“The second quarter shows stability in the development of our operations. We are particularly pleased with the positive trend in passenger numbers for Destination Gotland in June – a month we and the Gotland visitor industry work actively to develop. However, the result is negatively affected by the establishment of Go Nordic Cruiseline, where we have incurred launch and establishment costs, while revenues have not met our expectations.

Quarter April–June 2025

• Revenues amounted to SEK 961.1 million (SEK 604.1 million), while costs amounted to SEK -976.6 million (SEK -562.4 million). Compared with the previous year, the changes are mainly due to the takeover of the Oslo–Copenhagen route from 31 October 2024, and Go Nordic Cruiseline, which affected both revenues and costs.
• Adjusted operating result amounted to SEK -17.7 million (SEK 27.3 million), corresponding to SEK -7.1 (SEK 10.9) per share. Establishment costs and revenue levels in Go Nordic Cruiseline had a negative impact on the quarter. Other operations show an improved result compared with the previous year.
• Net financial items amounted to SEK -13.4 million (SEK 39.7 million), negatively affected mainly by unrealised exchange rate fluctuations but also by lower interest rates and lower investment levels.
• Result after tax, including capital gains from sales, amounted to SEK -53.6 million (SEK 55.1 million), corresponding to SEK -21.4 (SEK 22.0) per share.

Period January–June 2025

• Revenues amounted to SEK 1,569.7 million (SEK 989.0 million), while costs amounted to SEK -1,736.4 million (SEK -982.1 million). Compared with the previous year, the changes are mainly due to the takeover of the Oslo–Copenhagen route and Go Nordic Cruiseline, which affected both revenues and costs during the period.
• Adjusted operating result amounted to SEK -195.1 million (SEK -39.4 million), corresponding to SEK -78.0 (SEK -15.8) per share. The docking and upgrading of the vessels NORDIC PEARL and NORDIC CROWN during the first quarter meant that they were out of service. In addition, establishment costs and revenue levels in Go Nordic Cruiseline negatively affect the period. Other operations show an improved result compared with the previous year.
• Net financial items amounted to SEK -96.2 million (SEK 162.4 million), negatively affected mainly by unrealised exchange rate fluctuations but also by lower interest rates and lower investment levels.
• Result after tax, including capital gains from sales, amounted to SEK -278.8 million (SEK 92.3 million), corresponding to SEK -111.5 (SEK 36.9) per share.

Significant events during and after the quarter

• On 5 May, Gotlandsbolaget announced changes in management and the board, which at the time of this report’s publication have been implemented. Håkan Johansson assumed the role of CEO of Destination Gotland with immediate effect.
• At the AGM on 10 June, board member Lars Wedenborn was elected as the new Chairman of the Board, and Ann-Marie Åström as Vice Chairman. Peder Hammarskiöld was newly elected to the board.
• On 7 July, Björn Nilsson assumed the role of CEO of Gotlandsbolaget, while Håkan Johansson (former CEO of Gotlandsbolaget) became Deputy CEO.
• On 7 July, Gotlandsbolaget and Strawberry announced a new cooperation agreement. In the summer of 2026, Gotlandsbolaget’s hotel in Visby will become a Quality Hotel.

CEO’s Comment

A stable quarter, but affected by the establishment of Go Nordic Cruiseline

The adjusted operating result amounted to SEK -17.7 million compared with SEK 27.3 million in 2024. As mentioned in the Q1 report for January–March, comparisons with 2024 should be made with caution, since the acquisition of Go Nordic Cruiseline affects revenues, costs, and earnings. It is also worth noting that Birka Gotland’s operations were launched at the end of Q1 2024.

For our operations on Gotland and in the Baltic Sea we see stable and positive development. If passenger numbers in Q1 were somewhat cautious, Q2 has developed positively, and we see total passenger numbers on our routes increase, partly thanks to a late Easter. Particularly pleasing is that passenger numbers at Destination Gotland increased by 4.5 per cent in June. Together with the Gotland visitor industry, we are working to strengthen the so-called shoulder seasons, and the development in June has a significant impact on this.

However, the Group’s result is negatively affected by our new route between Oslo and Copenhagen. 2025 is a year of establishment for Go Nordic Cruiseline, and the quarter includes launch costs for a new brand. Our aim is to increase passenger numbers as well as the average revenue per passenger. Passenger numbers are developing in the right direction, but revenue levels – especially onboard sales – are not meeting expectations.

As in the first quarter, we see negative unrealised exchange rate fluctuations, which adversely affect our result.

Step by step towards lower emissions

In May, the groundbreaking took place for the biogas plant we have invested in outside Eskilstuna. Destination Gotland has signed an agreement to purchase large volumes of biogas (LBG) from the facility, corresponding to about ten per cent of Gotland traffic’s fuel requirements over a ten-year period.

Changes in the Board

On 10 June, Lars Wedenborn was elected Chairman. As I was about to take on the role of CEO, both I and the rest of the Board considered that the Chairman should be independent of the principal owners. That Lars Wedenborn, with his background and experience, accepted the role is very positive for the company.

Looking ahead

This is the first interim report published after I assumed the role of CEO on 7 July. The focus now is on both existing operations and possible future acquisitions.

The establishment of Go Nordic Cruiseline is central to the Group. We are beginning to see the effects of the vessel upgrades carried out in the first quarter and the launch of the new brand. Analyses of target groups and onboard offerings are ongoing to further develop the business.

At the start of the summer, we received confirmation that the government has presented a proposal for a revised tonnage tax in Sweden – an important step for Swedish shipping. Particularly pleasing for us is that Gotland traffic is included. We are now analysing the proposal in full.

In addition to developing existing operations, we will continue along the chosen strategy and analyse expansion opportunities and acquisitions within passenger shipping. Our work to adapt our traffic and be a driving force in the maritime sector to reduce emissions is also an important part of our development efforts.

Björn Nilsson, CEO Gotlandsbolaget”

Full report Gotlandsbolaget-Delarsrapport-januari-juni-2025-250820.pdf