steps:
25
ALPHA TRAINS GROUP / SUSTAINABILITY REPORT

RISK BAROMETER
Monitoring risk development
Design
All identified risks of the individual risk registers  
(HQ, Passenger, Locomotives and ESG) are summarised in 
the Risk Barometer and assigned to nine risk categories. 
 
The Risk Barometer shows the total risk score (GRE and NRE) 
and the average score for each category and is intended to 
monitor risk development over time. 
26
ALPHA TRAINS GROUP / SUSTAINABILITY REPORT

Gross Risk
Net Risk
Cyber incidents  
and IT failure
Business interruption (including fire,  
explosion, supply chain breaks)
Legislation changes  
and governance matters
Product failure,  
obsolescence and safety
Staff and  
human capital
Sustainability 
threats
0
50
100
150
200
250
300
350
400
450
Cyber 
and IT
M
d
Natural
t
h
d
,
nd
ability
ats
 
Natural catastrophes  
and pandemics
Macro-economic  
developments
* Example illustration of the Alpha Trains Risk Barometer
27
ALPHA TRAINS GROUP / SUSTAINABILITY REPORT
 
Market
developments

Managing our environmental impact is an important 
focus of our work. We are committed to reducing our 
absolute energy consumption, CO2 emissions and 
switching to clean energy.
Therefore, we have defined several targets in the 
areas of environment, safety, employees and society. 
Through these targets, sustainable development at 
Alpha Trains is visible and transparent.
SUSTAINABILITY TARGETS
Our goals for a greener future
28
ALPHA TRAINS GROUP / SUSTAINABILITY REPORT

ENVIRONMENT
 ISO 14001 Re-Certification
 Reduced Carbon Footprint by 
• Minimizing paper 
and electrical energy 
consumption
• Switching to 100 % 
renewable energy in all 
offices
• Reducing the per head waste 
volume and relative water 
consumption in our office
• Reducing the per head CO2 
emissions of our vehicle 
fleet
HEALTH & SAFETY
 ISO 45001 Re-Certification
 Keeping the work-related 
accident rate at zero
 Keeping the traffic accident 
rate at zero
SOCIAL  
RESPONSIBILITY
 Alpha Trains is committed 
to equal opportunities for 
careers in the business. We 
are committed to promoting 
and developing people in a 
meritocracy-based system
 Alpha Trains is committed to 
expand its social responsibility 
for the community. For this  
we are planning to initiate 
social projects every year in 
our regional communities
GOVERNANCE
 Implementing and constantly 
improving effective controls to 
keep the number of breaches, 
defaults and failures as low as 
possible
29
ALPHA TRAINS GROUP / SUSTAINABILITY REPORT

TARGETS AND  
REDUCTION PLAN
Reducing our carbon footprint
 Modern company car fleet with hybrid vehicle option (and the provision of charging 
stations for electric cars in our Cologne office) to reduce CO2 emissions of our fleet.
 Awareness raising and training on ESG issues such as eco-efficient driving and 
energy conservation
Scope 1/2
 Office operations in modern, energy-efficient, leased office buildings
• use of green electricity where contractually possible 
• LEED Gold Standard awarded office building in Cologne
• consistent monitoring of regular inspections and maintenance  
at our sites to avoid environmental impacts
Alpha Trains Group annually tracks its operational 
carbon footprint, measured in CO2e emissions per 
employee, and commits to reduce 
this KPI by 2 % annually with 
the following measures:
30
ALPHA TRAINS GROUP / SUSTAINABILITY REPORT

Scope 3
 Work from home policy that reduces employee 
commuting and associated CO2e emissions by  
up to 40 %. 
 Continuous awareness raising and training on 
environmental issues such as
• green business travel and online meetings
• reduction of water and paper consumption
• waste avoidance
 Consistent tracking of regular inspections and 
maintenance at our sites
 Purchasing sustainable products, such as office 
supplies
 State-of-the-art IT equipment
 Free job tickets for our Cologne employees to reduce CO2e-Emission related to 
employee commuting and private travel
 E-bike leasing programme for all employees to reduce CO2e emissions related to 
employee commuting and private travel
31
ALPHA TRAINS GROUP / SUSTAINABILITY REPORT

The Alpha Trains Group and its divisions maintain sophisti-
cated management systems for its offices in Luxembourg, 
Cologne, Antwerp, Madrid, Paris and Warsaw, which are  
based on legal requirements as well as standards such as 
ISO 9001 (Quality management), ISO 14001 (Environ-
mental management), ISO 45001 (Occupational health 
and safety) or also the Regulation (EU) No. 445/2011  
(Entity in charge of maintenance) and are regularly audited 
by external accreditation bodies such as TÜV Rheinland, 
ERC or Sconrail.
CERTIFICATES
Alpha Trains meets the highest standards
32
ALPHA TRAINS GROUP / SUSTAINABILITY REPORT

Zertifikat 
 Prüfungsnorm 
ISO 9001:2015 
 Zertifikat-Registrier-Nr. 
01 100 1700796 
 Unternehmen: 
Alpha Trains Europa GmbH  
Cäcilienstr. 30 
50667 Köln 
Deutschland  
 
 
 Geltungsbereich: 
Beschaffung, Vermietung und Flotten-Management von 
Schienenfahrzeugen im Bereich Passenger 
 
Durch ein Audit wurde der Nachweis erbracht, dass die 
Forderungen der ISO 9001:2015 erfüllt sind. 
 Gültigkeit: 
Dieses Zertifikat ist gültig vom 14.06.2021 bis 13.06.2024. 
Erstzertifizierung 2017 
 
 
 28.04.2021 
  
 
 
 
  TÜV Rheinland Cert GmbH  
 Am Grauen Stein · 51105 Köln  
 
 
 www.tuv.com 
 ®  TÜV, TUEV und TUV sind eingetragene Marken. Eine Nutzung und Verwendung bedarf der vorherigen Zustimmung. 
 
 
      
 
 
 
 
 
 Zertifikat 
Prüfungsnorm 
ISO 14001:2015 
Zertifikat-Registrier-Nr. 
01 104 1900566 
Unternehmen: 
 
Alpha Trains Group S.à r.l.  
48 rue de Bragance 
L-1255 Luxembourg 
Luxemburg  
mit den Standorten gemäß Anlage 
 
Geltungsbereich: 
Beschaffung, Vermietung und Flottenmanagement  
von Schienenfahrzeugen 
Durch ein Audit wurde der Nachweis erbracht, dass die 
Forderungen der ISO 14001:2015 erfüllt sind. 
Gültigkeit: 
Dieses Zertifikat ist gültig vom 13.02.2020 bis 12.02.2023. 
 
 
 14.02.2020 
  
 
 
 
  TÜV Rheinland Cert GmbH  
 Am Grauen Stein · 51105 Köln  
 
 www.tuv.com 
 ®  TÜV, TUEV und TUV sind eingetragene Marken. Eine Nutzung und Verwendung bedarf der vorherigen Zustimmung. 
 
 
      
 
 
 
 
 
 Zertifikat 
 
 
Prüfungsnorm 
 ISO 45001:2018 
 
Zertifikat-Registrier-Nr. 
 01 113 1900566 
 
Unternehmen: 
 
 
 Alpha Trains Group S.à r.l. 
 
 48 rue de Bragance 
L-1255 Luxembourg 
Luxemburg  
 
 mit den Standorten gemäß Anlage 
  
 
Geltungsbereich: 
 Beschaffung, Vermietung und Flottenmanagement  
von Schienenfahrzeugen 
 
 
 Durch ein Audit wurde der Nachweis erbracht, dass die 
Forderungen der ISO 45001:2018 erfüllt sind. 
 
 
Gültigkeit: 
 Dieses Zertifikat ist gültig vom 13.02.2020 bis 12.02.2023. 
  
