Alvina Shipping A/S — Financial report
CVR 44631261
Latest financial period
- 2025 • 2025-01-01 • 2025-12-31 • entity • DKK • 878259000 • 223977000 • -178455000 • -176980000 • 766963000 • 626798000 • 745
Financial history
- 2024 • 2024-02-08 • 2024-12-31 • entity • DKK • 117680000 • -49331000 • 575512000 • -48931000 • 796
Annual report highlights
- primary activities • Alvina Shipping A/S operates under the brand Go Nordic Cruiseline and is engaged in primary passenger shipping services the Copenhagen–Oslo route.The vessels Nordic Crown and Nordic Pearl primarily provide passenger transportation between Copen- hagen and Oslo, complemented by a range of onboard amenities, including restaurants, bars, retail oerings, and entertainment. As of 1 September 2025, the company has also expanded its operations to include cargo transportation on this route.A transition yearThe year 2025 constituted a signicant transition year for Alvina Shipping A/S and the Go Nordic Cruiseline brand. During the year, the company completed a number of major initiatives aimed at establishing the new brand and strengthening the operational and commercial platform for future years.A key element of the transition was the comprehen-sive refurbishment of the passenger accommodation onboard the vessels. In total, approximately 1,300 cabins were upgraded during the rst quarter of 2025 as part of a full-scale refurbishment programme. This programme represented the largest single-dock investment undertaken during the vessels’ lifetime and resulted in a material improvement of onboard accommodation standards and overall passenger experience.In parallel, the new Go Nordic Cruiseline brand was implemented across both vessels and shore-based facilities. Nordic Crown and Nordic Pearl entered service in new livery, and the passenger terminals in Copenhagen and Oslo were fully re-signed andDevelopment in nancesThe nancial performance for the year resulted in a loss of DKK 177 million, which is considered unsat-isfactory as management expectations for the year where in the range of 0-20 million. The result is pri-marily attributable to the year constituting a transition period, during which the company incurred signi-cant non-recurring and investment-related costs. In addition, the result was adversely aected by a limited number of unexpected cancellations, which impacted revenue for the year.As the transition phase has been completed and sev-eral of the one-o costs will not recur going forward, management expects improved nancial perfor-mance in the coming nancial years, supported by a more stable cost base and normalised operations.The Supervisory Board proposes that the net loss be transferred to retained earnings. No dividend will be distributed for the nancial year 2025.Capital and FinancingIn 2025, the Company’s debt was converted into equity through an unconditional shareholder contribution from the parent company and without any repayment- obligations. This transaction strengthened the Com-pany’s equity position and improved the Company’s capital structure. For further details, refer to the State-ment of Changes in Equity.As of the balance sheet date, the equity is positive by DKK 626 million. • entity
- expected development • Trac volumes of passengers in 2026 are expected to increase into normal activity level, with more than 730.000 passengers. While modest growth is ex-pected across all segments. Volumes are expected to grow more in 2026 due to more departures and planned strategic initiatives. Management expects revenue of DKK 900-1.000 million, with protability improving and a net result in the range of DKK 15-30 million.Risks (Market and nancial)The most material nancial risks are currency, oil and ETS prices, which occur in relation to the operating activities. To mitigate the potential impact of the nancial risks, the Company has taken an active approach to risk management with a view to identifying and review-ing risk areas and determining how to manage these risks. • entity
- management review • Go Nordic Cruiselineat glance 20252 Ships711.700Number of passengers684Numbers of sailings between Denmark and NorwayThe eet was rebranded with new vessel names: Nordic Crown and Nordic Pearl.Optimized the route network by discontinuing Frederikshavn calls to increase time in Oslo and Copenhagen.Brought crew and ship management fully in-house.Introduced new onboard children’s entertainment, including a new mascot.Established an in-house Cargo team.Created a new Guest & Operations department focused on enhancing the guest experience.Delivered the largest ship upgrade in company history, including extensive cabin refurbishments.Established the Go Nordic Cruiseline brand and launched a new corporate website.Achieved peak occupancy levels in July.Implemented new branding and logos across all onboard outlets.Built and implemented a new IT infrastructure and organization, including systems, SharePoint, onboarding, and network upgrades.Key figures2025 2024*Financial highlights DKK’000 DKK’000Revenue 878.259 117.680Operating prot/loss -178.455 -45.477Net nancials items 1.475 -3.823Prot/loss for the year -176.980 -49.331Total assets 766.963 575.512Investments in xed assets 235.863 358.747Equity 626.798 -48.931Average numbers of employees 745 796Ratios*Prot margin (%) -20,2 -41,9Return on equity (%) -56,4 -203,3 Equity ratio (%) 82 -8,5*Ratios Calculation formula Prot margin (%) Prot/loss for the year x 100 RevenueReturn on equity (%) Prot/loss for the year x 100 Average equity Equity x 100Equity ratio (%) Total assets *The nancial year 2024 comprises only two months of operations and is therefore not directly comparable to 2025Management Commentary repainted, ensuring a consistent brand presentation across key customer touchpoints.At the same time, the company carried out a compre-hensive transformation programme across opera-tions, systems, brand, and organisation. During the year, transitional arrangements relating to ship and crew management were implemented to ensure continuity of operations. These arrangements were subsequently supplemented by transition services covering IT, procurement, nance, and other head oce functions, supporting the gradual establishment of independent internal processes and capabilities.From a commercial perspective, the new brand identity was supported by the launch of a new website and up-dated onboard concepts, including restaurants, bars, children’s oerings, and retail. In addition, a number of customer-facing initiatives were implemented, such as new uniforms, updated onboard content, and the introduction of a new mascot.Operationally and organizationally, the company made signicant progress through the introduction of new freight operation and system, and revised organizational structure, and the establishment of new facilities. Furthermore, core IT platforms were prepared, developed and implemented for including ERP system, a point-of-sale systems and a booking platform solution.Overall, 2025 was characterized by a high level of investment and execution activities. The completion of the refurbishment programme and the implemen-tation of key organisational and system changes have materially strengthened the company’s operational foundation and positioned Alvina Shipping A/S for continued development. • entity
- management review • Intellectual capital resources The Company continuously improves operational eciency to maintain a strong competitive position against established competitors. In addition, qualied employees and management are critical to our suc-cess in the long term.Branches Alvina Shipping NUF, Org no 934 173 112 is a branch of theCompany. • entity
- subsequent events • No events have occurred in the period from the bal-ance sheet date until the date of release of this annual report that would materially aect the evaluation of theannual report. • entity
- contingent liabilities • Alvina Shipping A/S holds lease liabilities that amounts to DKK 17,1 million. • entity
- mortgages collateral • 13 Assets charged and collateralNo assets are charged or collateralized. • entity