Finnish ferry and logistics group Finnlines reported revenue totalling €351.9 mill (€358 mill in 1H24) in the first half of this year, a decrease of 2%.
Shipping and Sea Transport Services generated revenue amounting to €340.4 mill (€346.3 mill) of which passenger related revenue was €42.1 mill (€39.3 mill). The revenue from Port Operations was €21.5 mill (€22.6 mill).
Cargo volumes remained at the same level during the period, although vessel capacity was reduced, compared to the previous year.
In January/June, 2025, the number of private passengers increased from the previous year. To cover costs of the EU Emissions Trading scheme (ETS), the Finnlines Group charged its freight customers and passengers an environmental fee starting at the beginning of 2024.
Furthermore, the FuelEU Maritime regulation took effect on 1st January, 2025, and the costs for both of these EU regulations are included in the environmental fee. These fees are recorded in revenues.
EBITDA was €84.5 mill (€83.7 mill), a 1% increase, while EBIT was €39.9 mill (€37.8 mill). Result before taxes increased by €8.6 mill to €33.8 mill (€25.1 mill), while the 1H25 result was €36.3 mill (€24.2 mill).
For the second quarter of this year, Finnlines recorded revenue totalled €186 mill (€195.8 mill), a decrease of 5%. Cargo volumes remained stable, compared to the same period in the previous year. The positive trend in passenger business continued strongly in the second quarter, as the summer high season started.
Shipping and Sea Transport Services generated revenues amounting to €180.2 mill (€188.8 mill) and Port Operations €10.9 mill (€13.3 mill) in the second quarter.
EBITDA for 2Q25 was €51.2 mill (€53.6 mill), a decrease of 4%. EBIT was €28.7 mill (€30.9 mill). Result before taxes increased by €1.2 mill to €25.9 mill (€24.7 mill), while the net result was €26.1 mill (€24.2 mill).
Interest-bearing debt fell by €150.4 mill to €313.7 mill (€464.1 mill in 1H24), excluding leasing liabilities of €20.5 mill (€23.2 mill). Net interest-bearing debt at the end of period was €307.2 mill (€461.4 mill).
The Group’s liquidity position was strong and at the end of June, cash and cash equivalents together with unused committed credit facilities amounted to €97.8 mill (€166.1 mill). Net cash generated from operating activities stood at €70.8 mill (€60.1 mill).
Thomas Doepel, President and CEO, said: “The first six months of the year indicate that the latest fleet development plan implemented in 2024 was correctly designed. While the freight market continues to show no signs of recovery, our ro-ro fleet rationalisation and investments made in passenger traffic are beginning to take effect.
“This, in combination with reduced debt and falling interest rates, explains the significant improvement in results.
“The Finnlines Group’s revenue in January/June, 2025 amounted to €351.9 mill (€358 mill in 2024). Result for the period amounted to €36.3 mill (€24.2 mill).
“During the reporting period, Finnlines transported 399,000 cargo units, 37,000 cars, and 584,000 tonnes of non-unitised freight. In total, 439,000 private passengers and professional drivers travelled with us.
“Finnlines has been committed to offering economically and environmentally sustainable services for decades. The company has invested massively in enhancing energy efficiency and renewal of its fleet. Over the past two decades, Finnlines has ordered or purchased 20 vessels. The total investment has been nearly €2 bill.
“In April 2025, Finnlines announced a new investment programme, which consists of three new methanol-powered ropax vessels to enter the route between Finland and Germany in 2028/2029. These investments will play a vital role in meeting our goal of achieving net zero emissions.
“Meanwhile, we are continuously developing other means to achieve significant emission reductions. In May, 2025, Finnlines launched the new Green Lane sea transportation service, providing customers concrete solutions to support them in reaching their de-carbonisation targets.
“By offering 100% electricity-powered shipments on our Finland/Sweden route and introducing low-carbon transportation with biofuels on several of Finnlines’ services, we can help customers reduce their transport-related environmental footprint by up to 90%.
”Finnlines is constantly developing not only its fleet but also its comprehensive route network. In April, 2025, the company celebrated the one-year anniversary of its freight and passenger service between Malmö (Sweden) and Świnoujście (Poland).
“In addition to introducing this important commercial trade route between Sweden and Poland, Finnlines announced in June 2025 that it would expand its North Sea network by adding the Port of Gdynia, Poland, to its weekly rotation.
“This will offer our customers a cost-effective and practical intermodal alternative to the road transport for goods moving to and from Poland to Belgium, France, the UK and Spain. Additionally, it enables to connect Poland directly to the global Grimaldi Group network, offering links to the Far East, the Middle East, Mediterranean, West Africa, South America and the East Coast of the United States.
“Finnlines has connected Finland with the fast-growing Polish market for 30 years and now provides direct services from Poland to Sweden and other important European countries as well,” he concluded.
