GOTL reported Q3 revenue at SEK 1,003m (+4% y/y), 5% above us, while EBIT was 7% above us, but due to higher income tax, net profit came in 2% below us. Passenger volumes declined 1.5% y/y and freight volumes were largely flat, hence, the revenue beat is likely driven by pricing. Alandia Cruises contributed positively on EBIT. Finally, GOTL took over the new DFDS route on 31 Oct. The beat on Q3 EBIT mechanically imply positive estimate revisions of c. +25% to 2024E EBIT.

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