Gasum Group H1 2025: Overall volumes on a modest level leading to disappointing profitability – biogas volumes continued to grow

April-June 2025 (April-June 2024):

• Sales volumes in Q2 2025 were 3.0 TWh (Q2 2024: 3.4 TWh), decrease to comparison period 12% due to decreased pipeline natural gas volumes.
• The Group’s revenue decreased by 2.0 percent to EUR 283.3 million from comparison period (Q2 2024: EUR 289.2 million).
• Operating profit (EBIT) was EUR 4.3 million (Q2 2024: EUR 12.5 million). Adjusted operating profit (EBIT) was EUR -3.4 million (Q2 2024: EUR 17.9 million).

 January–June 2025 (January-June 2024):

• Sales volumes decreased by 30 percent compared to comparison period (H1 2024) mainly due to lower pipeline natural gas volumes. Total volume in H1 2025 was 6.5 TWh (H1 2024: 9.2 TWh).
• The Group’s revenue decreased by 10.8 percent to EUR 636.1 million (H1 2024: EUR 712.9 million).
• Operating profit (EBIT) was EUR 4.0 million (H1 2024: EUR 15.3 million). Adjusted operating profit (EBIT) was EUR -8.3 million (H1 2024: EUR 35.7 million).
• Balance sheet total came to EUR 1,354.6 million (30 June 2024: EUR 1,556.0 million).
• Equity ratio was 39.6 percent (30 June 2024: 37.3 percent).

Gasum Group CEO Mika Wiljanen:

“The first half of the year has, overall, been underwhelming in terms of volume development. The prices of traditional and more polluting fuels have been lower more or less throughout the whole period, setting liquefied natural gas at a disadvantage, as customers have been choosing cheaper alternatives. Biogas volumes have, however, developed positively from the previous year.

Climate change mitigation efforts and promotion of renewable power and fuels are still on the global agenda especially in Europe and China. This is an indicator that our strategy to increase the availability of renewable gas and energy management services continues to be supported by global and local trends.

The adjusted operating result for the second quarter of 2025 was EUR -3.4 million (Q2 2024: EUR 17.9 million) and the adjusted operating profit margin for Q2 2025 was -1.2% (Q2 2024: 6.2%). The adjusted operating result for the cumulative period of H1 2025 was EUR -8.3 million (H1 2024: EUR 35.7 million) and the adjusted operating profit margin -1.3% (H1 2024: 5.0%). Equity ratio at end of June 2025 was 39.6% (June 30, 2024: 37.3%).

In the maritime segment the volumes picked up slightly during the second quarter of the year as the price turbulence of the first quarter quieted down somewhat. All in all, however, the volumes for the first half of the year were not on the level expected at the start of the year.

Likewise, in the industry segment the unfavorable price spread between LNG and propane meant that customers chose the cheaper alternative. This led to lower volumes  than during the same period in 2024.

In the traffic segment the development was still positive as volumes grew compared to the first half of the previous year. However, there are signs of a slowdown in new registrations of gas-powered trucks, which is expected to slow down growth in the near future. In addition, the unfavorable taxation of imported biogas is still hampering sales in Sweden.

For biogas the volume development remains positive. There was an approximately 30 percent increase in biogas volumes compared to the first half of 2024. Biogas production figures, again, broke previous records during the second quarter.

As a response to the relatively weak volume development in the first half-year profit improvement initiatives have been started. These initiatives are expected to improve profitability in the second half of the year.

There were also many strategic activities and projects that we were able to push forward during the first half of 2025, which were the highlights of the period.

Important milestones during the second quarter

Gasum’s new greenfield biogas plant in the Swedish town of Götene was inaugurated in May. Ramping up to full production capacity of 120 GWh per year is being finalized.

At the end of May we signed and closed a share purchase agreement for 100% of the shares in NSR Biogas AB and the remaining 1/3 of the shares in Liquidgas Biofuels Genesis AB. Gasum has already been the majority owner of Liquidgas Biofuels Genesis AB since 2023 and has now full ownership. NSR Biogas AB owns and operates a biogas production plant in southern Sweden’s city of Helsingborg. Liquidgas Biofuels Genesis AB upgrades the produced biogas at the site and Gasum sells it on to the market. Production capacity is 80 GWh of upgraded biogas per year.

In May we bunkered a significantly large amount of LBG to Hapag-Lloyd’s vessel in the port of Wilhelmshaven. This was the second bunkering within the ZEMBA tender for 2025-2026 which Hapag-Lloyd won in 2024. The total amount expected to be bunkered by Gasum during the tender period is 20,000 mt. ZEMBA, or the Zero Emission Maritime Buyers Alliance (ZEMBA), is a group of large maritime logistics buyers with the mission to accelerate commercial deployment of clean energy shipping solutions.

During the second quarter we signed deals with FuelEU Maritime pooling customers, such as Swedish forest company SCA and Turkish shipping company Ulusoy Sealines, who emphasized Gasum as a reliable and credible partner for regulation compliance.

On the power side, we also signed several new multimarket optimization (MMO) customers and successfully onboarded others already signed earlier in the year. Interest in the Gasum MMO service remains high as price turbulence is a feature of the market these days.

We also opened new filling stations in Sweden, Finland and Norway.

I would like to thank the Gasum staff for their excellent work during the first half of the year despite the challenging environment. We have managed to advance many important strategic efforts during the period. I would also like to thank our customers and partners for the continued trust and good cooperation.”

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