Train Alliance Sweden (TRAIN) Q4 2025 earnings summary

Executive summary

• Achieved record results in Q4 2025, with revenues nearly doubling year-over-year to 100.0 MSEK, driven by a significant land sale in Hallsberg generating a 44.9 MSEK gain.

• Full-year 2025 revenues rose 25% to 339.9 MSEK, with operating profit up 219% to 117.1 MSEK and net profit at 97.8 MSEK.

• Strong market position supported by unique land assets, expertise in railway infrastructure, and robust demand for green logistics solutions.

Financial highlights

• Q4 2025 operating margin surged to 64.4% (14.1%), with adjusted margin at 35.4% excluding the land sale gain.

• Net profit for Q4 reached 65.2 MSEK (5.4 MSEK YoY); EPS was 0.82 SEK (0.07 SEK YoY).

• Full-year EPS was 1.24 SEK (0.35 SEK YoY); adjusted NAV per share at year-end was 36.2 SEK.

• Cash flow from operations in Q4 was 50.0 MSEK, reversing a negative flow in the prior year.

• Equity ratio at year-end was 62.1% (73.3% YoY).

Outlook and guidance

• Management sees continued opportunities to expand business, leveraging land assets and organizational expertise.

• Ongoing projects in Sigtuna, Västerås, and Hallsberg expected to drive future growth.

• No dividend proposed for 2025 to support ongoing investments, especially in Sigtuna.