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Railway

Key figures 1 January to 31 December 2025

Key figures

10-12/2025

10-12/2024

1-12/2025

1-12/2024

Revenue, M€ 

332.5 

335.6 

1,252.5 

1,294.7 

Comparable EBITDA, MEUR* 

 

74.9 

72.7 

304.7 

271.6 

% of revenue 

22.5 

21.7 

24.3 

21.0 

Operating result (EBIT), MEUR

21.4 

21.6 

137.0 

76.1 

% of revenue 

6.4 

6.4 

10.9 

5.9 

Comparable operating result (EBIT), MEUR* 

28.9 

26.1 

129.8 

84.6 

% of revenue 

8.7 

7.8 

10.4 

6.5 

Net profit/loss for the period, MEUR

15.1 

13.7 

94.5 

48.6 

Cash flow from operating activities, MEUR 

95.4 

73.2 

288.7 

226.9 

Investments, MEUR

93.1 

59.7 

237.4 

234.1 

Capital invested at the end of the period, MEUR 

1,837.8 

1,817.9 

1,837.8 

1,817.9 

Comparable return on capital employed (ROCE), %* 

6.8 

6.4 

7.6 

5.2 

Comparable return on equity (ROE), %* 

6.9 

6.2 

6.8 

4.7 

Net interest-bearing debt at the end of the period, MEUR 

447.8

443.4

447.8

443.4

Gearing, %

34.1 

35.1 

34.1 

35.1 

Employees on average, FTE 

7,870 

7,539 

7,631 

7,919 

* 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.