SJ (SJ) Q1 2026 earnings summary

Executive summary

• Net sales increased by 3% year-over-year to 3,500 MSEK, driven by existing traffic contracts despite challenging weather and vehicle shortages causing canceled departures and lower commercial travel volumes.

• Operating profit fell to 34 MSEK (102), with a margin of 1.0% (3.0%), mainly due to higher customer care costs from disruptions.

• Customer satisfaction (NKI) improved to 73 (71), the highest since 2023, despite disruptions; punctuality for medium-distance trains was 89% (90%), and long-distance 65% (61%).

• Major investments in new and modernized trains continued, with 310 MSEK invested in Q1.

Financial highlights

• Net sales: 3,500 MSEK (3,405), up 3% year-over-year.

• Operating profit: 34 MSEK (102), margin 1.0% (3.0%).

• Net result: -2 MSEK (67).

• Ticket revenue: 1,791 MSEK (1,781); contract revenue: 1,634 MSEK (1,531).

• Total costs increased by 5% (164 MSEK), mainly due to higher personnel and customer care costs.

Outlook and guidance

• Focus remains on improving punctuality, customer experience, and operational resilience.

• Strategic goals for 2030 include 50% growth in train travel, improved customer satisfaction, and robust operations.