Train Alliance Sweden (TRAIN) Q2 2026 earnings summary

Executive summary

• Q2 2026 was marked by significant investigative and corrective actions following the discovery of fabricated agreements and governance deficiencies, resulting in major restatements for 2025 and substantial one-off costs.

• The company reported a sharp decline in revenues and significant operating and net losses, primarily due to investigation-related expenses and restatements.

• New management and board appointments were made, and steps were taken to strengthen internal controls and governance.

• Strategic focus remains on developing railway-adjacent infrastructure and capitalizing on unique land holdings.

Financial highlights

• Q2 2026 revenues were SEK 22.5m, down from SEK 101.4m in Q2 2025; H1 2026 revenues were SEK 54.5m, down from SEK 158.6m year-over-year.

• Q2 2026 operating loss was SEK -50.0m (Q2 2025: SEK 24.3m profit); H1 2026 operating loss was SEK -61.2m (H1 2025: SEK 34.4m profit).

• Net loss for Q2 2026 was SEK -58.9m (Q2 2025: SEK 15.8m profit); H1 2026 net loss was SEK -77.9m (H1 2025: SEK 22.8m profit).

• Earnings per share for Q2 2026 was SEK -0.74 (Q2 2025: SEK 0.20); H1 2026 was SEK -0.98 (H1 2025: SEK 0.29).

• Cash flow from operations in H1 2026 was SEK -55.9m (H1 2025: SEK -3.2m); cash and equivalents at period end were SEK 5.7m.

• Adjusted net asset value per share was SEK 18.0 at mid-year, down from SEK 18.9 at year-end 2025.

• Equity ratio at period end was 55.4%, up from 53.8% at year-end 2025.

Outlook and guidance

• Demand for railway-adjacent facilities is expected to grow, driven by climate goals, increased freight volumes, and national defense requirements.

• Management expects gradual leasing and value realization in Hallsberg, Landskrona, and progress in Västerås detailed planning during 2026.

• The company is working on a financial plan to secure both short- and long-term funding, with some loan commitments already received from major shareholders.