 
 
 14.02.2020  
 
 
 
  TÜV Rheinland Cert GmbH  
 Am Grauen Stein · 51105 Köln  
 
 
 
 www.tuv.com 
 ®  TÜV, TUEV und TUV sind eingetragene Marken. Eine Nutzung und Verwendung bedarf der vorherigen Zustimmung. 
ZERTIFIKAT für die für die 
INSTANDHALTUNG VERANTWORTLICHE STELLE (ECM)
zum Nachweis der Zulassung des Instandhaltungssystems innerhalb der Europäischen Union und 
den Signatarstaaten in Übereinstimmung mit der
DURCHFÜHRUNGSVERORDNUNG (EU) 2019/779 DER KOMMISSION  
vom 16. Mai 2019
mit Durchführungsbestimmungen für ein System zur Zertifizierung von für die Instandhaltung von 
Fahrzeugen zuständigen Stellen gemäß der Richtlinie (EU) 2016/798 des Europäischen 
Parlaments und des Rates und zur Aufhebung der Verordnung (EU) Nr. 445/2011 der Kommission
OTIF/EU IDENTIFIKATIONS-NUMMER (EIN)
CH/31/0220/7334
1. ZERTIFIZIERTE FÜR DIE INSTANDHALTUNG VERANTWORTLICHE STELLE
Rechtliche Bezeichnung:
Alpha Trains Europa GmbH 
Cäcilienstraße 30
D-50667 Köln
Kurzbez.
:
ATDE
Nationale Registriernummer:
HRB 51575
UID Nr.:
DE227434488
2. ZERTIFIZIERUNGSSTELLE
Organisation:
SCONRAIL AG, Zürcherstrasse 41, 8400 Winterthur
Land:
Schweiz
EIN Nummer:
CH/30/0220/0001
3. ANGABEN ZUM ZERTIFIKAT
- neues Zertifikat
X
EU Identifikationsnummer (EIN) des
Dies ist ein
- erneuertes Zertifikat
vorherigen Zertifikats:
- aktualisiertes/verändertes Zertifikat
Gültig vom: 12.11.2020
bis: 11.11.2025
Art des Unternehmens: (Eisenbahnverkehrsunternehmen, 
Eisenbahninfrastrukturunternehmen, Halter, IH-Erbringer, Dienstleister)
ECM und Halter
4. UMFANG DER ECM TÄTIGKEITEN
Fahrzeugkategorie(n):
(Güterwagen, Verbrennungs-Triebzüge und/oder elektrische Triebzüge, — Verbrennungs-
Triebfahrzeuge oder elektrische Triebfahrzeuge, Reisezugwagen und mobile Ausrüstungen 
für den Bau und die Instandhaltung von Eisenbahninfrastrukturen)
Verbrennungs- und elektrische Triebzüge 
sowie Triebfahrzeuge
Umfasst Wagen speziell für den Transport gefährlicher Güter:
Nein
5. ZUSÄTZLICHE INFORMATIONEN
Basis ist der Auditbericht von SCONRAIL Nr. ECM-3708.
Dieses Zertifikat wurde nach den Übergangsregelungen der "ERA 1172/001 V.2.0" ausgestellt.
Ausstellungsdatum
12.11.2020
Interne Referenznummer
Unterschrift:
SRL.453.01/ECM-7334
Fo 605, V6.0
J. Raubold
Digital unterschrieben 
von Johannes Raubold
With these management systems and certificates, the management fulfils its 
organisational and supervisory duties and underlines its strong commitment to 
quality, environment and safety.
Especially in the rail vehicle sector, where safety plays an important role, the 
quality of vehicles and services must be high.  Processes must be intelligently 
linked, procedures transparent and technical documentation up to date. To achieve 
this, it is important that e.g., workshops and suppliers work closely together –  
this is also an important aspect of management. Alpha Trains has been promoting 
this exchange for many years through operator workshops and workshop audits.
The verification and confirmation of our measures by independent bodies is 
an important element in the sustainability process and creates a uniform and 
transparent system, especially with the growing number of employees and 
suppliers.
33
ALPHA TRAINS GROUP / SUSTAINABILITY REPORT

Sustainable leadership at its best
World best-in-class results for Alpha Trains in the GRESB benchmark
• 1st place overall in the GRESB ratings (out of 649 participants worldwide)
• Sector Leader in Transport and Sector Leader in Transport/Rail Companies
• GRESB 5-star rating for sixth consecutive year
• Maximum achievable 100 out of 100 points
Alpha Trains once again achieved outstanding results in the GRESB benchmark 
for its strong commitment to sustainability. The leading rolling stock lessor scored 
100 out of 100 points and holds first place in the overall ranking of the growing 
number of 649 worldwide participants. For the sixth consecutive year, Alpha 
Trains received a GRESB 5-star rating and was awarded GRESB Infrastructure 
Sector Leader in both categories, i.e., Transport companies and Transport/Rail 
Companies.
GRESB
Alpha Trains again awarded GRESB 5 Star rating in 2022
100/100 points
5STAR RATING
for the 6th time in a row
34
ALPHA TRAINS GROUP / SUSTAINABILITY REPORT

GRESB Score within Private
Out of 470
1st
1st
Out of 16
1st
GRESB Score within Transport: 
Rail Companies / Europe / Private
Out of 19
1st
GRESB Score within Transport: 
Rail Companies / Europe
GRESB Score
Out of 649
1st
Management Score
Out of 652
1st
1st
Performance Score
Out of 649
1st
1st
Out of 22
1st
GRESB Score within Transport: 
Rail Companies
Out of 22
1st
Management Score within Transport: 
Rail Companies
Out of 22
1st
Performance Score within Transport: 
Rail Companies
75
80
85
90
95
100
2018
2019
2020
2021
2022
85
84
92
96
100
Alpha Trains´ GRESB Score
35
ALPHA TRAINS GROUP / SUSTAINABILITY REPORT
Each year, GRESB assesses and benchmarks the ESG (environmental, social and 
governance) performance of assets worldwide, providing clarity and insight to 
financial markets on complex sustainability topics. In 2017, Alpha Trains was one of 
the first rolling stock companies to adopt the GRESB evaluation, directly achieving a 
GRESB 5-star rating. The continuous improvement and the outstanding 2022 results 
clearly show that Alpha Trains’ sustainability strategy is paying off. Responsibility 
for the environment and society is firmly anchored and described in Alpha Trains’ 
(ESG) policy and “Mission-Vision-Values” statement.
As Alpha Trains, we are immensely proud to be recognised as the GRESB world 
best-in-class company for sustainability. The Alpha Trains business model has proven 
its resilience and stability in the challenging times of the worldwide pandemic. Our 
motivated and highly skilled employees always stayed focused on fulfilling our social 
responsibility and ensured the safety of our company and business partners. As the 
leading lessor of locomotives and trains in Europe, it is key for us to show leadership 
in our commitment to sustainability.
“This year’s GRESB score underpins Alpha Trains’ business philosophy of 
consistently focusing on sustainability and makes us very proud. At the same time, 
it is a great motivation for us to continue this sustainable path with passion,” says 
Carsten Schnurpfeil, Sustainability Manager of the Alpha Trains Group.
“GRESB Sector Leaders are the top-performing organisations leading the way to 
a net-zero future and taking the industry forward. We applaud this year’s Sector 
Leaders for their commitment, leadership and dedication to ESG and sustainability,” 
says Sebastien Roussotte, CEO of GRESB.

In recognition of its sustainability 
performance, Alpha Trains 2023 
was awarded a gold medal and 
achieved a rank in the 98th 
percentile rank*. This means that 
it is higher than the score of 98 
percent of all companies assessed 
by EcoVadis, placing Alpha Trains in 
the top ten percent of the industry.
ECOVADIS
Business Sustainability Ratings
* The percentile rank shows how a company performs in comparison 
to the results of other companies. For example, if a company ranks at 
the 43rd percentile, it means that it is higher than the score of 43 per 
cent of all companies assessed by EcoVadis.
Alpha Trains achieves  
74/100 points and a  
98th percentile
36
ALPHA TRAINS GROUP / SUSTAINABILITY REPORT

