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SJ (SJ) investor relations material

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SJ Q4 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q4 2025 earnings summary10 Feb, 2026

Executive summary

  • Achieved a historically strong result in Q4 2025, with operating profit and margin significantly improved year-over-year, providing a solid foundation for future investments and modernization initiatives.

  • Commercial traffic and new as well as existing traffic contracts drove revenue and profit growth, despite a 4% decrease in total passenger volume in the quarter.

  • The quarter was marked by reliable operations, with improved punctuality except for disruptions caused by severe weather at year-end.

  • Major investments in rolling stock continued, with a focus on digital transformation and customer experience enhancements.

Financial highlights

  • Q4 2025 net sales increased by 8% to 3,882 MSEK (3,598), driven by both ticket and contract revenues.

  • Operating profit for Q4 rose to 316 MSEK (146), with an operating margin of 8.1% (4.0).

  • Full-year net sales grew by 10% to 14,517 MSEK (13,141), and operating profit reached 1,055 MSEK (659), a 60% increase.

  • Net result for Q4 was 269 MSEK (87), and for the full year 833 MSEK (468).

  • Investments in new and modernized trains totaled 432 MSEK in Q4 and 1,358 MSEK for the year.

Outlook and guidance

  • No dividend proposed for 2025 to prioritize funding for extensive investment commitments and to rebuild equity after pandemic losses.

  • Continued focus on efficiency, digitalization, and customer-centric initiatives to strengthen competitiveness.

  • Ongoing modernization of the fleet and digital services, with investments planned through 2029.

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Frequently asked questions

Statens Järnvägar, or SJ for short, is a government-owned train company operating in Sweden. Established from the public transport division of the historical government agency Statens Järnvägar in 2001, SJ AB has evolved into a key player in Sweden's rail transport sector, offering a wide range of services. The company operates high-speed X2000 trains, and regional and intercity services, including sleeper trains that connect major cities across Sweden and into neighboring countries. The company is headquartered in Stockholm, Sweden, and its shares are not publicly listed.

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