Market announcement
aktsiaselts TALLINNA SADAM
LEI code
25490093MDYISEP1Y539
Size of the entity
Large group
Economic activities
Electricity, Gas, Steam and Air Conditioning Supply, Transportation and Storage
Country of registered office
Estonia
General information
Categories
Management interim statement or quarterly financial report
Unique data record identifier
17931
Attachments
Submission date and time
10.11.2025 08:00:01
Content of announcement in Estonian
Title
ASi Tallinna Sadam 2025 III kvartali ja 9 kuu majandustulemused
Message
Tallinna Sadam teenis III kvartalis ligi 32 miljonit eurot müügitulu ja ligi 9
miljonit eurot kasumit, korrigeeritud EBITDA oli 16 miljonit eurot. Eelneva
aastaga võrdluses kasvasid müügitulu +1,5%, kasum +54% ja korrigeeritud EBITDA
+17%. Üheksa kuu müügitulu oli 90 miljonit eurot, kasum 19 miljonit eurot ja
korrigeeritud EBITDA 45 miljonit eurot. Üheksa kuu kokkuvõttes müügitulu kahanes
-1,4%, kasvasid kasum +27% ja korrigeeritud EBITDA +11%.
III kvartalis oli investeeringute maht 9 miljonit eurot, üheksa kuu jooksul
investeerisime kokku 21 miljonit eurot.
2025. aasta III kvartalis kasvasid reisijate arv +1,4% ja kaubamahud +8%,
laevakülastuste arv kahanes -1,6% võrra. Laevanduses näitas kasvu sõidukite arv
reisiparvlaevadel +2,4%. Jäälõhkuja Botnica oli prahitud 22% ajast, mis on -20%
vähem kui eelneval aastal.
?Hindame, et kolmandas kvartalis saavutasime tugevad tulemused. Kasv jätkus nii
mahtudes kui tuludena reisi- ja kaubasadamates. Jäämurdja Botnica tulud on
vähenenud prahtimise perioodi lühenemise tõttu, samas kasumlikkus kasvas.
Tegevuse tõhusust näitavad korrigeeritud EBITDA ja kasumi suurenemine,"
kommenteeris tulemusi juhatuse esimees Valdo Kalm.
Tallinna Sadama juhatus tutvustab kontserni finantstulemusi 10. novembril, sh
kell 10.00 toimub veebiseminar eesti keeles (link eestikeelsele seminarile
(https://teams.microsoft.com/l/meetup-
join/19%3ameeting_NjQ4NzQ2OGQtMTU0Mi00ZDA2LTg3ZGUtNDkwYTRhMmFmOGFl%40thread.v2/0
?context=%7b%22Tid%22%3a%223c572f71-c808-4685-aa00-
2ca59a11c7e2%22%2c%22Oid%22%3a%2216aaa10d-0f16-4312-8940-581f83498a0b%22%7d)) ja
kell 11.00 toimub seminar inglise keeles (link ingliskeelsele seminarile
(https://teams.microsoft.com/l/meetup-
join/19%3ameeting_NWYzYjcwZDAtYzNlYS00MTAyLTk5NDEtYTRiNzQwM2YxZTFk%40thread.v2/0
?context=%7b%22Tid%22%3a%223c572f71-c808-4685-aa00-
2ca59a11c7e2%22%2c%22Oid%22%3a%2216aaa10d-0f16-4312-8940-581f83498a0b%22%7d)).
