Nurminen Logistics PlcStock Exchange Release 23 April 2026 at 9.00 am
This is a summary of Nurminen Logistics' Business Review January-March 2026. The
full report is attached to this release and is also available on Nurminen
Logistics' websiteat https://www.nurminenlogistics.com/en/investors/reports
-presentations
January-March 2026 summary:
• Net sales were EUR 25.5 million (32.4), showing a decrease of 21.2%
• EBITDA was EUR 4.5 million (8.1), or 17.6% (25.1%) of net sales
• Comparable EBITA was EUR 3.5 million (6.5), or 13.6% (20.0%) of net sales
• EBITA amounted to EUR 2.7 million (6.4), or 10.6% (19.7%) of net sales
• Result for the review period totalled EUR 1.2 million (3.0)
• Earnings per share were EUR 0.01 (0.02)
• Cash and cash equivalents at the end of the review period amounted to EUR 16.1
million (18.4)
KEY FIGURES
EUR million 1-3/2026 1-3/2025
Net sales 25.5 32.4
EBITDA 4.5 8.1
EBITDA, % 17.6% 25.1%
Comparable EBITA 3.5 6.5
Comparable EBITA, % 13.6% 20.0%
EBITA 2.7 6.4
EBITA % 10.6% 19.7%
Result for the review period 1.2 3.0
Return on equity (ROE), % 2.8% 7.3%
Equity ratio, % 42.7% 41.2%
Net gearing, % 57.0% 64.9%
Net gearing, %, excluding IFRS 16 21.6% 22.4%
Interest-bearing net debt 23.9 27.8
Interest-bearing net debt excluding IFRS 16 9.0 9.6
Interest-bearing net debt / EBITDA 1.14 1.09
Earnings per share, undiluted (EUR) 0.01 0.02
Cash flow from operating activities -0.7 6.0
Cash and cash equivalents at the end of the review period 16.1 18.4
Number of personnel at the end of the review period 183 179
Financial guidance unchanged
The Group estimates that the net sales and comparable operating profit for the
first half of 2026 will fall short of the comparison period, as the timing of
the recovery of the Baltic business is still uncertain. In addition, the effects
of our investments in growing the business in Central Europe are expected to be
seen only from the second quarter onwards. We will specify the guidance for the
financial year in connection with the publication of the half-year financial
report on 24 July 2026.
PRESIDENT AND CEO'S REVIEW
The growth of our operations in Central Europe progressed in line with our
targets during the review period, with the successful launch of our own
scheduled block train service between Italy and Sweden at the end of February
representing a concrete demonstration of our investments in growth.
The block train service corresponds to the service model we have developed for
our rail transport operations between China and Finland. We offer our customers
a low-emission and efficient door-to-door service, with a turnaround time of 2-3
days, which is faster than other modes of transport and provides a competitive
advantage for both the company and customers. At the same time, we enable fast
and efficient railway services for general cargo customers. The block trains
transport containers, covered wagons and trailers, which serves a wide
clientele. Combined with our existing railway services in Europe, the block
train concept significantly strengthens our ability to serve our customers and
increase our share of logistics value chains.
Our goal is to increase our share of the existing multi-billion-euro logistics
market by promoting a modal shift to rail in traffic between Central Europe and
the Nordic countries. We see significant growth opportunities for the service
concept, particularly for transport distances exceeding 1,000 kilometres, where
only about 3% of the total transport volumes are currently transported by rail
between the Nordic countries and Central Europe.
Our service production is based on our own business expertise. Our company
manages the service as a whole, is responsible for sales and customers, and
implements customer deliveries in partnership with high-quality and committed
subcontractors. This operating model enables the scalability and flexibility of
business operations, as well as quick responses to market changes, when compared
to a model that would involve extensive investments in equipment and terminals
across Europe.
The block train service between Italy and Sweden has now been operational for
two months, and the service has started in line with the commercial targets set
for it. Operational performance and on-time performance have also been at an
excellent level. Nurminen's growing brand awareness and reputation in Central
Europe as a reliable and efficient operator in railway transport enable the
company to take significant new steps. This is demonstrated by the fact that the
new block train connection between Italy and Sweden already has dozens of
significant customer companies from across Europe. Preparations for new block
train routes are already under way to further boost growth.
In terms of financial performance, the first quarter of 2026 fell short of the
strong comparison period, although our operational performance improved in terms
of quality and efficiency. Volumes in the early part of the year were reduced by
the impact of the severe ice conditions on fertiliser transport, volumes in the
Baltics being lower than in the comparison period, and consumer demand in Sweden
recovering slower than we had expected. From the beginning of March onwards, we
saw clear growth in business volumes across most of our service offering.
Net sales for the review period amounted to EUR 25.5 million (32.4), and
comparable EBITA was EUR 3.5 million (6.5). Cash flow from operating activities
was negative at EUR -0.7 million, while trade receivables temporarily increased
by EUR 5.8 million from the beginning of the year. This was due to the growth of
volumes primarily taking place towards the end of the review period, among other
factors. Investments in growth require expenditure, and the fact that we do not
capitalise growth investments on our balance sheet means that they directly
weaken cash flow from operating activities, and operating profit, in the initial
stage.
