SJ (SJ) Q4 2024 earnings summary

Executive summary

• Operating profit for Q4 reached 146 MSEK, up 47% year-over-year, driven by higher ticket revenues and new traffic contracts.

• Net sales increased 28% to 3,598 MSEK in Q4, mainly due to new public service contracts and increased travel.

• Full-year operating profit was 659 MSEK, a 23% increase from 2023, with a stable 5.0% margin.

• SJ took over Stockholm–Umeå–Luleå/Narvik night train operations and Stockholm commuter trains under emergency contracts.

• Major investments continued in new high-speed and regional trains, and modernization of X2000 and double-decker fleets.

Financial highlights

• Q4 net sales: 3,598 MSEK (2,817), up 28% year-over-year; full-year: 13,141 MSEK (10,549), up 25%.

• Q4 operating profit: 146 MSEK (99); full-year: 659 MSEK (534).

• Q4 net income: 87 MSEK (70); full-year: 468 MSEK (422).

• Q4 operating margin: 4.0% (3.5%); full-year: 5.0% (5.0%).

• Q4 ticket revenues: 1,997 MSEK (1,837); public service contract revenues: 1,524 MSEK (873).

Outlook and guidance

• No dividend proposed for 2024 to support ongoing major investments and due to equity impact from pandemic losses.

• Investments in new trains and modernization expected to continue, impacting future results but aimed at long-term stability.

• SJ aims to maintain strong operational performance and customer satisfaction amid industry changes.