Vahearuandega seotud materjalid on lisatud käesolevale teatele ja on leitavad ka
kodulehel:
https://www.ts.ee/investor/vahearuanded/
https://www.ts.ee/investor/infomaterjalid/
Peamised finantsnäitajad (mln EUR):
III kv III kv +/- 9 kuud 9 kuud +/-
2025 2024 % 2025 2024 %
Müügitulu 31,7 31,2 1,5 89,5 90,8 -1,4
Korrigeeritud EBITDA 15,5 13,3 16,7 45,3 40,9 10,8
Korrigeeritud EBITDA marginaal 48,9% 42,6% 6,3 50,6% 45,0% 5,6
Ärikasum 9,6 7,3 32,4 27,9 23,2 20,3
Tulumaks 0,0 0,0 0,0 -5,4 -3,1 73,3
Perioodi kasum 8,6 5,6 54,0 18,9 14,9 27,0
Investeeringud 8,8 8,4 4,6 20,8 33,5 -37,7
30.09.2025 31.12.2024 +/-
Varade maht 629,7 629,9 0,0%
Intressi kandvad võlakohustused 182,3 184,8 -1,4%
Muud kohustused 70,1 67,4 0,1%
Omakapital 377,3 377,6 -0,1%
Aktsiate arv 263,0 263,0 0,0%
Olulisemad sündmused III kvartalis:
* Jäämurdja Botnica asus täiendavale tööle Kanadas
* Uus kruiisioperaator ja 10 esmast laevakülastust
* Tallinn-Helsinki regulaarliin tähistas 60. aastapäeva
* Laevaõnnetus Muuga sadamas
* AS Tallinna Sadam ja OÜ TS Laevad esitasid kassatsioonikaebuse endiste
juhatuse liikmetega seotud kriminaalasjas
* Tallinna Ringkonna kohus jättis rahuldamata MPG AgroProduction OÜ
määruskaebuse
Müügitulu
Müügitulu vähenes 2025. aasta 9 kuuga 1,3 mln eurot (-1,4%) 89,5 mln euroni.
Müügitulu langus oli põhjustatud jäämurdja Botnica prahipäevade (muud segment)
vähenemisest. Müügitulud kasvasid reisi- ja kaubasadamate segmentides ning
mandri-Eesti ja suursaarte vahelisest üleveoteenuse osutamisest
(reisiparvlaevade segment). III kvartalis suurenes müügitulu 0,5 mln eurot
(+1,5%). Müügitulu liikide lõikes oli 9 kuu suurimaks muutuseks laeva prahitasu
tulu vähenemine 3,8 mln eurot (-39,4%) tulenevalt prahipäevade arvu langusest
24% võrra. Tulude protsentuaalne langus kujunes prahipäevade vähenemisest
suuremaks, kuna jäämurde perioodi järgselt teostatud projektipõhised tööd olid
madalama tasu määraga Laevatasutulusid mõjutas reisi-, kruiisi- ja kaubalaevade
laevakülastuste arvu suurenemine ning tasumäärade tõus. Kaubatasu tulud kasvasid
aastaga 0,6 mln euro võrra (+12,8%) 5,0 mln euroni tulenevalt kaubamahtude
kasvust ja kogu 2025. aasta kohta oodatavast suuremast kaubatasutulust
vedellasti osas, mis vastavalt standardile IFRS 15 avaldab täiendavat
positiivset mõju 9 kuu tulemustele. Kasutusrendi tulud tõusid 0,3 mln euro võrra
(+3,1%) 11,0 mln euroni. Kasutusrendi tulud tõusid nii kaubasadamate,
reisiparvlaevade kui ka reisisadamate segmendis peamiselt tasumäärade
indekseerimise tõttu. Tulu muudelt teenustelt langes 0,3 mln eurot (-14,9%),
kuna eelmisel aastal kaasnes jäämurdja Botnica projektipõhiste töödega suurem
täiendav tulu toitlustamisteenuste osutamisest. Reisijatasu tulu kasvas 0,3 mln
euro võrra (+2,8%) 9,4 mln euroni. Reisijatasu tulude kasvu toetas reisijate
arvu kasv (+1,0%) ja Vanasadamat külastavate regulaarliinil sõitvate
reisilaevade reisijatele ja kruiisireisijatele rakendatava tasumäära tõus.
Elektrienergia müügist vähenes tulu 0,2 mln euro võrra (-6,3%) 3,2 mln euroni.
