SJ (SJ) Q4 2025 earnings summary

Executive summary

• Achieved a historically strong result in Q4 2025, with operating profit and margin significantly improved year-over-year, providing a solid foundation for future investments and modernization initiatives.

• Commercial traffic and new as well as existing traffic contracts drove revenue and profit growth, despite a 4% decrease in total passenger volume in the quarter.

• The quarter was marked by reliable operations, with improved punctuality except for disruptions caused by severe weather at year-end.

• Major investments in rolling stock continued, with a focus on digital transformation and customer experience enhancements.

Financial highlights

• Q4 2025 net sales increased by 8% to 3,882 MSEK (3,598), driven by both ticket and contract revenues.

• Operating profit for Q4 rose to 316 MSEK (146), with an operating margin of 8.1% (4.0).

• Full-year net sales grew by 10% to 14,517 MSEK (13,141), and operating profit reached 1,055 MSEK (659), a 60% increase.

• Net result for Q4 was 269 MSEK (87), and for the full year 833 MSEK (468).

• Investments in new and modernized trains totaled 432 MSEK in Q4 and 1,358 MSEK for the year.

Outlook and guidance

• No dividend proposed for 2025 to prioritize funding for extensive investment commitments and to rebuild equity after pandemic losses.

• Continued focus on efficiency, digitalization, and customer-centric initiatives to strengthen competitiveness.

• Ongoing modernization of the fleet and digital services, with investments planned through 2029.