Baleària has closed the financial year 2025 with double-digit growth in its main economic and operational metrics. The company achieved a turnover of 801 million euros, representing a 16% increase compared to the previous year. The gross operating result (EBITDA) stood at 170 million euros, a 29% increase, while the net profit rose to 63 million euros, with an increase of 152%.
The president of the shipping company, Adolfo Utor, attributes these results to the consolidation of the business model and the company's ability to grow in a competitive environment, maintaining profitability and a financial base that allows for new expansion projects.
The incorporation of new ships and the opening of routes have contributed to improving operational efficiency and fleet productivity. According to the company, this evolution has allowed for the absorption of cost increases resulting from the application of European environmental regulations without adversely affecting margins.
In terms of revenue, connections with North Africa—both national and international routes—have reached a similar weight to that of routes with the Balearics, which continue to be the shipping company's main market. This geographical rebalancing reflects the sustained growth of traffic with Morocco and Algeria.
During 2025, Baleària transported 6.5 million passengers, a 15% increase compared to the previous financial year, and 1.6 million vehicles, with an increase of 11%. In the last decade, the company has doubled the number of clients. International traffic recorded the most dynamism, with a growth of 68% and nearly two million passengers.
Morocco consolidates as the main foreign market for the shipping company. The launch of the Tarifa–Tanger City route, awarded for a period of 15 years, has contributed to the increase in travelers on this connection. For its part, Algeria has increased its share in Baleària's network following the opening of new routes, becoming another relevant market in North Africa.
In the cargo segment, the company transported 8.4 million linear meters of cargo, equivalent to about 622,000 trucks, representing a 10% increase. This business accounts for 36% of total revenue and is crucial for ensuring a regular supply of goods in the island and off-mainland territories where it operates. The Balearics account for 59% of the total cargo volume, while Morocco already represents 29%, confirming its growing logistical prominence.
In August, Baleària signed agreements for the acquisition of Naviera Armas Trasmediterránea, an operation pending authorization from the Competition authorities. If realized, the integration would strengthen the group's presence in the Canaries and incorporate 15 ferries and around 1,500 employees. The operation is part of a strategy to consolidate the national maritime sector in a competitive environment with large international operators.
In environmental matters, the shipping company maintains the goal of achieving net-zero emissions by 2050. Currently, more than half of the propulsion power of its fleet can operate using natural gas or biogas, placing it among the European companies with the greatest adoption of alternative fuels.
Among the most relevant actions in 2025 is the launching of the “Mercedes Pinto,” the company's third fast ferry with dual engines, as well as the start of operations with biogas on three routes, allowing for journeys with net-zero emissions from an operational perspective. Likewise, Baleària has begun constructing two 100% electric fast ferries powered by batteries and with OPS connection to cover the Tarifa–Tanger City route, as part of the future green corridor between Spain and Morocco.
The evolution of environmental indicators reflects a relative improvement despite the increase in activity. In 2025, the fleet sailed 1.9 million miles, a 1.5% increase compared to the previous year, while the total carbon footprint was reduced by 13,500 tons of CO₂ equivalent, a 1.4% decrease. Relatively, emissions per mile traveled decreased by 2.85%, emissions per passenger by 15%, and emissions per linear meter of cargo by 12%. The intensity of greenhouse gas emissions decreased by 5.25%.
The impact of European environmental regulations incurred a cost of 19.5 million euros for the company, a 116% increase compared to the previous financial year. The corporate strategy is based on anticipating investments and improving energy efficiency to mitigate regulatory risks in an increasingly demanding environment.
In the labor field, the workforce reached 3,100 people in 2025. 98% of direct employees in Spain have permanent contracts. The company has increased its investment in training and professional development in an industry context marked by a shortage of qualified profiles. Among the ongoing initiatives is the Sailing Women program, aimed at increasing female presence in the Bridge and Engine departments.
In terms of its economic impact, Baleària mostly works with national suppliers, accounting for 90% of the total, while 77% are local. The so-called social cash flow reached 891 million euros, a figure that reflects the economic effect of its activities in terms of employment and contracting. Through the Baleària Foundation, the company also channels cultural and social actions in the regions where it operates.