Train Alliance Sweden (TRAIN) Q2 2025 earnings summary

Executive summary

• Revenue for Q2 2025 increased 4% year-over-year to 101.4 MSEK, with operating income up 54% to 24.3 MSEK and net income rising to 15.8 MSEK.

• Improved product mix, especially higher-margin concept and consulting services, drove profitability gains.

• Major investments continued, notably in the SmartCargo project, and a new 10-year terminal lease agreement was signed in Hallsberg.

• New safety certification from the Transport Agency enables further infrastructure management and development.

• Jenny Johansson appointed as new CEO, effective early 2026.

Financial highlights

• Q2 2025 revenue: 101.4 MSEK (97.9 MSEK Q2 2024); H1 2025 revenue: 158.6 MSEK (151.5 MSEK H1 2024).

• Q2 2025 operating income: 24.3 MSEK (15.8 MSEK Q2 2024); H1 2025 operating income: 34.4 MSEK (21.8 MSEK H1 2024).

• Q2 2025 net income: 15.8 MSEK (12.1 MSEK Q2 2024); H1 2025 net income: 22.8 MSEK (16.8 MSEK H1 2024).

• Earnings per share Q2 2025: 0.20 SEK (0.15 SEK Q2 2024); H1 2025: 0.29 SEK (0.21 SEK H1 2024).

• Cash flow from operations Q2 2025: 37.0 MSEK (1.3 MSEK Q2 2024).

Outlook and guidance

• Ongoing investments in SmartCargo and new terminal projects expected to drive future revenue and capacity.

• Market demand for rail freight remains robust, supported by climate transition and infrastructure upgrades.

• Management anticipates continued growth in consulting and infrastructure services.