As an independent international platform for sus-
tainability ratings, EcoVadis analyses and evaluates 
the performance of companies in the key areas of 
sustainability and corporate social responsibility 
(CSR).
Specifically, EcoVadis examines how responsibly  
companies act in the areas of environment, labour and 
human rights, ethics and sustainable procurement. 
The method is based on international sustainability 
standards and combines, among others, the require-
ments of the Global Reporting Initiative, the United 
Nations Global Compact and ISO 26000, a guideline 
on social responsibility, in a comprehensive survey. 
More than 60,000 companies worldwide work with 
EcoVadis and have their value chain examined by 
the assessment service or share the result with their 
stakeholders.
Thanks to industry-specific benchmarks, the EcoVadis 
rating enables companies to compare themselves with 
other industry participants and competitors, reduce 
their own risks and improve their CSR results. 
Customers and partners can use the rating to trans-
parently understand how far a company has progres-
sed in terms of sustainability. In addition, the EcoVadis 
scorecard helps procurement managers to check the 
key figures on a company’s individual environmental 
and CSR behaviour, which are increasingly required in 
tenders, for example.
37
ALPHA TRAINS GROUP / SUSTAINABILITY REPORT

The Task Force on Climate-related 
Financial Disclosures (TCFD) was 
created with the aim of increasing 
the clarity, relevance and useful-
ness of climate-related information 
in corporate disclosures.
TCFD
Resilience and stability
38
ALPHA TRAINS GROUP / SUSTAINABILITY REPORT

The scenario analysis has given us a clearer understanding of the impact of climate change on our business and has not 
identified any significant risks to our business model. In future, Alpha Trains will deepen its analysis and disclosure of 
climate change risks and mitigation in line with the recommendations of the TCFD.
concludes that Alpha Trains’ average physical climate risk is low compared to other companies in the infrastructure 
sector and that the transition to a low-carbon economy is an opportunity, not a risk, which is in line with our business 
strategy to support the transition to a low-carbon, resilient economy.
With clear insight into how companies 
deal with the identification, assessment 
and management of climate-related risks 
and opportunities, investors are better 
able to allocate their capital responsibly.
The TCFD organises climate-related 
information in a corporate context into 
four pillars:
 Governance
 Risk Management
 Strategy
 Metrics and Targets
As climate-related risks (both transitional 
and physical) are increasingly recognised 
as material factors for consideration in 
financial decision-making and planning, 
global standard setters, financial insti-
tutions and even regulators are looking 
more to the TCFD as the basis for clima-
te-related reporting. While the original 
implementation of TCFD recommendati-
ons was voluntary, plans for mandatory 
TCFD reporting are becoming more 
common.
Alpha Trains supports the recommenda-
tions of the Task Force on Climate-related 
Financial Disclosures (TCFD) and the 
results of a 1st TCFD analysis are available 
for our company. As a result, the analysis  
Alpha Trains Physical Scores
Alpha Trains Transition Risk
39
ALPHA TRAINS GROUP / SUSTAINABILITY REPORT

The UN Global Compact aims to mobilize a global movement of sustainable 
companies and stakeholders to create the world we want.
Alpha Trains supports the goals of the United Nations Global Compact 
(“UNGC”) and formally became a signatory in November 2021.
Alpha Trains thus aligns itself with the UN Global Compact’s ten principles 
in the areas of human rights, labour, environment and anti-corruption 
and reaffirms its commitment to contribute to the implementation of the 
Sustainable Development Goals.
UN GLOBAL COMPACT
The world´s largest corporate sustainability initiative
 “ Participation in the UN Global 
Compact (UNGC) is a key  
initiative for Alpha Trains to  
firmly anchor sustainability  
in the company. ”
Carsten Schnurpfeil 
Sustainability Manager
40
ALPHA TRAINS GROUP / SUSTAINABILITY REPORT

HUMAN RIGHTS
Principle 1:  
Businesses should support 
and respect the protection 
of internationally proclai-
med human rights.
Principle 2:  
Make sure that they are not 
complicit in human rights 
abuses.
LABOUR
Principle 3:  
Businesses should uphold 
the freedom of association 
and the effective recogniti-
on of the right to collective 
bargaining.
Principle 4:  
The elimination of all forms 
of forced and compulsory 
labour.
Principle 5:  
The effective abolition of 
child labour.
Principle 6:  
The elimination of discrimi-
nation in respect of emp-
loyment and occupation.
ENVIRONMENT
Principle 7:  
Businesses should support 
a precautionary approach 
to environmental challenges.
Principle 8:  
Undertake initiatives to 
promote greater environ-
mental responsibility.
Principle 9:  
Encourage the develop-
ment and diffusion of 
environmentally friendly 
technologies.
ANTI-CORRUPTION
Principle 10:  
Businesses should work 
against corruption in all its 
forms, including extortion 
and bribery.
The ten principles of the UN Global Compact
41
ALPHA TRAINS GROUP / SUSTAINABILITY REPORT

Communication on Progress 2022
Participant
Alpha Trains Group S.à r.l.
Published
2022/09/29
Time period
September 2022 — September 2023
Format
Express
Differentiation Level
This COP qualifies for the Global Compact Active level
Self-assessment
• Highest executive supports and endorses the Ten Principles of the United Nations Global Compact. 
• Action is taken in the areas of human rights, labour, environment and anti-corruption. 
• Outcomes of such activities are monitored.
42
ALPHA TRAINS GROUP / SUSTAINABILITY REPORT

SUSTAINABLE DEVELOPMENT GOALS
Alpha Trains SDGs focus
At the United Nations (UN) Sustainable Development Summit in 2015,  
world leaders adopted the 17 Sustainable Development Goals (SDGs).
These global goals aim to address inequalities and challenges all across the 
planet whilst aiding development and protecting the environment. Meeting 
the target date of 2030 will require the work and co-operation of all these 
governments and the UN along with businesses and members of the public.
43
ALPHA TRAINS GROUP / SUSTAINABILITY REPORT

Ensure access to 
affordable, reliable, 
sustainable and 
modern energy for 
all and investing 
in and increasing 
energy efficiency 
and the proportion 
renewable ener-
gy contributes to 
the global energy 
supply.
 SDG Target 7.2: 
By 2030, increa-
se substantially 
the share of 
renewable ener-
gy in the global 
energy mix
Ensure healthy 
lives and promote 
well-being for all  
at all ages 
 SDG Target 3.6: 
By 2020, halve 
the number of 
global deaths 
and injuries 
by road traffic 
incidents
Promote sustained, inclusive and sustainable 
economic growth (endeavouring to decouple 
growth and environmental degradation), full 
and productive employment and decent work 
for all.
 SDG Target 8.2: Achieve higher levels of 
economic productivity through diversifica-
tion, technological upgrading and innovation, 
including through a focus on high value 
added and labour-intensive sectors
 SDG Target 8.8: Protect labour rights and 
promote safe and secure working environ-
ments for all workers, including migrant 
workers, in particular women migrants, and 
those in precarious employment
Promote infrastructure and inclusive industria-
lisation that is reliable, resilient, affordable and 
sustainable with equitable access for all.
 SDG Target 9.1: Develop quality, reliable, 
sustainable and resilient infrastructure, in-
cluding regional and transborder infrastruc-
ture, to support economic development and 
human well-being, with a focus on affordable 
and equitable access for all
 SDG Target 9.4: By 2030, upgrade infras-
tructure and retrofit industries to make them 
sustainable, with increased resource-use 
efficiency and greater adoption of clean and 
environmentally sound technologies and 
industrial processes, with all countries taking 
action in accordance with their respective 
capabilities
Alpha Trains focuses its sustainable 
efforts principally on the following 
Sustainable Development Goals:
44
ALPHA TRAINS GROUP / SUSTAINABILITY REPORT

Increase the number of cities and human settle-
ments, improving the sustainability, inclusivity, 
resource efficiency and resilience to extreme 
events and ensuring adequate, affordable and safe 
housing and services, transport for all
 SDG Target 11.2: By 2030, provide access to 
safe, affordable, accessible and sustainable 
transport systems for all, improving road safety, 
notably by expanding public transport, with 
special attention to the needs of those in vulne-
rable situations, women, children, persons with 
disabilities and older persons
 SDG Target 11.6: By 2030, reduce the adverse 
per capita environmental impact of cities, inclu-
ding by paying special attention to air quality 
and municipal and other waste management
Ensure sustainable management, consump-
tion and production regarding use of natural 
resources, halving global per capita food waste 
and encouraging companies and the public to 
adopt sustainable practices and procurement to 
reduce, recycle and reuse waste.
 SDG Target 12.5: By 2030, substantially 
reduce waste generation through prevention, 
reduction, recycling and reuse
 SDG Target 12.6: Encourage companies, 
especially large and transnational compa-
nies, to adopt sustainable practices and to 
integrate sustainability information into their 
reporting cycle
Take urgent action to combat climate change 
and its impacts, increasing every country´s re-
silience and ability to adapt to climate change, 
improving education and awareness and im-
plementing national measures against climate 
change and the commitments made to the UN 
FCCC in assisting developing countries mitigate 
and adapt.
 SDG Target 13.2: Integrate climate change 
measures into national policies, strategies 
and planning
45
ALPHA TRAINS GROUP / SUSTAINABILITY REPORT

