Enlight Research

[Enlight Research @ResearchEnlight]

Tallink May stats out pre-open
May Pax +1.9% y/y (est +0.1%)
May Cargo units +1.5% (est +5.3%)
Pax above, Cargo below (still +9% ytd)

[Enlight Research @ResearchEnlight]

Apranga May Sales out after close.
May Sales +14.0% (est +4.0%)
May like-for-like +12.4% (est 2.5%)
LT +11%, LV +6%, EE +8%

[Enlight Research @ResearchEnlight]

Akola Q3-25/26 Update publ.
Q3 Net profit beat, Sales below.
Food segment strong, PFF segment challenging.
FY EBITDA est EUR 90m = top of guid range = solid yr albeit not a record yr.
https://t.co/afItHuc2XE

[Enlight Research @ResearchEnlight]

Tallinna Sadam Q1 Update publ.
Q1 Sales inline, Profits below due to Ferry segment (should come back this qtr as fuel is indexed).
Eventful yr w/ new Paldiski quay & RE tender.
DPS est unchg 7c = 5.4% yld.
https://t.co/E3aw7GrDyt

[Enlight Research @ResearchEnlight]

Grigeo Q1/26 out after close
Q1 Rev EUR 77.5m (est 81.3)
Q1 EBITDA 5.9m (est 9.0)
Q1 EBIT 2.4m (est 5.6)
Q1 Net profit 2.3m (est 4.8)
Below on Rev. & Profits.

[Enlight Research @ResearchEnlight]

KN Energies Q1 out pre-mkt
Q1 Rev. EUR 29.8m (est 26.2)
Q1 EBITDA 16.2m (est 14.1)
Q1 Net profit 7.3m (est 5.0)
Comfortably above on Rev. & Profits

[Enlight Research @ResearchEnlight]

Akola Q3-25/26 out after close
Q3 Rev EUR 357m (est 398)
Q3 EBITDA 19m (est 20)
Q3 PTP 7.3m (est 8.0)
Q3 EPS 4c (est 3c)
Below on Rev. but more importantly, small beat on bottom line.
Webinar tomorrow 9am

[Enlight Research @ResearchEnlight]

Ignitis Q1 Update publ.
Q1 adj EBITDA in-line as Green Cap. (unfavorable weather) EUR 19m miss was offset by Cust. & Sol. EUR 19m beat (favorable weather). Strat. plan 2026-29 adj EBITDA target consistent w/ est. = supports 5.6-5.9% div yld. in 2026-28.
https://t.co/NtPEgaCiXN

[Enlight Research @ResearchEnlight]

Ignitis Group Q1 out pre-mkt
Q1 Rev. EUR 939m (est 803)
Q1 adj. EBITDA EUR 192m (est 197)
Per seg. adj. EBITDA: Cust. & Sol. above at EUR 13.1 (est. -6), Green Cap. below at EUR 86 (est. 106), other seg. in line
Overall above on rev., slightly below on adj. EBITDA
Webinar @ 1 PM

[Enlight Research @ResearchEnlight]

DelfinGroup Q1 out pre-mkt
Q1 Rev. EUR 3.2m (est 3.3)
Q1 Pre-tax Profit 3.6m (est 3.6)
Q1 EPS 6.2c (est 6.1)
Inline on Revenues and Profits.
Both DelfinGroup & Eleving Q1s met estimates = solid start of year.

[Enlight Research @ResearchEnlight]

Eleving Q1 out pre-mkt
Q1 Total Rev. EUR 64.3m (est 65.7)
Q1 PTP 9.5m (est 9.4)
Q1 Net profit 4.8m (est 5.3)
Rev & Profits roughly inline.

[Enlight Research @ResearchEnlight]

Tallinna Sadam Q1 out pre-mkt
Q1 Rev. EUR 28.2m (est 28.8)
Q1 EBITDA 11.6m (est 13.3)
Q1 EBIT 5.7m (est 6.6)
Q1 EPS 2c (est 2c)
Rev. inline, profits below mainly due to Ferry segment ( but EPS inline).
Webinar 10am (EE), 11am (ENG)

[Enlight Research @ResearchEnlight]

EfTEN post-Q1 est. published on website.
Q1/26 Net profit +18% y/y to EUR 4.9m (est 4.3)
Two excellent divestments announced.
Div. est. raised by 1c each year 2026-28.
Div. yld 2026E 6.3% should be attractive given track record & risk profile.

[Enlight Research @ResearchEnlight]

Artea Q1 report published
Q1 Profit beat on impressive cost cutting.
Potential for a bid w/ +20% premium next yr.
Regardless of bid, shr appears undervalued @ 1x book w/ ROE 12%. See report for comp w/ LHV & Coop.
https://t.co/Bxa5zLPqfR

[Enlight Research @ResearchEnlight]

Merko Q1 out pre-mkt
Q1 Sales EUR 57m (est 90)
Q1 EBIT 1.3m (est 9.9)
Q1 PTP 1.7m (est 11.7)
Q1 EPS 25c (est 58c)
Sales & Profits below as both Construction & RE Development miss.

[Enlight Research @ResearchEnlight]

Tallink Apr stats out pre-open
Apr PAX unchg. y/y (est +4%)
Apr Cargo +5% y/y (est +13%)
Est. too optimistic following strong Q1/26 growth (pax +7%, cargo +13%). Still, ytd growth solid (pax +5%, cargo +11%).

[Enlight Research @ResearchEnlight]

Apranga April sales out after close
Apr sales +5.7% to EUR 29.8m (est. +4.1% EUR 29.2m)
Apr like-for-like sales based on m2 +4.5% (est. +2.9%)
Headline figure and sales based on m2 above
Jan-Apr sales LT +9.8%, LV +4.9%, EE +7.9%
In April +4 new stores (LT +1, LV +1, EE +2)

[Enlight Research @ResearchEnlight]

EfTEN Q1 out pre-open
Q1 Rev EUR 8.4m (est 8.3)
Q1 Income from Prop. mgmt 5.5m (est 5.1)
Q1 Net profit 4.9m (est 4.3m)
Rev inline, Profits above (net profit +18% y/y),
Simply impressive!

[Enlight Research @ResearchEnlight]

Apranga Q1/26 out after close
Q1 Sales EUR 68.3m (est. 67.2)
Q1 EBITDA 6.3m (est. 5.8)
Q1 EBIT EUR 1m (est. 0.9)
Q1 Net profit EUR 0.4m (est. 0.3)
Roughly in line on both sales and earnings.

[Enlight Research @ResearchEnlight]

Sign up to Liven IPO events tomorrow (Wed):
4.30pm Early look @ phase II Regati apts
5.30pm CEO Andero, Designer Alina, CFO Joonas, Valuation Mattias
Register: https://t.co/gD0CnQj72l

Latvian & Lithuanian investors: IPO webinar tomorrow 11am, (link): https://t.co/5vRz5z0DaA