Gotlandsbolaget (GOTL) Q1 2025 earnings summary

Executive summary

• Revenue rose to 608.6 MSEK (384.9) and costs to -759.7 MSEK (-419.6), mainly due to the Go Nordic Cruiseline acquisition, which increased both income and expenses.

• Adjusted EBIT was -177.3 MSEK (-66.7), and net result after tax was -225.2 MSEK (37.2), reflecting low seasonality and negative currency effects.

• The quarter was impacted by dockings and upgrades of Nordic Pearl and Nordic Crown, reducing operational capacity.

• Go Nordic Cruiseline contributed significantly to both revenue and costs, with 134,100 passengers in the quarter.

• Negative unrealized currency effects, especially from USD, weighed on financial results.

Financial highlights

• Revenue: 608.6 MSEK (384.9), up 58% year-over-year.

• Adjusted EBITDA: -80.3 MSEK (12.9); Adjusted EBIT: -177.3 MSEK (-66.7).

• Net result after tax: -225.2 MSEK (37.2); EPS: -90.1 SEK (14.9).

• Cash flow from operations: 30.9 MSEK (122.2).

• Liquidity at period end: 3,062.9 MSEK (3,758.0 at year-end).

Outlook and guidance

• High season expected to improve results, with increased departures and marketing for Go Nordic Cruiseline.

• Birka Gotland implementing measures to boost demand and profitability amid weak Baltic cruise demand.

• Investments in climate-neutral technology and fleet upgrades continue, with Gotland Horizon X ordered.