Alpha Trains´ pioneering Green Financing initiatives, 
dating back to 2016 and crowned with a Green 
Bond Award, align to contribute to a healthier 
environment and better mobility of people and goods 
in Continental Europe by promoting modal shift in 
the passenger and freight transport sector.
As part of its sustainability and financing strategy, 
Alpha Trains went a step further in green finance and 
issued a Green Finance Framework to substitute its 
2016 Green Bond Framework.
GREEN FINANCING
Alpha Trains – Pioneers in Green Financing
46
ALPHA TRAINS GROUP / SUSTAINABILITY REPORT

FIRST PUBLIC  
GREEN FINANCE FRAMEWORK IN 
THE SECTOR
The Green Finance Framework applies to any green 
financing issued or used by Alpha Trains based on a 
portfolio approach. 
Since October 2019, it applies to and includes the:
 €250M inaugural green notes issuance in 
December 2016 
 €200M green notes issuance in October 2019
 €140M green loan obtained in October 2019
The Alpha Trains’ Green Finance Framework abides by 
the: 
 Green Bond Principles of the International Capital 
Markets Association
 Green Loan Principles of the Loan Market 
Association
Alpha Trains intends to update its framework to be 
aligned with the EU Green Finance Standard and the 
EU taxonomy for Sustainable Finance during its next 
green financing occasion.
The net proceeds from green financings will be used 
by Alpha Trains to finance and/or refinance, in whole 
or in part, existing and/or new “Eligible Green Assets”.
GREEN FINANCE COMMITTEE
Alpha Trains has also established a Green Finance 
Committee in 2020 which meets twice a year and 
monitors the pre-defined green asset portfolio 
to ensure that net book value of the green asset 
portfolio always exceeds the outstanding principal 
of all green financings added together.
ELIGIBLE GREEN ASSET 
CATEGORIES
As Eligible Green Assets, Alpha Trains has selected 
the following asset categories in conformance with 
the “Eligibility Criteria” as defined in Alpha Trains´ 
Green Finance Framework:
 electric passenger trains 
 electric locomotives  
(freight and passenger transport)
 select energy efficient diesel locomotives which 
meet the gCO2/tonne-km thresholds of the 
International Energy Agency (IEA)
Locomotives (electric or diesel) which are 
employed in fossil fuel transport are not treated as 
Eligible Green Assets.
47
ALPHA TRAINS GROUP / SUSTAINABILITY REPORT
Scan me to find out  
more about our  
Green Finance Framework

Green Finance 
report
Summary of framework
In the year 2022, as part of 
its sustainability and finan-
cing strategy, Alpha Trains 
went a step further in its 
best practice approach to 
green finance and issued a 
new Green Finance Frame-
work (the Framework) that 
also aligns to the EU Taxo-
nomy criteria, updating its 
previous framework from 
2019. As it was the case for 
the previous frameworks, 
the Green Finance Frame-
work was reviewed by Mor-
ningstar Sustainalytics (see 
Second Party Opinion be-
low), a leading ESG research, 
ratings and data firm that 
supports investors around 
the world with the develop-
ment and implementation 
of responsible investment 
strategies. Sustainalytics 
also works with hundreds of 
companies and their finan-
cial intermediaries to help 
them consider sustainability 
in policies, practices and ca-
pital projects.
Sustainalytics evaluated 
the Alpha Trains’ Green Fi-
nance Framework and the 
alignment thereof with re-
levant industry standards 
and provided views on the 
robustness and credibility 
of the Framework.
The Alpha Trains’ Green Fi-
nance Framework was as-
sessed to determine align-
ment with (at that time):
  Green Bond Principles of 
the International Capital 
Markets Association, pu-
blished and last updated 
in 2021, 
  Green Loan Principles 
of the Loan Market As-
sociation, published and 
last updated in 2021
  The Use of Proceeds cri-
teria alignment with the 
EU Taxonomy June 2021 
Delegated Act
  The alignment of the is-
suer’s sustainability stra-
tegy and performance 
and sustainability risk 
management in relation 
to the use of proceeds.
The updated Green Finance 
Framework will apply to any 
green financing issued or 
used by Alpha Trains based 
on a portfolio approach.
From the end of November 
2022, it applies to the follo-
wing financings:
At the end of November 2022, Alpha 
Trains obtained its first green loan at 
the level of Alpha Trains Holdco S.à. 
r.l, whose proceeds were directly lent 
on to the Security Group through a 
long-term intercompany loan. This 
€200M green holdco loan forms part 
of the total green financing which is 
covered by the Security Group´s eli-
gible green assets.
YEAR OF 
GREEN 
FINANCING
TYPE
TOTAL 
ORIGINAL 
COMMITMENT
Nov 2022  
Sycamore  
(re-) financing
green 
loan
€200M
HOLDCO DEBT
SENIOR DEBT
YEAR OF 
GREEN 
FINANCING
TYPE
TOTAL 
ORIGINAL 
COMMITMENT
Dec 2016 
Limestone  
(re-) financing
green 
notes
€250M
Oct 2019 Cedar 
(re-) financing
green 
notes
€200M
Oct 2019 Cedar 
(re-) financing
green 
loan
€140M
Nov 2022 
Sycamore  
(re-) financing
green 
loan
€258M
Nov 2022 
Sycamore  
(re-) financing
green 
loan
€90M

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TVSNIGXIZEPYEXMSRERHWIPIGXMSRTVSGIWWXSFIEPMKRIH[MXLQEVOIX
TVEGXMGI
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Alpha Trains’ Investment Funding and 
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TVSGIIHWYWMRKETSVXJSPMSETTVSEGL%PTLE8VEMRWMRXIRHWXSEPPSGEXI
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out in alignment with the EU Taxonomy’s Minimum Safeguards.

48
ALPHA TRAINS GROUP / SUSTAINABILITY REPORT

Use of proceeds
The net proceeds from its green financings were and 
will be used to finance and/or refinance, in whole or in 
part, existing and/or new “Eligible Green Assets”, ba-
sed on a portfolio approach.
As Eligible Green Assets, Alpha Trains has selected the 
following asset categories in conformance with the 
“Eligibility Criteria” as defined in Alpha Trains´ Green 
Finance Framework:
  electric passenger trains
  electric locomotives  
(freight and passenger transport)
  dual mode locomotives  
(freight and passenger transport)
These assets contribute to a reduction in carbon emis-
sions by supporting the transition towards low-carbon 
rail transport and advancing the UN Sustainable De-
velopment Goals, particularly SDGs 9, 11 and 13. Diesel 
locomotives are no longer considered Eligible Green 
Assets under the new Framework, dated October 
2022, even if their C02 emissions lie below the Inter-
national Energy Agency (IEA) thresholds. 
Locomotives, independent of their power supply, 
which are dedicated to the transport of fossil fuels are 
also not considered Eligible Green Assets.
Alpha Trains established a Green Finance Committee in 
2020 which meets twice a year and monitors the pre-de-
fined green asset portfolio to ensure that net book value 
of the green asset portfolio always exceeds the outstan-
ding principal of all green financings, added together.
Allocation report
The following table shows the green funds which Alpha Trains had raised since its inaugural  
green finance transaction in 2016 and their balance as of 31 December 2022:
YEAR OF 
GREEN 
FINANCING
MATURITY /TYPE /
REPAYMENT 
PROFILE
TOTAL ORIGINAL 
COMMITMENT 
(IN M€)
CUM. RE-
PAYMENTS AT  
31 DEC 2022 
(IN M€)
TOTAL DRAWN 
AMOUNT AT  
31 DEC 2022 
(IN M€)
AVAILABLE 
COMMITMENT AT 
31 DEC 2022  
(IN M€)
Dec 2016 
Limestone  
senior 
financing
2028 /  
green notes /  
bullet
115
–
115
–
Dec 2016 
Limestone  
senior 
financing
2036 /  
green notes /  
amort.
135
18
117
–
Dec 2019  
Cedar  
senior 
financing
2031 /  
green notes /  
bullet
200
–
200
–
Oct 2019  
Cedar  
senior 
financing
2029 /  
green Capex loan /  
amort.
140
–
134
6
Nov 2022 
Sycamore 
senior 
financing
2028 /  
green Capex loan /  
partially amort.
258
–
51
207
Nov 2022 
Sycamore 
senior 
financing
2032 /  
green loan /  
amort.
90
–
90
–
Nov 2022 
Sycamore 
holdco 
financing
2029 /  
green loan /  
bullet
200
–
200
–
TOTAL GREEN 
FINANCING
1,138
18
907
213
49
ALPHA TRAINS GROUP / SUSTAINABILITY REPORT

