VR’s Interim Report January–March 2026: Revenue increased and profitability improved

7.5.2026 14:00:02 EEST | VR-Yhtymä Oyj | Interim report (Q1 and Q3)

VR’s Interim Report January–March 2026: Revenue increased and profitability improved

VR-Group Plc, interim report, 7 May 2026 at 14:00 EET

This is a summary of VR’s January–March 2026 Interim Report. The full report is a PDF file attached to this stock exchange release.

January–March 2025 (Q1) in brief: 

• Revenue increased by 16.4% to EUR 351.5 (302.1) million. Revenue excluding the completed acquisition and divestment increased by 16.0%, to EUR 350.4 million.
• Comparable EBITDA was EUR 69.2 (64.0) million, or 19.7% (21.2%) of revenue.
• Comparable operating result (EBIT) was EUR 27.0 (21.9) million or 7.7% (7.2%) of revenue.
• Operating result (EBIT) was EUR 34.1 (23.9) million, or 9.7% (7.9%) of revenue.
• Cash flow from operating activities was EUR 76.7 (56.5) million.
• The number of journeys in long-distance traffic in Finland increased by 3.4% to 3.9 (3.8) million journeys.
• Rail logistics volumes decreased by -7.6% to 6.4 (6.9) million tonnes.

* VR presents comparable EBITDA and operating result (EBIT) as alternative performance indicators. The aim of comparable performance indicators 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 16.4%, mainly driven by the new tendered traffic contracts in Sweden. Growth was also supported by an increase in long-distance traffic’s passenger volumes. VR Logistics’ volume decrease had a negative effect on revenue. Comparable operating result year-on-year increased by 23.6% and was EUR 27.0 (21.9) million. The improvement in comparable operating profit was primarily attributable to a low comparison base, as the first quarter of 2025 included negative non-recurring items. In line with our strategy, we continued to improve operational performance across all our business units and to invest in customer experience.

The operating environment was more challenging than in the previous year due to the exceptionally cold early part of the year. Despite this, VR Long-distance Traffic’s Net Promoter Score (NPS) in Finland remained at a very strong level of 58 (62), and passenger volumes increased by 3.4%, driven particularly by higher leisure travel. In Sweden, we operate long-distance traffic between Stockholm and Gothenburg, where NPS improved to an excellent level of 67 (57) despite the challenging cold winter.

The strong revenue growth of VR City Traffic, amounting to 46%, was driven by four new tendered traffic contracts that commenced in Sweden in 2025. Going forward, growth in Sweden will be supported by, for example, the start of Mälartåg operations at the end of 2026, as well as two new bus traffic contracts in the Stockholm region in 2027.

Market uncertainty, intensified competition from both road and rail transport and weakened demand, particularly in the forest industry, challenged the profitability of VR Logistics in the early part of the year. VR Logistics’ volumes declined by -7.6% compared with the previous year, and operating profit was halved. VR’s logistics business serves large industrial customers, and our business is closely linked to economic cycles in heavy industry. To ensure operational efficiency and to align our capacity with the prevailing market situation, we have initiated adjustment measures in the logistics business and maintenance operations.

We focus on our core business as a service company in passenger transport and rail logistics, and are committed to promoting the Finnish Government's objective of increasing competition in rail traffic. The rolling stock used in tendered rail traffic, is being transferred from VR to Suomen Ostoliikennekalusto Oy (RailStock) in two phases during 2026. The first phase was completed on 2 March 2026.

According to the Sustainable Brand Index, consumers consider VR as the most sustainable passenger traffic brand in Finland. By investing in high-quality customer experience and customer satisfaction improvements, VR is well positioned to build a sustainable and competitive transport system that creates value for society. 

The year 2026 began on a positive note with strong financial performance, despite volatility in the external operating environment. We closely monitor developments in the operating environment and are prepared to respond swiftly to changes if necessary. Our strong performance in the early part of the year provides us a solid foundation for 2026.”

Outlook for 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 is estimated to stay at a similar good level as 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, +358 (0)29 434 7123, [email protected]

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

Attachments

• VR_Interim Report January-March 2026.pdf