Train Alliance Sweden (TRAIN) Q3 2025 earnings summary

Executive summary

• Operating income rose 15% year-over-year in Q3 2025 to SEK 81.3m, with a 135% increase in operating profit to SEK 18.3m and net profit up to SEK 9.8m.

• For the first nine months, operating income increased 8.9% to SEK 239.9m, operating profit rose 78% to SEK 52.6m, and net profit reached SEK 32.6m.

• Improved product mix and higher share of concept and consulting revenues drove margin expansion.

• Major investments included SEK 62m in Q3, mainly in SMARTCargo and new terminal projects.

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

Financial highlights

• Q3 2025 operating margin improved to 22.5% from 11.0% year-over-year.

• Earnings per share for Q3 was SEK 0.12 (SEK 0.07), and for the nine months SEK 0.41 (SEK 0.29).

• Adjusted net asset value per share at period end was SEK 36.0, up from SEK 35.6 at year-end.

• Cash flow from operations in Q3 was SEK 67.9m, with cash and equivalents at SEK 192.7m at period end.

• Equity ratio at 72.5% at period end.

Outlook and guidance

• Increased inquiries for land and ongoing discussions with multiple stakeholders signal positive business momentum despite sector challenges.

• National infrastructure plan expected to benefit operations, with focus on railway maintenance and capacity.

• Ongoing and planned projects expected to generate significant future revenues.