Group net sales was EUR 31.7m in Q3 (Nordea estimate EUR 32.1m). Harbour calls by vessels declined by 1.6% y/y. The amount of passengers increased by 1.4% in Q3 y/y meanwhile Cargo segment’s volumes increased even by 7.8%. Utilisation ratio of MPSV Botnica was 22% (27%) in Q3. Adjusted EBITDA was EUR 15.5m in Q3 (Nordea EUR 15.6m). Cash flow from operating activities was up by 7.4% in Q1-Q3 2025 y/y. Preparation of the real estate business model continues but there were no new information regarding a possible wind power construction and maintenance vessel order. We forecast the weak market outlook for offshore wind power parks to lead to a postponement or even cancellation of the final investment decision. The company do not issue a detailed full year 2025 guidance. Market consensus (LSEG) for 2025 net sales is EUR 119m (Nordea EUR 120m, 2024: EUR 120m). Consensus for FY EBITDA is EUR 57m (Nordea EUR 57m).
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