Two Nordic rail freight operators published mixed third-quarter results. Finnish Nurminen Logistics grew net sales by 10.4% to €26.3 million thanks to its Italian block trains. Still, the operator slipped into loss territory. Swedish operator Green Cargo posted an operating profit of 73 million Swedish crowns (€6.6 million).
Nurminen Logistics saw its international rail traffic grow by 66% year-on-year between July and September, making up a third of the group’s net sales. Strong demand for the Italian block train service and growth in the Baltics were the main drivers, the company said in its business review.
However, comparable earnings before interest, taxes and amortisation (EBITA) fell to €1.8 million, from €3.8 million a year earlier. The group recorded a net loss of €3.2 million, compared with a €1.6 million profit in the same quarter of 2025.
Russian tariffs weigh on volumes
The main culprit is a large drop in volumes on routes to Finland, caused by Russian tariff increases. Moreover, the launch of the second Italy–Sweden train connection cost €0.5 million in the quarter.
The early repayment of a €12 million loan by Nurminen’s North Rail added another €3.3 million in interest, transaction and arrangement costs. In other words, part of the loss is a one-off expense. Financing expenses will fall significantly from the fourth quarter as a result, Nurminen said.
“Achieving growth in a situation where domestic railway volumes fell sharply as a result of the geopolitical situation is a strong indication of the success of our international expansion strategy”, said CEO Olli Pohjanvirta. The company has strengthened its sales teams in Italy and Sweden to capture more southbound freight. As a next step, it plans to launch a Spain–Sweden service under the same concept in early 2027.
Green Cargo back in the black
The Swedish rail freight operator Green Cargo turned an operating loss of 34 million crowns (€3.1 million) in the third quarter of 2025 into a 73-million-crown profit. Net sales rose slightly to 932 million crowns (€84.3 million). It is the third quarter this year with a positive operating result, the company said in an announcement.
Still, that figure includes environmental compensation. Without it, the organic operating result was 7 million crowns (€0.6 million), against a loss of 81 million crowns (€7.3 million) a year earlier. The compensation therefore still accounts for most of the profit. That said, organic operating profit improved by 88 million crowns (€8 million) and has been positive for two quarters in a row.
Green Cargo explained the positive results citing more efficient production, higher load factors and better resource utilisation. Regularity rose to 97.0% and punctuality towards customers to 92.2%. “The goal is to turn the progress we have made into long-term profitability”, said CEO Henrik Dahlin. The market remains challenging for many industrial customers, though there are signs of a stronger economy, Green Cargo noted.