SJ (SJ) Q2 2024 earnings summary

Executive summary

• Operating profit rose to 226 MSEK (132) in Q2, driven by new and existing traffic contracts and higher ticket revenues.

• Vehicle availability improved after winter disruptions, with ongoing high-paced maintenance.

• Customer satisfaction index improved sequentially, though still below last year.

• SJ launched a 10-point program to better prepare for future winters and rolled out a new customer service and booking platform.

• SJ awarded contract for Stockholm–Luleå/Narvik night train service starting December 2024.

Financial highlights

• Net sales increased 31% year-over-year to 3,463 MSEK in Q2; traffic contract revenues rose to 1,458 MSEK (706).

• Operating profit reached 226 MSEK (132), with an operating margin of 6.5% (4.9).

• Q2 net income was 172 MSEK (96); H1 net income was 113 MSEK (139).

• Personnel costs rose by 338 MSEK, mainly due to new contracts and wage revisions.

• Cash flow from operations was 583 MSEK (295) in Q2; investments in tangible assets totaled -222 MSEK.

Outlook and guidance

• Focus remains on efficiency, profitability, and robust delivery after winter challenges.

• Ongoing investments in new and modernized trains to support growth and climate goals.

• No state subsidies; profitability is key to funding historic investments.