“If 2023 was the year of recovery, 2024 has been the year when we set full speed ahead. We are pleased with the renewed confidence in operating the Gotland traffic, and through the acquisition of the Oslo-Copenhagen line, we have taken an important step in line with our strategy. After a few turbulent years characterized by the pandemic and recession, we see that volumes in the Gotland traffic have stabilized.  

Quarter October-December 2024

• Revenue amounted to SEK 630.3 million (470.9), while costs amounted to SEK -690.6 million (-515.0). Compared with the previous year, the changes are mainly due to the takeover of the Oslo-Copenhagen line, which affected both revenue and costs. In addition, lower costs in the Gotland traffic have had a positive impact during the quarter.

• Adjusted operating profit amounted to SEK -60.6 million (-61.2), corresponding to SEK -24.2 (-24.5) per share. Compared to the previous year, the quarter was negatively affected by the result from the Oslo-Copenhagen route, which was offset by an improved result within the Gotland traffic.

• Net financial items amounted to SEK 120.5 million (-55.2) and were positively affected by exchange rate changes.

• Profit after tax, including capital gains on sales, amounted to SEK 53.1 million (-98.7), corresponding to SEK 21.2 (-39.5) per share.

Period January-December 2024

• Revenue amounted to SEK 2,622.0 million (2,366.4), while expenses amounted to SEK -2,367.8 million (-2,187.6). Compared to the previous year, the change is mainly due to the fact that income and expenses for the last two months of the year include the new Oslo-Copenhagen route. At the same time, higher income and a lower cost level within the Gotland traffic have had a positive effect. However, the costs have been burdened by start-up costs in connection with the takeover of the Oslo-Copenhagen route and the establishment of BIRKA GOTLAND.

• Adjusted operating profit amounted to SEK 218.2 million (161.7), corresponding to SEK 87.3 (64.7) per share. Compared to the previous year, the improvement is mainly due to a stronger result within the Gotland traffic. At the same time, the result has been negatively affected by the Oslo-Copenhagen route and costs related to the takeover of the new route and the establishment of BIRKA GOTLAND.

• Capital gains from the sale of vessels amounted to SEK 0.0 million (280.3) net.

• Net financial items amounted to SEK 289.4 million (82.7), driven by rising interest rates, increased money market investments and a positive effect from exchange rate fluctuations.

• Profit after tax, including capital gains on sales, amounted to SEK 375.6 million (404.5), corresponding to SEK 150.2 (161.8) per share.

Significant events during the quarter and after the end of the period

• On October 31, Gotlandsbolaget took over the Oslo-Copenhagen route from DFDS. The operation comprises approximately 800 employees, and the deal included the cruise ferries NORDIC PEARL (formerly PEARL SEAWAYS) and CROWN SEAWAYS (which will be renamed NORDIC CROWN).

• In December, Gotlandsbolaget announced that the company is investing in the construction of a biogas plant and securing volumes of biogas for Gotlandtrafiken.

• In mid-February, Gotlandsbolaget ordered the large-scale catamaran Gotland Horizon X, equipped with groundbreaking technology. The ship is being built to run on fossil-free fuels of the future. The supplier is the Australian shipyard Austal Limited.

• On 15 February, board member Eric D. Nilsson passed away. Eric had been active in Gotlandsbolaget since the 1960s and had been Honorary Chairman of the company's board since 1989.

Comment from the CEO

A decisive year

With 2024 behind us, we can sum up an eventful year, characterized by important future-oriented investments and the great success of having won the Swedish Transport Administration's trust to continue operating the Gotland traffic during the next concession period (2027-2035).

In addition to these achievements, which required great commitment during the year, we have continued to develop the Group and strengthen our existing operations. The Group's adjusted operating profit for 2024 improved to SEK 218.2 million (161.7). The development was driven by stronger results in the Gotland traffic, while start-up costs in BIRKA GOTLAND and costs for the takeover of the Oslo-Copenhagen route had a negative impact.  

The BIRKA GOTLAND cruise line was launched in the spring. Bringing a new product to the market always involves an establishment phase, and after a somewhat sluggish start, passenger volumes were satisfactory during the summer. In November, a new CEO was announced for Gotland Alandia Cruises, which operates BIRKA GOTLAND, and several initiatives are underway that further strengthen the product. 

Taking over the Oslo-Copenhagen route redefines us

The taking over of the Oslo-Copenhagen route in the fourth quarter means that we are now calling at two more Nordic capitals and marks an important milestone in our strategy to expand within passenger shipping. The focus is now on developing the route and increasing passenger volumes.

As a first step, we are carrying out extensive upgrades to the ships. NORDIC PEARL was docked in January 2025 to receive new cabins and a renovation of the public areas, and in March it is CROWN SEAWAYS’ (the future NORDIC CROWN) turn to undergo the same upgrade. This means that both ships will be out of service for parts of the first quarter of 2025.

In the spring, the line's new name, Go Nordic Cruiseline, will be launched. A name that we want to depict the line's proud Nordic heritage and history but also reflect the development that we are now making.

Investments in our journey towards climate-neutral crossings

Our goal is to offer climate-neutral crossings in Gotland traffic by 2045, which requires significant investments. Reducing carbon emissions requires large volumes of fossil-free fuels. At the end of 2024, we announced our investment in a biogas plant being built outside Eskilstuna. The deal also secures access to climate-smart biogas of the highest quality, corresponding to approximately 10 percent of Destination Gotland’s total fuel needs over 10 years.

In early 2025, we ordered Gotland Horizon X, a large-scale catamaran designed to be powered by the fossil-free fuels of the future. The ship is being built by the Australian company Austal Limited and is equipped with gas turbines and a multi-fuel solution, which gives the ship high efficiency and the ability to use several different fossil-free fuels. The investment is the largest single investment in Gotlandsbolaget's history, and the chosen technology gives us important flexibility in a market where the availability of fossil-free fuels is uncertain.

Time is running out for an announcement on the tonnage tax

The win in the Swedish Transport Administration's procurement of the Gotland traffic was one of the most important events of the year for us. But there are still question marks that we need answers to. Our bid was submitted by a Danish subsidiary that will be responsible for financial and strategic management. This is to be able to compete with other European shipping companies on equal terms, despite the large difference in tonnage tax that exists between Sweden and the rest of Europe. The Swedish government is working on a developed Swedish tonnage tax, but it is currently unclear whether the Gotland traffic will be included in this.

It should be obvious that such strategically important infrastructure as the ferry traffic to Gotland can be controlled entirely from Sweden on competitively neutral terms. If a decision on whether a developed tonnage tax includes Gotland Traffic comes in 2025, we have the opportunity to place the responsibility for financial and strategic management on Gotland, just as today. If not, strategic functions in Gotland Traffic will be controlled from Denmark.

A great shipowner has passed away

On 15 February 2025, Eric D. Nilsson passed away. Eric's importance to the development of Gotlandsbolaget and Gotland is difficult to put into words. His ability to develop and lead the company to make wise ship deals has laid the foundation for what we are today. His vision to bring Gotland and the mainland closer together through modern ships and traffic systems has fundamentally changed Gotland's conditions. We remember Eric with great warmth and respect.”

Håkan Johansson, CEO Gotlandsbolaget