* 6.1 Passenger interurban rail transport 
6.2 Freight rail transport
 
31 Dec 2022
 
Asset Type
 
 
Eligible Operational 
Assets
 
Locomotives – Diesel
 
 
 
 
 
 
 
 
 
 
 
 
Locomotives – Dual Mode
 
 
 
 
Eligible Assets under
Construction (WIP) 
 
 
Passenger trains – Electric
 
 
 
 
 
 
 
 
 
 
 
Total Green Portfolio 
 
 
NBV €M
-
1,120.6
76.0
403.1
7.6
10.6
60.9
10.4
1,689.2
 
 
 
 
EU Economic*
Activity
-
6.1
6.1
6.2
6.2
6.1
6.2
6.2
Qty
-
262
33
164
2
2
56
8
527
Locomotives – Electric (Passenger Service)
Locomotives – Electric (Freight Service)
Locomotives – Dual Mode
Passenger trains – Electric
Locomotives – Electric (Freight Service)
Financing Instrument
 
Holdco Term Loan 
Holdco Green Loan (Sycamore) 
200.0 
Senior Bank 
Term Loan
 
ACF A Green Loan (Cedar) 
134.3 
ACF A Green Loan (Sycamore) 
 
51.0 
ACF B Green Loan (Sycamore) 
90.0 
 
Senior Institutional
Facilities 
 
 
Green Notes (LS) 
115.0 
Green Notes (LS) 
116.8 
Green Notes (Cedar) 
 
200.0 
Total Green Financing 
 
907.1 
31 Dec 2022
€M
As of 31 December 2022, the Green Portfolio composition by Eligible Green 
Asset categories, the outstanding balances of the Green Financing instru-
ments, as well as the Green Buffer, were as follows:
Green Portfolio
<17.5% 
Non Eligible
Green Buffer
-
€500M 
€1.000M 
€1.500M 
€2.000M 
Total 
Green Financing
1.9x
Total 
Rolling Stock 
Assets 
(delivered and 
work-in-progress) 
The Green Buffer (Green Portfolio/Total Green Financing), which was 3 times in 
the last annual report, decreased to 1.9 times mainly due to the refinancing of 
existing indebtedness by green loans as part of our recent Sycamore refinan-
cing and the withdrawal of 39 new generation diesel locomotives from the eli-
gible asset portfolio due to adopting the more stringent EU Taxonomy criteria 
with respect to diesel assets.
Independent practitioner´s limited  
assurance report
We have engaged KPMG for the first time an external auditor to issue a limi-
ted assurance opinion as to whether the net proceeds of the Green Financing 
issued by Alpha Trains Holdco S.à r.l. and Alpha Trains Finance S.A. have been 
allocated to the Eligible Green Assets, as described in this Green Finance Re-
port, in compliance with Alpha Trains Group S.à r.l.´s Green Finance Frame-
work dated October 2022 and in accordance with the Green Bond Principles 
published and last updated in 2021 by the International Capital Markets Asso-
ciation, and the Green Loan Principles, published and last updated in 2021 by 
the Loan Market Association.
50
ALPHA TRAINS GROUP / SUSTAINABILITY REPORT

Share of financing 
versus refinancing with 
current green financing 
instruments as of  
31 December 2022
Of the total green financing proceeds sin-
ce 2016, the balance of its nominal values 
as of 31 December 2022 can be allocated 
as follows: 53 % to financing new green 
assets and 47 % to refinancing existing 
debt relating to Eligible Green Assets.
Impact report – carbon 
savings
Given the nature of its business model, Al-
pha Trains currently only has direct access 
to the annual kilometre data of its assets. 
Exact freight and passenger transport 
data is proprietary information of Alpha 
Trains’ customers and – in passenger trans-
port – the public transport authorities.
Therefore, in its annual environmental 
impact reporting relating to its Eligible 
Green Assets, Alpha Trains focuses – on a 
best effort and portfolio approach basis – 
on the following impact metric:
  Prospective annual carbon dioxide 
equivalents (e. g. carbon dioxide, me-
thane and nitrous oxide) emission re-
duction by asset employment catego-
ry using Alpha Trains´ Eligible Assets 
instead of comparable road vehicles:
a) Eligible electric passenger trains 
and electric locomotives in passen-
ger transport (tonnes of carbon di-
oxide equivalents)
The annual carbon dioxide equivalents 
emissions of assets employed in passen-
ger transport are calculated based on:
> actual annual passenger km and seat 
capacity per train1
> publicly available information on ave-
rage load factor of regional trains1
> publicly available information on 
average passenger train emissions of 
carbon dioxide equivalents (well-to-
wheel as per the German energy mix 
and on a passenger-km basis)2
> publicly available information on 
average car emissions of carbon di-
oxide equivalents (well-to-wheel and 
on a passenger-km basis)2
b) Eligible electric and dual mode3 lo-
comotives in freight transport (ton-
nes of carbon dioxide equivalents)
The annual carbon dioxide equivalents 
emissions of assets employed in freight 
transport are calculated based on:
> actual annual freight transport km4
> estimated average load in tonnes4
> publicly available information on 
average locomotive emissions of car-
bon dioxide equivalents:
– electric locomotives: well-to-wheel as per 
the German energy mix5
– Dual mode locomotives: well-to-wheel as 
per the average mix of electric power usage 
(calculated based on the underlying ener-
gy mix) and last mile diesel power usage  
(calculated based on a tonne-km basis)3
> publicly available information on average 
truck emissions of carbon dioxide equivalents 
(well-to-wheel and on a tonne-km basis)6
As shown in the following chart, the esti-
mated carbon savings achieved by freight 
goods transported by Alpha Trains´ green 
portfolio locomotives as opposed to by 
trucks, were 909,827 tonnes of CO2e in the 
year 2022. In comparison to the previous 
annual Investor Report, the total carbon sa-
vings figure of our green locomotive fleet 
is lower, since we no longer include the 
E4000 and E4001 diesel locomotives in the 
green portfolio and we excluded more fos-
sil fuel transport locomotives (see also the 
“Use of Proceeds” section in this report).
The estimated carbon savings obtained by 
people travelling by Alpha Trains´ green 
portfolio trains as opposed to by cars, were 
200,648 tonnes of CO2e (thereof electric 
locomotives employed in passenger ser-
vice: 23,271 tonnes of CO2e and electric 
passenger trains: 177,377 tonnes of CO2e).
It is important to note that the carbon sa-
vings calculations which are depicted in 
this report will understate the actual car-
bon savings achieved in 2022. This is due 
to the fact that our calculations rely on 
the German environmental agency data, 
which was only available for the year 2021 
and not yet for the year 2022. We expect 
the actual average yearly passenger train 
load factors for the year 2022 to be hig-
her than in 2021, as pandemic-related res-
trictions were lifted in 2022.
1. Actual kilometres travelled multiplied by seat capacity and average load factor of 15 % (Source: German environmental agency, 2021).  2. 79 g CO2e/Pkm for electric trains/locomotives and 162 g CO2e/Pkm for cars (Source: German environmen-
tal agency, 2021).  3. “Dual mode” refers to locomotives which have zero tailpipe CO2 emissions when operated on a track with necessary electric infrastructure and use a conventional engine, where such infrastructure is not available. The new 
Dual Mode locomotives were delivered at the end of the year and therefore no carbon savings were calculated.  4. Actual kilometres travelled multiplied by own estimates on average load in tonnes.  5. 16 g CO2e/tonne-km for electric locomotives 
with assumed average load capacity of 1,000 tonnes per km (Source: German environmental agency, 2021).  6. 118 g CO2e/tonne-km, considering an average of truck types (Source: German environmental agency, 12/2022).
51
ALPHA TRAINS GROUP / SUSTAINABILITY REPORT

