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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