Kai Laitinen Gasum

Kai Laitinen

tel. +358 40 500 2080

Key data for 2022

Revenue €2,722.5 million
(2021: 1,571.0)

Equity ratio 28.3%
(2021: 18.0%)

Gasum Green Funding Framework

Gasum Green Funding Framework is part of the company’s financing strategy and is used by the company to show the positive environmental and climate impacts of its business.

CICERO Shades of Green has evaluated and given Gasum’s Green Funding Framework the grade of dark green, which is allocated to the most climate friendly projects or business solutions that promote the long-term vision of the transition to a low-carbon society.

Gasum Green Funding report 2022

Gasum Green Finance framework 2023

CICERO Second Opinion

Key figures and financial reports

Please read more about Gasum Group's key figures and annual financial reports.


Financial reports

Financial result Q2/H1 2023

Financial result Q1 2023


Financial communications


Gasum Group H1 2023 – Volumes continued to improve as confidence is returning to the market

While sales development was positive, Gasum’s result was burdened by costs, which resulted from restructuring and risk mitigation of the natural gas business in response to the surrounding geopolitical situation and changes in energy markets.

January–June 2023 (H1 2022):

  • The Group’s revenue decreased by 41.5 percent to EUR 745.1 (1,274.2) million due to lower gas prices and volumes.
  • Operating profit (EBIT) was EUR –26.4 (+56.3) million at loss. Adjusted operating profit (EBIT) was EUR -20.2 (5.6) million
  • Balance sheet total came to EUR 1,485.9 (2,244.0) million
  • Equity ratio was 34.0 (20.9) percent
  • Sales volumes decreased by 37 percent compared to H1 2022 mainly due to lower natural gas volumes and were 6.2 (9.2) TWh.

Gasum Group CEO Mika Wiljanen comments on the second quarter and the first half of 2023:

“Volumes developed well during the second quarter in all businesses – liquefied natural gas (LNG) and liquefied biogas (LBG) volumes have picked up significantly. Confidence is returning to the market as prices are stabilizing. The good progress driven by affordable prices, which started during Q1, continued in Q2. Even more customers have been switching back to gas from more polluting alternatives, which were taken into use during the sky-high gas prices of 2022.

The Group’s revenue for the first half of 2023 was EUR 745.1 million, operating profit was EUR –26.4 million and adjusted operating profit was EUR –20.2 million. While volumes and sales developed positively during the first half of the year, Gasum’s result was burdened by costs that resulted from adverse impacts of the market turmoil and adjusting operations to the changed energy landscape in 2022. The costs are an outcome of the need to reorganize the entire supply chain for pipeline-delivered natural gas as natural gas flow from Russia ended in May 2022.

In May 2023 Gasum ended the long-term pipeline natural gas supply contract it had with Russian Gazprom Export. Gas supplies had at that point been discontinued for a year. Gasum began arbitration proceedings after Gazprom demanded for payment in rubles instead of euros in the spring of 2022. The parties were not able to come to a settlement after the arbitration proceedings which resulted in Gasum ending the agreement.

The implementation of Gasum’s new strategy, launched in Q4 of 2022, proceeded with determination throughout the first half of 2023. Construction work on our next large 120 GWh biogas plant in Götene, Sweden proceeded as planned and investment decisions on expansions and improvements of three existing plants in Finland and Sweden were made in the second quarter. Completion of the improvement and expansion projects at the existing plants by the summer of 2024 will increase Gasum’s biogas output by 60 GWh annually.

In June Gasum and the Cruise Division of global shipping company MSC Group signed a long-term agreement for the supply of LNG to MSC’s new flagship MSC Euribia, as well as a Letter of Intent with the goal of cooperating on the supply of synthetic liquefied methane, or e-LNG, made with renewable energy. MSC Cruises also purchased over 400 tons of liquefied biogas (LBG) from Gasum for the world’s first net zero greenhouse gas emissions cruise from Saint-Nazaire in France to Copenhagen.

Gasum is also providing LBG to cruise ferry operator Viking Line in an innovative initiative to allow passengers to reduce the carbon footprint from travel by up to 90 percent by buying biogas in proportion to the amount of fuel used for their journey. This is an initiative that Gasum is very happy to be a part of.

In the power business we made a ten-year power purchase agreement (PPA) providing wind power to Volvo Finland and Volvo Construction Equipment. Gasum experts will also take over the balancing of power purchasing and consumption so that Volvo can concentrate on their core business while reducing their carbon footprint at the same time.

In addition, we started constructing Europe’s northernmost gas filling station in Finnish Lapland as well as opened two new stations in Norway, one of which is an innovative green energy station with the possibility of also charging electric vehicles in addition to fueling biogas.

I feel very positive about the developments in sales volumes and amount of activity and interest in the market and would like to thank the excellent staff at Gasum for their hard work on implementing our new strategy during the first half of the year.”

Read the whole review on our website

For more information please contact:

Mika Wiljanen, Chief Executive Officer, Gasum

Heidi Westerberg, Executive Assistant
Phone: +358 50 576 0951, heidi.westerberg@gasum.com

Olga Väisänen, Vice President, Communications and Sustainability, Gasum
Phone: +358 40 55 40 578, olga.vaisanen@gasum.com

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Gasum acquires majority ownership in Swedish biogas upgrading company Liquidgas Biofuel Genesis AB

Nordic energy company Gasum is expanding its biogas portfolio by acquiring two thirds of the shares in Swedish company Liquidgas Biofuel Genesis AB. Liquidgas Biofuel Genesis owns and operates a biogas upgrading plant in the city of Helsinborg in southern Sweden.

