Gotlandsbolaget (GOTL) Q2 2025 earnings summary

Executive summary

• Revenue increased significantly year-over-year due to the acquisition of the Oslo–Copenhagen line (Go Nordic Cruiseline), but higher costs and establishment expenses led to negative earnings for the quarter and half-year.

• Adjusted operating result (EBIT) and net income both turned negative, mainly due to launch costs and lower-than-expected onboard sales in Go Nordic Cruiseline.

• Other business segments, especially Destination Gotland, showed improved results and passenger growth.

Financial highlights

• Q2 revenue: 961.1 MSEK (up from 604.1 MSEK); H1 revenue: 1,569.7 MSEK (up from 989.0 MSEK) year-over-year.

• Q2 adjusted EBIT: -17.7 MSEK (down from 27.3 MSEK); H1 adjusted EBIT: -195.1 MSEK (down from -39.4 MSEK).

• Q2 net income: -53.6 MSEK (down from 55.1 MSEK); H1 net income: -278.8 MSEK (down from 92.3 MSEK).

• Cash flow from operations H1: 342.9 MSEK (down from 538.7 MSEK).

• Dividend set at 20.30 SEK per share (previously 9.80 SEK).

Outlook and guidance

• Focus on integrating Go Nordic Cruiseline and improving onboard sales and passenger yield.

• Strategic review of expansion and acquisition opportunities in passenger shipping ongoing.

• Positive regulatory development: revised Swedish tonnage tax proposal includes Gotland traffic.