Train Alliance Sweden (TRAIN) Q1 2025 earnings summary

Executive summary

• Operating income rose 6% year-over-year to SEK 57.1m, with operating profit up to SEK 10.1m from SEK 6.1m.

• Net profit increased to SEK 6.9m (Q1 2024: SEK 4.7m), EPS at SEK 0.09 (0.06).

• Strong demand for rail logistics and infrastructure services, with significant project progress in Sigtuna, Hallsberg, and Tillberga.

• Major agreement signed with Trafikverket for SMARTCargo, supported by EU co-financing.

Financial highlights

• Operating margin improved to 17.7% (Q1 2024: 11.3%).

• Cash flow from operations was SEK -40.2m (Q1 2024: SEK 6.3m), mainly due to increased inventory for ongoing SMARTCargo work.

• Investments in tangible assets reached SEK 26.0m, focused on Hallsberg and Västerås.

• Cash and short-term investments at period end totaled SEK 258.6m (Q1 2024: SEK 461.4m).

• Adjusted net asset value per share was SEK 35.5 (Q1 2024: SEK 36.6).

Outlook and guidance

• Management expects continued positive momentum in 2025, with several projects and customer agreements anticipated.

• Detailed planning for the 915,000 sqm property in Tillberga, Västerås, to enter consultation in H2 2025.