VR’s Financial Statements Release 1 January to 31 December 2025: Profitability increased significantly
VR-Group Plc, Stock Exchange Release, 13 February 2026 at 11 a.m. EET
VR’s comparable operating result improved significantly in 2025, driven by the profit improvement measures and favourable operating environment. The comparable operating result increased by more than 53% to almost 130 million euros. Growth in long-distance traffic and rail logistics supported the result, keeping comparable revenue in line with previous year, despite the expired tendered traffic contracts.
October-December 2025 (Q4):
- Revenue decreased by -0.9% to EUR 332.5 (335.6) million. Revenue excluding the completed acquisition and divestment increased by 3.4%, to EUR 331.3 million.
- Comparable operating result (EBIT) was EUR 28.9 (26.1) million or 8.7% (7.8%) of revenue.
- Operating result (EBIT) was EUR 21.4 (21.6) million, or 6.4% (6.4%) of revenue.
- Cash flow from operating activities was EUR 95.4 (73.2) million.
- The number of journeys in long-distance traffic in Finland increased by 3.6% to 4.2 (4.1) million journeys.
- Rail logistics volumes decreased by -4.6% to 5.8 (6.1) million tonnes.
January-December 2025:
- Revenue decreased by -3.3% to EUR 1,252.5 (1,294.7) million. Revenue excluding the completed acquisition and divestment increased by 0.6% to EUR 1,234.5 million.
- Comparable operating result (EBIT) was EUR 129.8 (84.6) million, or 10.4% (6.5%) of revenue.
- Operating result (EBIT) was EUR 137.0 (76.1) million, or 10.9% (5.9%) of revenue.
- Cash flow from operating activities was EUR 288.7 (226.9) million.
- The number of journeys in long-distance traffic in Finland increased by 4.1% to 16.1 (15.5) million journeys.
- Rail logistics volumes increased by 6.8% to 24.8 (23.2) million tonnes.
- The Board of Directors proposes to the Annual General Meeting that dividend of 76.1 million euros, or 34.57 euros per share, be distributed from the company’s distributable equity.
|
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 |
||
|
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 |
||
|
|
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* 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.
CEO Elisa Markula:
“In 2025, we successfully continued the execution of our strategy. Our profitability improved significantly as a result of our long-term profit improvement measures and favourable operating environment. VR’s comparable operating result increased over 53%, and reached nearly EUR 130 (85) million. Revenue growth in long-distance traffic and logistics offset the impact of expired tendered traffic contracts during the year, and comparable revenue remained at the previous year's level.
In Finland’s long-distance traffic, we reached record-high 16.1 million journeys, representing an increase of more than 4% year-on-year. Growth was especially driven by an increase in leisure travel and by long-term efforts to improve the customer experience, enabling us to strengthen the attractiveness of rail travel in several areas. We continued to put emphasis on travel comfort, new services, and disruption management. Furthermore, long-distance punctuality was exceptionally high at 89.5%. Customer satisfaction continued to grow, and the Net Promoter Score (NPS) rose to 57 (46), an all-time high on an annual basis.
VR has operated in Swedish long-distance traffic between Stockholm and Gothenburg since mid-2024. Extensive track works carried out throughout 2025 impacted the customer experience and particularly punctuality, which remained at a level 74%. Despite these challenges, occupancy rates remained high and VR’s brand awareness in Sweden clearly increased.
VR City Traffic’s revenue declined following the expiry of a few tendered traffic contracts. In Sweden, we started operating four new regional service contracts, of which two commenced only in December. Thanks to the improved operational efficiency and negotiated contract amendments, the comparable operating result showed, however, a clear improvement from the previous year.
For VR Logistics, the year was twofold: in the first half of the year, volumes and revenue grew against a weak comparison period, whereas in the second half, market uncertainty and weakened customer demand led to a decline in logistics volumes year-on-year. Despite this, profit improvement measures, renewed customer operating models, and a favourable operating environment improved our profitability compared to the previous year. We continue to develop our logistics services by strengthening delivery reliability, deepening customer collaboration, and investing in low-emission solutions.
In December, VR FleetCare and UPM signed an agreement for the delivery of more than 150 roundwood wagons. The project is a significant milestone for Finnish wagon manufacturing, as it represents the first delivery of roundwood wagons to an external customer. In 2025, the manufacturing of heavy transport wagons for the Norwegian and Swedish Defence Forces also commenced. These projects strengthen the security of supply in the Nordics and the domestic industrial sector.
Our strategy focuses on growth, profitability, and building a value-driven culture. By the end of 2027, we will implement EUR 250 million in profit improvement measures, ensuring our future competitiveness and enabling the financing of replacement and growth investments. Sweden is an important growth area for VR. Following new tendered traffic contracts and the acquisition of VR Snabbtåg’s long-distance operations, we are now the second-largest rail operator in Sweden. We believe that VR’s extensive industry expertise and experience provide clear added value to the Swedish market.
VR is committed to promoting competition and the growth of the rail market in Finland. Commuter trains, railbuses, and night train coaches to be used in future tendered traffic will be transferred to the state-owned rolling stock company, Suomen Ostoliikennekalusto Oy, in phases during 2026. This will enable equal access for new operators to publicly tendered traffic. Rolling stock used in market-based open access passenger traffic and rail logistics will not be transferred to the rolling stock company.
We continue to focus on our core business as a provider of passenger transport and rail logistics services. As part of this strategic direction, we continued to divest our station properties. We also sold used rolling stock to other operators in the industry.
A warm thank you to our employees for their commitment and for the valuable work we do for our customers every day. I would also like to thank our customers and partners for their trust and for being part of our shared journey. Together, we are building a sustainable and competitive transport system that creates value for society as a whole.”
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.
Annual and Sustainability Report 2025
The Annual Report 2025, including the Report of the Board of Directors and Financial Statements, will be published during week 11, 2026. It includes the 2025 Sustainability Report (prepared in accordance with the CSRD), the Corporate Governance Statement, and the Remuneration Policy and Report.
This stock exchange release is a summary of VR’s Financial Statements Release 1 January to 31 December 2025. The complete report is attached to this release.
VR-Group Plc
Board of Directors
Contacts
- VR Mediadesk, +358 (0)29 434 7123,
- VR Mediadesk,
About VR-Yhtymä Oyj
At VR, we promote the responsible transport of the future. We are a passenger, logistics and maintenance service company owned by the Finnish state, and we increase the popularity of carbon-neutral rail and city traffic. We ensure smooth daily travel in Finland and Sweden and act as a pillar of support for industry in Finland’s logistics. In 2025, our customers made a total of 16.1 million journeys on long-distance trains with us in Finland, and we transported 24.8 million tonnes of goods by rail. Our net sales amounted to EUR 1,252.5 million, and at the end of the year we employed more than 9,500 top professionals. Further information: