ANNUAL REPORT
– EXECUTIVE SUMMARY 2025

Charting
the future

Carsten Jensen
CEO

In 2025, Nordic Ferry Infrastructure continued to
execute on its key strategic priorities. With an integrated Nordic operating platform established, we advanced landmark electrification and broader decarbonisation initiatives. As a technology-enabled maritime infrastructure leader, NFI is driving the transition to next-generation ferry transport.

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A leading provider of ferry and express boat services in the Nordics

Nordic Ferry Infrastructure is the leading provider of ferry and express boat services in the Nordic region, connecting people, communities, and economies, across Norway, Denmark, and Sweden. Serving more than 26 million passengers annually, NFI is a critical enabler of mobility and economic activity in the region.

Our core brands - Torghatten and Molslinjen - are recognised for their reliability, safety, and commitment to innovation. Across the Group, approximately 3 300 employees work every day to deliver safe, efficient and sustainable transport solutions.

Key figures 2025

  • ~3 300

    Employees in the Nordic region

  • 54

    Routes throughout Norway, Sweden and Denmark

  • 94

    Vessels distributed across the Nordic countries

  • > 26

    Million passengers transported

The year at a glance

HIGHLIGHTS FROM 2025

Route portfolio

100% defend rate of existing
concession contracts

Win of Sandnessjøen - Herøy - Dønna tender in Norway (7-year concession contract)

Delivery of four new electric vessels for the Danish and Norwegian markets 

Order of three high-speed fully electric catamarans for the Kattegat corridor, initiating the world’s largest high-speed ferry electrification project

Traffic development

Record number of cars and passengers on the Bornholm corridor
 

Highest number of cars ever transported on the Kattegat corridor


Third-highest number of foot passengers on Øresundslinjen since the opening of the Øresund Bridge in year 2000

>7% passenger growth in Torghatten

Green transition

Reduced 23 200 tonnes CO2e y/y from fleet decarbonisation initiatives

Full electrification of the Øresundslinjen fleet, establishing a green maritime corridor between Denmark and Sweden

~ 10 000 tonnes of CO2e surplus credits generated under FuelEU Maritime, creating commercial value through sale to a contracting party 

Molslinjen secured DKK 180 million in public funding for decarbonisation of the Kattegat route

2025 performance summary

Revenues
(BNOK)

Adjusted EBITDA
(BNOK)

Well-to-Wake GHG emissions intensity (gCO2e/t.nm)

CASE

Electrifying the Kattegat corridor

Nordic Ferry Infrastructure launched the electrification of the Kattegat corridor, marking the start of the largest maritime electrification project to date. Strategically, the project reinforces NFI’s position as a global leader in maritime decarbonisation.

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SUSTAINABILITY STATEMENT

Driving commitment
through sustainability

Sustainability is a core part of NFI’s strategic direction, operational priorities, and governance. It influences how we modernise our fleet, adopt new technologies, and deliver reliable transport across the Nordics while reducing environmental impact. Our approach is based on material impacts, risks, and opportunities and supports responsible operations, resilience, and long-term value creation.

At NFI, sustainability is reflected in how we develop mobility solutions and connect communities along the Nordic coast. Our ferries provide accessible transport in both remote and urban areas, often where alternatives are limited.

Fleet renewal and technological development are key to reducing emissions and improving efficiency. By integrating environmental considerations with operational performance, we aim to strengthen both our climate contribution and the long-term robustness of our services.

This work is anchored in our business strategy, vision and mission, ensuring that environmental responsibility, social contribution and economic performance are considered together in how we operate and create value.

CASES - Decarbonisation of the fleet

  • All new MF Hinnøy

    The world’s most powerful charging system for electrical ferries

    The Bognes–Lødingen connection is one of Norway’s most critical and demanding ferry routes, linking regions, communities, and industries across the Vestfjord. With the introduction of the electric newbuild MF Hinnøy and retrofitted MF Barøy, the route has become the world’s longest fully electric ferry connection, with a crossing distance of 11.9 nautical miles.

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  • Øresundslinjen going on electric power

    Decarbonising the Danish route portfolio

    Electrification is a core strategic priority for our Danish operation and a central element in contributing to NFI’s long-term decarbonisation ambitions. The transition towards a fully electric fleet is progressing step by step, combining new vessel investments, fleet conversions and the use of low-emission fuels.

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As the leading pan-Nordic ferry infrastructure operator, our mission is to bring people and communities together in a more sustainable way.

Our core markets

  • Norway - Torghatten

    Torghatten delivered a solid performance in 2025, combining stable financial results with continued operational progress across its Norwegian ferry operations. Strong traffic levels, high regularity, and successful tender outcomes underpinned the year, while ongoing electrification and fleet expansion marked important steps in the company’s long-term strategy.

    At the same time, Torghatten advanced key improvement initiatives, reducing crew-related disruptions and strengthening its safety performance. With new zero-emission vessels entering service and major contracts secured for the future, the company is well positioned to drive further efficiency, sustainability, and growth in the years ahead.

    Established
    1878

    Number of vessels / Ferry routes
    74 vessels / 44 routes

    Employees
    1 522

  • Denmark - Molslinjen

    Molslinjen strengthened its position as Denmark’s leading domestic ferry operator in 2025, supported by solid traffic growth, stable revenues, and continued progress in fleet electrification. Record volumes on key routes, particularly Kattegat and Bornholm, alongside improved customer offerings and digital initiatives, contributed to a positive operational performance despite some corridor-specific challenges.

    At the same time, the company advanced its sustainability and safety agenda, with new electric vessels delivered and full electrification of Øresundslinjen achieved. While delayed vessel deliveries temporarily impacted emissions reductions and operations, Molslinjen is well positioned to realise stronger environmental gains and continued efficiency improvements from 2026 onwards.

    Established
    1963

    Number of vessels / Ferry routes
    20 vessels / 10 routes

    Employees
    1 775

ANNUAL REPORT 2025

Check out our full report here!

Annual Report 2025 (PDF)
Annual Report 2025 (PDF)