International rail transport grew year-on-year, and we recruited new
professionals in Central Europe and Sweden to support our growth. A clear
recovery in volumes was seen in Swedish operations in March. Development is also
supported by Sweden's halving of the VAT rate on food, which is a significant
measure that is expected to strengthen the purchasing power of consumers.
In the terminal business, the efficiency and profitability of operations
improved significantly. Combined with the diversified clientele and growing
demand for value added services, this supports a positive outlook for the
remainder of the year and also promotes the development of the forwarding
business.
Business operations in the Baltics continued in line with expectations and
generated steady results, even if they were below the strong comparison period.
The volume of rail transport in Finland decreased when compared to the strong
comparison period. This was partly due to the severe ice conditions during the
winter and customer volumes levelling off in comparison with the strong first
quarter of the previous year, which had a negative effect on the result.
The 2026 market outlook for our various services appears stable, which is
supported by the growth and diversification of our clientele and our growth
investments in block train services, for example. Electrification and data
centre investments driven need for logistics services substantially increase the
demand for our services. At the same time, shifts in global trade flows and
tariff policy changes are increasing flows of goods within Europe, which
contributes to the growth of the demand for our services. Demand can be quickly
affected, either positively or negatively, by geopolitical conflicts in
different parts of the world and changes in tariff policy. In particular, rising
fuel prices improve our competitiveness on long-haul routes in Central Europe,
as we use electric locomotives.
We keep a close eye on changes in the market conditions of our businesses in
order to ensure the efficiency and competitiveness of our operations.
THE GROUP'S FINANCIAL PERFORMANCE IN JANUARY-MARCH 2026
Net sales and financial performance in the review period
Net sales for the review period amounted to EUR 25.5 million, showing a year-on
-year decline of 21% that was mainly due to decreased volumes in the Baltics.
Comparable EBITA for the review period was EUR 3.5 million (6.5). The net sales
of the railway business decreased year-on year and amounted to EUR 18.6 million
(21.4). The railway business declined as the severe ice conditions in the early
part of the year prevented non-ice-class vessels from entering Finnish ports.
However, the Group's net sales increased slightly when compared to the preceding
quarter.
The result before taxes for the review period was negatively affected by
operating costs related to the establishment of business operations in Italy, of
which a total of EUR 0.6 million were recognised in the first quarter. Other
expenses affecting comparability between periods included other costs related to
the establishment of new business, totalling EUR 0.1 million.
Railway business
During the review period, the net sales of the railway business amounted to EUR
18.6 million (21.4). North Rail's volumes were lower than in the comparison
period due to the exceptionally severe ice conditions in the early part of the
year, but profitability nevertheless remained good. Scheduled traffic from Italy
began as planned and, in March, we were already operating trains from Parma to
our terminal in Frövi at a good utilisation rate. However, the service on the
route only began in the latter part of the quarter, and it did not yet have a
significant effect on overall financial performance. The demand outlook for the
Italy-Sweden route is positive. The volumes of scheduled traffic from Italy are
expected to support the Group's growth from the second quarter onwards. The
railway business accounted for 73% (66%) of the Group's net sales in the first
quarter.
The growth of our railway business is accelerated by increasingly strict
environmental requirements and the sharp increase in fuel prices caused by
heightened geopolitical tensions, which is reflected in particular in rising
prices for road freight and shorter quote validity periods. We utilise electric
locomotives on our Central European route, which improves our price
competitiveness and enables us to offer better cost predictability to the
customer.
Baltic operations
The net sales of Baltic operations decreased significantly from the strong
comparison period and amounted to EUR 6.9 million (11.1). The net sales of
Baltic operations decreased by 38.0% year-on-year, but there were signs of a
recovery as net sales increased by 10% when compared to the preceding quarter.
Baltic operations accounted for 27% (34%) of the Group's net sales in the first
quarter.
EVENTS AFTER THE REVIEW PERIOD
On 16 April 2026, Nurminen Logistics announced that it had received a flagging
notification in accordance with the Securities Markets Act, stating that Suka
Invest Oy's ownership interest in the company had decreased to 14.99 per cent.
This business review is not an interim report in accordance with IAS 34 Interim
Financial Reporting. However, the accounting policies applied are consistent
with those applied in the consolidated financial statements for 2025. The
preparation of the financial statements in accordance with IFRS requires
management to make estimates and assumptions that affect the valuation of the
reported assets and liabilities, contingent assets and liabilities and the
recognition of income and expenses.
The company complies with the half-yearly reporting in accordance with the
Securities Markets Act, in addition to which the company publishes business
reviews for the first three and nine months of the year. The business reviews
present key information on the Group's financial performance.
The figures in the business review are unaudited.
Nurminen Logistics Plc
Board of Directors
For more information, please contact: Olli Pohjanvirta, President and CEO, tel.
+358 40 900 6977
DISTRIBUTION
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Nurminen Logistics is a Finnish listed company founded in 1886 that offers high
-quality railway transport and terminal and multimodal solutions between Asia
and Europe, in the Nordic countries, and in the Baltic countries.