Operational volumes were weaker than we expected in Q1, and we therefore lower our net sales estimates for the quarter. Earnings growth this year could be sensitive to utilisation rates for the new quay in Paldiski, but no major tenant has been announced. Property development projects may not offer a significant yield yet in 2026. Overall, the company's profitability is good and the balance sheet is healthy, but revenue growth could still be stronger. Dividend yield was 5% as of spring 2026 (peer group median: 4.1%). 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. We do not consider the valuation to be challenging, as the company's 2026E P/BV is 15% below the peer group's long-term median of 1.1x.