Gotlandsbolaget (GOTL) investor relations material

Executive summary

• Q3 revenue rose 3.6% YoY to SEK 1,460.1m, while adjusted EBIT fell 17.2% to SEK 278.5m as costs grew faster and Go Nordic Cruiseline revenue remained below plan.

• For Jan–Sep, revenue increased 3.5% to SEK 3,075.8m; adjusted EBIT declined 47.2% to SEK 89.7m, while net income attributable to parent shareholders rose to SEK 96.5m from SEK 32.3m.

Financial highlights

• Q3 costs increased 10.2% YoY to SEK 1,181.6m; adjusted EBITDA was SEK 420.2m versus SEK 452.6m, and adjusted EBIT was SEK 278.5m versus SEK 336.5m.

• Q3 net income attributable to parent shareholders was SEK 217.0m, or SEK 8.7 per share, versus SEK 311.1m and SEK 12.4 per share; financial net was SEK -20.3m.

• Jan–Sep adjusted EBITDA was SEK 471.6m versus SEK 493.4m; adjusted EBIT was SEK 89.7m versus SEK 169.8m, and EPS was SEK 3.9 versus SEK 1.3.

• Jan–Sep operating cash flow was SEK 302.7m versus SEK 512.4m; Q3 operating cash flow was SEK -15.0m versus SEK -169.5m.

• Reported Q3 revenue growth included event-timing and currency effects; underlying revenue was in line with the prior year. Jan–Sep revenue also reflected FuelEU Maritime volume sales and other timing and currency effects.

Outlook and guidance

• Destination Gotland is preparing for the new traffic agreement starting 1 February 2027 and planning initiatives to support passenger volumes during the 2027 peak season.

• Go Nordic Cruiseline’s new CEO is tasked with improving efficiency, volumes and revenue; changes are expected to take time and have no effect during 2026.

• Quality Hotel Visby construction is expected to finish in Q2 2028; room capacity will be reduced by ~30% during construction.

• A decision on a possible move to Nasdaq’s main market is expected from the board in early 2027.