The adjusted operating result was negative at SEK 177.3 million, compared to a SEK 66.7 million loss last year, affected by the seasonal low period and the docking of Go Nordic Cruiseline ‘s ships, NORDIC PEARL and NORDIC CROWN. The financial net was minus SEK 82.9 million, impacted by unrealised currency exchange losses, compared to a SEK 122.7 million gain in 2024. Profit after tax was a loss of SEK 225.2 million, or SEK 90.1 per share, down from a SEK 37.2 million profit. Significant events included the rebranding of the Oslo-Copenhagen route, the order of a fossil-free fuel catamaran, GOTLAND HORIZON X, aligning with the company’s 2045 climate-neutral goal, and the passing of Eric D. Nilsson, Honorary Chairman since 1989, who played a pivotal role in shaping Gotlandsbolaget. The quarter reflects seasonal challenges, integration costs, and strategic sustainability efforts.

Comment from the CEO

A result shaped by low season and our new route The adjusted operating result for the first quarter is, as expected, negative at SEK -177.3 million compared to SEK -66.7 million in 2024. Since this quarter includes Go Nordic Cruiseline, comparisons with the previous year should be made cautiously. The acquisition of Go Nordic Cruiseline significantly impacts both revenues and costs compared to 2024.

Our operations are largely seasonal, including the Oslo-Copenhagen route. Both vessels, NORDIC PEARL and NORDIC CROWN, were docked for extensive upgrades during the quarter, taking them out of service and heavily impacting the result negatively.

We observe slightly weak demand for cruises in the Baltic region, affecting BIRKA GOTLAND, with results below expectations. BIRKA GOTLAND is implementing measures and external activities to boost customer inflow and profitability.

For Gotland services, we note an Easter effect, as Easter falls in the second quarter this year. Excluding this major travel holiday’s impact, passenger numbers are stable and meet expectations.

After a long period of strong returns from our capital management company, Gotland Capital Management, we see negative unrealised currency exchange changes this quarter, affecting the result.

Investments in groundbreaking technology and older tonnage Our goal to offer climate-neutral crossings in Gotland services by 2045 requires significant investments. During the quarter, we ordered GOTLAND HORIZON X, a large-scale catamaran designed for fossil-free fuels and prepared for hydrogen operation. This technology provides crucial flexibility in a market with uncertain availability and pricing of fossil-free fuels.

We have equally high long-term climate ambitions for our entire fleet. For Go Nordic Cruiseline, we initially chose to invest in existing tonnage to boost demand. Both vessels on the route were docked for extensive upgrades, including replacing all cabin interiors. This builds a more attractive product, for which we can make significant long-term investments in new tonnage, guided by both onboard experience and climate ambitions.

Tonnage tax absent from the government’s spring budget This spring brought positive news for Swedish shipping, with the establishment of a bareboat register and the abolition of stamp duty. Both decisions, long demanded by the industry, are positive, though they do not directly affect our operations. However, there is still no clarity on the development of tonnage tax, which is critical for Swedish shipping and significantly impacts our business.

If the government does not confirm in 2025 that Swedish tonnage tax will include traffic between Gotland and the mainland, the economic and strategic management of Gotland services will shift to Denmark from 2027, when the new concession period begins. While we are prepared as a company, we believe it is wrong that such strategically important infrastructure as the sea route between Gotland and the mainland cannot be managed from Sweden on competitive terms with other European countries. Given the geopolitical situation, Swedish shipping is more important than it has been in decades, and the government must clearly show it supports policies enabling Swedish shipping companies to operate on European terms.

Changes in management and board In early May, changes in Gotlandsbolaget’s management and board were announced. On 7 July, Björn Nilsson will assume the role of CEO, and I will become deputy CEO. I have also taken on the role of CEO for Destination Gotland, as Marcus Risberg stepped down to become CEO of Viking Line.

At the upcoming annual general meeting, board changes are proposed. Lars Wedenborn is proposed as the new chairman, Ann-Marie Åström as deputy chairman, and Peder Hammarsköld as a new board member.

These changes strengthen the company’s leadership, and together we will continue focusing on passenger shipping.

High season approaches Our operations are preparing for summer. Destination Gotland increases departures from six to 18 during the peak summer weeks, and our Gustavsvik facility reopens after winter. Destination Gotland collaborates with Gotland’s tourism industry on campaigns to attract visitors, such as free travel for children and youths up to 19 years between 25 June and 6 July, alongside more departures with attractive package prices.

BIRKA GOTLAND increases cruises to Visby, starting at Easter and continuing until late August.

2025 is a pivotal year for establishing Go Nordic Cruiseline. In late April, the first marketing campaigns were launched in Norway and Denmark, and we look forward to our first high season as owners of the route.

From Gotlandsbolaget, we welcome you to enjoy the summer on Gotland or with our cruises on BIRKA GOTLAND or Go Nordic Cruiseline.

Håkan Johansson, CEO Gotlandsbolaget

Full report https://corporate.gotlandsbolaget.se/sv/wp-content/uploads/sites/4/2021/10/Kvartalsrapport-januari-mars-2025-250523.pdf

© Shippax