Green Cargo (GC) Q1 2026 earnings summary

Executive summary

• Net sales for Q1 2026 were 1,054 MSEK, down 4% year-over-year, with transport volumes 5% lower than Q1 2025.

• Operating income improved to 8 MSEK from -75 MSEK in Q1 2025, driven by cost reductions and operational efficiency.

• Net result after tax was -13 MSEK, a significant improvement from -65 MSEK year-over-year.

• New and extended transport contracts signed, totaling 305 MSEK, up from 235 MSEK in Q1 2025.

• Customer satisfaction improved during the quarter, with a notable increase from January to March.

Financial highlights

• Operating margin rose to 0.7% from -6.4% in Q1 2025.

• Cash flow from operating activities was 11 MSEK, up from -44 MSEK year-over-year.

• Gross investments were 34 MSEK, mainly in locomotive components.

• Net debt/equity ratio increased to 4.4x from 3.6x in Q1 2025.

• Equity ratio decreased to 11% from 13% year-over-year.

Outlook and guidance

• Demand is expected to remain subdued in some industrial segments due to macroeconomic conditions.

• Long-term drivers for rail-based transport remain intact, with electrification and energy efficiency as key advantages.

• Continued focus on efficiency and commercial development to achieve positive organic results.