Comments from the CEO

Establishment costs have a negative impact on earnings, the
adjusted operating profit for the year is SEK 35.3 million, a decrease compared to 2024 (SEK 218.2 million). The main impact on the lower profit is seen from Go Nordic Cruiseline, which has been burdened by high establishment costs after the takeover. The Group's revenue increased significantly, from SEK 2,622.0 million in 2024 to SEK 3,744.6 million in 2025. The increase is mainly driven by Go Nordic Cruiseline. Comparisons with 2024 should be made with caution, as the takeover of Go Nordic Cruiseline took place on 31 October 2024.

Go Nordic Cruiseline had 711,700 passengers during the year, which is in line with our expectations. The dockings and upgrades of the vessels NORDIC PEARL and NORDIC CROWN during the first quarter meant that they were out of service for longer periods, which was included in our plans. However, we see challenges in terms of revenue level, where on-board sales in particular do not meet our expectations.

Gotland Alandia Cruises (our collaboration with Viking Line, which operates the cruise ship BIRKA GOTLAND) shows an improvement in earnings, but does not yet meet our expectations. During the year, 570,500 passengers were welcomed, compared to 438,700 from 20 March to 31 December 2024 when we started the service. Although a positive development, volumes do not reach all the way and we see continued potential for improvement.

Destination Gotland shows a stable development, and the number of passengers in Gotland traffic increased by 1.6 per cent (1,758,500 one-way trips) compared with the previous year (1,730,200). We are particularly positive about the fact that Gotlanders' travel increased by 4.4 percent.

Net financial items were negatively impacted compared to the previous year, mainly due to unrealized exchange rate fluctuations related to US dollar holdings, but also from lower interest rates and lower investment levels. The USD holdings are placed ahead of payments for the construction of GOTLAND HORIZON X, where the contract is written in USD. At the same time, the decline in the dollar exchange rate will mean that the acquisition cost in Swedish kronor will be correspondingly lower.

A year characterized by integration and preparation of our most influential operating activities financially and personnel are Destination Gotland and Go Nordic Cruiseline.

In 2024, the Swedish Transport Administration announced that we will be given renewed confidence to operate Gotlandstrafiken during the coming concession period (2027-2035). The new agreement provides approximately SEK 280 million in compensation per year from the Swedish Transport Administration, which is SEK 220 million less than the current agreement. This requires cost efficiencies and increased volumes to maintain profitability. During the year, Destination Gotland has worked to identify new opportunities and prepare for the new agreement period, a work that will continue in 2026. Among other things, a new booking platform has been implemented, which means an improved customer experience and gives us the opportunity to offer our customers to book a larger part of their stay directly with us. When this report is released, VISBY is in the process of installing suspension decks, which will increase the capacity for cars by about 20%. During the high season, the capacity for cars today is a crowded sector, and the suspension tires will mean that we can welcome more passengers.

Go Nordic Cruiseline has now been part of Gotlandsbolaget for a full calendar year. We began 2025 by carrying out extensive rebuilding of both ships, where all cabins were rebuilt and many of the public spaces were also renovated. The year has also included intensive work to launch a new brand on the market and to develop the product. In parallel, all system integrations with DFDS have been completed, with the final step being to implement a newly developed commercial platform in January 2026. 2025 has been filled with changes and we are now looking forward to a 2026 where the organization has the conditions to drive increased volumes and revenues according to a clearly established plan.

Together for the transition
of shipping Gotlandsbolaget has been at the forefront of reducing carbon dioxide emissions in Gotland traffic for many years. During the year, our upcoming ferry GOTLAND HORIZON X has continued to be developed, and in February 2026, construction of the hull began at the shipyard.

Access to fossil-free fuels at competitive prices is a challenge, and will become even more so as the demands for reduced carbon dioxide emissions increase in Europe. We are therefore investing in biogas production, and are proud that the plant we have invested in outside Eskilstuna is now being built and is expected to be able to start production in the third quarter of 2026. Destination Gotland has signed an agreement that secures approximately ten percent of the fuel needs in Gotland traffic for ten years. We are former co-owners of Energiskiftet Sverige, which produces biogas on Gotland.

Our important role in total defence and security of supply
We have expanded in the Nordic region in recent years, but the Gotland traffic is still our core business. Geopolitical uncertainty today affects both businesses and people. Destination Gotland was recently identified as a socially important business, which places new demands on the organization and our resilience, for example in physical and digital security, supplier dependencies and crisis management capabilities. The infrastructure between Gotland and the mainland is absolutely crucial for everyone who lives and works on Gotland, but also for the mainland. Gotland's food is important for Sweden's food supply.

The work to develop Sweden's civil preparedness is intense, and we continue our good dialogue with relevant authorities.

Monitoring developments
We are following the unrest in the Middle East and the effects it has on fuel prices. We work continuously with bunker hedging to mitigate the cost impact of fluctuations in the world market.

We look ahead
The intensive work to develop our existing operations and routes will continue in 2026, and I see that we are gradually creating the conditions required to increase volumes and profitability. In parallel, we continue to develop Gotlandsbolaget in the direction we have started. Our strong cash position gives us the conditions to review potential acquisitions, build new vessels and drive the transition of shipping.

I would also like to take this opportunity to thank our employees and the company's Board of Directors for their commitment and efforts in 2025. Furthermore, I would like to thank our shareholders for their trust. Together, we have our sights set on the future.

Björn Nilsson, CEO of Gotlandsbolaget

Full report https://corporate.gotlandsbolaget.se/sv/wp-content/uploads/sites/4/2021/10/Gotlandsbolaget-bokslutskommunike-2025-260311.pdf

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