Baleària closed 2025 with strong financial results, surpassing €800 million in turnover and significantly improving profitability, driven largely by the expansion of its international routes.

Key Financial Highlights

• Turnover: €801 million (+16%)
• EBITDA: €170 million (+29%)
• Net profit: €63 million (+152%)

President Adolfo Utor said the results confirm the robustness of the company’s business model and its ability to grow sustainably in a competitive market.

International Routes Gain Strategic Weight

In revenue terms, North African connections—both domestic and international—now contribute a share comparable to that of the Balearic Islands, traditionally Baleària’s core market.

Traffic figures underline the shift:

• 6.5 million passengers transported (+15%)
• 1.6 million vehicles (+11%)
• International passengers: +68%, nearly 2 million in total

Morocco has consolidated its position as Baleària’s main international market. The 15-year concession for the Tarifa–Tangier City route has strengthened passenger flows, while new services to Algeria have further expanded the company’s North African footprint.

Over the past decade, Baleària has doubled its passenger volumes.

Cargo: A Structural Pillar

Cargo remains central to the business model:

• 8.4 million linear metres transported (+10%)
• Equivalent to approximately 622,000 lorries
• Represents 36% of total turnover

Morocco accounts for 29% of total cargo volume, emerging as a strategic logistics hub. The Balearic Islands remain the largest single market, with 59% of cargo volumes.

Operational Efficiency Offsets Regulatory Costs

Fleet expansion and new route launches improved productivity and operational efficiency, allowing Baleària to absorb rising environmental compliance costs without compromising profitability.

The company sailed 1.9 million miles in 2025 (+1.5%), while maintaining tight cost control.

Sustainability And Emissions Reduction

Baleària continues to position sustainability as a competitive lever:

• Emissions per passenger: -15%
• Total carbon footprint: -1.4%
• Emissions per mile sailed: -2.85%
• Emissions per linear metre of cargo: -12%
• Greenhouse gas intensity: -5.25%

The use of natural gas and biogas, alongside eco-efficiency investments, has enabled measurable progress despite higher activity levels.

Strategic Outlook

With EBITDA growth outpacing turnover and international routes gaining importance, Baleària has reinforced its standing in the European ferry market.

The company combines geographic diversification, cargo resilience, and decarbonisation efforts, positioning itself for further expansion while maintaining financial discipline.