28.10.2026 13:30:10 EET | VR-Yhtymä Oyj | Interim report (Q1 and Q3)
VR's Interim Report January-September 2026: Revenue and profitability strengthened across all businesses
VR-Group Plc, Interim Report, 28 October 2026 at 13.30 EET
This release is a summary of VR's Interim Report 1 January to 30 September 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/
July-September 2026 (Q3):
- Revenue increased by 16.7% to EUR 359.9 (308.5) million.
- Comparable operating result (EBIT) was EUR 56.5 (42.3) million or 15.7% (13.7%) of revenue.
- Operating result (EBIT) was EUR 60.6 (40.0) million, or 16.8% (13.0%) of revenue.
- Cash flow from operating activities was EUR 82.0 (35.4) million.
- The number of journeys in long-distance traffic in Finland increased by 5.5% to 4.3 (4.1) million journeys.
- Rail logistics volumes increased by 3.4% to 5.7 (5.5) million tonnes.
January-September 2026:
- Revenue increased by 17.5% to EUR 1,081.3 (920.0) million.
- Comparable operating result (EBIT) was EUR 129.2 (100.8) million, or 11.9% (11.0%) of revenue.
- Operating result (EBIT) was EUR 144.0 (115.6) million, or 13.3% (12.6%) of revenue.
- Cash flow from operating activities was EUR 213.6 (193.3) million.
- The number of journeys in long-distance traffic in Finland increased by 4.0% to 12.4 (11.9) million journeys.
- Rail logistics volumes decreased by 3.6% to 18.3 (18.9) million tonnes.
Key figures | 7-9/2026 | 7-9/2025 | 1-9/2026 | 1-9/2025 | 1-12/2025 |
Revenue, MEUR | 359.9 | 308.5 | 1,081.3 | 920.0 | 1,252.5 |
Comparable EBITDA, MEUR* | 98.0 | 86.1 | 254.0 | 229.8 | 304.7 |
% of revenue | 27.2 | 27.9 | 23.5 | 25.0 | 24.3 |
Operating result (EBIT), MEUR | 60.6 | 40.0 | 144.0 | 115.6 | 137.0 |
% of revenue | 16.8 | 13.0 | 13.3 | 12.6 | 10.9 |
Comparable operating result (EBIT), MEUR* | 56.5 | 42.3 | 129.2 | 100.8 | 129.8 |
% of revenue | 15.7 | 13.7 | 11.9 | 11.0 | 10.4 |
Net profit/loss for the period, MEUR | 46.4 | 26.8 | 108.4 | 79.4 | 94.5 |
Cash flow from operating activities, MEUR | 82.0 | 35.4 | 213.6 | 193.3 | 288.7 |
Investments, MEUR | 64.3 | 51.4 | 181.1 | 144.3 | 237.4 |
Capital invested at the end of the period, MEUR | 1,720.2 | 1,819.1 | 1,720.2 | 1,819.1 | 1,837.8 |
Comparable return on capital employed (ROCE), %* | 13.5 | 9.6 | 10.3 | 7.9 | 7.6 |
Comparable return on equity (ROE), %* | 14.0 | 8.9 | 10.3 | 6.8 | 6.8 |
Net interest-bearing debt at the end of the period, MEUR | 385.4 | 397.1 | 385.4 | 397.1 | 447.8 |
Gearing, % | 31.2 | 30.3 | 31.2 | 30.3 | 34.1 |
Employees on average, FTE | 8,359 | 7,801 | 8,389 | 7,551 | 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. Segment-specific comparable return on capital employed (ROCE) % is calculated using comparable operating result as the numerator. The segment-specific key figure differs from the group's key figures because VR does not report financial items on a segment basis. 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:
"Our revenue increased by 16.7% in the third quarter, driven particularly by the new tendered traffic contracts in Sweden that commenced operations during 2025. The comparable operating result improved by 33.7% year-on-year and was EUR 56.5 (42.3) million. The improvement was mainly driven by the commencement of the new tendered traffic contracts in Sweden last year, as well as the continued growth in long-distance passenger numbers, fuelled in particular by increased leisure travel. Passenger numbers in Finland grew by 5.5%, with a total of 4.3 (4.1) million journeys made in July-September.
A positive customer experience helps to drive growth in passenger volumes. The Net Promoter Score (NPS) in Finland increased to 57 (51). NPS in Sweden improved significantly, reaching 62 (50), despite the extensive track works and traffic disruptions. Customers regularly recognise our employees for their customer focus and excellent service, which are reflected in everyday customer interactions.
VR City Traffic's revenue increased by 34.0%. This was mainly driven by new tendered traffic contracts that commenced operations in Sweden in 2025. We have done consistent, long-term work to improve the profitability of city traffic, and our comparable operating result turned positive. In addition to revenue growth, improved operational efficiency strengthened the profitability.
Our logistics business is closely linked to the cycles of the heavy industry sector. The operating environment of the forest industry, our largest customer segment, has remained challenging, which has been reflected in transportation demand. However, volumes increased by 3.4% year-on-year, compared with the exceptionally weak market conditions in the previous year. Operational efficiency improvements supported profitability development.
In 2023, we launched a strategic performance improvement programme with the aim of implementing measures to improve our financial performance by EUR 250 million by the end of 2027. Through determined efforts, we achieved the targets set for the programme ahead of schedule, already during the current year. We have improved our profitability through, for example, developing our commercial operating models and operational efficiency, enhancing procurement efficiency, and critically reviewing our fixed costs. Continuously improving the customer experience has also been a key part of the programme, reflected in both high customer satisfaction and increased passenger volumes. The programme has strengthened our competitiveness and has helped to enable both the rolling stock and growth investments we have already made and those ahead of us.
In September, we signed a partnership agreement with the Finnish Defence Forces, which strengthens rail transport capabilities that are critical to Finland's security of supply. Also our recent investments in the Pieksämäki workshop further enhance our ability to ensure critical rail transport under all circumstances.
Through these determined efforts, we continue our work for a sustainable and competitive transport system and for the benefit of 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 viestintä / VR communications, +358 (0)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
