Nurminen Logistics reacts to changes in the operating environment
Summary
- Nurminen Logistics' subsidiary, North Rail Oy, is initiating change negotiations to achieve annual savings of approximately 3 MEUR, potentially affecting the entire workforce with job reorganizations, temporary layoffs, and up to 25 terminations.
- The negotiations are a response to external changes in the operating environment, specifically Russia's decision to increase rail transport tariffs to Finland, which prompted a profit warning and is expected to reduce 2026 revenue by 4-5 MEUR.
- The company has already initiated efficiency measures worth 1.5 MEUR and is assessing further actions, with the current negotiations being part of these new measures, though it is unclear how much of the 3 MEUR target includes previously initiated actions.
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Translation: Original published in Finnish on 07/06/2026 at 09:14 am EEST
Nurminen announced on Friday that its subsidiary North Rail Oy is initiating change negotiations aimed at achieving annual savings of around 3 MEUR. The negotiations concern the company's entire personnel, and according to preliminary estimates, the measures may lead to job reorganization, temporary layoffs, and the termination of a maximum of 25 employment contracts. The company warranted the negotiations with external changes in the operating environment, which we have already commented on here and here.
This is due to Russia's border measures
The announcement is a direct continuation of Thursday's profit warning, which was prompted by Russia's decision, effective July 1st, to significantly increase tariffs for rail transports to Finland. The company estimated at the time that the decision would cut 2026 revenue by around 4-5 MEUR and weaken profitability in the second half of the year. At the same time, the company announced that it has initiated efficiency measures of around 1.5 MEUR and is rapidly assessing the need for new measures. The change negotiations now announced are these new measures, although the press release does not specify to what extent the 3 MEUR savings target includes measures already initiated.
Nurminen Logistics is an industrial group that offers transport and logistics services. The company's services include freight forwarding and freight handling services via rail transport, where the largest market is found in the Nordic and Baltic markets. In addition, customized services for various projects are offered, as well as access to terminal services. The company was founded in 1886 and has its headquarters in Helsinki.
Read more on company pageKey Estimate Figures23/04
| 2025 | 26e | 27e | |
|---|---|---|---|
| Revenue | 109.4 | 109.9 | 119.4 |
| growth-% | 4.4 % | 0.5 % | 8.6 % |
| EBIT (adj.) | 18.3 | 16.4 | 17.5 |
| EBIT-% (adj.) | 16.7 % | 14.9 % | 14.7 % |
| EPS (adj.) | 0.08 | 0.10 | 0.11 |
| Dividend | 0.03 | 0.03 | 0.03 |
| Dividend % | 3.2 % | 4.2 % | 4.2 % |
| P/E (adj.) | 11.6 | 7.4 | 6.4 |
| EV/EBITDA | 4.8 | 4.1 | 3.5 |
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