Nurminen Logistics (NLG1V) Q3 2025 earnings summary

Executive summary

• Net sales for Q3 2025 were EUR 23.8 million, down 1.3% year-over-year, mainly due to Baltic market challenges and a non-recurring revenue item in the prior year.

• Railway business grew 20.3% year-over-year, driven by international energy and consumer goods transport, while domestic rail remained stable.

• Profitability in Finnish terminal and freight forwarding improved, with new long-term customer agreements.

• Cash flow from operating activities was strong, supporting investment capacity and strategic flexibility.

Financial highlights

• EBITDA for Q3 was EUR 5.5 million (23.2% of net sales), down from EUR 8.6 million (35.4%) year-over-year.

• EBITA was EUR 3.4 million (14.3% of net sales), with comparable EBITA at EUR 3.8 million (16.0%).

• Result for the period was EUR 1.6 million, down from EUR 6.7 million year-over-year.

• Earnings per share were EUR 0.05, compared to EUR 0.08 in Q3 2024.

• Cash and cash equivalents at period end were EUR 17.0 million, up from EUR 5.3 million year-over-year.

Outlook and guidance

• Updated 2025 guidance: Net sales expected to grow, but comparable EBITA to be slightly behind or on par with previous year due to weaker Baltic operations.

• Previous guidance anticipated growth in both net sales and comparable EBITA.