Vy 1st interim period 2026: Growth in travel in train and bus operations

Vy’s operating result for the first four months is NOK -52 million, eight million weaker than in the same period last year. The decline is due to the sale of the workshop business Team Verksted in 2025.

Growth in rail travel despite operational challenges

Vy recorded 22.9 million rail journeys in Norway in the first four months of the year, up 2.3 percent from the same period last year. Punctuality was 88 percent, down 0.5 percentage points and below the 90 percent target. Operator-dependent punctuality was 98.1 percent.

The operating result for Vy Rail ended at NOK 48 million, three million better than in the first four months last year. Vy still expects travel growth and emphasizes the need for investments in trains and infrastructure.

‘Demand is strong, but we still struggle with old trains and significant delays in the introduction of new ones. In addition, there is congestion at the workshops. This results in too many poor customer experiences. We are working closely with authorities and partners to get more trains into service and provide an even better offering to our customers,’ says Bakstad.

Strong cooperation with Flytoget

Flytoget became part of the Vy Group in 2025, and the business is now included as part of the group’s overall development. Vy and Flytoget will continue as today until Flytoget’s services become part of the regional rail offering in December 2027.

Flytoget reported an operating result of NOK -12 million, which is 18 million better than the first four months of 2025. Punctuality so far this year was 88.2 percent for arrivals at Oslo Airport Gardermoen, a decrease of 2.9 percentage points compared with the same period last year.

‘Despite lower punctuality, Flytoget’s customers are very satisfied. Once again, they ranked top in the transport sector in the Norwegian Customer Barometer. We are now well underway getting to know each other and learning from one another, while preparing the future rail offering in Eastern Norway together,’ says Bakstad.

Stable growth and high activity in bus operations

Bus operations provide services under contracts with county authorities in Norway and Sweden, in addition to commercial routes in both countries. The operating result for the first four months is NOK 22 million, 12 million weaker than in the same period last year. The number of bus journeys increased by 3.9 percent compared with the same period last year.

Several new contracts have started up in 2026, with additional start-ups planned later in the year.

‘In bus operations, we are working purposefully every day to deliver efficient and reliable services on our contracts. The positive feedback we receive from passengers on Vy’s express buses motivates us to go the extra mile and deliver good journeys every day,’ says Bakstad.

Improvement in freight operations

Freight operations are still affected by infrastructure challenges, including closed rail lines, which impacts customers. The Nordland Line has been closed since 30 August but is expected to reopen before the summer.

‘Closed rail lines are negative for both customers and operations. However, we have found several good alternatives together with our customers and implemented measures that improve profitability,’ says Bakstad.

Freight operations reported an operating result of NOK -26 million, 21 million better than the first quarter last year.