Gotlandsbolaget (GOTL) Q3 2024 earnings summary

Executive summary

• Adjusted operating profit for Q3 rose to 318.2 MSEK (277.6), and Jan–Sep to 278.8 MSEK (222.9), driven by lower fuel prices, higher revenues in Gotlandstrafiken, and positive contributions from Birka Gotland.

• Strong summer season and successful takeover preparations for the Oslo–Fredrikshamn–Copenhagen line, acquired from DFDS.

• Focus on next-generation, climate-neutral vessels and investments in fossil-free fuel infrastructure, aiming for climate-neutral Gotlandstrafiken by 2045.

• Costs related to the acquisition and start-up of the Oslo–Fredrikshamn–Copenhagen line affected results.

• Continued strong liquidity supports future investments in green technology and tourism.

Financial highlights

• Q3 revenues: 1,002.7 MSEK (968.5); Jan–Sep revenues: 1,991.7 MSEK (1,895.5), both periods include new ship management income.

• Q3 adjusted EBITDA: 400.7 MSEK (359.1); Jan–Sep adjusted EBITDA: 521.2 MSEK (470.4).

• Q3 net income after tax: 230.4 MSEK (247.2); Jan–Sep net income after tax: 322.7 MSEK (503.1), with prior year boosted by asset sales.

• Cash flow from operations Jan–Sep: 617.1 MSEK (483.0).

• No vessel sales gains in 2024 (0.0 MSEK vs. 280.3 MSEK in 2023).

Outlook and guidance

• Strong balance sheet and liquidity enable continued investments in tourism and green shipping technology.

• Awarded Gotlandstrafiken contract for 2027–2035, ensuring long-term operational stability.

• Well prepared to meet new FuelEU Maritime emission reduction requirements.

• Plans to invest in and renovate acquired cruise ferries, aiming to increase passenger numbers and enhance onboard experience.

• Ongoing development of new, fossil-free vessels and infrastructure for Gotlandstrafiken and new Nordic routes.