Outlook for the current year

VR expects that comparable operating profit (EBIT) for 2024 will improve compared to 2023.

The popularity of train travel increased to record levels during 2023. The popularity of weekday business travel and overall leisure travel both increased. The popularity of train travel is expected to continue strongly, with travel volumes growing in 2024.

The weakened economic conditions in Finland’s heavy industry have led to a reduction in the volume of freight-rail transport since the second quarter of 2023. This trend is unfortunately expected to continue, resulting in lower-than-normal freight transportation volumes. VR estimates that the volumes of rail transport will rise compared to 2023, especially during the second half of 2024. The price level of rail transport is expected to increase in 2024 compared to the previous year.

In city traffic, the negative impact on the profitability of long-term contracts signed before the pandemic is expected to persist. Through efficiency measures and the renewal of contract portfolios, efforts are being made to improve the profitability of city traffic. However, profitability is expected to remain challenging.