Gasum Group Q1 2025: Interest in FuelEU Maritime pooling a positive indicator – global price turbulence resulted in lower volumes and profitability

January–March 2025 (January-March 2024):

• Total volume in Q1 2025 was 3.5 TWh (Q1 2024: 5.8 TWh), decrease to comparison period 40 % mainly due to decreased pipeline natural gas volumes.
• The Group’s revenue decreased by 16.8 percent to EUR 352.7 (Q1 2024: 423.7) million.
• Operating profit (EBIT) was EUR -0.3 (Q1 2024: 2.8) million. Adjusted operating profit (EBIT) was EUR -4.9 (Q1 2024: 17.8) million
• Balance sheet total came to EUR 1,410.1 (31 March 2024: 1,507.6) million
• Equity ratio was 39.0 (31 March 2024: 38.0) percent

Gasum Group CEO Mika Wiljanen:

“Trouble caused by sharp price turbulence in the gas market led to low volumes for the first quarter of the year. We saw European gas prices climb high to almost 60 EUR/MWh in February and fall lower once more in March. This price roller coaster resulted in volumes being halved in the maritime segment in February compared to the same period the year before. In March volumes recovered somewhat as prices came down.

The price turbulence also meant that in the industry segment customers chose other fuel options.

In Sweden, while domestic biogas is again exempt from carbon tax, the tax authority has decided that the exemption is not applicable to imported European biogas. This interpretation is not shared by other Swedish authorities. This has resulted in Gasum being forced to raise prices in the Swedish traffic segment. This tax authority interpretation has, as a result, hampered sales in the traffic segment in Sweden.

The turbulent market environment had its impact on the Group’s financial performance, the adjusted operating result being for the first quarter of 2025 EUR -4.9 million (Q1 2024: EUR 17.8 million) and the adjusted operating profit margin -1.4% (Q1 2024: 4.2%).

On the positive side, biogas deliveries were up from 2024. Also, Gasum’s biogas plants reached record production volumes during the first quarter of 2025. Production is expected to further increase as our newest plant in Götene is being ramped up towards full capacity during the second quarter. Gasum’s first Danish biogas plant acquired in November of 2024 has been undergoing integration into Gasum’s operations and a project for connecting the plant into the gas network has begun.

There was also positive development in the power business, as the multi-market optimization (MMO) service we launched in 2024, gained a lot of traction during the first quarter of 2025 and expectations are high for the rest of the year.

In February we announced a building project for a new bunker vessel. The chartered vessel will be owned by a joint venture between Gasum and Swedish shipping company Sirius Shipping and will serve Gasum’s customers starting 2027. This strategic investment aims to secure the availability of LNG and LBG to our customers in Northwest Europe. Demand is expected to increase in the coming years as the number of LNG-powered dual fuel vessels grows year by year.

Interest in Gasum’s FuelEU Maritime pooling service has grown during the first quarter, as shipowners are now starting to respond to the regulation. The interest is global, as the regulation applies to all shipping companies that call at EU ports. This is an opportunity for us to expand our reach beyond the Northwest Europe area.

During the reporting period the European Parliament announced that it will delay the application of the CSRD sustainability reporting directive to small and medium sized companies. We are, nevertheless, continuing preparations for sustainability reporting according to the CSRD. Gasum’s view is that the CSRD increases the credibility and comparability of sustainability reporting, which is a positive development and should be advanced.”

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