Green leaf during spring

Gasum Group Q1 2024: Volumes continued to develop well in the maritime and traffic segments

The Gasum Group has published its financial review of the first quarter of 2024.

January–March 2024 (Q1 2023):

  • Sales volumes increased by 73 percent compared to Q1 2023 mainly due to higher natural gas volumes and were 5.8 (3.3) TWh.
  • The Group’s revenue decreased by 5.6 percent to EUR 423.7 (EUR 449.0) million due to a decline in gas market prices.
  • Operating profit (EBIT) was EUR 2.8 (EUR -19.3) million. Adjusted operating profit (EBIT) was EUR 17.9 (EUR -11.0) million.
  • Balance sheet total was EUR 1,507.6 (EUR 1,745.2) million.
  • Equity ratio in the end of Q1 2024 was 38.0 (29.9) percent.

Gasum Group CEO Mika Wiljanen comments on the first quarter of 2024:

“During the first quarter of 2024 volumes continued to develop positively and were significantly better than during the same period in 2023. The change is particularly evident in the maritime business, where the market was relatively quiet in the beginning of 2023. Volume development was also markedly positive in traffic and, as expected, somewhat more modest in the industry business.

The result in the first quarter was affected by the positive volume development. The operative result also includes positive gains from gas storage hedging measures that were realized during the first quarter. The majority of the related underlying loss has already realized but, due to the timing difference, this positive gain from hedges is expected to be partly offset still during the second half of 2024. At current market prices this inventory related loss is estimated to amount to approximately EUR 5 million.

The adjusted operating result for the first quarter of 2024 was EUR 17.9 million (Q1 2023: EUR -11.0 million) and the adjusted operating profit margin was 4.2% (Q1 2023: -2.5%). Equity ratio at end of March 2024 was 38.0% (March 31, 2023: 29,9%).

At the beginning of the year Gasum made final investment decisions on two biogas plant projects. In Borlänge, Sweden, Gasum is starting construction on the second large-scale green field biogas plant, which will produce 133 GWh of biogas per year once finished. The plant’s set up will follow the first one in Götene, which will be up and running during the current year.

In Riihimäki, Finland, Gasum is investing in an expansion of the plant focusing on the treatment of digestate. An advanced evaporation system will remove liquid more efficiently from the digestate to boost operational efficiency and to allow for the recovery of valuable ammonium water.

Late 2023 Gasum signed an offtake agreement with Nordic Ren-Gas on the e-methane produced at its upcoming Power-to-Gas plant in Tampere, Finland. Gasum continued to develop the co-operation during the first quarter of 2024 by starting negotiations, on an exclusive basis, on the production of Nordic Ren-Gas’s following two plants in Finnish cities Lahti and Kotka. The three plants together could produce a total of almost 1 TWh of renewable carbon neutral e-methane yearly, starting in 2026–2027.

During the first quarter Gasum also started to manage Finnish ferry operator Wasaline’s emissions trading portfolio. The EU Emissions Trading System (EU ETS) was extended to include the maritime sector at the beginning of 2024. The partnership allows Wasaline to better predict and manage the costs of its emission allowances. Starting 2025 the European Union’s FuelEU Maritime regulation will mandate greenhouse gas emission reductions in the shipping sector.

At the end of March, the Supreme Administrative Court gave its ruling on a matter between Gasum and the Finnish Energy Authority concerning unbundling obligations of natural gas operations. The Supreme Administrative Court reversed the Market Court’s earlier decision concerning the matter and returned the Energy Authority’s penalty fee proposal to the Market Court for assessment.

As volumes look to be developing well the outlook for the rest of the year is, at the moment, cautiously positive.”  

Read the whole review on our website

For more information please contact:

Kai Laitinen, CFO, Gasum
+358 40 500 2080,

Olga Väisänen, Vice President, Communications and Sustainability, Gasum
+358 40 554 0578,