Swedish ferry operator Gotlandsbolaget has reported a significant financial downturn for the first half of 2025, swinging to a substantial net loss from a profit in the previous year. The reversal came despite a large increase in revenue, which was more than offset by a sharper rise in costs associated with the establishment of its new Go Nordic Cruiseline and the takeover of the Oslo-Copenhagen route.
For the six months ending 30 June, the group posted revenues of SEK1.57 billion ($151 million), a significant increase from the SEK1989.0 million recorded in the first half of 2024. However, this was overshadowed by total costs climbing to SEK11.74 billion from SEK982.1 million in the prior-year period. This resulted in a net loss after tax of SEK278.8 million kronor, a stark contrast to the SEK92.3 million profit reported for the first half of 2024.
The company attributed the changes primarily to the takeover of the Oslo-Copenhagen route in late 2024 and the subsequent launch of its new brand, Go Nordic Cruiseline. The first-half results were also negatively impacted by the docking and upgrading of two vessels during the first quarter.
The trend continued in the second quarter, with the company reporting a net loss of SEK53.6 million, compared to a profit of SEK55.1 million in the same period last year. This was despite quarterly revenues increasing to SEK961.1 million from SEK604.1 million.
In his comments on the results, company CEO Björn Nilsson noted that while passenger numbers on the new route were developing in the right direction, the revenue level, "especially regarding onboard sales, does not meet our expectations." He added that the quarter included launch costs for the new brand.
On a more positive note, he highlighted that the number of passengers at Destination Gotland had increased by 4.5 per cent in June, stating that other operations showed an improved result compared to the previous year. Looking ahead, the focus will be on developing the new route and analysing potential future acquisitions.