What Train Alliance does

Train Alliance AB is a Swedish public limited company listed on Nasdaq First North Growth Market (TRAIN B) that specializes in acquiring, developing, and managing railway-adjacent infrastructure. The company owns just over 3 million square meters of land in strategic railway locations across Sweden, including Hallsberg (Nordic's largest freight marshalling yard), Sigtuna/Stockholm, Rosersberg, Västerås/Tillberga, Ånge, and Eskilstuna. Its core operating model is to purchase raw or under-utilized land, secure zoning and permits, and develop it into "railway-ready" facilities that can support rail-dependent operations for at least 40 years. The company holds safety permits from ISP and is described as the only independent actor in Sweden permitted to manage side and main tracks, supplemented by ISO 9001 and ISO 14001 certifications and security clearance for total defense activities.

The company's product portfolio spans railway infrastructure development, facility partner services (business development, construction management), shared "lock terminals" (Slussterminaler), freight terminals, locomotive workshops, and municipal consulting and infrastructure management. Key assets include the Rikskombiterminalen (Stockholm Nord Kombiterminal, acquired 2021 for 302 MSEK) and the Siemens Mobility locomotive workshop in Hallsberg delivered on a 25-year lease and inaugurated in November 2023. Revenue is generated through long-duration facility leases, land and facility sales, recurring infrastructure management fees (e.g., for Ånge municipality), and consulting services for railway planning and location studies. Customers include enterprise railway operators and logistics firms (Siemens Mobility, Infranord, Kilenkrysset, Göteborgs Hamn) as well as public-sector clients (Norrtåg AB, Mjölby kommun, Ånge kommun, Trafikverket).

In 2026 the company has been significantly disrupted by governance and accounting issues: founder Otto Persson departed after a Polar Structure police report, an EY forensic investigation uncovered fabricated contracts, the auditor issued a qualified report, and approximately 206 MSEK in accounting corrections reduced adjusted NAV to 18.9 SEK per share. Trading was halted from March 2 to June 22, 2026, with the share price falling roughly 60% on resumption. Leadership has transitioned to CEO Jenny Johansson (former head of railway business at ÅF/AFRY AB) and Joakim Weijmer has moved to Chief Security Officer. Despite these setbacks, expansion projects in Sigtuna (SMARTCargo, over 1 billion SEK), Tillberga (915,000 sqm logistics center), and a new LOI with Mjölby kommun signal continued strategic pipeline activity.

Name

Train Alliance

Legal name

Train Alliance AB

Website

https://trainalliance.se

Company type

Public

Founded year

2020

Operating status

Operating

Headcount range

11–50 employees

Short description

Train Alliance is a Swedish railway infrastructure specialist that acquires, develops, and manages over 3 million sqm of rail-connected land and facilities, serving railway operators, logistics companies, and municipalities with workshops, terminals, and consulting services across Sweden.

Ownership category

akta.pro rank

Product category

Railway Infrastructure Services

NAICS

Support Activities for Rail Transportation (4882), Support Activities for Rail Transportation (488210), Rail Transportation (482)

SIC

Railroad Switching & Terminal Establishments (4013), Arrangement Of Transportation Of Freight & Cargo (4731)

akta.pro primary industry

Intermodal Terminal Value-Added Services (Cross-Dock, Transload, Stuffing/Stripping) (TLAJAFAL)

akta.pro secondary industries

Rail Freight Yard Operations (Classification, Hump & Flat Yards) (TLAJAFAB), Rail Terminal Switching, Shunting & Yard Locomotive Services (TLAJAFAF), Real Assets — Transportation Infrastructure (Roads, Rail, Ports, Airports) (FSAHAIAE), Intermodal Rail Operators (Container/Trailer-on-Flatcar) (TLADACAB)

Keywords

• Railway infrastructure development
• Freight terminal operations
• Locomotive workshop facilities
• Railway consulting services
• Infrastructure management services

Headquarters

HQ city

Malmö

HQ country

Sweden

HQ region

Europe

Offices5 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Infrastructure, Supply Chain, Operations, Personnel, Technology or R&D, Marketing or Sales

Revenue model

1. Facility Rental/Leasing: Long-term leasing of railway-adjacent facilities such as maintenance workshops, terminals, and logistics centers. Example: 25-year lease with Siemens Mobility for locomotive workshop in Hallsberg.
2. Land Development and Sales: Acquiring raw land, developing it to railway-ready status, and selling or leasing to railway operators. The company makes land 'railway-ready' so operations can run for at least 40 years.
3. Consulting and Concept Services: Railway consulting services including location studies, business development, construction management, and railway solutions for municipalities. Consulting and concept revenues have been noted as growing and high-margin.
4. Infrastructure Management: Managing railway infrastructure for municipalities and other operators, including maintenance of tracks and railway facilities.

Pricing tiers

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

Train Alliance acquires strategic land parcels adjacent to Swedish railway infrastructure and develops them into railway-ready facilities — including freight terminals, locomotive workshops, lock (shared) terminals, and logistics centers — which it leases long-term or sells to railway operators, logistics companies, and municipalities. The company also provides infrastructure management, construction management, business development, and railway consulting services across its network of more than 3 million sqm of land holdings.

Product overview

Train Alliance is a railway infrastructure specialist company that owns and develops facilities for railway-related operations. The company operates a multi-faceted portfolio including railway infrastructure development, facility partner services (business development, management, construction management), lock terminals, freight terminals, locomotive workshops, and municipal consulting services. Train Alliance owns over 3 million sqm of land in strategic locations across Sweden including Sigtuna, Hallsberg, Västerås, Rosersberg, and Ånge. After acquisition, land is made railway-ready so operations can run for at least 40 years, creating a network of modern railway facilities in the right locations.

