Gasum Group Q4 2024: Year closed with slower but consistent growth in maritime and traffic segments – overall volume growth strong for the year

January–December 2024 (January-December 2023):

• Total volume in 2024 was 16.5 TWh (2023: 12.9 TWh), increase to comparison period 27.8 %.
• The Group’s revenue decreased by 8.7 percent to EUR 1,330.8 (2023: 1,456.9) million due to decline in gas market prices.
• Operating profit (EBIT) was EUR 2.2 (2023: 45.1) million. Adjusted operating profit (EBIT) was EUR 33.1 (2023: -3.8) million
• Balance sheet total came to EUR 1,573.6 (31 December 2023: 1,637.9) million
• Equity ratio was 34.4 (31 December 2023: 35.6) percent

Gasum Group CEO Mika Wiljanen:

“Volumes in the maritime and traffic segments experienced strong year-on-year growth during 2024 as prices were mostly favorable compared to alternative fuel options. Biogas sales developed notably from 2023 figures with a total of 2.1 TWh deliveries to customers.

Volume growth continued during the last quarter of the year, although the development was more modest than during previous quarters as prices increased towards the end of the year. Volumes in the industry segment came down slightly as prices favored other fuels.

On the whole the year posed some challenges, including supply chain adjustments brought on by both the Balticconnector breakdown as well as the EU sanctions that ended LNG imports from Russia. The company was able to handle both changes well although there has been an impact on profitability.

The adjusted operating result for the last quarter of 2024 was EUR 6.4 million (Q4 2023: EUR 21.0 million) and the adjusted operating profit margin for Q4 2024 was 1.9% (Q4 2023: 4.9%).  The adjusted operating result for the cumulative period of Q1-Q4 2024 was EUR 33.1 million (Q1-Q4 2023: EUR -3.8 million) and the adjusted operating profit margin 2.5% (Q1-Q4 2023: -0.3%). Equity ratio at end of December 2024 was 34.4% (December 31, 2023: 35.6%).

The growth path in the power business has been slower than anticipated, although development has been made. We can see a lot of growth potential in power, including in the Swedish market, where expansion is ongoing.

The last quarter of the year was eventful for Gasum with significant new product launches and developments.

During the last quarter we published two new services that support the implementation of our strategy. In the maritime segment we started building a FuelEU Maritime pooling solution that provides compliance with the new EU emissions regulation as a service. Pooling means that, by using more liquefied biogas, gas-powered vessels can provide compliance on behalf of vessels sailing on traditional fuels.

In the power market Gasum launched a multi-market optimization (MMO) service geared towards industrial power producers and purchasers. It offers full market access, trading and advisory services, and optimizing the use of assets like batteries, heat pumps and boilers for more flexibility and cost savings.

In line with our strategic goal of increasing biogas availability to our customers, in November we acquired full ownership of a biogas plant in Denmark. The acquisition gives Gasum access and insight into the Danish biogas market. Denmark is the fourth largest biogas producer in Europe with abundant feedstock and relatively short distances.

In October we got positive news regarding the Swedish traffic market, as the European Commission made the long-anticipated decision that the Swedish tax exemption scheme for non-food-based biogas is in line with EU state aid rules. This decision is very welcomed news for the Nordic biogas market and is likely to boost the green transition in Sweden.

At the end of the year, we also started a new contract term with transport company Litra, for the provision of liquefied gas road transport services in Finland, Sweden and Norway. Litra will now be handling transports with gas-powered trucks also in Finland, where before only about a quarter of transports were powered by biogas. This improvement will have a positive impact on Gasum’s carbon footprint.

In November we received the EcoVadis platinum medal in sustainability, which is the highest rating. EcoVadis is a globally recognized and trusted assessment platform that rates the sustainability performance of 130 000 businesses worldwide.

Gasum scored especially well in the environment, labor and human rights as well as ethics criteria. This is an important recognition for our consistent work in improving the company’s sustainability and I would like to thank everyone involved in this effort.”

Read the whole review on the Gasum website

For more information please contact:

Mika Wiljanen, CEO, Gasum
Executive Assistant, Stella Hanafi
+358 40 153 5854, stella.hanafi@gasum.com

Olga Väisänen, Vice President, Communications and Sustainability, Gasum
+358 40 554 0578, olga.vaisanen@gasum.com