Tallinna Sadam: Q3 figures above our expectations - Nordea
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Tallinna Sadam: Q3 figures above our expectations - Nordea

Group net sales was EUR 33.8m in Q3 (Nordea est. EUR 33.1m). The amount of passengers increased by 2% in Q3 y/y meanwhile Cargo segment’s volumes decreased by 3.3%. Harbour calls by vessels were about same y/y. Adjusted EBITDA was EUR 16.6m in Q3 (Nordea EUR 15.5m). Costs increased due to fuel prices in Q3. The company do not issue a detailed full year 2026 guidance (unchanged). Market consensus (LSEG) for 2026 net sales is EUR 123m (Nordea EUR 123m, 2025: EUR 119m). Consensus for FY EBITDA is EUR 55.1m (Nordea EUR 53.9m, 2025: EUR 56.5m). We estimate a dividend yield of 6% for spring 2027. The war in Ukraine is still far from over, which could eventually offer notable upside to cargo volumes we believe.

Group net sales was EUR 33.8m in Q3 (Nordea est. EUR 33.1m). The amount of passengers increased by 2% in Q3 y/y meanwhile Cargo segment’s volumes decreased by 3.3%. Harbour calls by vessels were about same y/y. Adjusted EBITDA was EUR 16.6m in Q3 (Nordea EUR 15.5m). Costs increased due to fuel prices in Q3. The company do not issue a detailed full year 2026 guidance (unchanged). Market consensus (LSEG) for 2026 net sales is EUR 123m (Nordea EUR 123m, 2025: EUR 119m). Consensus for FY EBITDA is EUR 55.1m (Nordea EUR 53.9m, 2025: EUR 56.5m). We estimate a dividend yield of 6% for spring 2027. The war in Ukraine is still far from over, which could eventually offer notable upside to cargo volumes we believe.
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