Key points

• Revenue for Q2 2026 rose to SEK 1,003.4 million (961.1)
• Adjusted operating result was SEK -17.2 million (-17.7)
• Net financial items came to SEK 67.3 million (-13.4)
• Profit after tax was SEK 23.5 million (-53.6), equivalent to SEK 9.4 per share
• Destination Gotland passenger volumes fell 5.9 per cent in the quarter, mainly due to a weak June
• Go Nordic Cruiseline carried 169,358 guests across weeks 25–33, down 4.8 per cent, with revenue per passenger up slightly
• The acquisition of a 30 per cent stake in Nordic Ferry Infrastructure (NFI), via NP HoldCo AS, received regulatory approval in early July and has been completed
• A new credit facility of up to SEK 1,200 million was signed during the quarter
• Construction of the new catamaran GOTLAND HORIZON X has reached a major milestone, with its first hull section lifted into place
• Destination Gotland's Trafikverket agreement is confirmed to move home to Gotland from Denmark
• Gotlandsbolaget has begun examining a possible move from Nasdaq First North to Nasdaq Stockholm's main list

Second quarter 2026

Revenue for the quarter came to SEK 1,003.4 million (961.1), an increase the company attributed mainly to income recognised from pooling FuelEU Maritime over-performance credits.

Costs rose to SEK -1,018.3 million (-976.6), reflecting both the recognised FuelEU Maritime volume and higher depreciation, largely linked to Go Nordic Cruiseline.

The adjusted operating result was SEK -17.2 million (-17.7), equivalent to SEK -6.9 per share (-7.1), with the FuelEU Maritime effect offsetting higher depreciation charges.

Net financial items came to SEK 67.3 million (-13.4), boosted by unrealised currency gains.

Profit after tax, including gains on disposals, was SEK 23.5 million (-53.6), equivalent to SEK 9.4 per share (-21.4).

Comment from the CEO

"The adjusted operating result was in line with last year," said Björn Nilsson, chief executive of Gotlandsbolaget. Gotland Carbon Solutions' work overseeing the sale of FuelEU credits is delivering a positive financial effect, he said, while higher depreciation, mainly at Go Nordic Cruiseline, weighed on results.

Destination Gotland saw a 5.9 per cent fall in passenger volumes over the quarter, driven mainly by June. Across the peak weeks 25 to 33, 758,320 passengers travelled, a decrease of 1.4 per cent year on year. July showed a smaller decline of 0.8 per cent, but June was described as a disappointment. Almedalen week performed in line with previous years, while week 27 remains a challenge that Gotlandsbolaget, together with Gotland's tourism industry, says it needs to address. Unsettled weather during peak season was cited as a factor, and the company is analysing which activities to pursue for 2027 to strengthen summer bookings, particularly in June. Residents of Gotland are travelling at similar levels to the previous year during peak summer weeks, and additional state travel support has not yet changed volumes. The company also noted that more passengers are avoiding the cheaper departures than before.

Go Nordic Cruiseline saw broadly similar levels to 2025, with a slight increase in revenue per passenger. Across weeks 25 to 33, 169,358 guests travelled, down 4.8 per cent. Work is under way to increase passenger numbers and shift the passenger mix, with traveller numbers from continental Europe and Asia still low.

Birka Gotland performed similarly to the previous year for the quarter. Cost-saving initiatives have been implemented and are showing a positive effect, and cruises to Visby remain highly attractive, the company said.

Net financial items benefited from unrealised currency movements compared with the previous year. During the quarter, Gotlandsbolaget signed an agreement for a credit facility of up to SEK 1,200 million, which it said strengthens its financial flexibility during an expansive phase.

NFI deal completed

In April, Gotlandsbolaget, Interogo Infrastructure and Lægernes Pension announced an agreement, via the newly established company NP HoldCo AS, to acquire 30 per cent of the shares in Nordic Ferry Infrastructure (NFI). Gotlandsbolaget holds a 54 per cent stake in NP HoldCo AS, making it the largest shareholder. The seller was EQT, which remains the majority owner of NFI.

All regulatory approvals were obtained in early July and the transaction has now been completed as planned. Gotlandsbolaget said the investment is a key step in its strategy to expand in sustainable maritime infrastructure, building on previously communicated plans for knowledge transfer and strategic collaboration with NFI in maritime technology.

Continued work towards climate-neutral crossings

Gotlandsbolaget said its modern fleet and use of biofuel in the Gotland trade allow it to over-perform against the EU's FuelEU Maritime requirements. Gotland Carbon Solutions manages and sells the resulting surplus credits, with proceeds funding new investment in biogas and increased volumes of fossil-free fuel in the Gotland trade. Destination Gotland's carbon dioxide equivalent emissions fell by 20 per cent during 2025.

Gotlandsbolaget is a part-owner of EnergiSkiftet Sverige, a Gotland-based biogas producer. In July, the company received confirmation that the Land and Environment Court has approved construction of a biogas plant in southern Gotland, which Gotlandsbolaget said will enable local biogas to be used in the Gotland trade.

Construction of the company's new catamaran, GOTLAND HORIZON X, has progressed significantly, with the first central hull section now lifted into place — comparable, for a catamaran, to a traditional keel-laying. The vessel is described as an important part of Gotlandsbolaget's work towards climate-neutral crossings.

Focus on development into autumn

Gotlandsbolaget said its intensive peak season is now moving into late summer, with continued opportunities to experience Gotland and its cruise offerings.

Destination Gotland continues preparations for its forthcoming agreement with the Swedish Transport Administration (Trafikverket), which has now been confirmed to move home to Gotland from Denmark, enabled by Sweden's revised tonnage tax. Among the initiatives under way is the introduction of hoistable car decks to increase capacity, with VISBY the first vessel fitted, adding around 20 per cent more car spaces.

Go Nordic Cruiseline is focused on increasing passenger numbers and revenue, with brand awareness for the still-new brand said to be rising. Following a period establishing the product, organisation, processes and systems, and completing its separation from DFDS, the business is entering a new phase, with leadership changes planned for the autumn.

Birka Gotland is working to strengthen its brand position and product in the market, with continued focus on cost optimisation.

Separately, on the board's instruction, Gotlandsbolaget has begun examining the conditions for moving its stock market listing from Nasdaq First North to Nasdaq Stockholm's main list, which it described as a natural step in its development.

Full report https://corporate.gotlandsbolaget.se/sv/kvartalsrapport-januari-juni-2026/

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