Infranord (I) Q4 2025 earnings summary

Executive summary

• Strong order intake and stable revenue, but negative operating and net results due to project write-downs, especially in Norway.

• Strategic focus on cost control and operational efficiency continues, with ongoing implementation of the InfraWay 2027 strategy.

• Major new contracts awarded, including a SEK 520 million project for Alvesta–Älmhult and SEK 350 million in power supply maintenance contracts.

• Safety initiatives remain a priority, with improved accident frequency (LTIF 4.9, down from 5.0).

Financial highlights

• Q4 order intake: SEK 2,061 million (up from 1,063); full-year: SEK 5,980 million (up from 5,365).

• Q4 net sales: SEK 1,406 million (down from 1,437); full-year: SEK 5,501 million (up from 5,292).

• Q4 operating result: SEK -66 million (improved from -82); full-year: SEK -95 million (down from -36).

• Q4 net result: SEK -122 million (down from -82); full-year: SEK -172 million (down from -54).

• Q4 operating cash flow: SEK 374 million (up from 180); full-year: SEK 110 million (up from 91).

Outlook and guidance

• Expanded government funding for rail maintenance in Sweden and Norway supports future opportunities.

• Market remains stable but underfunded for full maintenance needs; efficiency and competitiveness are key.

• Ongoing focus on cost control, project execution, and risk management to restore profitability.