Gotlandsbolaget (GOTL) Q3 2025 earnings summary

Executive summary

• Revenue for Q3 2025 rose to 1,415.6 MSEK from 1,002.7 MSEK year-over-year, mainly due to the acquisition of Go Nordic Cruiseline, which also drove up costs to 1,079.1 MSEK from 695.1 MSEK.

• Adjusted operating profit for Q3 increased to 352.7 MSEK (318.2 MSEK), with EPS at 141.1 SEK (127.3 SEK).

• Net income after tax for Q3 was 311.1 MSEK (230.4 MSEK), or 124.4 SEK (92.2 SEK) per share.

• For Jan–Sep 2025, revenue reached 2,985.3 MSEK (1,991.7 MSEK), but adjusted operating profit fell to 157.6 MSEK (278.8 MSEK) due to high establishment costs and vessel upgrades.

• Net income for Jan–Sep was 32.3 MSEK (322.7 MSEK), or 12.9 SEK (129.1 SEK) per share.

Financial highlights

• EBITDA for Q3 was 468.8 MSEK (400.7 MSEK); for Jan–Sep, 481.2 MSEK (521.2 MSEK).

• Cash flow from operations for Jan–Sep was 512.4 MSEK (617.1 MSEK).

• Equity attributable to parent shareholders at period end was 5,510.6 MSEK (5,552.4 MSEK).

• Liquid assets at period end were 3,193.2 MSEK (3,758.0 MSEK).

Outlook and guidance

• Stable passenger and guest numbers expected to continue, with focus on integrating Go Nordic Cruiseline and further investments in sustainable shipping.

• Ongoing efforts to increase renewable fuel use and leverage emission rights for financing green initiatives.