SJ (SJ) Q1 2025 earnings summary

Executive summary

• Net sales increased by 27% to 3,405 MSEK in Q1 2025 compared to Q1 2024, driven by a 10% rise in passenger volume and improved winter operations following a milder winter and completed preparedness measures.

• Operating income reached 102 MSEK (up from -74 MSEK), with a margin of 3.0% (-2.8%), mainly from higher commercial traffic.

• Major investments continued in new high-speed and regional trains, with 524 MSEK invested in Q1 and a total program of 19 billion SEK for 2022–2029.

• Customer satisfaction and punctuality improved, with NPS rising to 12 (from -1) and punctuality at 88% (up from 86%).

• SJ remains Sweden's most sustainable brand and Norway's most appreciated train operator.

Financial highlights

• Net income for the period was 67 MSEK, compared to -58 MSEK in Q1 2024.

• Ticket revenue rose to 1,781 MSEK (from 1,573 MSEK), and contract traffic revenue to 1,531 MSEK (from 1,021 MSEK).

• Total costs increased by 20% to 3,318 MSEK, mainly due to new traffic contracts and higher production.

• Cash flow from operations improved to 206 MSEK (from 50 MSEK), while investments in tangible assets totaled 528 MSEK.

• No new loans were raised in the quarter; cash and cash equivalents at period end were 32 MSEK.

Outlook and guidance

• SJ targets a 50% increase in passenger volume by 2030, with most growth expected as new trains enter service.

• Ongoing infrastructure work on the Western Main Line is expected to impact operations, but preparations are in place for reliable service.