Elektrienergia tulu langes kaubasadamate segmendis tingituna elektrienergia
müügimahtude ja hinna vähenemisest. Reisisadamate segmendis tulu elektrienergia
müügist kasvas müügimahtude suurenemise tõttu. Tulu üleveoteenuse osutamisest
kasvas 0,1 mln euro võrra (+0,4%) 27,9 mln euroni. Reiside arv võrreldes aasta
varasemaga kahanes 0,8%. Tulu kasvu mõjutas positiivselt tasude indekseerimine
Eesti tööjõu- ja tarbijahinna indeksitega ning vähendavalt mõjus madalam kütuse
hinnaindeks.
EBITDA
Korrigeeritud EBITDA suurenes 9 kuuga 4,4 mln euro võrra (+10,8%) 45,3 mln
euroni. Kasvasid kaubasadamate, reisisadamate ja muud segmentide korrigeeritud
EBITDA-d, mida toetasid müügitulude suurenemine (reisi- ja kaubasadamates) ning
kulude langus kaubasadamate ja muud segmendis. Langusesse jäi reisparvlaevade
segment, kus kulud kasvasid kiiremini kui tulud, neist enim kulum ja
tööjõukulud. III kvartalis kasvas korrigeeritud EBITDA võrreldes eelmise aastaga
kokku 2,2 mln eurot (+16,7%). Korrigeeritud EBITDA tõusis segmendis muud ning
kauba- ja reisisadamate segmentides, kuid vähenes reisiparvlaevad segmendis.
Korrigeeritud EBITDA marginaal suurenes 9 kuuga 45,0%-lt 50,6%-le ja III
kvartalis 42,6%-lt 48,9%-le.
Kasum
Kasum enne tulumaksu suurenes 9 kuu võrdluses 6,3 mln eurot (+35,0%) 24,3 mln
euroni. Kasum kasvas ärikasumist rohkem tänu finantskulude vähenemisele. 2025.
aasta II kvartalis väljamakstud dividendidega summas 19,2 mln eurot kaasnes
tulumaksu kulu 5,4 mln eurot, mis oli 2,3 mln euro võrra suurem eelmise aasta
dividendide väljamaksega kaasnevast kulust. Dividendide suurus aastaga ei
muutunud, kuid 2025. aastast dividendide maksumäär suurenes ja soodusmäär
regulaarsete dividendide maksmisel kaotati. 9 kuu kasum tõusis võrreldes eelmise
aasta sama perioodiga 4,0 mln eurot (+27,0%). III kvartali kasum oli 8,6 mln
eurot (+3,0 mln eurot; +54,0%), tulumaksueelne kasum oli 8,6 mln eurot (+3,0 mln
eurot; +54,0%).
Investeeringud
2025. aasta esimesel 9 kuuga investeeris kontsern 20,8 mln eurot, mis oli 12,6
mln eurot vähem kui aasta varem. 2025. aasta 9 kuu investeeringud olid seotud
peamiselt Paldiski Lõunasadama meretuuleparkide kai ehitusega, kaubasadamates
kaide parendustega, reisiparvlaeva korraliste dokitööga, infotehnoloogiaga,
reisisadama projekteerimistöödega, reisiparvlaevadele seadmete soetamisega ja
jäämurdja Botnica dokitööga. III kvartali investeeringute summaks kujunes 8,8
mln eurot (2024. aasta III kvartalis 8,4 mln eurot).
