Group net sales was EUR 29.2m in Q4 (LSEG consensus EUR 28.9m). Harbour calls by vessels declined by 4.8% y/y. The amount of passengers increased by 0.9% in Q4 y/y meanwhile Cargo segment’s volumes increased even by 5.6%. Total cargo tonnes in Q4 were the highest seen in 2023-25. Utilisation ratio of MPSV Botnica was 53% (55%) in Q4. Adjusted EBITDA was EUR 11.2m in Q4 (consensus EUR 11.9m). Q4 was affected by higher repair costs. Cash flow from operating activities was up by 10% in 2025 y/y. The new quay in Paldiski was ready in February 2026. Preparation of the real estate business model continues. The company do not issue a detailed full year 2025 guidance. Market consensus (LSEG) for 2025 net sales is EUR 122m (Nordea EUR 123m, 2025: EUR 119m). Consensus for FY EBITDA is EUR 58.6m (Nordea EUR 57.7m, 2025: EUR 56.5m). The results of 2025 and the outlook for 2026 allow to continue and exceed the agreed dividend policy.
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