Nurminen Logistics (NLG1V) Q2 2026 earnings summary

Executive summary

• Net sales for Q2 2026 increased by 0.8% year-over-year to EUR 28.2 million, while H1 2026 net sales declined 11.0% to EUR 53.7 million compared to H1 2025.

• Comparable EBITA for Q2 was EUR 3.0 million (10.6% margin), and for H1 was EUR 6.5 million (12.0% margin), both down from the prior year.

• Result for H1 2026 totaled EUR 1.4 million, with diluted EPS at EUR 0.00.

• Cash and cash equivalents at period end were EUR 17.3 million.

• Growth in Central Europe, especially in block train services, offset by domestic rail volume declines due to Russian tariff increases.

Financial highlights

• Q2 2026 EBITDA was EUR 3.6 million (12.9% of net sales), down from EUR 5.8 million (20.8%) in Q2 2025.

• H1 2026 EBITDA was EUR 8.1 million (15.2% of net sales), down from EUR 13.9 million (23.1%) in H1 2025.

• Q2 2026 EBITA was EUR 1.9 million (6.6% margin), H1 2026 EBITA EUR 4.6 million (8.5% margin).

• Cash flow from operating activities in H1 2026 was EUR 3.6 million.

• Equity ratio at period end was 43.6%.

Outlook and guidance

• Net sales for 2026 expected to reach or remain slightly below 2025 levels.

• Comparable operating profit for 2026 expected to be significantly lower than 2025, but still at a good profitability level.

• Growth outlook for European scheduled rail services is positive, with new block train routes and customer acquisition supporting medium-term growth.