Floating bridges for the future
2024 was a seminal year for Nordic Ferry Infrastructure, marked by significant milestones and operational achievements.
2024 was a seminal year for Nordic Ferry Infrastructure, marked by significant milestones and operational achievements. Our new vessels are leading the energy transition, delivering on our sustainability targets, and building exceptional momentum for the business. With a growing and integrated business, our position as a leading infrastructure operator in the Nordics is strong.
Nordic Ferry Infrastructure operates in Norway, Denmark, and Sweden through our primary brands, Molslinjen and Torghatten. We are more than a maritime transportation company: With 92 vessels, we connect more than 25 million passengers annually to people and places important in their lives. Our infrastructure provides a network of “floating bridges” that we continuously expand and improve.
In 2024, we won milestone concession contracts across the Nordic region, celebrated record numbers of passengers on key routes, and our geographic reach grew further by organically entering Sweden.
Integrating new business under NFI’s expanding corporate umbrella is a top priority for me as CEO, and last year showed that the acquisition of Öresundslinjen was another perfect fit. We recognize the vital role we play in connecting coastal communities, enabling seamless flow of people and goods essential for for economic growth.
As we build a solid and profitable business for our employees and stakeholders, we also want to contribute to shared prosperity across the Nordic region. In this wider context, we adjust with the times – knowing that change has become a constant.
Underlying fundamental trends are in our favor, with an increased need for mobility driven by steady population, GDP and trade volume growth. Yet, for society at large, 2024 was another year of uncertaity, with geopolitical tension and economic worries about inflation and the cost of living. I am thankful to our board of directors and our shareholder for their support as we navigate these waters, putting their trust in us – with their unanimous approval for major investments to further modernize our fleet in line with our ambitious green transition targets.
NFI continues to innovate and demonstrate resilience and agility whilst not losing sight of our expense base. Our revenue reached 8 958 MNOK in 2024 growing by 6 % year on year, while EBITDA grew by 15 % to 2 726 MNOK – with a strong operating cash flow conversion of 76 %. We are in a unique position to extract significant scale synergies from our operations and attractive financing. It is a pleasure to experience the sharing of expertise and best practices across the company – encompassing everything from vessel design and tender bidding, to pricing and revenue management. We are in a position where we are genuinely stronger together.
Along with the financial results presented in this report, NFI reports according to high standards for corporate, science-based climate action, inspired by our vision to operate a fleet that leaves nothing behind but a trail of waves.
Our ambitious sustainabilitytargets are now validated by the Science Based Target initiative (SBTi), committing us to reach net-zero greenhouse gas emissions across the value chain by 2040, representing the highest ambition level.
In April, we signed a shipyard contract to build the two largest hydrogen ferries in the world, representing the largest hydrogen installation made on a vessel. The ferries are designed for 100 percent zero-emission operations, soon to be operational and
experienced on the route between Bodø and Lofoten – Norway’s longest national road ferry connection. This endeavour represents a significant step forward for the broader Norwegian maritime sector, and will bolster local economies by creating landside jobs and establishing new hydrogen related value chains.
This new infrastructure comes in addition to our growing fleet of electric ferries. Our contribution to enable and support the green transition with electric ferries in both Denmark and Norway is widely recognized and regarded. With a series of tender wins during 2024 we have accelerated the green transition in Norway and expanded our approach to Sweden.
“In April, we signed a shipyard contract for the two largest hydrogen ferries in the world.”
Denmark aims to be a green frontrunner, the first country to set requirements for all municipalities to have a climate action plan,
with national and local governments working together. At the same time, strong collaborative relationships with the business community are vital, where NFI is undoubtedly a key player. Implementing a greener ferry infrastructure with efforts such as decarbonizing the Kattegat corridor, is of great importance for Denmark in reaching its climate targets.
Norway and its Public Transport Authority have enabled the country to be in forefront of the green transition, with the introduction of emission requirements in public tenders being a pivotal factor as well as continuously supporting technical innovations such as hydrogen vessels to further accelerate the green transition. Last year a Norwegian court ruled to compensate us for the introduction of a CO2 tax on LNG vessels – a tax which could not be accounted for at the time of submitting tenders for new routes. The court’s decision sets a precedent for coming years, supporting strong and transparent framework conditions for coming infrastructure projects.
The Nordics are leading the green transition, with a commendable will to achieve a more sustainable society.
The use of modern technology is a key driver of better service, travel comfort, and increased safety on board. Our ferries dock faster and more reliably, and the use of artificial intelligence (AI) allows for increased utilization. Our proven ability to continuously adapt and find solutions is a testament to passionate and innovative onshore and offshore teams. I want to congratulate Molslinjen as the first Danish company in the history to win the Franz Edelman award, the so-called Nobel Prize for Operations Research. AI helps us optimize ferry loading and unloading, with more precise forecasts and pricing. In fact, it not only creates value for NFI, but also sets new standards for an entire industry.
After what has been a truly remarkable year, I would like to thank our employees and stakeholders for continuing to ensure the efficient and reliable operation of our infrastructure and services. With a culture of engagement, inclusion, diversity, and trust, we have together solidified our position as an industry powerhouse in the Nordics. With our infrastructure, we have pushed boundaries and delivered on ambitious targets. Despite facing some headwinds, I am confident in our ability to deliver on our company promises and look forward to a bright 2025 and beyond.
Carsten Jensen,
CEO
