Train Alliance Sweden (TRAIN) Q1 2026 earnings summary

Executive summary

• Q1 2026 marked by significant financial losses and major accounting corrections following the discovery of irregularities and governance failures.

• New CEO Jenny Johansson appointed in January 2026, with immediate focus on crisis management and restoring trust.

• Ongoing forensic investigation by EY revealed fabricated contracts and unauthorized transactions in property deals.

• Trading in shares suspended since March 2, 2026, due to suspected misconduct.

Financial highlights

• Operating income for Q1 2026 was SEK 32.0m, down from SEK 57.1m year-over-year.

• Operating result was SEK -11.1m (Q1 2025: SEK 10.1m); net result SEK -19.0m (Q1 2025: SEK 6.9m).

• Earnings per share was SEK -0.24 (Q1 2025: SEK 0.09).

• Cash flow from operations was SEK -55.3m (Q1 2025: SEK -40.2m); cash and equivalents at period end SEK 30.1m.

• Equity per share at SEK 14.75, down from SEK 14.99 at year-end after corrections.

Outlook and guidance

• Further accounting corrections are expected as investigations continue.

• External valuation of property assets underway; potential for further write-downs if market values are lower than book values.

• Focus on strengthening liquidity through new business and short-term financing options.