FINLAND: National operator VR has signed an agreement for the vehicles it uses on tendered services to be transferred to state-owned rolling stock owning body Suomen Ostoliikennekalusto as part of the government’s plans to open the passenger rail market to competition.
Suomen Ostoliikennekalusto was initially set up as a VR subsidiary and then spun out to direct state ownership on November 1 2025. This aims to ensure that all potential bidders for tendered services can access suitable 1 524 mm broad gauge rolling stock.
The rolling stock company will be responsible for fleet management and future investment, with VR having no ownership or involvement in its decision making.
Two phase transfer
The asset sale which was agreed on February 11 will be carried out in two phases. In the first phase, which is expected to be completed on March 2, Suomen Ostoliikennekalusto will purchase rolling stock used by VR on services operated under a contract directly awarded by the Ministry of Transport & Communications which runs to the end of 2030. This phase mainly covers regional trains, including the Sm7 commuter electric multiple-units being supplied by Stadler, diesel multiple-units and night train coaches.
The second phase to be implemented later in 2026 would cover new night train stock and car-carrying wagons.
The total purchase price for both phases is €250m. VR will make capital repayments to the state during 2026 so that the arrangement is financially neutral for the operator and will not have a material impact on its debt-servicing capacity or operating profit.
