Telko and Leipurin segments both reported EUR 0.3m higher adjusted EBITA than we forecasted in Q1. ESL Shipping segment reported clean EBITA of EUR 4.1m compared to our forecast of EUR 4.1m in Q1. ESL Shipping segment has suffered from low activity and from weak spot markets. Shipping’s demand could also remain weak in the summer. Full year 2025 clean EBITA guidance of EUR 35-45m is repeated. The company redeems its outstanding EUR 30m hybrid bond.
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