Nurminen Logistics (NLG1V) Q4 2025 earnings summary

Executive summary

• Net sales grew 4.4% year-over-year to EUR 109.4 million, with strong comparable EBITA of EUR 18.3 million (16.7% of net sales).

• Operating cash flow was robust at EUR 20.1 million, supporting a strengthened balance sheet and enabling strategic investments.

• Growth was driven by rail operations in Finland and Sweden, offsetting significant volume declines in the Baltic business due to geopolitical uncertainties.

• Strategic focus shifted to larger European markets, with new rail services and international expansion initiatives.

• The company maintained high delivery reliability and increased clientele in terminal operations, especially in green transition projects.

Financial highlights

• EBITDA for 2025 was EUR 24.6 million (22.5% of net sales), nearly flat year-over-year.

• Operating profit was EUR 14.6 million (13.3% of net sales), down from EUR 19.3 million (18.4%) in 2024.

• Result for the period was EUR 6.5 million, a decrease from EUR 13.1 million in the prior year.

• Earnings per share were EUR 0.04, compared to EUR 0.09 in 2024.

• Q4 net sales rose 10% year-over-year to EUR 25.2 million, with EBITDA at EUR 5.1 million.

Outlook and guidance

• Net sales and comparable operating profit for H1 2026 are expected to fall short of the prior year due to continued uncertainty in the Baltic business.

• Growth from Central European investments is anticipated from Q2 2026 onward.

• Long-term agreements and a strong balance sheet support future organic growth and acquisitions.