Differentiator

Problem solved

Functional benefit

Products and services

• Railway Infrastructure Development

Quantifiable outcome

• Enables railway operations to run for at least 40 years on developed land
• +2 more outcomes

Named customers6 records

Segments4 records

Ideal customer profiles4 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature3 records

Partnerships

Eight partnerships are on record, tiered minor, core and major.

• Mjölby kommunminorStrategic or Co-development Partner · 22 June 2026Train Alliance signed a Letter of Intent with Mjölby municipality to jointly investigate the conditions for a rail-connected freight terminal in Skänninge, utilizing the existing railway infrastructure on the Mjölby-Hallsberg line.
• Siemens MobilitycoreStrategic or Co-development Partner · 6 July 2022Siemens Mobility signed a 25-year lease with Train Alliance to build and operate a modern locomotive workshop in Hallsberg. Train Alliance designed, constructed, and manages the facility, which Siemens uses for Vectron locomotive maintenance. The workshop was inaugurated in November 2023 and represents Train Alliance's flagship facility partnership.
• Göteborgs Hamn ABminorStrategic or Co-development Partner · 17 June 2022Train Alliance and Port of Gothenburg are exploring opportunities to operate inland terminals and develop connections between the port and railway infrastructure for sustainable freight transport.
• InfranordmajorChannel Partner/ Reseller/ Distributor · 14 July 2021Infranord, a railway construction company, rents a maintenance workshop in Hallsberg built and managed by Train Alliance. The strategic location at Sweden's largest freight yard was decisive for the partnership.
• KilenkryssetcoreStrategic or Co-development Partner · 2 February 2021Train Alliance acquired Stockholm Nord Kombiterminal AB (Rikskombiterminalen) from Kilenkrysset for 302 MSEK. The deal included both cash and shares. Kilenkrysset is a property company with approximately 6 billion SEK under management and was previously a partial owner of Train Alliance.
• Norrtåg ABminorImplementation/ SI/ Consulting PartnerTrain Alliance provides technical consulting services to Norrtåg AB for site acceptance testing of railway maintenance equipment in Umeå. Norrtåg AB is owned by regional public transport authorities.
• Ånge kommunminorImplementation/ SI/ Consulting PartnerTrain Alliance manages municipal railway infrastructure for Ånge and provides consulting services on infrastructure development. This is cited as a model the company aims to replicate with other municipalities.
• Trafikverket (Swedish Transport Administration)coreStrategic or Co-development PartnerTrain Alliance is working with Trafikverket on a functional investigation for additional tracks to handle expected volume growth. The investigation addresses capacity needs at key railway locations.

Scale indicators13 records

Recent moves10 records

Expansion highlights4 records

Broad incumbents

• Vossloh: Vossloh is a German-listed global rail infrastructure company providing rail fasteners, switches, and related services. While it focuses on rail products rather than facilities, it is a broad incumbent in the rail infrastructure value chain and provides scale comparison for rail services companies.
• Castellum: Castellum is a major Swedish commercial real estate company with logistics and industrial property portfolios including rail-connected assets. While not rail-specialized, it competes for large logistics and industrial tenants and provides scale benchmarking for the asset-heavy portion of Train Alliance's business.
• Catena: Catena is a Swedish logistics real estate company focused on warehousing and distribution centers near transport hubs. While it does not specialize in rail-adjacent facilities, it competes for the same logistics and intermodal tenants and provides a comparison point for Nordic logistics property valuations.

Direct peers

• Svevia: Svevia is a Swedish state-owned contractor for road and rail infrastructure, operating and maintaining transport networks on behalf of Trafikverket. It is directly comparable to Train Alliance's infrastructure management services and operates in the same Swedish public-sector contracting environment.
• Infranord: Infranord is Sweden's largest railway construction and maintenance contractor and rents a workshop from Train Alliance in Hallsberg. It is directly comparable as a Swedish railway infrastructure player and operates in the same value chain — sometimes as customer, sometimes as potential competitor for facility development work.
• Kilenkrysset: Kilenkrysset is a major Swedish property company that sold Rikskombiterminalen to Train Alliance and owns Sweden's only TEN-standardized combined transport terminal. It competes directly with Train Alliance in rail-connected logistics real estate and was previously a major shareholder — making it both a peer and a former counterparty.
• Jernhusen: Jernhusen is the Swedish state-owned company that develops and manages railway-adjacent properties (stations, depots, workshops, offices). It is the closest direct competitor to Train Alliance in the Swedish railway real estate and infrastructure market, with a similar build-and-lease model serving railway operators and logistics tenants.

Regional players

• Wihlborgs: Wihlborgs is a Swedish commercial real estate company with strong positions in the Öresund region, including industrial and logistics properties. While not rail-specialized, it offers a peer reference for Swedish regional real estate valuations and competes for logistics tenants in the same geography.
• NRC Group: NRC Group is a Nordic infrastructure contractor specializing in railway construction and maintenance across Norway, Sweden, and Finland. It competes with Train Alliance's municipal infrastructure management services and is a comparable scale player in the broader Nordic rail services market.
• Bane NOR Eiendom: Bane NOR Eiendom is the real estate arm of the Norwegian National Rail Administration, developing and managing railway-adjacent properties in Norway. It is a regional peer with a similar mandate to monetize railway land and infrastructure assets, useful for Nordic cross-market comparison.

Market position

Strengths4 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/train-alliance-sweden-ab

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles7 records

Subsidiaries1 record

Funding overview

Funding rounds3 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Train Alliance