To continuously improve our sustainability performance, 
we need to be able to measure the environmental, social 
and governance footprint of our company. Therefore, in  
addition to the usual financial key figures, we also report 
on non-financial sustainability indicators. 
We have established a reporting framework that we use to 
standardise our sustainability reporting process.
Alpha Trains’ sustainability reporting system is designed  
to identify, assess, manage, report and monitor all key  
performance indicators in each of the relevant areas of  
safety, health, quality, environment, social responsibility 
and governance.
The reporting system is a value adding tool for the busi-
ness and a building block for a sustainable and profitable 
business. The reporting system helps us to meet our duty 
to provide transparent reports and support our external 
stakeholders in assessing our sustainability performance.
SUSTAINABILITY REPORTING
Facts on our sustainability performance
52
ALPHA TRAINS GROUP / SUSTAINABILITY REPORT

SELECTING THE INDICATORS
In selecting indicators, we are guided by international 
recommendations and guidelines, such as those 
published by the Global Reporting Initiative (GRI), UN 
Global Compact, or ISO frameworks like ISO 9001, ISO 
14001 or ISO 45001.
We systematically select and develop our CR 
indicators based on a annual materiality analysis of 
our key business issues.
REPORTING PERIOD
All indicators refer to the financial year from January 
1 to December 31. For each indicator, there is a defined 
reporting frequency, which varies from monthly to 
quarterly, half-yearly or annually.
ACCOUNTING FRAMEWORK
Reflecting our corporate structure, our sustainability 
indicators are disaggregated from the Alpha Trains 
Group level into the Divisions: Passenger, Locomotives 
and HQ (including Finance).
Sustainability 
 
Report 
 
Responsible: ATLH 
Status: Approved 
Page 4 of 22 
© Alpha Trains (Luxembourg) Holdings S.A.R.L. 
AT-DO-Sustainability Report FY 2020-V01-18-06-2021 
 
1. Occupational Health & Safety Indicators 
Lost Time Incidents | Lost Time Incident Rate 
 
There was only one ‘Lost Time Incident’ at work in February 2020. Thus, the key performance 
indicator Lost Time Incident Rate (LTIR) per year is very low at 0.07% for 2020. 
Working Days Lost | Working Days Lost Rate | Severity Rate 
 
There were three ‘Working Days Lost’ in 2020. The Working Days Lost Rate (WDLR) per year is at 
0.01%, which is very low. 
 
 
0
1
2
0
1
2
3
4
5
Lost Time Incident Rate (%)
Lost Time Incidents (LTI)
Lost Time Incidents cumulated
LTI
LTI cumulated
LTIR
0
1
0
1
2
3
4
5
Working Days Lost Rate (%)
Working Days Lost (WDL)
Working Days Lost cumulated
WDL
WDL cum.
WDLR
1 
Lost Time 
Incidents 
2020 
3 
Working 
Days Lost 
2020 
Sustainability 
 
Report 
 
Responsible: ATLH 
Status: Approved 
Page 9 of 22 
© Alpha Trains (Luxembourg) Holdings S.A.R.L. 
AT-DO-Sustainability Report FY 2020-V01-18-06-2021 
 
4. Environmental Indicators 
Carbon Footprint 
The annual evaluation balance gives us pointers on where the 
influencing factors for preventing greenhouse gas emissions are. 
So, we can check whether we are on the right track for meeting 
our goals to reduce greenhouse gases. 
Compared to the previous year, CO2 emissions decreased from 
506 t/CO2e in 2019 to 275 t/CO2e in 2020. This significant change 
is a direct result of the global COVID-19 pandemic. 
Since March 2020, all employees have been consistently in their 
home offices to protect themselves from possible infection, and all 
travel activities have been largely suspended. Of course, this has 
a considerable influence on the collected key figures and explains 
the change in the key figure compared to the previous year. 
 
In 2020 Alpha Trains emissions are as follows: 
Total Emissions 
Incl. 10% safety surcharge 
 
250 t/ CO2e 
275 t/ CO2e 
 
Scopes 
Explanation and definitions 
 
Scope 1- Direct emissions 
196.3 t/ CO2e 
Supply of fuels for internal combustion: Fossil fuels such as  
Gas, oil, diesel, gasoline for heating, business and private trips 
with company vehicles. 
 
Scope 2 - Indirect emissions 
23.7 t/ CO2e 
Purchase of energy sources, such as electricity and district 
heating. 
 
Scope 3 - Indirect emissions 
55.1 t/ CO2e 
Purchase of services and products by third parties, such as raw 
materials and supplies or business travel. 
 
Environmental Incidents 
In 2020, Alpha Trains had no environmental violations, 
environmental incidents nor environmental penalties or fines. 
 
 
0 
Environmental  
Incidents 
2020 
Sustainability 
 
Report 
 
Responsible: ATLH 
Status: Approved 
Page 11 of 22 
© Alpha Trains (Luxembourg) Holdings S.A.R.L. 
AT-DO-Sustainability Report FY 2020-V01-18-06-2021 
 
As of 31 December 2020, the €140M Green Loan was drawn in an amount of €59.1M to make 
stage payments for new-build Eligible Green Assets (Identified Green Projects) and €80.9M thereof 
remained undrawn. 
As of 31 December 2020, the Green Portfolio and its composition by Eligible Green Asset 
categories was as follows: 
 
 
 
Green financing is three times covered by green portfolio  
 
 
 
 
Asset Type 
31 Dec 20 
Qty 
NBV €M 



͵Ͳ
ͷ͸Ǥ͵

ͳ͹Ͷ
͵ͻͳǤͶ

ʹ͵ͻ
ͳǡͲ͸ͶǤͷ

ȋȌ

Ȁ
͵Ͷ
͸ͳǤ͸

ͳͺ
ͺǤͳ
Total Green Portfolio 
495 
1,581.9 

Tranches 
31 Dec 20 
€M 

	
ȋͳȌ
ͷͻǤͳ

	

ȋʹȌ
ͳͳͷǤͲ

ȋʹȌ
ͳ͵ͷǤͲ

ȋͳȌ
ʹͲͲǤͲ
Total Green Financing 
509.1 


ͳ
ǦʹͲͳͻȋǦȌ
ʹ
ȋȌǦʹͲͳ͸ȋǦȌ

3x 
Green Fin. 
covered by 
green portfolio 
Examples of Alpha Trains Sustainability Reports
53
ALPHA TRAINS GROUP / SUSTAINABILITY REPORT

CORPORATE CARBON FOOTPRINT
Our path to zero emission
To manage and reduce our organisation’s greenhouse gas 
emissions, we first need to understand what emissions are 
caused by the organisation’s activities.
Quantifying greenhouse gas emissions helps us understand 
what our main sources of emissions are, how our organisa-
tion contributes to global emissions and what opportuni-
ties we have to reduce our emissions.
We can then set up a GHG reduction plan that identifies ways 
to reduce our GHG emissions and limit emissions from future 
activities – and we can measure what progress we have made.
The aim is to identify GHG emissions and their interrelati-
onships within the defined system boundaries, assess their 
magnitude, evaluate their materiality and prioritise them 
accordingly. The basis is our ESG corporate policy on clima-
te protection.
The annually updated balance sheet gives us indications of 
where the influencing factors for avoiding greenhouse gas 
emissions lie. This allows us to check whether we are on the 
right track to achieve our greenhouse gas reduction targets.
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ALPHA TRAINS GROUP / SUSTAINABILITY REPORT

