Norwegian ferry and fast craft operator Norled increased revenue to NOK 2.97 billion in 2025, up from NOK 2.81 billion in 2024. EBITDA improved to NOK 507 million, compared with NOK 391 million the previous year.
However, Norled reported a net loss of NOK 894 million, largely due to impairments, provisions for loss-making contracts and operational challenges linked to new vessels and technologies. The company highlighted delays in the introduction of battery-electric high-speed craft and higher-than-expected operating costs on some new contracts.
During 2025, Norled invested NOK 761 million in new vessels, electrification projects and shore infrastructure. The operator also increased the share of zero- and low-emission vessels in its fleet from 42 % to 45 %.
Looking ahead, Norled said its portfolio comprises 24 ferry and express boat contracts, including a new Nordland ferry contract scheduled to start in 2027.
Click on the picture to access the annual report
https://www.norled.no/wp-content/uploads/2026/06/Norled-annual-report-2025.pdf
In a LinkedIn statement accompanying the annual report, Norled argued that the financial challenges highlight a broader issue facing the maritime energy transition. The operator said ferry companies are carrying too much of the technology and implementation risk associated with electrification and other low-emission technologies. Norled called for greater risk-sharing in public service contracts, more flexibility when operating conditions change, standardised contract models and better compensation mechanisms for regulatory and cost increases. The company warned that excessive risk transfer to operators could ultimately reduce competition and slow innovation.
