SJ (SJ) Q2 2026 earnings summary

Executive summary

• Strong quarter with increased travel demand and improved customer satisfaction; commercial traffic in Sweden drove higher operating profit, supported by new and existing traffic contracts.

• Customer satisfaction index (NKI) rose to 74 (from 72), with punctuality at 89% for medium-distance and 65% for long-distance trains.

• Major investments in new and modernized trains continued, with 300 MSEK invested in Q2 and ongoing upgrades across the fleet.

• SJ secured continued operation of night trains to Upper Norrland until December 2028.

Financial highlights

• Net sales increased by 7% year-over-year to 3,938 MSEK (3,673).

• Operating profit rose to 391 MSEK (287), with an operating margin of 9.9% (7.8%).

• Period result was 322 MSEK (223), and return on operating capital reached 14.7% (target >7%).

• Net debt/equity ratio improved to 0.51x (from 0.81x).

Outlook and guidance

• Demand for train travel is expected to continue rising, with ongoing investments in fleet modernization and infrastructure.

• Focus remains on operational efficiency, customer experience, and resilience against infrastructure disruptions.