The Finnish rail operator, VR, has signed an agreement to transfer rolling stock to the national rolling stock leasing company, Suomen Ostoliikennekalusto.
The contract was signed on February 11, 2026, and the operation will take the form of a transfer of business transaction.
The transfer of rolling stock will take place in stages. In the first phase, Suomen Ostoliikennekalusto will acquire from VR the suburban trains currently used in services commissioned by the Ministry of Transport, including the 20 new Sm7 Flirt electric multiple units that Stadler is currently delivering. Night train carriages and light railbuses will also be transferred at this stage. This first phase is expected to be completed on March 2, 2026.
In the second phase, the company will take over the night train carriages and car transport carriages currently being delivered. This phase will be carried out later in 2026. The decision on the transfer of the locomotives needed to operate night trains to the new company will be taken at a later date. The aim is for the company to own the entire rolling stock required for operation when the new public service contract awarded through tender comes into force.
The total price of the transaction for the first two stages is estimated at approximately EUR 250 million. Of this amount, VR will pay the state a capital repayment in 2026, so that the reorganisation is financially neutral for the company. The agreement has no significant impact on VR’s ability to meet its financial obligations or on its operating profit.
As part of this arrangement, the existing contract for subsidized services has been updated to reflect the new operating model. At the same time, the parties have agreed on responsibilities for the maintenance of rolling stock and rights of use.
Transfer of rolling stock, a procedure for opening up the market
The establishment of a dedicated rolling stock company for subsidized services is an essential tool for stimulating competition in the passenger rail transport market.
The rolling stock transfer transaction is a continuation of the decision taken in October 2025 by the extraordinary general meeting of VR-Yhtymä Oyj, by which the entire share package of Suomen Ostoliikennekalusto, valued at EUR 15.1 million, was transferred from VR’s ownership to the direct ownership of the Finnish state in the form of a capital repayment. Ownership of the shares was transferred in November 2025. The new company, Suomen Ostoliikennekalusto, will be responsible for owning and managing the rolling stock used in publicly funded passenger rail transport. The company operates independently under state control – VR is no longer a shareholder and does not participate in the decision-making process.
The establishment of this company is provided for in Finland’s government program and is considered an essential tool for stimulating competition in passenger rail transport. The aim is to ensure equal market access for all operators by providing the rolling stock necessary to operate public services awarded through tender.
VR will continue to operate rail services under its current contract with the Ministry of Transport until the end of 2030. For passengers, services will remain unchanged as trains will run under the VR brand and the travel experience will be the same as before.
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