📋 Tender Overview
13.8.2026 10:30:09 EEST | VR-Yhtyma Oyj | Half-Year Report VRs half-year report January-June 2026: Revenue and comparable operating profit strengthened VR-Yhtyma Oyj half-year report 13.8.2026 at 10:30 EEST This announcement is a summary of VRs half-year report for the period 1.1.-30.6.2026. The full report is attached to this announcement as a PDF file. The report is also available on the companys website at www.vrgroup.fi
April-June 2026 (Q2): * Revenue grew by 19.6% and was EUR369.9 (309.3) million. * Comparable operating profit was EUR45.6 (36.7) million or 12.3% (11.9%) of revenue. * Operating profit was EUR49.3 (51.7) million or 13.3% (16.7%) of revenue. * Cash flow from operations was EUR54.9 (101.4) million. * The number of journeys increased by 2.9% in Finlands long-distance traffic with 4.2 (4.0) million journeys made. * The volume of rail freight transport decreased by 6.8% to 6.2 (6.6) million tons.
January-June 2026: * Revenue grew by 18.0% and was EUR721.4 (611.5) million. * Comparable operating profit was EUR72.6 (58.5) million or 10.1% (9.6%) of revenue. * Operating profit was EUR83.4 (75.6) million or 11.6% (12.4%) of revenue. * Cash flow from operations was EUR131.6 (157.9) million. * The number of journeys increased by 3.1% in Finlands long-distance traffic with 8.1 (7.8) million journeys made. * The volume of rail freight transport decreased by 7.2% to 12.6 (13.5) million tons.
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
1252.5
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 profit 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 profit 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 for the period MEUR
36.7
35.5
62.0
52.6
94.5
Cash flow from operations MEUR
54.9
101.4
131.6
157.9
288.7
Investments MEUR
64.1
54.9
116.8
93.0
237.4
Invested capital at the end of the period MEUR
1666.7
1779.7
1666.7
1779.7
1837.8
Comparable return on invested capital (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
Interest-bearing net debt at the end of the period MEUR
382.6
380.8
382.6
380.8
447.8
Net debt to equity ratio %
32.6
29.9
32.6
29.9
34.1
Average personnel FTE
8360
7526
8403
7426
7631
* VR presents comparable EBITDA and operating profit as alternative performance measures. The aim of the comparable performance measure is to improve the comparability of reporting periods. The comparable key figures do not include items that impair comparability. These items relate to significant and unpredictable events that are not part of normal daily operations such as gains and losses on sales impairments or reversals of impairments significant unit reductions changes in one-off provisions or other significant one-off costs or revenues. This announcement is unaudited. The comparative figures in parentheses refer to the corresponding period of the previous year unless otherwise stated.
CEO Elisa Markula: In the second quarter our revenue grew by 19.6% compared to the previous year mainly due to new procurement contracts that started in Sweden during 2025. The comparable operating profit improved by 24.4% and was EUR45.6 (36.7) million. This was driven particularly by strong development in long-distance traffic increased passenger numbers and despite the challenging market situation in logistics a strengthened profitability.
The growth in demand for rail transport accelerated the development of long-distance travel which increased by 2.9%. The net promoter score (NPS) remained at an excellent level in Finland at 57 (56) and improved significantly in Sweden to 57 (46).
This summer marks two years since we expanded into Swedens long-distance train traffic between Stockholm and Gothenburg through an acquisition. We have been systematically developing the customer experience and strengthening the VR brand in Sweden and this work is reflected in the results. According to the Swedish Quality Index (SKI) study published in spring 2026 VR has the most satisfied passengers in Sweden among all passenger transport operators.
Urban transport revenue grew by 49.1% in the second quarter driven by new procurement contracts that started in Sweden. Growth in Sweden will also be ensured by the Malartag operations starting in late 2026 and the Pagatagen operating contract which we won in a tender for the third consecutive contract period. A new nine-year contract period begins in December 2027. With these contracts VR operates about half of Swedens publicly funded regional train traffic. In June we combined the urban transport operations of Finland and Sweden under the same management to further strengthen common practices and cooperation between the countries.
The general economic uncertainty and particularly the weak demand in the forest industry kept the logistics operating environment challenging. Volumes decreased by 6.8% from the previous year but profitability was supported by a favorable product mix and the delayed impact of energy price fluctuations from the beginning of the year extending into the second quarter. Our logistics business serves large industrial customers which is why its development is closely tied to the cycles of heavy industry. In the second quarter we implemented adjustment measures to respond to the market situation changing customer needs and the need for maintenance renewal.
We have strengthened our competitiveness through a multi-year performance improvement program. Our strong performance continued in the first half of the year despite a changing and at times challenging operating environment. Continuous improvement of the customer experience is a key part of our growth strategy. We will continue to work towards building a sustainable efficient and competiti