Lühendatud konsolideeritud finantsseisundi aruanne:
tuhandetes eurodes 30.09.2025 31.12.2024
------------------------------------------------------------------------
VARAD
Käibevara
Raha ja raha ekvivalendid 44 360 17 213
Üle 3-kuulise tähtajaga deposiidid pankades 0 22 000
Nõuded ostjate vastu ja muud nõuded 7 961 12 512
Lepingulised varad 771 0
Varud 649 695
Muu käibevara kokku 53 741 52 420
Müügiootel põhivara 0 4 190
Käibevara kokku 53 741 56 610
------------------------------------------------------------------------
Põhivara
Investeeringud sidusettevõttesse 2 740 2 664
Kinnisvarainvesteeringud 14 069 14 069
Materiaalne põhivara 556 863 554 280
Immateriaalne põhivara 2 265 2 238
Põhivara kokku 575 937 573 251
------------------------------------------------------------------------
Varad kokku 629 678 629 861
------------------------------------------------------------------------
KOHUSTISED
Lühiajalised kohustised
Võlakohustised 25 437 12 185
Eraldised 1 360 1 771
Sihtfinantseerimine 20 158 22 146
Maksuvõlad 1 570 906
Võlad tarnijatele ja muud võlad 15 284 7 780
Lühiajalised kohustised kokku 63 809 44 788
------------------------------------------------------------------------
Pikaajalised kohustised
Võlakohustised 156 850 172 650
Sihtfinantseerimine 31 338 31 995
Muud võlad 681 2 815
Pikaajalised kohustised kokku 188 577 207 460
------------------------------------------------------------------------
Kohustised kokku 252 386 252 248
------------------------------------------------------------------------
OMAKAPITAL
Aktsiakapital 263 000 263 000
Ülekurss 44 478 44 478
Kohustuslik reservkapital 23 848 23 304
Jaotamata kasum 45 966 46 831
Omakapital kokku 377 292 377 613
------------------------------------------------------------------------
Kohustised ja omakapital kokku 629 678 629 861
------------------------------------------------------------------------
Lühendatud konsolideeritud kasumiaruanne
tuhandetes eurodes III kv 2025 III kv 2024 9 kuud 2025 9 kuud 2024
-------------------------------------------------------------------------------
Müügitulu 31 673 31 214 89 535 90 797
Muud tulud 308 398 1 988 1 164
Tegevuskulud -9 856 -11 651 -26 133 -30 951
Finantsvarade väärtuse langus -167 -214 85 -680
Tööjõukulud -6 205 -6 302 -19 164 -18 661
Põhivara kulum ja väärtuse
langus -6 076 -6 087 -18 216 -18 207
Muud kulud -55 -90 -187 -262
Ärikasum 9 622 7 268 27 908 23 200
-------------------------------------------------------------------------------
Finantstulud ja -kulud
Finantstulud 214 203 795 703
Finantskulud -1 340 -2 158 -4 486 -6 400
Finantstulud ja -kulud kokku -1 126 -1 955 -3 691 -5 697
-------------------------------------------------------------------------------
Kapitaliosaluse meetodil
arvestatud
kasum (+)/ kahjum (-)
investeeringutelt
sidusettevõttesse 96 265 76 491
Kasum enne tulumaksustamist 8 592 5 578 24 293 17 994
-------------------------------------------------------------------------------
Tulumaksukulu 0 0 -5 415 -3 125
-------------------------------------------------------------------------------
Perioodi kasum 8 592 5 578 18 878 14 869
-------------------------------------------------------------------------------
