EBITDA edged down 2 per cent to EUR 32.8 million, while EBIT slipped to EUR 10.3 million from EUR 11.2 million a year earlier, with the EBIT margin narrowing to 5.8 per cent from 6.8 per cent. Lower financing costs lifted earnings before taxes marginally to EUR 8.0 million, but the bottom line fell 28 per cent to EUR 7.4 million on a higher tax charge.

President and CEO Thomas Doepel pointed to the lag in passing increased bunker costs through the Bunker Adjustment Factor as the main drag on profitability, compounded by the EU ETS moving to 100 per cent coverage of maritime CO2 emissions from 1 January 2026.

Cargo volumes remained broadly stable at 196,000 units, alongside 19,000 cars and 297,000 tons of non-unitised freight, while passenger numbers eased to 162,000. The fleet operated an average of 18 vessels.

Finnlines' financial position stayed solid, with interest-bearing debt at EUR 327.7 million, an equity ratio of 61.6 per cent and net debt/EBITDA of 1.9. Capex totalled EUR 7.6 million, including prepayments for the three methanol-capable Hansa Superstar RoPax newbuilds due in 2028–2029. Management reiterated guidance for full-year 2026 earnings to exceed 2025.

Full report financial-review-q1_2026-eng.pdf

© Shippax