Tallinna Sadam's net sales were close to our expectations, but adjusted EBITDA came in below our forecast in Q1. The adjusted EBITDA margin was 41% (49%). Weakness came especially from the Ferry segment, in which icy conditions increased fuel consumption. The company does not offer guidance for the full year, but we believe fuel price-related cost increases could at least be mitigated and are no longer a headwind for Q2. The company is still negotiating with a possible tenant for the new quay at Paldiski. An auction regarding a property development project at Old Harbour will most likely occur next autumn. 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. Regardless of the slow start to the year, we do not envisage similar headwinds continuing in Q2-Q4 2026.