AS Tallinna Sadam financial results for 2025 Q3 and 9 months

In the third quarter, Tallinna Sadam earned close to 32 million euros in sales revenue and close to 9 million euros in profit, adjusted EBITDA was 16 million euros. Sales revenue increased by +1.5%, profit by +54% and adjusted EBITDA by +17% compared to the last year. The revenue for nine months was 90 million euros, profit 19 million euros and adjusted EBITDA 45 million euros. The revenue of 9 months decreased by –1.4%, profit increased +27% and adjusted EBITDA increased +11%. In the third quarter, the volume of investments was 9 million euros, and we invested a total of 21 million euros within nine months.

The number of passengers grew +1.4% and cargo volumes +8%, vessel calls decreased by –1.6% in the third quarter of 2025. Ferry segment showed growth in the number of vehicles +2.4%. The icebreaker Botnica was chartered 22% of the time which is –20% less than last year.

“We have achieved strong results in the third quarter. Growth continued in both, volumes and revenues, in passenger and cargo harbours. Revenues of Icebreaker Botnica have decreased due to the shortening of the charter period, while profitability of its activities has increased. The efficiency in operations is demonstrated by growth in adjusted EBITDA and profit,” commented Valdo Kalm, the Chairman of the Management Board, on the results.

Tallinna Sadam management will present the financial results of the Group at a webinars on 10 November, including webinar in Estonian starting at 10.00 (EET) (link to EST webinar) and webinar in English starting at 11.00 (EET) (link to ENG webinar).

Materials related to the interim report can be found attached to this notice and on our website: https://www.ts.ee/en/investor/interim-reports/
https://www.ts.ee/en/investor/presentations/.

Key figures (in million EUR):

Q3Q3+/–9M9M+/– 20252024%20252024%Revenue31.731.21.589.590.8–1.4Adjusted EBITDA15.513.316.745.340.910.8Adjusted EBITDA margin48.9%42.6%6.350.6%45.0%5.6Operating profit9.67.332.427.923.220.3Income tax0.00.00.0–5.4–3.173.3Profit for the period8.65.654.018.914.927.0Investments8.88.44.620.833.5–37.7

30.09.202531.12.2024+/–Total assets629.7629.90.0%Interest bearing debt182.3184.8–1.4%Other liabilities70.167.40.1%Equity377.3377.6–0.1%Number of shares263.0263.00.0%

Major events in Q3:
• Icebreaker Botnica at additional work in Canada
• New cruise operator and 10 first ship visits
• Tallinn-Helsinki regular line celebrated 60th anniversary
• Ship accident in Muuga harbour
• AS Tallinna Sadam and OÜ TS Laevad filed an appeal in cassation concerning criminal case involving former members of the management board
• Tallinn Circuit Court dismissed MPG AgroProduction OÜ appeal

Revenue
Revenue decreased by EUR 1.3 million (–1.4%) in the first 9 months of 2025 to EUR 89.5 million. The decline in revenue was due to a decrease in charter days of the icebreaker Botnica (other segment). Revenue increased in the passenger and cargo harbour segments and in the ferry segment providing service between mainland Estonia and the larger islands. In the third quarter, revenue increased by EUR 0.5 million (+1.5%).
By revenue type, the largest change over the 9-month period was the decline in vessel charter fee revenue, which decreased by EUR 3.8 million (–39.4%) due to a 24% drop in charter days. The percentage decrease in revenue exceeded the decline in charter days, as the project-based work performed after the icebreaking season was carried out at lower daily rates. Vessel due revenue increased by EUR 1.7 million (+7.,3%) to EUR 25.6 million. Vessel due revenue increased, driven by a higher number of vessel calls from passenger, cruise, and cargo ships, as well as by higher tariff rates. Cargo charge revenue grew by EUR 0.6 million (+12.8%) to EUR 5.0 million due to increased cargo volumes and, for 2025, higher expected annual revenue from liquid bulk, which, under IFRS 15, had an additional positive impact on the 9-month results. Operating lease income increased by EUR 0.3 million (+3.1%) to EUR 11.0 million. Growth was recorded across the cargo, ferry, and passenger harbour segments, mainly due to indexed rate adjustments. Revenue from other services decreased by EUR 0.3 million (–14.9%), as the previous year’s project-based work performed by Botnica included higher additional income from the provision of catering services. Passenger fee revenue increased by EUR 0.3 million (+2.8%) to EUR 9.4 million. The growth was supported by an increase in passenger numbers (+1.0%) and higher rates applied to regular line passengers and cruise passengers using Old City Harbour. Revenue from electricity sales decreased by EUR 0.2 million (–6.3%) to EUR 3.2 million. Electricity revenue decreased in the cargo harbour segment due to lower electricity sales volumes and prices. In the passenger harbour segment, however, electricity revenue increased as a result of higher sales volumes. Revenue from ferry service provision  increased by EUR 0.1 million (+0.4%) to EUR 27.9 million. The number of trips decreased by 0.8% compared to the previous year. Revenue growth was positively affected by the indexation of tariffs in line with Estonia’s labour cost and consumer price indices, while the decline in the fuel price index had a negative impact.

EBITDA
Adjusted EBITDA increased by EUR 4.4 million (+10.8%) in the first 9 months to EUR 45.3 million. Adjusted EBITDA increased in the Cargo harbours, Passenger harbours, and Other segments, supported by higher revenue (in the passenger and cargo harbours) and lower expenses (in the Cargo harbours and Other segments). The Ferry segment remained in decline, as expenses grew faster than revenue, particularly due to higher depreciation and personnel expenses. In the third quarter, adjusted EBITDA increased by EUR 2.2 million (+16.7%) year-on-year. Adjusted EBITDA increased in the Other, Cargo harbours, and Passenger harbours segments but declined in the Ferry segment. The adjusted EBITDA margin rose from 45.0% to 50.6% over the 9-month period and from 42.6% to 48.9% in the third quarter.

