Interim Report Q2 2025

Train Alliance strengthens results

ADJUSTED NET ASSET VALUE PER SHARE 35.6 SEK
Equity ratio 72.2% (73.3%)
OPERATING REVENUE 101.4 MSEK (97.9 MSEK)
OPERATING EARNINGS 24.3 MSEK (15.8 MSEK)

Investors

Why invest in Train Alliance

Train Alliance is a leading developer and manager of rail-related infrastructure, offering shareholders an opportunity to benefit from a growing demand for sustainable transport solutions. With strategic land holdings, a proven business model and strong links to global climate action, the company is well positioned for long-term growth and value creation.

A growing market

A growing market: Over the past five years, investments in Swedish railway infrastructure have increased from SEK 16 billion to SEK 28 billion, an annual average growth rate of 11 per cent. The national transport plan for 2026-2037 further reinforces the growth potential of the sector.

Strong drivers: Rail transport is crucial to achieving climate goals and has strong support across the EU among governments, authorities and businesses. In addition, Sweden’s entry into NATO brings with it a strong need to improve railway infrastructure with significant investments in capacity, resilience and safety.

Multiple business models and strong competitive advantages

Strategic land holdings: Train Alliance has over 3 million square meters of land in strategic locations near railway, including the national interest Arlanda aviation fuel terminal. Around a third of this land is fully developed and either let, or ready to be established and sold.

Project development specialists: Train Alliance uses its expertise to design and manage construction of railway facilities. The company has an extensive track record of delivering facilities in a short time and with good returns.

Deep expertise: Train Alliance sells its railway expertise to municipalities and companies, which often leads to more business. Customers range from railway specialists to well-established logistics companies. As one of very few private companies with a mainline licence to both own and operate railway infrastructure, the company also has a rapidly growing position as a private pioneer in infrastructure management.

Robust finances

Multiple revenue streams: Train Alliance uses its expertise to identify strategic locations for the railway, acquiring and developing its own and others’ land for rail-related activities. Revenues come from land and facility sales, leases and infrastructure fees, but increasingly also from various types of consultancy and management services. This diversity provides a foundation of stable cash flows combined with higher revenues from the sale of individual assets.

Good financing opportunities: Train Alliance develops climate-certified properties and green infrastructure projects that attract sustainability-conscious customers and investors. The EU is co-financing one of the company’s major development projects in Sigtuna with EUR 29 million, or 30 per cent, demonstrating the company’s strategic relevance.

Proven capacity: Train Alliance has delivered several successful projects. Hallsberg is an area that has been developed from raw land to completed projects with a return of over 10x invested capital.

Train Alliance combines a strong track record, strategic assets and a unique position in a growing market and is thus an attractive long-term investment opportunity.

Press releases (In Swedish)

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Kalender

28 October 2025

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KEY FIGURES Q2 2025

Adjusted net asset value per share
35.6 SEK
Equity ratio
72.2 %
(73.3%)
Operating revenue
101.4 MSEK
(97.9 MSEK)
Operating earnings
24.3 MSEK
(15.8 MSEK)