Gotlandsbolaget (GOTL) Q1 2026 earnings summary

Executive summary

• Revenue increased to 621.6 MSEK from 608.6 MSEK year-over-year, mainly due to higher sales in Go Nordic Cruiseline after prior year dockings of key vessels.

• Adjusted EBIT was -192.7 MSEK (-177.3), reflecting expected seasonal weakness and higher depreciation and project costs.

• Net result after tax improved to -144.0 MSEK from -225.2 MSEK, aided by positive unrealized currency effects.

• Construction of Gotland Horizon X began in February, with delivery planned for H2 2028 and service start in 2029.

• Agreement signed in April to acquire 30% of Nordic Ferry Infrastructure for ~510 MEUR, pending regulatory approval.

Financial highlights

• Revenue: 621.6 MSEK (608.6), up 2.1% year-over-year.

• Adjusted EBITDA: -73.3 MSEK (-80.3); Adjusted EBIT: -192.7 MSEK (-177.3).

• Net result after tax: -144.0 MSEK (-225.2); EPS after tax: -57.6 SEK (-90.1).

• Operating cash flow: 9.1 MSEK (30.9).

• Investments: 380.9 MSEK (766.5), mainly for Gotland Horizon X.

Outlook and guidance

• Seasonal pattern expected to continue, with improved results anticipated in high season.

• Expansion strategy focused on sustainable maritime infrastructure, including the NFI acquisition.

• Anticipation of government support to lower travel costs for Gotland residents and potential changes to tonnage tax.