📋 Tender Overview
7.5.2026 14:00:02 EEST | VR Group Plc | Interim report (Q1 and Q3) VRs interim report for January-March 2026: revenue grew and profitability improved VR Group Plc interim report 7.5.2026 at 14:00 This announcement is a summary of VRs interim report for January-March 2026. The full report is attached to this stock exchange announcement as a PDF file. January-March 2026 (Q1) in brief: Revenue grew by 16.4% and was EUR351.5 (302.1) million. Revenue excluding realized corporate arrangements grew by 16.0% and was EUR350.4 million. Comparable EBITDA was EUR69.2 (64.0) million or 19.7% (21.2%) of revenue. Comparable operating profit was EUR27.0 (21.9) million or 7.7% (7.2%) of revenue. Operating profit was EUR34.1 (23.9) million or 9.7% (7.9%) of revenue. Cash flow from operations was EUR76.7 (56.5) million. Travel volumes increased by 3.4% in Finnish long-distance traffic with 3.9 (3.8) million trips made. The volumes of rail logistics decreased by -7.6% and were 6.4 (6.9) million tons. Key figures 1-3/2026 1-3/2025 1-12/2025 Revenue EUR million 351.5 302.1 1252.5 Comparable EBITDA EUR million* 69.2 64.0 304.7 % of revenue 19.7 21.2 24.3 Operating profit EUR million 34.1 23.9 137.0 % of revenue 9.7 7.9 10.9 Comparable operating profit EUR million* 27.0 21.9 129.8 % of revenue 7.7 7.2 10.4 Profit for the period EUR million 25.3 17.1 94.5 Cash flow from operations EUR million 76.7 56.5 288.7 Investments EUR million 52.7 38.1 237.4 Invested capital at the end of the period EUR million 1720.0 1825.0 1837.8 Comparable return on invested capital (ROCE) %* 6.3 5.9 7.6 Comparable return on equity (ROE) %* 5.7 4.7 6.8 Interest-bearing net debt at the end of the period EUR million 337.8 387.8 447.8 Net debt to equity ratio % 28.1 30.4 34.1 Average personnel FTE 8447 7325 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. 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 expenses or income. The segment-specific comparable return on invested capital (ROCE) % is calculated using comparable operating profit as the numerator. The segment-specific key figure differs from the group key figures because VR does not report financial items by segment. This announcement is unaudited. The comparative figures in parentheses refer to the corresponding period of the previous year unless otherwise stated. CEO Elisa Markula: Our revenue grew by 16.4% mainly due to new procurement traffic agreements in Sweden. Growth was also supported by an increase in long-distance passenger numbers. The decline in VR Logistics volumes negatively affected revenue. Our comparable operating profit improved by 23.6% and was EUR27.0 (21.9) million. The improvement in comparable operating profit was mainly due to a low comparison level as the first quarter of 2025 included negative one-off items. We continued to improve our operational performance across all our units in line with our strategy and our strong commitment to customer experience. The operational environment was more challenging than the previous year due to an extremely cold early winter. Nevertheless the net promoter score (NPS) for VR long-distance customers in Finland was at a very good level of 58 (62) and travel volumes grew by 3.4% particularly supported by leisure travel. In Sweden we operate long-distance traffic between Stockholm and Gothenburg. The NPS improved on this route to an excellent level of 67 (57) despite the challenging winter. The strong growth of VR urban traffic revenue 46% was due to four new procurement traffic agreements that started in Sweden in 2025. Future growth in Sweden will also come from for example the Malartaget service starting at the end of 2026 as well as two new bus traffic agreements starting in 2027 in the Stockholm area. Market uncertainty intensified competition from both road and rail transport and particularly the weakened demand from the forest industry challenged the profitability of VR Logistics in the early part of the year. VR Logistics volumes decreased by -7.6% compared to the previous year and operating profit halved. VRs logistics business serves large industrial customers and our operations are strongly tied to the economic conditions of heavy industry. To ensure operational efficiency and adapt our capacity to the prevailing market situation we have initiated adjustment measures in the logistics business and maintenance operations. We focus on our core business as a passenger transport and rail logistics service company and are committed to promoting the Finnish governments program goal of increasing competition in rail transport. The rolling stock used in procurement traffic will be transferred in two phases during 2026 from VR to Finnish Procurement Rolling Stock Ltd (Railstock). The first phase was completed on March 2 2026. According to the Sustainable Brand Index study VR is considered the most responsible passenger transport brand in Finland by consumers. By investing in high-quality customer experience and continuous improvement of customer satisfaction VR is well positioned to build a sustainable and competitive transport system that creates value for society as a whole. The year 2026 started positively and with a strong financial result despite the instability of the external operating environment. We closely monitor the development of the operating environment and respond quickly to changes as needed. Our strong performance in the early part of the year gives us a good foundation for 2026. Outlook for 2026 VR estimates that the groups revenue for 2026 will grow compared to the previous yea
