SJ (SJ) Q2 2025 earnings summary

Executive summary

• Passenger numbers increased by 3% year-over-year in Q2 2025, reflecting continued demand for climate-smart travel options.

• Operating income rose to 287 MSEK from 226 MSEK in Q2 2024, driven by higher commercial traffic revenues.

• Net sales reached 3,673 MSEK, up 6% compared to the same quarter last year, with both ticket and contract revenues increasing.

• Customer satisfaction improved, with NPS rising by nine points year-over-year and punctuality slightly better, especially for regional trains.

• Major investments in new and modernized trains continue, supporting long-term growth and sustainability goals.

Financial highlights

• Net sales: 3,673 MSEK (up from 3,463 MSEK in Q2 2024).

• Operating income: 287 MSEK (226 MSEK in Q2 2024), operating margin 7.8% (6.5%).

• Net income: 223 MSEK (172 MSEK in Q2 2024).

• Earnings per share: 55.9 SEK (42.9 SEK in Q2 2024).

• Cash flow from operations: 310 MSEK (583 MSEK in Q2 2024).

Outlook and guidance

• Continued positive travel trends expected into the summer, with stable and reliable train operations prioritized.

• Ongoing investments in fleet and digital systems to support future growth and improved customer experience.