Group net sales was EUR 29.5m in Q2 (Nordea EUR 30.8m). Harbour calls by cargo vessels improved by 4% y/y. The amount of passengers increased by 4% in Q2 y/y meanwhile Cargo segment’s volumes increased even by 8%. But revenue was negatively affected by a decrease in the charter days of the Botnica. Utilisation ratio of MPSV Botnica was only 22% (59%) in Q2. Adjusted EBITDA was EUR 15.0m in Q2 (Nordea EUR 14.3m) without EUR 0.9m one off sales gain. Cash flow from operating activities was up by 4.3% in H1 2025 y/y. Preparation of the real estate business model continues but there were no new information regarding a possible wind power construction and maintenance vessel order. Moreover, announcement regarding new and bigger tenant of the multifunctional quay in Paldiski is still pending. The company do not issue a detailed full year 2025 guidance. Market consensus for 2025 net sales is EUR 123m. Consensus for FY EBITDA is EUR 58m.
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