Green Cargo (GC) Q2 2025 earnings summary

Executive summary

• Net sales for Q2 2025 were 1,007 MSEK, down 10% year-over-year, with transport volumes dropping 15% due to planned traffic reduction and weak demand.

• Q2 operating income reached 44 MSEK, boosted by 50 MSEK in environmental compensation and a 90 MSEK gain from asset sales.

• Underlying profitability remains insufficient, with continued focus on operational efficiency and cost structure.

• Delivery precision improved, with punctuality rising to 90.4% and regularity to 95.0%.

Financial highlights

• Q2 2025 net sales: 1,007 MSEK (1,123 MSEK Q2 2024); H1 2025: 2,100 MSEK (2,205 MSEK H1 2024).

• Q2 operating income: 44 MSEK (–7 MSEK Q2 2024); H1: –31 MSEK (–104 MSEK H1 2024).

• Q2 net income: 13 MSEK (–16 MSEK Q2 2024); H1: –52 MSEK (–153 MSEK H1 2024).

• Q2 EPS: 6.45 SEK (–7.80 SEK Q2 2024); H1: –26.20 SEK (–76.55 SEK H1 2024).

• Q2 cash flow from operations: 63 MSEK (144 MSEK Q2 2024); H1: 19 MSEK (–9 MSEK H1 2024).

Outlook and guidance

• Economic uncertainty and weak demand persist, with limited new volume growth and negative impact from higher track fees and a port strike.

• Continued focus on network efficiency, cost structure, and commercial development to achieve financial sustainability.

• Environmental compensation remains key to maintaining rail competitiveness.