SCOPE AND 
REPORTED 
INDICATORS
The footprint of the 
Alpha Trains Group, 
consisting of its 
organisational footprint 
to measure greenhouse 
gas emissions from all 
activities of the company, 
including energy 
consumed in buildings, 
industrial processes and 
company vehicles in all 
subsidiaries under Alpha 
Trains (Luxembourg) 
Holdings S.A.R.L. with its 
offices in Luxembourg, 
Cologne, Antwerp, 
Madrid, Paris and 
Warsaw. The reporting 
frequency is annual from 
01.01. to 31.12.
SCOPES
REPORTED INDICATORS
SCOPE 1 – 
Direct emissions
Supply of fuels for internal combustion: Fossil fuels such as Gas, oil, diesel, gasoline for heating, business, 
and private trips with company vehicles.
SCOPE 2 – 
Indirect emissions
Purchase of energy sources, such as electricity and district heating.
SCOPE 3 –
Indirect emissions
Purchase of services and products by third parties, such as raw materials and supplies or business travel.
REPORTED INDICATORS
EXPLANATION AND DEFINITIONS
SCOPE 1 – Direct emissions
Company Cars
Fleet consumption in Litres (L)
Natural Gas
Natural gas consumption in kWh
SCOPE 2 – Indirect emissions
Electricity
Electricity consumption in kWh
District heating
Consumption in kWh
SCOPE 3 – Indirect emissions
Flights
Flight distance in km
Rail
Rail travel distance in km
Rental Cars and Taxi
Rental car and taxi consumption in Litres (L)
Employee commuting
Distance in km
Paper
Paper consumption in sheets
Waste
Waste in m3
Water
Drinking water consumption in m3
Alpha Trains´ scopes and reported indicators in detail
55
ALPHA TRAINS GROUP / SUSTAINABILITY REPORT

Alpha Trains´ Carbon Footprint 2020 – 2022
CARBON FOOTPRINT
2020
2021
2022
250 t/CO2e  
(total emissions)
272 t/CO2e  
(total emissions)
280 t/CO2e  
(total emissions)
275 t/Co2e  
(+10% safety surcharge)
300 t/Co2e  
(+10% safety surcharge)
308 t/Co2e  
(+10% safety surcharge)
2,256 kg / CO2e  
per employee
2,361 kg / CO2e  
per employee
2,333 kg / CO2e  
per employee
With 2,333 kg/CO2e per employee in 2022  
we have achieved a  
reduction of  
28 kg / CO2e  
per employee  
compared to 2021.
Carbon footprint changes significantly under the 
influence of the COVID19 pandemic.
Since we are a growing business,  
we consider the per employee  
indicator most relevant.
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ALPHA TRAINS GROUP / SUSTAINABILITY REPORT

CARBON NET ZERO
Investing in green projects
Alpha Trains reduced its CO2 emissions by investing in mo-
dern office buildings, modern IT, reducing travel emissions 
and using renewable energy to power Alpha Trains’ offices.
In addition to the reduction of greenhouse gas emissions, 
however, the issue of offsetting CO2 emissions that cannot be 
avoided or are difficult to avoid is becoming increasingly im-
portant, as it actively supports greenhouse gas reduction pro-
jects that would not have been created without this income.
Since July 2019 Alpha Trains reaches carbon neutrality, by 
both reducing and offsetting its carbon emissions. Thus, 
the company became the first private lessor of locomotives 
and trains in Continental Europe to announce being carbon 
neutral which underlines the lessor’s strong commitment 
to sustainability.
By additionally purchasing carbon credits to offset unavoi-
dable carbon emissions, Alpha Trains reached CO2 neutrality.
57
ALPHA TRAINS GROUP / SUSTAINABILITY REPORT

Bundled Solar Power Project  
by D. J. Malpani and Giriraj Enterprises  
in India
Type
Solar Power
Country
India
Reference
VCS 1670
The project involves installation and operation of 56.25 MW 
(16.25 MW and 40 MW) solar power project in the village of 
Hoti in Medak, in the state of Telangana and the Sengottai 
in Virudhunagar in Tamil Nadu. The purpose of the project 
activity is to generate power using renewable energy (solar 
energy) which will feed into­ the power generated to the 
state grid in India.
Since, the solar power is Green House Gas (GHG) emissi-
ons free, the power generated will replace anthropogenic 
emissions of greenhouse gases estimated to be approxi-
mately 93,022 tCO2e per year, and displacing 95,145 MWh/
year of electricity from the generation-mix of power plants 
connected to the Indian Grid, which is mainly dominated by 
thermal/ fossil fuel-based power.
The total installed capacity of the current project activity is 
56.25 MW; which involves operation of solar power plants 
in the states of Tamil Nadu and Telangana in India.
58
ALPHA TRAINS GROUP / SUSTAINABILITY REPORT

OUR FURTHER COMMITMENT
Energy saving and climate protection
Our goal is to continuously reduce our carbon footprint 
and thus contribute to reducing global warming and 
climate change. One concrete measure, for example, was 
the complete switch to green electricity, which led to a 
significant reduction in our carbon footprint. In addition, 
we were able to further optimise our energy consumption 
through the consistent replacement of inefficient IT 
equipment.
59
ALPHA TRAINS GROUP / SUSTAINABILITY REPORT

Resource conservation
In 2022 we were able to reduce our paper 
consumption compared to previous years. Already 
in 2019, we have started to successively make our 
publications climate neutral. This applies, for example, 
to our annual sustainability report. In the construction 
of our new location in Cologne, we are increasingly 
relying on environmentally friendly products and 
materials as well as modern, energy-efficient building 
technology.
Mobility
We encourage the use of public transport. Employees 
at the Luxembourg, Cologne and Antwerp sites have 
the option of using a Job Ticket. In the future, we 
will support electromobility with e-charging stations 
for electric cars at our new Cologne office. There will 
also be a charging station for e-bikes. Our fleet now 
includes several plug-in hybrid vehicles, which reduce 
the environmental impact of our fleet.
Sustainable procurement
We give preference to service providers from our 
region. In the case of comparable offers, we give 
preference to those who or whose products are 
certified by sustainability seals. Our service providers 
guarantee compliance with labour agreements and all 
legal regulations.
Data protection and compliance
We attach great importance to data protection 
and compliance with all legal regulations. This is 
monitored by our compliance and data protection 
officers.
Security Awareness Training
An end user Security Awareness Training provided 
by the renowned SANS Institute has been launched 
and is being provided with the objective of using 
computer-based training to foster employee 
engagement, train best-in class security behavior and 
improve defense against phishing.
Litigation
There were no sanctions nor cost for non-compliance, 
including settlements and fines.
Bribery, Corruption or Fraud
In 2022 zero cases of external fraud, corruption nor 
fraud has become known.
Human Rights
In 2022 Alpha Trains had no incidents related to 
the violation of Human Rights like e.g., Child labor, 
Discrimination, Forced or compulsory labor, Freedom 
of association, Gender and diversity, Labor standards/
working conditions.
Employee Grievances
In 2022 Alpha Trains had no employee grievances.
60
ALPHA TRAINS GROUP / SUSTAINABILITY REPORT

CUSTOMER SATISFACTION
We listen to our customers
The satisfaction of our customers is 
one of our most important goals.  
That is why we conduct satisfaction 
analyses to learn from the results.
Regardless of the satisfaction analysis,  
complaints and suggestions can be 
made at any time. We follow up on 
every concern and request and take  
it as an incentive to improve further.
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ALPHA TRAINS GROUP / SUSTAINABILITY REPORT

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ALPHA TRAINS GROUP / SUSTAINABILITY REPORT

EMPLOYEE ENGAGEMENT
We listen to our employees
We conduct an annual employee enga-
gement survey that focuses on ma-
nagement effectiveness, engagement,  
culture and overall workplace well-
being.
Employee feedback, and the results 
are incorporated into ongoing impro-
vements within the company.
717
830
650
700
750
800
850
2014
2022
Score
Employee Engagement Score
63
ALPHA TRAINS GROUP / SUSTAINABILITY REPORT

CORPORATE SOCIAL RESPONSIBILITY
Our contribution to local communities
At Alpha Trains we are committed to behaving ethically 
and contributing to economic development whilst 
improving the quality of life of our employees and their 
families, the local community and society at large.
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ALPHA TRAINS GROUP / SUSTAINABILITY REPORT

Employee Benefits –  
Health & Performance &  
Working Conditions
Working for Alpha Trains
We offer our employees long-term employment 
prospects with good development opportunities.  
Most of our employees live in the region where our 
offices are located. More than 99 % of employment 
contracts are permanent.
Equal opportunities and diversity
We live a culture of equal opportunities between 
genders, religious affiliations, nationalities and 
people with and without physical disabilities. Equal 
opportunities are an integral part of our work.
In 2022 40 % of our employees are women. The propor-
tion of women in management positions is currently  
28 %. Flexible full- and part-time options apply to all em-
ployees, as well as remuneration regardless of gender.
Health promotion
We actively promote the health of our employees. 
This includes individual, preventive health counselling 
(stress, ergonomics at the workplace), counselling and 
support for employees with health restrictions and 
health coaching.
 
