Nurminen Logistics (NLG1V) Q2 2025 earnings summary

Executive summary

• Achieved record H1 comparable EBITA of EUR 10.8 million, with international business share rising as planned.

• Net sales for H1 2025 grew 4.6% year-over-year to EUR 60.3 million, despite challenges in the Baltic region and Finnish plant shutdowns.

• Railway business net sales surged 50% year-over-year, driving profitability; EBITA for railway business up 126%.

• Strong cash flow from operating activities (EUR 11.2 million) nearly matched full-year 2024, supporting strategic growth.

• Outlook remains positive, with continued investments in rail and terminal services and new customer acquisition.

Financial highlights

• Q2 2025 net sales up 23.9% year-over-year to EUR 27.9 million; comparable EBITA EUR 4.3 million (Q2 2024: EUR 4.0 million).

• H1 2025 net result EUR 5.2 million, up from EUR 4.6 million year-over-year; diluted EPS EUR 0.04 (H1 2024: EUR 0.02).

• Cash flow from operating activities EUR 11.2 million (H1 2024: EUR 8.2 million).

• Equity ratio at 42.0%; gearing excluding IFRS 16 items at 29%.

• Interest-bearing net debt (excl. IFRS 16) EUR 11.8 million; total cash and equivalents EUR 16.3 million.

Outlook and guidance

• Guidance for 2025 unchanged: net sales and comparable EBITA expected to increase, driven by rail operations growth.

• Profitability expected to improve, with rail transport volumes forecasted to rise in the Nordics and, longer term, Europe-Asia.

• Economic growth in H2 2025 anticipated to support logistics demand.