13.8.2026 10:30:09 EEST | VR-Yhtymä Oyj | Half Year financial report
VR's Half-year Report January-June 2026: Revenue and comparable operating result strengthened
VR-Group Plc, Half-year Report, 13 August 2026 at 10.30 am EEST
This release is a summary of VR's Half-year Report 1 January to 30 June 2026. The complete report is attached to this release as a PDF file. It is also available on the company website at https://www.vrgroup.fi/en/
April-June 2026 (Q2):
• Revenue increased by 19.6% to EUR 369.9 (309.3) million.
• Comparable operating result (EBIT) was EUR 45.6 (36.7) million or 12.3% (11.9%) of revenue.
• Operating result (EBIT) was EUR 49.3 (51.7) million, or 13.3% (16.7%) of revenue.
• Cash flow from operating activities was EUR 54.9 (101.4) million.
• The number of journeys in long-distance traffic in Finland increased by 2.9% to 4.2 (4.0) million journeys.
• Rail logistics volumes decreased by 6.8% to 6.2 (6.6) million tonnes.
January-June 2026:
• Revenue increased by 18.0% to EUR 721.4 (611.5) million.
• Comparable operating result (EBIT) was EUR 72.6 (58.5) million, or 10.1% (9.6%) of revenue.
• Operating result (EBIT) was EUR 83.4 (75.6) million, or 11.6% (12.4%) of revenue.
• Cash flow from operating activities was EUR 131.6 (157.9) million.
• The number of journeys in long-distance traffic in Finland increased by 3.1% to 8.1 (7.8) million journeys.
• Rail logistics volumes decreased by 7.2% to 12.6 (13.5) million tonnes.
Key figures | 4-6/2026 | 4-6/2025 | 1-6/2026 | 1-6/2025 | 1-12/2025 | |
Revenue, MEUR | 369.9 | 309.3 | 721.4 | 611.5 | 1,252.5 | |
Comparable EBITDA, MEUR* | 86.8 | 79.7 | 156.0 | 143.6 | 304.7 | |
% of revenue | 23.5 | 25.8 | 21.6 | 23.5 | 24.3 | |
Operating result (EBIT), MEUR | 49.3 | 51.7 | 83.4 | 75.6 | 137.0 | |
% of revenue | 13.3 | 16.7 | 11.6 | 12.4 | 10.9 | |
Comparable operating result (EBIT), MEUR* | 45.6 | 36.7 | 72.6 | 58.5 | 129.8 | |
% of revenue | 12.3 | 11.9 | 10.1 | 9.6 | 10.4 | |
Net profit/loss for the period, MEUR | 36.7 | 35.5 | 62.0 | 52.6 | 94.5 | |
Cash flow from operating activities, MEUR | 54.9 | 101.4 | 131.6 | 157.9 | 288.7 | |
Investments, MEUR | 64.1 | 54.9 | 116.8 | 93.0 | 237.4 | |
Capital invested at the end of the period, MEUR | 1,666.7 | 1,779.7 | 1,666.7 | 1,779.7 | 1,837.8 | |
Comparable return on capital employed (ROCE), %* | 10.8 | 8.2 | 8.7 | 7.1 | 7.6 | |
Comparable return on equity (ROE), %* | 11.5 | 6.5 | 8.4 | 5.6 | 6.8 | |
Net interest-bearing debt at the end of the period, MEUR | 382.6 | 380.8 | 382.6 | 380.8 | 447.8 | |
Gearing, % | 32.6 | 29.9 | 32.6 | 29.9 | 34.1 | |
Employees on average, FTE | 8,360 | 7,526 | 8,403 | 7,426 | 7,631 |
* VR presents comparable EBITDA and operating result (EBIT) as an alternative performance indicators. The aim of comparable performance indicator is to improve comparability between reporting periods. Comparable key figures are excluding items affecting comparability. These items are linked to unpredictable events of a significant nature that do not form part of normal day-to-day business, such as disposal gains and losses, impairments or impairment reversals, down-sizing of major units, change in non-recurring provisions or other major non-recurring costs or income. This report is unaudited. The comparative figures in brackets refer to the corresponding time period in the previous year, unless otherwise stated.
CEO Elisa Markula:
"In the second quarter, our revenue increased by 19.6% year-on-year, primarily driven by the new tendered traffic contracts that commenced operations in Sweden during 2025. Comparable operating result increased by 24.4% and was EUR 45.6 (36.7) million. This was mainly due to strong development in long-distance traffic, the increase in long-distance passenger volumes and positive development in logistics business despite the challenging market conditions.
The increased demand for rail traffic supported the growth of long-distance traffic's passenger volumes that grew by 2.9%. The Net Promoter Score (NPS) in Finland remained at a very good level 57 (56) and improved significantly in Sweden to 57 (46).
This summer, it has been two years since we entered the Swedish long-distance rail market through an acquisition, with traffic between Stockholm and Gothenburg. We have consistently developed customer centricity and strengthened VR's brand in Sweden, and these efforts are delivering results. According to the Swedish Quality Index (SKI) survey published in spring 2026, VR has the most satisfied passengers among all passenger transport operators in Sweden.
City traffic's revenue increased by 49.1% in the second quarter. This was driven by new tendered traffic contracts that commenced in Sweden. Looking ahead, growth in Sweden will also be secured by the start of Mälartåg operations at the end of 2026 and the Pågatågen contract, which we secured for a third consecutive contract period through a competitive tender process. The new nine-year contract period will commence in December 2027. With these contracts, VR will operate approximately half of Sweden's publicly funded regional rail traffic. In June, we brought our Finnish and Swedish city traffic operations under one single leader to further strengthen common ways of working and cooperation between the countries.
Overall economic uncertainty and weakened demand, particularly in the forest industry, continued to challenge the operating environment of our logistics business. Volumes declined by 6.8% year-on-year, but profitability was supported by, for example, the favourable product mix and fluctuations in energy prices, which had a delayed positive impact on second quarter results. As our logistics business serves large industrial customers, its performance is exposed to economic cycles in heavy industry. During the second quarter, we implemented adjustment measures in response to market conditions, changing customer needs and the need to renew our maintenance operations.
We have systematically strengthened our competitiveness through our multi-year performance improvement programme. As a result, our performance remained strong throughout the first half of the year, despite a volatile and at times challenging operating environment. Continuously improving the customer experience is a key element of our growth strategy. We continue to build a sustainable, efficient and competitive transport system that creates value for the society as a whole."
Outlook for 2026 (revised on 13 August 2026)
VR estimates that the Group's revenue in 2026 will increase compared to the previous year, driven particularly by the new tendered traffic contracts that commenced in Sweden during 2025. The group's comparable operating result in euros is estimated to improve from the level recorded in 2025.
The outlook is subject to uncertainties in the business environment due to the general economic development.
VR-Group Plc
Board of Directors
Contacts
- VR Mediadesk, communications@vr.fi
- VR viestintä, +358 29 434 7123, viestinta@vr.fi
About VR-Yhtymä Oyj
At VR, our work is meaningful: it affects the daily lives of thousands of people and promotes low-emission mobility and logistics. We ensure smooth everyday journeys in Finland and Sweden and support industrial logistics domestically.
In 2025, 16.1 million long-distance journeys were made with us in Finland, we transported 24.8 million tonnes of goods by rail and our net sales amounted to EUR 1,253 million. More than 9,500 top professionals worked together on a journey towards a better world.
More information: VR Group
