Vy 2025: Passenger Growth and improved Results

Operating revenues in 2025 totalled NOK 20.8 billion, an increase of NOK 1.4 billion from the previous year. Operating profit ended at NOK 1,108 million, an improvement of NOK 615 million from 2024.

Profit before tax was NOK 490 million. This is NOK 621 million higher than in 2024 and includes capital costs related to train leasing, mainly for the rail contracts in Eastern Norway.

– The positive result is first and foremost because more people are choosing to travel by public transport, by train and bus, and to send their goods by rail freight. In addition, we are implementing many internal improvement initiatives and are supported by one-off effects such as the sale of Team verksted, says Bakstad.

Growth in rail passenger numbers

Vy Tog operates local and regional rail services in Eastern Norway, on the Bergen and Voss lines, and between Oslo, Gothenburg and Malmö. At year-end, we had one rail contract in Sweden. Flytoget became part of the Vy Group on 31 March.

The total number of journeys in Vy’s passenger rail operations in Norway increased by 3.8 per cent from the previous year and ended at around 67 million journeys. In addition, Flytoget accounted for 5.4 million journeys. The punctuality of Vy’s trains in Norway ended at 88.1 per cent, which is 1.3 percentage points higher than in the same period in 2024. Flytoget’s punctuality for arrivals at Oslo Airport Gardermoen was 90.2 per cent, 0.2 percentage points higher than in 2024.

– More people are choosing to travel by train even when operational challenges on the railway and a shortage of trainsets create problems for customers. This shows how important public transport is. It motivates us to do everything we can to keep as many trains as possible in service, and to provide customers with increasingly accurate and useful information when things do not go as planned, says Bakstad.

Operating profit from passenger rail operations was NOK 479 million, compared with NOK 454 million in 2024. For Flytoget, operating profit ended at NOK 38 million in 2025.

Solid operations and passenger growth in the bus business

Vy Buss operates tendered scheduled bus services for county authorities in Norway and Sweden, as well as commercial charter, airport and express coach services in Norway and Sweden. The number of bus journeys increased by 4.8 per cent from 2024 to 2025.

– Competition for scheduled bus contracts is tough, and we are very pleased that we started new tendered contracts in Molde, Ringerike and Grenland in 2025. In addition, we won back contracts in Bærum, Jæren Dalane, Sunndal and two regional contracts in Telemark, says Bakstad.

Operating profit at Vy Buss ended at NOK 419 million in 2025 (NOK 224 million in 2024). The improvement in results is mainly due to targeted efforts to ensure sufficient drivers through recruitment and training, as well as initiatives to reduce sickness absence.

Record volumes at CargoNet despite line closures

Even though freight operations are still affected by closed railway lines, infrastructure problems and limited compensation schemes, CargoNet delivered a better operating result than the year before. Before positive one-off effects, the operating result was negative NOK 61 million (negative NOK 141 million in 2024).

– Strong efforts are being made to reduce costs and increase revenues at CargoNet. This has resulted in record-high volumes towards the end of the year and an improved operating result, says Bakstad.

Heavy rainfall led to two extended line closures in 2025, causing problems for both freight operators and customers. The Dovre Line reopened on 4 April after having been closed since 21 January, and the Nordland Line has been closed since 30 August due to a quick clay landslide.

– There is a critical need for permanent, more predictable and sufficient compensation schemes when freight trains cannot operate, says Bakstad.

Strong growth in tourism

Vy’s tourism initiatives are delivering good results. Through our shareholdings in Fjord Tours Group and Flåmsbana, we offer sustainable travel experiences based on our scheduled rail and bus services, for both Norwegian and international tourists.

When the concession expires in 2027 and services are to be operated on a commercial basis without a public service contract, Vy, Norway’s Best Group and Flåmsbana AS wish to continue investing, in close cooperation with the municipality and local stakeholders.