Profit
Profit before tax increased by EUR 6.3 million (+35.0%) to EUR 24.3 million compared to the 9 months in the previous year. Net profit grew more strongly than operating profit, driven by the reduction in financial expenses. In the second quarter of 2025, dividends totalling EUR 19.2 million were paid out, accompanied by income tax expenses of EUR 5.4 million, which was EUR 2.3 million higher than the tax expense related to the previous year’s dividend payment. Although the amount of dividends remained unchanged, the dividend tax rate increased in 2025, and the reduced rate for regularly paid dividends was eliminated. Net profit for the 9-month period increased by EUR 4.0 million (+27.0%) year-on-year. The third quarter net profit was EUR 8.6 million (EUR +3.0 million; +54.0%) and profit before tax was EUR 8.6 million (EUR +3.0 million; +54.0%).

Investments
In the first 9 months of 2025, the Group invested EUR 20.8 million, which was EUR 12.6 million less than in the previous year. Investments during the first 9 months of 2025 were mainly related to the construction of an offshore wind terminal- quay at Paldiski South Harbour, quay upgrades at cargo harbours, scheduled dry-docking of a ferriesy, information technology projects, design works at the passenger harbour, procurement of equipment for ferries, and dry-docking of the icebreaker Botnica. Investments in the third quarter totalled EUR 8.8 million (the third quarter 2024: EUR 8.4 million).

Interim condensed consolidated statement of financial position:

In thousands of euros30 September 202531 December
2024ASSETS Current assets Cash and cash equivalents44 36017 213Bank deposits with maturities exceeding
3 months022 000Trade and other receivables7 96112 512Contract assets7710Inventories649695Total other current assets53 74152 420Non-current assets held for sale04 190Total current assets53 74156 610Non-current assets Investments in an associate2 7402 664Investment properties14 06914 069Property, plant and equipment556 863554 280Intangible assets2 2652 238Total non-current assets575 937573 251Total assets629 678629 861LIABILITIES Current liabilities Loans and borrowings25 43712 185Provisions1 3601 771Government grants 20 15822 146Taxes payable1 570906Trade and other payables15 2847 780Total current liabilities63 80944 788Non-current liabilities Loans and borrowings156 850172 650Government grants 31 33831 995Other payables6812 815Total non-current liabilities188 577207 460Total liabilities252 386252 248EQUITY Share capital263 000263 000Share premium44 47844 478Statutory capital reserve23 84823 304Retained earnings45 96646 831Total equity377 292377 613Total liabilities and equity629 678629 861

Interim condensed consolidated statement of profit or loss:

In thousands of eurosQ3 2025Q3 20249M 20259M 2024Revenue31 67331 21489 53590 797Other income3083981 9881 164Operating expenses–9 856–11 651–26 133–30 951Impairment of financial assets–167–21485–680Personnel expenses–6 205–6 302–19 164–18 661Depreciation, amortisation and impairment–6 076–6 087–18 216–18 207Other expenses–55–90–187–262Operating profit9 6227 26827 90823 200Finance income and costs Finance income214203795703Finance costs–1 340–2 158–4 486–6 400Finance costs - net–1 126–1 955–3 691–5 697Share of profit (loss) of an associate accounted for under the equity method9626576491Profit before income tax8 5925 57824 29317 994Income tax expense00–5 415–3 125Profit for the period8 5925 57818 87814 869Attributable to: Owners of the Parent8 5925 57818 87814 869Basic earnings and diluted earnings per share (in euros)0.030.020.070.06

Interim condensed consolidated statement of cash flows:

in thousands of euros9M 20259M 2024Cash receipts from sale of goods and services100 23999 181Cash receipts related to other income6942Payments to suppliers–32 208–37 612Payments to and on behalf of employees–19 168–17 787Payments for other expenses–260–224Income tax paid on dividends–5 415–3 325Cash flows from operating activities43 25740 275Purchases of property, plant and equipment–17 678–33 118Purchases of intangible assets–347–479Proceeds from sale of property, plant and equipment4 88517Proceeds from government grants related to assets4790Interest received771679Net change in deposits with maturities exceeding 3 months22 0000Cash used in investing activities10 110–32 901Proceeds from loans received020 000Repayments of loans received–2 183–9 583Dividends paid–19 199–19 000Interest paid–4 837–6 427Other payments related to financing activities–1–18Cash used in financing activities–26 220–15 028NET CASH FLOW27 147–7 654Cash and cash equivalents at beginning of the period17 21329 733Change in cash and cash equivalents27 147–7 654Cash and cash equivalents at end of the period44 36022 079

Tallinna Sadam is one of the largest cargo- and passenger port complexes in the Baltic Sea region. In addition to passenger and freight services, Tallinna Sadam group also operates in shipping business via its subsidiaries – OÜ TS Laevad provides ferry services between the Estonian mainland and the largest islands, and OÜ TS Shipping charters its multifunctional vessel Botnica for icebreaking and offshore services in Estonia and projects abroad. Tallinna Sadam group is also a shareholder of an associate AS Green Marine, which provides waste management services.

Additional information:

Angelika Annus
Head of Investor Relations
Tel +372 5649 6230
[email protected]

Attachments

2025 Q3 Main Figures2025 Q3 webinar2025 Q3 Interim Report