Group net sales was EUR 31.1m in Q2 (Nordea est. EUR 31.0m). Harbour calls by vessels declined by 3.1% y/y. The amount of passengers decreased 1.1% in Q2 y/y meanwhile Cargo segment’s volumes decreased by 2.3%. Adjusted EBITDA was EUR 14.2m in Q2 (Nordea EUR 14.5m). Costs increased due fuel prices in Q2. The new quay in Paldiski was ready in February 2026 but there is still no major tenant for the new quay. The company do not issue a detailed full year 2025 guidance (unchanged). Market consensus (LSEG) for 2026 net sales is EUR 124m (Nordea EUR 122m, 2025: EUR 119m). Consensus for FY EBITDA is EUR 56.9m (Nordea EUR 54.7m, 2025: EUR 56.5m). The dividend yield could be a cornerstone of the equity story while earnings growth is absent. We estimate a dividend yield of 5.9% for spring 2027. The war in Ukraine is far from over, which could eventually offer notable upside to cargo volumes.
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