Gotlandsbolaget reported higher revenue in 2025 but a sharp drop in earnings, reflecting the integration of new businesses, especially Go Nordic Cruiseline.

Full Year 2025

• Revenue: SEK 3,744.6 million (2024: SEK 2,622.0 million)
• Costs: SEK -3,696.4 million (2024: SEK -2,367.8 million)
• Adjusted operating profit: SEK 35.3 million (2024: SEK 218.2 million)
• Net result after tax: SEK -87.3 million (2024: SEK 375.9 million)

The decline mainly reflects high start-up costs and lower-than-expected revenues at Go Nordic Cruiseline, which took over the Oslo–Copenhagen route on 31 October 2024.

Dockings and upgrades of NORDIC PEARL and NORDIC CROWN during Q1 also reduced capacity.

Fourth Quarter 2025

• Revenue: SEK 759.3 million (2024: SEK 630.3 million)
• Adjusted operating result: SEK -122.2 million (2024: SEK -60.6 million)
• Net result after tax: SEK -120.2 million (2024: SEK 53.1 million)

The quarter was negatively affected by the performance of Go Nordic Cruiseline.

Business Unit Highlights

Go Nordic Cruiseline

• 711,700 passengers in 2025
• Revenue performance below expectations, especially onboard sales
• Both ships refurbished and cabins rebuilt early in the year
• New commercial platform implemented in January 2026

Gotland Alandia Cruises (BIRKA GOTLAND)

• 570,500 passengers in 2025
• Improved results compared with the 2024 start-up year
• Performance still below expectations

Destination Gotland

• Passenger volumes up 1.6% to 1,758,500 single journeys
• Travel by Gotland residents increased 4.4%

Financial Position

Financial income fell to SEK -73.0 million (2024: SEK 289.4 million).

The change mainly reflects unrealised currency losses on USD holdings related to the construction of HORIZON X. The weaker USD also reduces the vessel’s acquisition cost in SEK.

Strategic Developments

Key initiatives include:

• Investment in Brommaflyg to secure air links between Gotland and mainland Sweden
• Construction progressing on GOTLAND HORIZON X, with hull construction starting in February 2026
• Investment in biogas production near Eskilstuna, expected to start operations in Q3 2026
• Destination Gotland preparing for the new concession period 2027–2035, which will bring SEK 220 million less annual compensation

To increase car capacity, VISBY is currently being fitted with hanging decks, adding about 20% vehicle capacity.

Outlook

CEO Björn Nilsson describes 2025 as a year of integration and preparation.

With systems integration completed and new commercial platforms in place, the company expects higher volumes and improved profitability from 2026 onwards. The group also signals continued interest in acquisitions and investments in sustainable shipping.

The year-end report is here (in Swedish)