The plant’s other owner with one third of the shares is Nordvästra Skånes Renhållningsbolag AB (NSR), the regional waste management company. NSR has leased a biogas plant to Biond AB who produces raw biogas from the biodegradable waste it collects from households and industries in the area and then the raw biogas is sold to Liquidgas Biofuel Genesis for upgrading.

The plant’s annual output is currently approximately 80 gigawatt hours (GWh) worth of upgraded biogas. The plant is connected to a low pressure grid and all upgraded biogas is currently distributed through the grid to local filling stations.

Gasum also intends to investigate the possibility of liquefying the gas on site at some point in the future.

“This acquisition is another important step on the path to implementing our strategy of bringing more renewable gas to the Nordic market. Interest in biogas is constantly growing as more and more transport and logistics operators as well as industry actors realize its potential to reduce emissions right now instead of in ten years’ time. The Helsingborg upgrading operation is a great addition to the Gasum biogas portfolio in Sweden, where we are also investing heavily in greenfield biogas plant projects in coming years”, says Mika Wiljanen, CEO of Gasum.

“We look forward to working with Gasum, an experienced and strong player in the biogas industry. This partnership gives us excellent opportunities to develop our biogas upgrading business in Helsingborg. The collaboration can contribute to the long-term development of green transports in the region”, says Ulf Molén, CEO of NSR AB, co-owner of Liquidgas Biofuel Genesis AB.

The acquisition is part of Gasum’s strategic goal to bring seven terawatt hours (7 TWh) of renewable gas to market yearly by 2027. Gasum aims to achieve this by increasing its own biogas production as well as sourcing from trusted partners. Gasum is currently constructing the first of five large new biogas plants in Götene, Sweden.

Achieving the 7 TWh goal would mean a cumulative carbon dioxide reduction of 1.8 million tons per year for Gasum’s customers. The lifecycle emissions of biogas are on average 90% lower compared to traditional fossil fuels.

“Our strategic partnership with Gasum means that the conditions for a circular economy and a sustainable use of resources are strengthened for the whole of northwestern Scania. I am very pleased about that”, says Rikard Lind, NSR AB’s Chairman of the Board.

For more information please contact:

Ari Suomilammi, Director, Biogas Production, Gasum
Tel: +358 400 653 351, firstname.surname(a)gasum.com

Olga Väisänen, Vice President, Communications and Sustainability, Gasum
Tel: +358 40 55 40 578, firstname.surname(a)gasum.com

Ulf Molén, CEO, NSR AB
Tel + 46 042-400 13 10

Rickard Lind, Chairman of the Board, NSR AB
Tel +46 0733-30 39 38

The energy company Gasum is a Nordic gas sector and energy market expert. Gasum offers cleaner energy and energy market expert services for industry and for combined heat and power production as well as cleaner fuel solutions for road and maritime transport. The company helps its customers to reduce their own carbon footprint as well as that of their customers. Together with its partners, Gasum promotes development towards a carbon-neutral future on land and at sea. www.gasum.com  

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Gasum’s framework for sustainable investments receives top rating

Gasum uses green loans for investments in its biogas business. Gasum’s strengths in the assessment were using waste as a resource and promoting circularity as well as sustainability as the foundation for governance.

Gasum has issued a new Green Finance Framework which has received the top rating of Dark Green from independent ratings issuer Shades of Green. Shades of Green is part of financial analytics and ratings group S&P Global. The Green Finance Framework is a document that defines the eligibility of certain projects and investments for green loans that Gasum uses for investing in its biogas operations.

The rankings are graded Light Green, Medium Green and Dark Green. Dark green is the highest rating and is allocated to projects and solutions that correspond to the long-term vision of a low-carbon and climate resilient future.

Gasum’s Green Finance Framework is part of the company’s financing strategy and it governs bond issuances as well as green loans. Shades of Green found Gasum’s framework to be aligned with the Green Bond Principles and Green Loan Principles.

Strength in waste and circularity

Eligible projects under Gasum’s Green Finance Framework were graded according to the “Shades of Green” methodology based on their environmental impacts and risks. The methodology gives transparent information on how well a green bond or loan aligns with a low-carbon resilient future. 

Gasum’s Green Finance Framework allows financing granted under the framework to be invested in research, production, and distribution of biogas and biofertilisers, energy efficiency measures and pollution prevention and control measures. Funds under Gasum’s Green Finance Framework will exclusively be used for infrastructure related to biogas production and distribution.

Gasum’s strengths in the Shades of Green assessment were, in particular, that Gasum’s biogas is based on waste and circularity, thus avoiding potential issues related to competing land use for energy crops. Shades of Green was impressed by Gasum’s use of certification schemes on both sourcing and production aspects, its active research agenda, as well as efforts to minimise fugitive emissions – all of which are intended to lower emissions further.

Sustainability rooted in governance

Shades of Green also gives a score for governance and has given Gasum a governance score of Excellent. In its reasoning Shades of Green states that sustainability is solidly rooted in Gasum’s corporate governance: Gasum has a long history of sustainability reporting and robust processes for emissions reporting and other environmental, social and governance aspects in line with legislation and standards.

Gasum reports on all material sources of Scope 3 emissions, including downstream sale of products. This and the external annual verification of all renewable gas GHG calculations is evidence of Gasum’s commitment to robustness and transparency on emissions reporting.

This is Gasum’s second Green Finance Framework – the first was issued in 2019 and also received a Dark Green shading from CICERO Shades of Green. Gasum has raised loans totalling EUR 152 million under the previous framework.

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