Interim Report January-September 2026

THIRD QUARTER

• Consolidated net sales amounted to SEK 229.6 million (196.3).
• Operating profit (EBIT) amounted to SEK 39.6 million (30.2).
• Earnings per share before and after dilution amounted to SEK 1.11 (0.85).

FIRST NINE MONTHS OF THE YEAR

• Consolidated net sales amounted to SEK 573.9 million (497.4).
• Operating profit (EBIT) amounted to SEK 79.6 million (52.7).
• Earnings per share before and after dilution amounted to SEK 2.05 (1.36).

CEO COMMENTS
Net sales in the third quarter amounted to SEK 229.6 million (196.3), while operating profit was SEK 39.6 million (30.2). This corresponds to an operating margin of 17.3% (15.4).

- We have delivered our strongest quarter ever in terms of both sales and profit. We increased profit by 31% compared with last year's record quarter. Volumes in our transport operations have been unusually high, resulting in high capacity utilisation. This has had a positive impact on both profit and margins through operating leverage. As expected, volumes in our contracting operations remained lower in the third quarter, in line with our previous communications. Our cost-efficiency measures and the winding down of our UK operations are ongoing.

Our strongest quarter ever by a comfortable margin
Even compared with last year's record quarter, we have delivered our strongest quarter ever by a comfortable margin. Net sales increased by 17% and operating profit by 31%. The operating margin was 17.3% in the third quarter. This brings our operating margin for the past 12 months to 12.7%, only marginally below our financial target of 13.0%.

Our transport operations have been the main driver, thanks to unusually high volumes of contracting transport assignments, while regular assignments have been fulfilled as planned. As previously communicated, a very large number of track renewals have been carried out in 2026, with Railcare contracted to transport materials for the majority of these projects. In addition, we had a temporary assignment involving an additional clearance locomotive in Falköping from July to September. The assignment made a positive contribution to profit during the quarter, as we were able to deploy a spare locomotive. We have also completed two highly successful transformer transports for Maersk. Overall, capacity utilisation has reached record levels, contributing to our transport operations' strongest quarter ever.

As expected, volumes in our contracting operations remained lower in the third quarter, in line with our previous communications. The lower volumes are primarily attributable to the large number of track renewal projects, which has also resulted in certain preparatory works, such as cable lowering and ballast replacement, have been postponed until next year. We expect higher annual volumes in our contracting operations in the coming years. The winding down of our UK operations is ongoing, with operational activities scheduled to cease at year-end.

Sales in our relining operations were slightly higher than in the corresponding period last year. The Swedish Transport Administration has cancelled the procurement process for road framework agreements, and we expect a new tendering round shortly. The first round confirmed that we can offer our methods at competitive prices.

In the Technology segment, the Railvac machine sold to Norway's Baneservice was delivered during the quarter. The machine now awaits permanent approval. It is unclear how long this process will take, but the customer is currently operating the machine under temporary approval.

Financial targets
I am pleased to announce that Railcare has decided to update its financial targets. Our new long-term financial target is ambitious and places even greater emphasis on profit growth, with a target of at least 10 percent average annual growth in operating profit (EBIT) over a business cycle.

Our current performance is strong and our position is very solid, but achieving our financial target will require hard work – just as it should!

Mattias Remahl
CEO