Infranord (I) Q3 2025 earnings summary

Executive summary

• Q3 2025 saw intensive rail infrastructure work, including rapid restoration after severe weather and completion of major projects like the Varberg tunnel and Olskroken connections, strengthening Sweden's railway network.

• Net sales increased to 1,540 MSEK in Q3 (up 4.3% year-over-year), but operating profit fell sharply to 6 MSEK due to project write-downs in Sweden and Norway.

• Order intake for Q3 was 777 MSEK, slightly above last year, with significant new contracts for the Ostkustbanan.

• Safety performance improved, with LTIF at 5.0 (down from 6.5 in Q2).

Financial highlights

• Q3 net sales: 1,540 MSEK (1,476 MSEK in Q3 2024); 9M net sales: 4,095 MSEK (3,855 MSEK in 2024).

• Q3 operating profit: 6 MSEK (98 MSEK); 9M operating profit: -29 MSEK (46 MSEK).

• Q3 net result: -4 MSEK (77 MSEK); 9M net result: -50 MSEK (28 MSEK).

• Q3 operating margin: 0.4% (6.6%); 9M margin: -0.7% (1.2%).

• Q3 cash flow from operations: 41 MSEK (-126 MSEK); 9M: -264 MSEK (-89 MSEK).

Outlook and guidance

• The Swedish government’s infrastructure plan increases funding for rail maintenance, but still falls short of addressing all deferred maintenance; full resolution targeted by 2050.

• Market outlook in Norway is stable, with increased focus on reinvestment and maintenance over new construction.

• New contract awards, such as the 521 MSEK BEST contract for Alvesta–Älmhult, will boost Q4 order intake.