Train Alliance Sweden (TRAIN) Avanza Börsdag 2025 summary

Strategic focus and business model

• Specializes in acquiring and developing land for rail-linked operations, creating facilities for sale or long-term lease, and providing tailored solutions and infrastructure management.

• Holds 3.2 million sqm of land assets across key Swedish logistics hubs, with a focus on value creation through long-term property development.

• Revenue streams are diversified across land development, rental and track fees, and consulting/concept services.

Key projects and operational highlights

• SMARTCargo in Sigtuna is a flagship project, expanding freight capacity tenfold and reducing CO2 emissions, with 30% EU co-financing on a SEK 1.1 billion investment.

• Ongoing projects include major developments in Luleå, Borlänge, Sigtuna, Hallsberg, and Eskilstuna, with typical project cycles ranging from 1 to 10 years.

• Infrastructure management is positioned for growth due to regulatory changes requiring new permits by October 2025, creating new partnership opportunities.

Financial performance and shareholder structure

• Q3 2025 saw revenues rise 15% to SEK 81.3 million and operating profit surge 135% to SEK 18.3 million, with a margin of 22.5%.

• Positive cash flow from operations, with significant investments in SmartCargo and a strong liquidity position at SEK 192.7 million.

• Largest shareholders include Polar Structure AB (26.2% of capital), with a total market cap of SEK 1.5 billion and a P/E ratio of 39.6.