Net sales were below our expectations and adjusted EBITDA was above for Q2. Growth in passenger and cargo volumes were good, but utilisation ratios for Botnica were lower than we had anticipated. Bigger news related to an offshore wind power tenant, property development projects and the new vessel order has not been disclosed yet. Cash flow will improve after the Paldiski investment, and we believe the stable dividend trend will not come under pressure. The current share price indicates a dividend yield of 6.1% for next spring (peer group long-term average: 4.3%). Our fair value range of EUR 1.4-1.7 is unchanged, based on a combination of our DCF model and a peer group comparison.
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