 
Flu vaccination
All employees can get an annual flu vaccination 
free of charge at the company’s occupational health 
service, which provides comprehensive protection.
Burnout Prevention Survey
We are aware of the need to monitor emotional, 
physical, and mental stress amongst our employees. 
To help them to deal with these issues and to support 
them, we regularly undertake burnout prevention 
surveys.
Overall, our results – the social climate scores – are 
very positive. The following actions and measures 
have been derived so far:
Improved guidance and examples with regards to 
ergonomics in the workplace. We make sure that 
our employees are protected against physical injury 
by appropriately designing their workplace and to 
understand what elements and practices can help 
create a good, working environment such as:
 appropriate positioning of monitors, keyboards
 adjustable chairs
 use of a mouse mat
 use of a monitor filter
 provision of adequate lighting and ventilation
 frequent breaks away from the computer.
A voluntary workshop has been arranged on topics 
such as sleep hygiene, relaxation techniques, how to 
detach from the job after work etc.
Training / Professional  
Development
All employees have equal access to training in a  
mix of traditional event formats and digital learning.  
A wide range of professional training, personality- 
related topics and team development opportunities 
enables employees to develop further while at the 
same time keeping up to date.
We invest around € 120,000 per year in vocational 
and professional training for our employees.
Private Life and Career
We attach great importance to the compatibility of 
private and professional life. We offer a wide range 
of options for this, such as variable working hours, 
customised arrangements for returning to work after 
maternity leave, parental leave or illness, as well 
as support for childcare and the development of a 
career.
65
ALPHA TRAINS GROUP / SUSTAINABILITY REPORT

Mini-Sabbatical &  
Unpaid Leave
In addition to a generous amount of days of holiday, 
we also offer our employees the opportunity to take 
up to 5 days of unpaid leave. 
Employees also can take a “Mini-Sabbatical” for up to 
maximum of 5 weeks of unpaid leave.
Food & Beverages
We care about our employees and their daily efforts 
and contributions are truly appreciated. We provide 
free beverages, snacks, sweets and organic fruit for 
all our employees. Furthermore we have regular cake 
days and company lunches, which also embraces 
social responsibility and fosters connections between 
our employees.
Bike Leasing
To support our employees’ health and to contribute to 
climate protection Alpha Trains offers a bike leasing 
scheme to all permanent employees.
Commuting Allowance
To encourage employees to use the most environmen-
tally friendly and safe method, Alpha Trains offers 
tram “job tickets” for all German employees. This fast 
and safe means of transport for example helps to 
reduce personal stress, avoid traffic jams and solves 
parking problems. The job ticket subscription is tax-
free and is financed by Alpha Trains.
Working from Home
Modern IT systems and the widespread use of the 
Internet have made it easy to communicate and ex-
change documents with colleagues or customers. This 
paves the way for working from home.
Working from home means saving cost and saving 
time. No nerve-racking traffic jams, subway delays or 
other incidents. The working day starts much more 
relaxed and at the end of the day there is more free 
time.
The elimination of commuting to work also saves 
costs: having your own car means costs – in terms of 
purchase and maintenance. Under certain circumstan-
ces, employees can also save on bus or train tickets if 
they work from home.
Alpha Trains offers modern and appropriate arrange-
ments for working from home.
Job Ticket
Free job ticket for our Cologne employees to reduce 
CO2e-Emissionrelatewd to employee commuting and 
private travel.
66
ALPHA TRAINS GROUP / SUSTAINABILITY REPORT

Social Initiatives &  
Charitable Giving
Promoting community and society
Our moral duty in society is direct linked to our sustai-
nable vision. We want to take responsibility and create 
sustainable benefits for our local communities and 
society. In doing so, we supported various social and 
environmental initiatives with a range of donations in 
2021 and 2022.
As a new way of participation, we asked all employees 
to vote together on which charitable projects we 
would like to donate to. And so they decided that our 
donation will go to the following initiatives:
2022	
	
	
	
 Cologne – Kinderkrankenhaus  
Amsterdamer Straße 
 Antwerp – natuurpunt.be
 Luxembourg – Fondation Hellef Fir D‘Natur
 Group – Ingenieure ohne Grenzen e. V.
2021
 Cologne – flutspenden.de
 Antwerp – natuurpunt.be
 Luxembourg – natur&ëmwelt
Charity donations
In addition, we spontaneously decided to donate to 
the victims of the flood disaster in Germany.
Social engagement
Social engagement and volunteering can lead to better, 
happier employees and a stronger sense of com-
munity within the company. In addition to monetary 
donations, Alpha Trains also actively encourages and 
supports our employees’ participation in charitable 
and community-building initiatives. For example, in 
our Croque Monsieur initiative, our employees make 
and sell delicious “Croque Monsieurs”. The donations 
go to a local charitable foundation each year.
67
ALPHA TRAINS GROUP / SUSTAINABILITY REPORT

IMPRINT
Publisher
Alpha Trains Group S.à r.l.  
RCS Luxembourg: B 137.614
48, rue de Bragance 
1255 Luxembourg
T: +352 2786 - 3400 
F: +352 2786 - 3419
info@alphatrains.eu
Important Notice
This report is for information purposes only and should not be used as a basis for any other purpose. Even though we commit to maintaining a certain level of quality 
in everything we undertake, we cannot guarantee, warrant or represent, expressly or implicitly, the appropriateness, correctness, accuracy, exhaustiveness, authenti-
city, or the current nature of the information provided through this report. Any reliance on this information on your part is your responsibility. Alpha Trains expressly 
disclaims any liability and obligation to update this report, including any information required to correct any prior inaccuracies or errors. Alpha Trains reserves the 
right to correct the content of this report at any time and without notice. None of the information contained in this report constitutes legal, tax, regulatory, financial, 
investment, accounting or any other advice in any form whatsoever, an advertisement, an invitation, an offer or solicitation to buy or sell any financial product or 
security or to engage in any investment activity, or an offer of any financial service. The source of the data and information in this report is Alpha Trains’, unless 
otherwise noted.The entirety of the report and its contents, and more specifically (but not limited to) the text, graphs, images, logos, and icons are the property of 
Alpha Trains. These elements are protected by intellectual property rights and other property rights. It is forbidden to copy, download, duplicate (wholly or partially), 
transfer (electronically or otherwise), modify, translate, create a link to, or make use of this report and/or its contents for public or commercial purposes without 
prior written authorization from Alpha Trains (with the understanding that the users are allowed to download and print the report for private and non-commercial 
usage only, provided that the contents are not modified in any way, and that all mentions of copyrights, trademarks, and all other property rights are not modified).
This report has been produced by Alpha Trains Group S.à r.l., being a Luxembourg company, it is therefore exclusively governed by Luxembourgish law, excluding 
any other rule of law. All disputes or differences pertaining to the above are part of the exclusive competence of the Tribunal d’Arrondissement of the Grand-Duchy 
of Luxembourg.
©2022, Alpha Trains Group
We warmly invite all stakeholders to 
provide feedback and comments and 
welcome your feedback and thoughts: 
sustainability@alphatrains.eu
We would like to 
thank all of our 
colleagues and 
partners who 
have helped us 
to create  
this report.
Design, concept & production
SONIA MARDANI GESTALTUNG
Friesenwall 130 
50672 Cologne
T: +49 160 4456622
post@soniamardani.com
Carsten Schnurpfeil
Sustainability Manager
Heike Zimmermann
Group Head of PR & Marketing
68
ALPHA TRAINS GROUP / SUSTAINABILITY REPORT

Alpha Trains Group S.à r.l.  
RCS Luxembourg: B 137.614
48, rue de Bragance 
1255 Luxembourg
T: +352 2786 - 3400 
F: +352 2786 - 3419
info@alphatrains.eu