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SJ (SJ) investor relations material
SJ Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Passenger numbers increased by 3% year-over-year in Q2 2025, reflecting continued demand for climate-smart travel options.
Operating income rose to 287 MSEK from 226 MSEK in Q2 2024, driven by higher commercial traffic revenues.
Net sales reached 3,673 MSEK, up 6% compared to the same quarter last year, with both ticket and contract revenues increasing.
Customer satisfaction improved, with NPS rising by nine points year-over-year and punctuality slightly better, especially for regional trains.
Major investments in new and modernized trains continue, supporting long-term growth and sustainability goals.
Financial highlights
Net sales: 3,673 MSEK (up from 3,463 MSEK in Q2 2024).
Operating income: 287 MSEK (226 MSEK in Q2 2024), operating margin 7.8% (6.5%).
Net income: 223 MSEK (172 MSEK in Q2 2024).
Earnings per share: 55.9 SEK (42.9 SEK in Q2 2024).
Cash flow from operations: 310 MSEK (583 MSEK in Q2 2024).
Outlook and guidance
Continued positive travel trends expected into the summer, with stable and reliable train operations prioritized.
Ongoing investments in fleet and digital systems to support future growth and improved customer experience.
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