Gotlandsbolaget (GOTL) Q4 2025 earnings summary

Executive summary

• Revenue for 2025 reached 3,745 MSEK, up 42.8% year-over-year, mainly due to the acquisition and integration of Go Nordic Cruiseline, but profitability declined due to high establishment costs and lower-than-expected onboard sales.

• Adjusted operating profit (EBIT) for 2025 was 35.3 MSEK, a significant decline from 218.2 MSEK in 2024, mainly due to high establishment costs for Go Nordic Cruiseline.

• Net result after tax for 2025 was -87.3 MSEK, compared to 375.9 MSEK in 2024.

• The year featured integration of new acquisitions, operational upgrades, and preparations for future growth and efficiency.

• Passenger volumes increased across key segments, with Gotlandstrafiken up 1.6% and Birka Gotland up 9%.

Financial highlights

• Q4 2025 revenue was 759.3 MSEK, up 20.5% year-over-year.

• Q4 adjusted EBIT was -122.2 MSEK, compared to -60.6 MSEK in Q4 2024, mainly due to Go Nordic Cruiseline.

• Full-year adjusted EBITDA was 480 MSEK, down 13.1% year-over-year.

• Cash flow from operations for 2025 was 429.9 MSEK, down 47.8% from 2024.

• Net financial items were negatively impacted by unrealized FX losses on USD holdings for vessel construction.

Outlook and guidance

• Focus remains on developing existing businesses, driving sustainable shipping, and growth through expansion and acquisitions.

• Go Nordic Cruiseline expected to increase passenger numbers and revenues as integration and brand establishment mature.

• Destination Gotland faces a new contract with lower compensation, requiring cost efficiencies and volume growth to maintain profitability.

• Construction of Gotland Horizon X began in February 2026, with delivery expected in late 2028.