Baleària closed the 2025 financial year with robust financial results that consolidate its business model and strengthen its position in European maritime transport. The company achieved a turnover of €801 million (+16%), EBITDA of €170 million (+29%) and a profit for the year of €63 million (+152%). For Baleària’s president, Adolfo Utor, these results demonstrate the strength of the shipping company’s business model: “We have the capacity to grow profitably and sustainably in a competitive environment. We have consolidated a robust financial foundation that allows us to confidently embark on a new phase of expansion.”
The addition of new ships and the launch of new routes have improved the operational efficiency and productivity of the fleet, generating a positive contribution to the business and ensuring that the increased costs resulting from environmental regulations have not affected profitability. In terms of revenue, connections with North Africa—both domestic and international—now account for a similar share as the Balearic Islands routes, which remain the core market.
In 2025, Baleària transported 6.5 million passengers (+15%) and 1.6 million vehicles (+11%), meaning that it has doubled its number of customers over the last decade. This year has seen a particularly strong increase in international traffic, which has grown by 68%, with nearly two million passengers. Morocco is establishing itself as the main international market, and the opening of the Tarifa–Tangier City route, with a 15-year concession, has enabled the company to increase the number of passengers travelling to this country. Algeria has also established itself as a key market with the opening up of new routes to the country.
At the same time, Baleària has transported 10% more cargo, totalling 8.4 million linear metres (equivalent to around 622,000 lorries), a segment that represents 36% of the company’s turnover and is essential for ensuring logistical continuity in the regions where it operates. Morocco is also becoming a strategic hub in this area, already accounting for 29% of total cargo volume. However, the Balearic Islands, with 59%, remain the company’s main market.
Leading Spanish shipping company
Adolfo Utor also pointed out that Baleària signed agreements in August to acquire the shipping company Armas Trasmediterránea, a deal that is pending approval by the competition authorities. For Utor, this possible integration has a strategic dimension for national territorial cohesion: “Spain needs reliable maritime operators that are sufficiently large to compete with the major international groups and guarantee connectivity for all regions. Baleària is a 100% Spanish-owned company with a long history and a long-term project. We are prepared to take on this challenge in a responsible manner and with a vision for the future.” If the deal goes through, the group would strengthen its presence in the Canary Islands, adding 15 ferries and 1,500 employees to the Baleària group.
Leading the way in decarbonisation and energy efficiency
Baleària is committed to achieving net zero emissions by 2050 and has made sustainability a key factor in its business competitiveness.
“Currently, more than half of our ships’ propulsion power can come from natural gas or biogas, making Baleària the leading company in Europe in the use of alternative fuels”, Utor highlighted.
Among the most significant sustainability milestones of the year were the launch of the Mercedes Pinto, the shipping company’s third fast ferry with dual engines, and the switch to biogas on three of its routes, enabling it to operate with zero net emissions. Thanks to this commitment, part of Baleària’s fleet is several decades ahead of the decarbonisation target set for 2050. Moreover, the shipping company has reinforced its commitment to electrification by starting the construction of two 100% battery-powered fast ferries with OPS connection for the Tarifa–Tangier City route, intended for use on the first green corridor between Spain and Morocco.
Progress in sustainability is reflected in verifiable indicators: despite the increased activity (1.9 million miles sailed, up 1.5%), Baleària has reduced its total carbon footprint by 13,500 tons of CO₂ equivalent (-1.4%). The improvement is even more significant in relative terms: -2.85% emissions per mile sailed, -15% emissions per passenger, and -12% per linear metre of cargo. Likewise, greenhouse gas intensity has decreased by 5.25%. “Decarbonisation is not just a regulatory obligation, it is a corporate responsibility and a strategic opportunity”, explained Utor, who noted that the cost of European environmental regulations has been 19.5 million euros (+116%). The company believes that anticipating investments and continuously improving energy efficiency are key ways to minimise risks and strengthen its competitiveness in an increasingly demanding regulatory environment.
Talent, social impact and regional commitment
People are Baleària’s main asset. In 2025, the workforce reached 3,100 people, with 98% of direct employees in Spain on permanent contracts. This reflects a clear commitment to job stability and regional roots. In a sector facing a shortage of qualified personnel, the company has increased its investment in professional development and promoted the Sailing Women programme, aimed at increasing the presence of women in the traditionally male-dominated areas of the bridge and engine room.
This commitment to talent is complemented by an active policy of generating value in the local economic environment. Baleària prioritises local suppliers: 90% of its suppliers are domestic and 77% are local. Baleària’s social cash flow of €891 million demonstrates its positive impact on employment, business activity and economic growth. Furthermore, through the Baleària Foundation, the company extends its social impact beyond strictly business activities.
Source: Baleària
