Translation: Original published in Finnish on 09/30/2026 at 07:30 am EEST

On Tuesday, Nurminen Logistics announced that it is opening a new intermodal transport corridor between the Nordic countries and the Mediterranean region in cooperation with Tarros Group. With the cooperation agreement, Nurminen's rail connection between Örebro in Sweden and Parma in Italy will be linked to Tarros Group's maritime transport network through the terminal located in La Spezia. This enables a seamless door-to-door transport chain for customers, all the way from the Nordic countries to North Africa, the Eastern Mediterranean markets, and Malta. The service works in both directions.

We find the cooperation an interesting addition that fits well with Nurminen's international Railway business strategy. We also see it as tangible proof of the company's ability to build international partnerships and expand its market area. We estimate that the cooperation is an effective way to increase the coverage of the current route, which can attract new volumes and customers. However, Nurminen does not seem to be increasing its weekly departures between Sweden and Italy at this stage, so any potential benefits would initially be reflected in high load factors. In light of this, we see no immediate pressure to revise our estimates, as our current assumptions already include strong growth expectations for the international Railway business in the coming years.