Infranord (I) Q3 2026 earnings summary

Executive summary

• Q3 remained challenging: revenue was SEK 1,210m, operating loss SEK 60m and net loss SEK 65m; project write-downs, especially in Norway, weighed on results.

• Management made profitability and intensified improvement work its top priorities; the order backlog was historically high at SEK 8,822m at quarter-end.

Financial highlights

• Q3 revenue fell 21% YoY to SEK 1,210m, mainly due to lower Norwegian revenue; operating result was SEK -60m vs SEK 6m and net result SEK -65m vs SEK -4m.

• 9M revenue declined 10% YoY to SEK 3,673m; operating loss widened to SEK 193m from SEK 29m and net loss to SEK 217m from SEK 50m.

• 9M order intake rose 14% to SEK 4,459m; quarter-end backlog was SEK 8,822m vs SEK 7,346m, with SEK 927m planned for delivery in the rest of 2026.

• 9M operating cash flow was SEK -309m vs SEK -264m, including a SEK 236m negative working-capital impact; total period cash flow was SEK -7m vs SEK -40m.

Outlook and guidance

• Management said profitability improvement is the highest priority; the cost-reduction program is lowering costs, but improvement work needs to intensify further.

• Planned Swedish and Norwegian rail infrastructure investment is seen as an opportunity; maintenance and reinvestment are expected to remain high in Norway, while new-build investment increases.

• Norway’s 2027 budget proposal allocates NOK 25.8bn to rail infrastructure; the final budget was due for parliamentary approval in December 2026.