Emaettevõtte omanike osa
perioodi kasumist 8 592 5 578 18 878 14 869
-------------------------------------------------------------------------------
Tava ja lahjendatud puhaskasum
aktsia kohta (eurodes) 0,03 0,02 0,07 0,06
-------------------------------------------------------------------------------
Lühendatud konsolideeritud rahavoogude aruanne:
9 kuud 9 kuud
tuhandetes eurodes 2025 2024
---------------------------------------------------------------------
Kaupade või teenuste müügist laekunud raha 100 239 99 181
Muude tulude eest laekunud raha 69 42
Maksed tarnijatele -32 208 -37 612
Maksed töötajatele ja töötajate eest -19 168 -17 787
Maksed muude kulude eest -260 -224
Makstud tulumaks dividendidelt -5 415 -3 325
Äritegevusest laekunud raha 43 257 40 275
---------------------------------------------------------------------
Materiaalse põhivara soetamine -17 678 -33 118
Immateriaalse põhivara soetamine -347 -479
Materiaalse põhivara müük 4 885 17
Saadud põhivara sihtfinantseerimisest 479 0
Saadud intressid 771 679
Üle 3-kuulise tähtajaga deposiitide netomuutus 22 000 0
Investeerimistegevuses kasutatud raha 10 110 -32 901
---------------------------------------------------------------------
Saadud laenud 0 20 000
Saadud laenude tagasimaksed -2 183 -9 583
Makstud dividendid -19 199 -19 000
Makstud intressid -4 837 -6 427
Muud finantseerimistegevusest tulenevad maksed -1 -18
Finantseerimistegevuses kasutatud raha -26 220 -15 028
---------------------------------------------------------------------
RAHAVOOG KOKKU 27 147 -7 654
---------------------------------------------------------------------
Raha ja raha ekvivalendid perioodi alguses 17 213 29 733
Raha ja raha ekvivalentide muutus 27 147 -7 654
Raha ja raha ekvivalendid perioodi lõpus 44 360 22 079
---------------------------------------------------------------------
Tallinna Sadamale kuulub üks Läänemere suurimaid kauba- ja reisisadamate
komplekse. Lisaks reisijate ja kaubavedude teenindamisele tegutseb ettevõte
laevanduse ärivaldkonnas läbi oma tütarettevõtete - OÜ TS Laevad korraldab
parvlaevaühendust Eesti mandri ja suursaarte vahel ning OÜ TS Shipping osutab
multifunktsionaalse jäämurdjaga Botnica jäämurde ja konstruktsioonilaeva teenust
Eestis ja offshore projektides. Tallinna Sadama gruppi kuulub ka
jäätmekäitlusega tegelev sidusettevõte AS Green Marine.
Lisainfo:
Angelika Annus
Investorsuhete juht
Tel +372 5649 6230
[email protected] (mailto:[email protected])
Content of announcement in English
Title
AS Tallinna Sadam financial results for 2025 Q3 and 9 months
Message
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 (https://teams.microsoft.com/l/meetup-
join/19%3ameeting_NjQ4NzQ2OGQtMTU0Mi00ZDA2LTg3ZGUtNDkwYTRhMmFmOGFl%40thread.v2/0
?context=%7b%22Tid%22%3a%223c572f71-c808-4685-aa00-
2ca59a11c7e2%22%2c%22Oid%22%3a%2216aaa10d-0f16-4312-8940-581f83498a0b%22%7d))
and webinar in English starting at 11.00 (EET) (link to ENG webinar
(https://teams.microsoft.com/l/meetup-
join/19%3ameeting_NWYzYjcwZDAtYzNlYS00MTAyLTk5NDEtYTRiNzQwM2YxZTFk%40thread.v2/0
?context=%7b%22Tid%22%3a%223c572f71-c808-4685-aa00-
2ca59a11c7e2%22%2c%22Oid%22%3a%2216aaa10d-0f16-4312-8940-581f83498a0b%22%7d)).
