SJ (SJ) Q3 2026 earnings summary

Executive summary

• Q3 revenue rose 6% YoY to 3,752 MSEK and operating profit increased to 462 MSEK from 351 MSEK, supported by 6% higher travel, occupancy and yield.

• Customer satisfaction index improved to 73 from 70; punctuality was 89% for medium-distance trains and 65% for long-distance trains.

• Jan–Sep operating profit reached 886 MSEK versus 740 MSEK; stronger commercial traffic and contracted traffic contributed to the improvement.

Financial highlights

• Q3 net sales were 3,752 MSEK (3,557); ticket revenue increased to 2,108 MSEK (1,971) and contracted-traffic revenue to 1,533 MSEK (1,503).

• Q3 operating costs rose 3% to 3,328 MSEK; personnel costs increased 54 MSEK, while infrastructure and electricity costs were broadly level YoY.

• Q3 profit before tax was 436 MSEK (338), net income 350 MSEK (273), and EPS 87.5 SEK (68.3).

• Jan–Sep net sales reached 11,190 MSEK (10,635), operating profit 886 MSEK (740), and net income 670 MSEK (564).

Outlook and guidance

• 2030 goals include increasing travel on own trains by 50%, improving customer satisfaction and maintaining a resilient operation.

• First new regional and high-speed trains are expected to arrive in Sweden early next year for extensive testing; production of pre-series trains and testing are underway.

• The Stockholm–Östersund–Duved night-train contract runs from Dec. 13, 2026 to June 13, 2027, with options extending the arrangement by up to 4.5 years.