Gotlandsbolaget (GOTL) Q2 2024 earnings summary

Executive summary

• Revenue for Q2 2024 increased to 604.1 MSEK from 564.2 MSEK year-over-year, driven by higher passenger volumes and services for Gotland Alandia Cruises.

• Adjusted EBIT for Q2 improved to 27.3 MSEK (8.3), mainly due to stronger Gotlandstrafiken results; net profit after tax was 55.1 MSEK (326.0), with last year boosted by vessel sales.

• For H1 2024, revenue rose to 989.0 MSEK (927.1), adjusted EBIT improved to -39.4 MSEK (-54.6), and net profit after tax was 92.3 MSEK (255.9).

• Major events include the acquisition of the Oslo–Copenhagen ferry line and renewed contract for Gotlandstrafiken through 2035.

Financial highlights

• Q2 adjusted EBITDA: 107.6 MSEK (95.7); H1 adjusted EBITDA: 120.5 MSEK (111.5).

• No vessel sales in 2024; prior year included 291.7 MSEK (Q2) and 261.2 MSEK (H1) in gains.

• Cash flow from operations for H1: 538.7 MSEK (429.9).

• Dividend of 9.80 SEK per share approved at the June AGM.

Outlook and guidance

• Expansion strategy continues with the Oslo–Copenhagen line acquisition, targeting growth in Nordic passenger shipping.

• Focus on climate-neutral crossings and next-generation vessels, including hydrogen-powered catamarans.

• Positive outlook for Gotlandstrafiken with renewed contract and ongoing volume growth.