Group net sales was EUR 28m in Q1 (Nordea est. EUR 29m) meanwhile adjusted EBITDA was EUR 13m (Nordea EUR 13m). Revenue growth was -2% y/y and adjusted EBITDA decreased by 6% y/y in Q1. However, cargo volumes have stabilized and passenger numbers continue to improve. The number of passengers grew by 5% y/y in Q1 but the pre-COVID-19 levels have not yet been reached. The major news after Q1 relates to the expanded contract for the company’s current ferry operations which reduce risks in medium term. The company do not issue a detailed full year guidance but growth investments are progressing well. We expect to see an announcement regarding property development projects and building of a wind power construction and maintenance vessel later in 2024 or in 2025. Market consensus for 2024 net sales is EUR 121m (2023: EUR 117m). Consensus for FY EBITDA is EUR 55m (2023: EUR 49m).

https://research.nordea.com/api/reportfileapi?id=931156

Nordea