Tallinna Sadam: Revenue growth was 10% in Q2 - Nordea

Group net sales was EUR 31.7m in Q2 (Nordea est. EUR 30.4m) meanwhile adjusted EBITDA was EUR 14.9m (Nordea EUR 15.1m). The number of passengers increased by 1% while total cargo tonnes declined by 1% in Q2 y/y. Utilisation ratio of MPSV Botnica was 59% (32%) in Q2. Revenue growth was even 10% in Q2 y/y. Adjusted EBITDA margin was 47% (40.7%) in Q2. The major news in Q2 relates to the expanded contract for the company's current ferry operations. The company do not issue a detailed full year guidance but growth investments are progressing well. The launch of a property development project in Old City Harbour could happen in 2024 we believe. Nordea’s net sales forecast in 2024 has been EUR 120m and clean EBITDA estimate EUR 55m. Preparations for reducing the State's shareholding to 51% (67%) are progressing.

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