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SJ (SJ) investor relations material
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SJ Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary23 Oct, 2025
Executive summary
Stable financial results in Q3 2025 despite significant infrastructure disruptions from extreme weather and track work, which negatively impacted travel and customer delivery.
Net sales increased 4% year-over-year to 3,557 MSEK, with both contract and ticket revenues rising.
Operating profit was 351 MSEK (down from 361 MSEK), with an operating margin of 9.8% (10.6%).
Major investments continued in new and existing trains, with 154 MSEK invested in Q3 and a total of 19 billion SEK planned for 2022–2029.
New agreement with Region Stockholm extends commuter train operations until March 2028.
Financial highlights
Net sales: 3,557 MSEK in Q3 2025 (3,406 MSEK in Q3 2024), up 4%.
Operating profit: 351 MSEK (361 MSEK), operating margin 9.8% (10.6%).
Net income: 273 MSEK (267 MSEK).
Earnings per share: 68.3 SEK (66.8 SEK).
Cash flow from operations: 611 MSEK (577 MSEK).
Outlook and guidance
Ongoing large-scale investments in rolling stock expected to gradually increase leverage.
No major changes in traffic expected in the new timetable for 2026.
Focus on climate targets, with science-based reduction goals set for emissions.
Why did SJ exit the night train tender?
Address NMI and NPS decline causes.
SJ's plan for infrastructure reliability?
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Next SJ earnings date
Q4 202510 Feb, 2026
Next SJ earnings date
Q4 202510 Feb, 2026
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Frequently asked questions
Statens Järnvägar, or SJ for short, is a government-owned train company operating in Sweden. Established from the public transport division of the historical government agency Statens Järnvägar in 2001, SJ AB has evolved into a key player in Sweden's rail transport sector, offering a wide range of services. The company operates high-speed X2000 trains, and regional and intercity services, including sleeper trains that connect major cities across Sweden and into neighboring countries. The company is headquartered in Stockholm, Sweden, and its shares are not publicly listed.
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