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):
Q3 Q3 +/- 9M 9M +/-
2025 2024 % 2025 2024 %
Revenue 31.7 31.2 1.5 89.5 90.8 -1.4
Adjusted EBITDA 15.5 13.3 16.7 45.3 40.9 10.8
Adjusted EBITDA margin 48.9% 42.6% 6.3 50.6% 45.0% 5.6
Operating profit 9.6 7.3 32.4 27.9 23.2 20.3
Income tax 0.0 0.0 0.0 -5.4 -3.1 73.3
Profit for the period 8.6 5.6 54.0 18.9 14.9 27.0
Investments 8.8 8.4 4.6 20.8 33.5 -37.7
30.09.2025 31.12.2024 +/-
Total assets 629.7 629.9 0.0%
Interest bearing debt 182.3 184.8 -1.4%
Other liabilities 70.1 67.4 0.1%
Equity 377.3 377.6 -0.1%
Number of shares 263.0 263.0 0.0%
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:
31 December
In thousands of euros 30 September 2025 2024
----------------------------------------------------------------------------
ASSETS
Current assets
Cash and cash equivalents 44 360 17 213
Bank deposits with maturities exceeding
3 months 0 22 000
Trade and other receivables 7 961 12 512
Contract assets 771 0
Inventories 649 695
Total other current assets 53 741 52 420
Non-current assets held for sale 0 4 190
Total current assets 53 741 56 610
----------------------------------------------------------------------------
Non-current assets
Investments in an associate 2 740 2 664
Investment properties 14 069 14 069
Property, plant and equipment 556 863 554 280
Intangible assets 2 265 2 238
Total non-current assets 575 937 573 251
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Total assets 629 678 629 861
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LIABILITIES
Current liabilities
Loans and borrowings 25 437 12 185
Provisions 1 360 1 771
Government grants 20 158 22 146
Taxes payable 1 570 906
Trade and other payables 15 284 7 780
Total current liabilities 63 809 44 788
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Non-current liabilities
Loans and borrowings 156 850 172 650
Government grants 31 338 31 995
Other payables 681 2 815
Total non-current liabilities 188 577 207 460
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Total liabilities 252 386 252 248
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EQUITY
Share capital 263 000 263 000
Share premium 44 478 44 478
Statutory capital reserve 23 848 23 304
Retained earnings 45 966 46 831
Total equity 377 292 377 613
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Total liabilities and equity 629 678 629 861
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Interim condensed consolidated statement of profit or loss:
In thousands of euros Q3 2025 Q3 2024 9M 2025 9M 2024
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Revenue 31 673 31 214 89 535 90 797
Other income 308 398 1 988 1 164
Operating expenses -9 856 -11 651 -26 133 -30 951
Impairment of financial assets -167 -214 85 -680
Personnel expenses -6 205 -6 302 -19 164 -18 661
Depreciation, amortisation and impairment -6 076 -6 087 -18 216 -18 207
Other expenses -55 -90 -187 -262
Operating profit 9 622 7 268 27 908 23 200
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Finance income and costs
Finance income 214 203 795 703
Finance costs -1 340 -2 158 -4 486 -6 400
Finance costs - net -1 126 -1 955 -3 691 -5 697
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Share of profit (loss) of an associate
accounted for under the equity method 96 265 76 491
Profit before income tax 8 592 5 578 24 293 17 994
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Income tax expense 0 0 -5 415 -3 125
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Profit for the period 8 592 5 578 18 878 14 869
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Attributable to:
Owners of the Parent 8 592 5 578 18 878 14 869
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Basic earnings and diluted earnings per share
(in euros) 0.03 0.02 0.07 0.06
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Interim condensed consolidated statement of cash flows:
in thousands of euros 9M 2025 9M 2024
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Cash receipts from sale of goods and services 100 239 99 181
Cash receipts related to other income 69 42
Payments to suppliers -32 208 -37 612
Payments to and on behalf of employees -19 168 -17 787
Payments for other expenses -260 -224
Income tax paid on dividends -5 415 -3 325
Cash flows from operating activities 43 257 40 275
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Purchases of property, plant and equipment -17 678 -33 118
Purchases of intangible assets -347 -479
Proceeds from sale of property, plant and equipment 4 885 17
Proceeds from government grants related to assets 479 0
Interest received 771 679
Net change in deposits with maturities exceeding 3 months 22 000 0
Cash used in investing activities 10 110 -32 901
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Proceeds from loans received 0 20 000
Repayments of loans received -2 183 -9 583
Dividends paid -19 199 -19 000
Interest paid -4 837 -6 427
Other payments related to financing activities -1 -18
Cash used in financing activities -26 220 -15 028
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NET CASH FLOW 27 147 -7 654
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Cash and cash equivalents at beginning of the period 17 213 29 733
Change in cash and cash equivalents 27 147 -7 654
Cash and cash equivalents at end of the period 44 360 22 079
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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] (mailto:[email protected])