Green Cargo (GC) Q4 2025 earnings summary

Executive summary

• Revenue for Q4 2025 was 1,007 MSEK, down 2% year-over-year, with transport volumes 8% lower due to planned traffic reduction and weaker demand.

• Full-year 2025 revenue was 4,019 MSEK, a 5% decrease from 2024, with transport volumes down 11%.

• Q4 operating income improved to 13 MSEK from -17 MSEK, positively impacted by environmental compensation and accounting changes.

• Full-year operating income was -53 MSEK, up from -104 MSEK, but organic operating income declined to -337 MSEK.

• Net result for Q4 was 17 MSEK (vs. -48 MSEK), and for the year -84 MSEK (vs. -193 MSEK).

Financial highlights

• Q4 EPS was 8.43 SEK (vs. -23.91 SEK); full-year EPS was -41.78 SEK (vs. -96.43 SEK).

• Q4 operating margin was 1.1% (vs. -1.4%); full-year margin was -1.2% (vs. -2.2%).

• Cash flow from operations for 2025 was 129 MSEK (vs. 66 MSEK); total cash flow was -80 MSEK.

• Net debt at year-end was 1,439 MSEK, with a net debt/equity ratio of 4.1 (vs. 3.1).

• No dividend proposed for 2025.

Outlook and guidance

• Continued cost-saving measures and efficiency improvements planned for 2026.

• Additional cost adjustments, including staff reductions, initiated after year-end to align costs with revenue.

• Long-term demand drivers for rail logistics remain, but market uncertainty and weak industrial demand persist.