The Finnish company Nurminen Logistics has released its financial statement for 2025. The report reveals some solid results during the past year, despite a significantly lower return on equity. Rail stands out as a growing business segment.
Nurminen Logistics reflects positively on 2025. The company grew its net sales by 4.4% (to 109.4 million euros). CEO Olli Pohjanvirta points to a “strong comparable EBITA” (18.3 million euros) and a “strong operating cashflow” (20.1 million euros).
With its relatively strong financial position, Nurminen Logistics defies external uncertainties. “Several geopolitical uncertainties and the re-routing of international flows of goods affected negatively on the development of the Baltic business and volumes decreased clearly”, Pohjanvirta writes in his review.
“Although the economic development in the markets was weak, we were able to achieve good results in all areas and continue to invest in international growth, especially in railway logistics.”
Nurminen Logistics also acquired Essinge Rail at the end of 2024, which led to growth compounded by organic growth in the Swedish and Finnish markets.
Rail becomes key
The rail business saw significant growth: net sales grew from 57.3 million to 78.2 million euros. Profitability increased to 13.6 million euros, up from 10.1 million euros. The Essinge Rail acquisition played a substantial role in this development. Rail now accounts for 71.5% of the Nurminen Group’s net sales. In 2024, that number was 54.7%.
However, there are also some Group-wide drawbacks to be noted: operating profit declined from 19.3 million (2024) to 14.6 million euros (2025). Moreover, depreciation and amortisation nearly doubled: from 5.4 million in 2024 to 10 million euros in 2025.
Financially stable
Still, Nurminen Logistics remains in a financially stable position, as evidenced by a healthy equity ratio and gearing. The equity ratio remained at a “good level” at 43.9% (40.7% in 2024), the company says. This indicates that the company is not severely reliant on debt to finance its assets.
Gearing excluding IFRS 16 fell to 14.2% (from 35.6% in 2024). This also suggests a decrease in financial risk. Similarly, the net debt to EBITDA ratio fell to 0.87 from 1.19, meaning that EBITDA could cover the entire net debt over the course of 87% of a year.
Nurminen Logistics explains that its Gothenburg-Northern Finland service, launched in 2025, was rapidly adopted by international customers. However, demand in Finland was below the expected level. The company saw itself forced to reassess the route and discontinued operations.
Heading into the future, Nurminen Logistics focuses on growth investments in larger markets, like continental Europe and Sweden. “This demonstrates the company’s willingness to try new things, learn quickly, and make decisions that support long-term and sustainable growth in the years ahead”, the CEO comments.