The Finnish state-owned rail group VR reported a strong financial performance for full-year 2025, with comparable operating profit (EBIT) increasing by over 53% to €129.8 million, compared with €84.6 million in 2024. The comparable EBIT margin rose to 10.4% (6.5% in 2024), marking a clear improvement in operational efficiency.
Total revenue declined by 3.3% to €1.25 billion, mainly due to the divestment of the road logistics business and the expiry of certain public service contracts. However, on a comparable basis excluding acquisitions and divestments, revenue grew by 0.6%, reflecting solid underlying demand.
Net profit nearly doubled to €94.5 million (€48.6 million in 2024), while operating cash flow strengthened to €288.7 million, supporting continued investments and balance-sheet stability.
Passenger growth drives long-distance segment
Long-distance traffic in Finland reached a record 16.1 million journeys in 2025, up 4.1% year-on-year. Revenue in the segment increased by 6.5% to €474.5 million, supported by both Finnish growth and expanded operations in Sweden.
Punctuality in Finland remained high at 89.5%, and customer satisfaction improved significantly, with Net Promoter Score rising to 57 (46).
CEO Elisa Markula commented:
“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%.”
She added that revenue growth in long-distance traffic and logistics helped offset the impact of expired tendered contracts.
Logistics rebounds despite volatile markets
VR Logistics delivered one of the strongest improvements within the group. Comparable EBIT rose sharply to €35.4 million, compared with €3.3 million in 2024.
Rail freight volumes increased by 6.8% to 24.8 million tonnes, recovering from a weak comparison year affected by strikes and severe winter conditions. Despite market uncertainty in the second half of the year, profitability improved through pricing discipline and revised contract structures.
The segment’s EBIT margin improved to 11.9%, highlighting stronger cost control and more stable operating conditions.
City traffic stabilises, Sweden expansion continues
Revenue in VR City Traffic declined to €460 million due to contract expiries, but the comparable operating result improved to €-15.3 million (from €-25.5 million), reflecting efficiency measures and contract adjustments.
Sweden remains a key growth market. Following new public service contracts and the acquisition of long-distance operations in Sweden, VR has become the second-largest rail operator in the country, strengthening its Nordic footprint.
Investments and balance sheet
VR invested €237.4 million during the year, primarily in rolling stock and fleet renewal. Net debt remained stable at €447.8 million, with net debt to comparable EBITDA at 1.5x, indicating a solid financial position.
The Board proposes a dividend of €76.1 million (€34.57 per share), reflecting improved earnings and cash flow.
Outlook for 2026
Looking ahead, VR expects revenue to increase in 2026, driven in particular by new Swedish public service contracts. Comparable operating profit is forecast to remain at a similar good level as in 2025, although the company notes continued uncertainty linked to the broader economic environment.
Overall, 2025 marks a clear step forward in profitability for VR, with improved margins across long-distance and freight operations and a stronger financial base for future growth in the Nordic rail market.