Green Cargo back in the black while Nurminen grows on Italy–Sweden route

Two Nordic rail freight operators published mixed third-quarter results. Finnish Nurminen Logistics grew net sales by 10.4% to €26.3 million thanks to its Italian block trains. Still, the operator slipped into loss territory. Swedish operator Green Cargo posted an operating profit of 73 million Swedish crowns (€6.6 million). Nurminen Logistics saw its international rail traffic grow by 66% year-on-year between July and September, making up a third of the group’s net sales. Strong demand for the Italian block train service and growth in the Baltics were the main drivers, the company said in its business review.

However, comparable earnings before interest, taxes and amortisation (EBITA) fell to €1.8 million, from €3.8 million a year earlier. The group recorded a net loss of €3.2 million, compared with a €1.6 million profit in the same quarter of 2025.

The main culprit is a large drop in volumes on routes to Finland, caused by Russian tariff increases. Moreover, the launch of the second Italy–Sweden train connection cost €0.5 million in the quarter.

The early repayment of a €12 million loan by Nurminen’s North Rail added another €3.3 million in interest, transaction and arrangement costs. In other words, part of the loss is a one-off expense. Financing expenses will fall significantly from the fourth quarter as a result, Nurminen said.

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