Green Cargo (GC) Q3 2025 earnings summary

Executive summary

• Third quarter 2025 marked by weak results and continued low profitability, impacted by weather disruptions, lower import volumes, and weak economic conditions.

• Net sales for Q3 2025 were SEK 911 million, down 10% year-over-year; transport volumes fell 17%.

• Ongoing cost reduction and efficiency initiatives are being implemented to improve financial resilience and adapt capacity to demand.

• Operational reliability remained high, with punctuality at 91.8% and regularity at 95.4%.

Financial highlights

• Q3 2025 net sales: SEK 911 million (SEK 1,012 million in Q3 2024); operating result: SEK -34 million (SEK 18 million in Q3 2024).

• Net income for Q3 2025: SEK -48 million (SEK 8 million in Q3 2024); EPS: SEK -24.01 (SEK 4.03 in Q3 2024).

• For Jan–Sep 2025: net sales SEK 3,012 million (down 6% year-over-year), operating result SEK -66 million (improved from SEK -87 million), net income SEK -100 million (SEK -145 million in 2024).

• Cash flow from operations for Jan–Sep 2025: SEK 74 million (SEK -4 million in 2024).

• Investments for Jan–Sep 2025: SEK 101 million (SEK 188 million in 2024), mainly in locomotive components and IT.

Outlook and guidance

• Government announced increased environmental compensation for rail freight, pending approval, which would improve competitive conditions from 2026–2030.

• Ongoing focus on cost control, productivity, and sales efforts to restore volumes and profitability.

• Market uncertainty and weak demand expected to persist in key segments.