Infranord (I) Q2 2025 earnings summary

Executive summary

• Strong order intake and improved operating profit in Q2, with net sales rising to 1,539 MSEK from 1,428 MSEK year-over-year.

• Several key contracts won, including the return of the Västra Stambanan maintenance contract and three new contracts from Trafikverket totaling 681 MSEK.

• A serious workplace accident occurred in Malmö in April, resulting in one fatality and one injury; safety measures are being reinforced.

• Ongoing industry-wide challenge with a shortage of railway technicians, with a projected deficit of 3,900 employees by 2028.

Financial highlights

• Q2 order intake: 1,774 MSEK (1,455 MSEK in Q2 2024); net sales: 1,539 MSEK (1,428 MSEK); operating profit: 41 MSEK (8 MSEK); net profit: 24 MSEK (2 MSEK).

• H1 order intake: 3,142 MSEK (3,527 MSEK in H1 2024); net sales: 2,555 MSEK (2,379 MSEK); operating loss: -35 MSEK (-52 MSEK); net loss: -46 MSEK (-49 MSEK).

• Q2 operating margin: 2.7% (0.6%); H1 operating margin: -1.4% (-2.2%).

• Cash flow from operations: Q2 -282 MSEK (-99 MSEK); H1 -305 MSEK (37 MSEK).

Outlook and guidance

• Swedish infrastructure budget for 2026–2037 increased, with 210 billion SEK allocated to rail, supporting future opportunities.

• Market for new projects in 2025 expected to remain at 2024 levels, with 4–5 major procurements.

• Norwegian market stable, with increased focus on maintenance and renewal over new construction.