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
18564
Attachments
Submission date and time
11.05.2026 08:00:01
Content of announcement in Estonian
Title
ASi Tallinna Sadam 2025 I kvartali majandustulemused
Message
Tallinna Sadama grupi 2026. aasta I kvartali müügitulu moodustas 28 miljonit
eurot kahanedes -0,7%, korrigeeritud EBITDA oli 12 miljonit eurot kahanedes -17%
ja kasum 5 miljonit eurot kahanedes -33% võrdluses eelneva aasta sama
perioodiga. Korrigeeritud EBITDA marginaal oli 41% ja investeeringuid teostati
veidi enam kui 1 miljoni euro eest.
2026. aasta I kvartalis kahanesid reisijate arv -3,3%, kaubamahud -8% ja
laevakülastuste arv -7% võrra. Laevanduses näitasid reisiparvlaevad stabiilsust
- kuigi reisijate arv vähenes -1,2%, kasvas sõidukite arv +0,9%. Botnica oli
prahitud 100% ajast nagu eelnevalgi aastal.
?Esimest kvartalit iseloomustas tegevusmahtude vähenemine reisi- ja
kaubasadamate segmentides, mida mõjutasid suures osas rasked jääolud ja
reisilaevade korralised hooldustööd. Sellegipoolest säilitasime käibe samal
tasemel kui aasta tagasi. Perioodi kasumit mõjutasid energia- ja kütusekulude
suurenemine ning asjaolu, et aasta tagasi laekus kindlustushüvitis jäämurdja
Botnica remonditööde eest," kommenteeris tulemusi juhatuse esimees Valdo Kalm.
Tallinna Sadama juhatus tutvustab kontserni finantstulemusi 11. mail, sh kell
10.00 toimub veebiseminar eesti keeles (link eestikeelsele seminarile
(https://teams.microsoft.com/l/meetup-
join/19%3ameeting_OGE2NDQ5NWMtNWNjNy00ODdkLWIxYTYtMTIyNzdlZDAwYzc2%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_YTBiOTliOWItZTVhNi00NGQwLWFlYWUtOGYzOGJlNTY0OWRi%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):
I kv 2026 I kv 2025 +/- %
Müügitulu 28,1 28,3 -0,2 -0,7%
Korrigeeritud EBITDA 11,6 13,9 -2,3 -16,8%
Korrigeeritud EBITDA marginaal 41,1% 49,1% -8,0 -
Ärikasum 5,7 8,3 -2,6 -31,0%
Perioodi kasum 4,6 6,8 -2,2 -32,9%
Investeeringud 1,3 3,6 -2,3 -65,0%
31.03.2026 31.12.2025 +/-
Varade maht 632,1 622,1 1,6%
Intressi kandvad võlakohustused 173,3 173,7 -0,2%
Muud kohustused 73,4 67,5 8,7%
Omakapital 385,5 380,9 1,2%
Aktsiate arv 263,0 263,0 0,0%
Olulisemad sündmused I kvartalis:
* Kokkulepe parvlaev Regula kasutamiseks asenduslaevana kuni 2028.aasta lõpuni
* Baffinland ei kasuta 2026. aasta sügisel võimalust Botnica prahtimiseks
* Paldiski Lõunasadamasse rajatud multifunktsionaalne kai sai kasutusloa
* Kruiisihooaeg algas sellel aastal juba märtsikuus
* Tallinna Sadam ja TS Laevad esitasid endiste juhatuse liikmete vastu
kahjunõuded tsiviilkohtumenetluses
Müügitulu
Müügitulu langes 2026. aasta I kvartalis 0,2 mln eurot ehk 0,7%. Enim kasvasid
tulud elektrienergia müügist (+0,4 mln eurot, +27,3%) ja tulu üleveoteenuse
osutamisest (+47 tuhat eurot, +0,6%). Elektrienergia puhul on suurenenud
elektrienergia müüdavad kogused, samuti muutus alates 2026. aasta märtsist AS
Tallinna Sadama poolt pakutava võrguteenuste hinnakiri, mis tõstis tulusid
võrguteenustelt. Tulu üleveoteenuste osutamisest kasvas tingituna püsitasu
muutuvosa indekseerimisest (tööjõu- ja tarbijahinnaindeksite tõus), mis
kompenseeris reisitasude vähenemise (kütuse hinnaindeksi languse mõju -
indekseerimise aluseks 2025. aasta hinnamuutus)). Ülejäänud tululiigid langesid.
Suuremal määral langesid laevatasutulud (-0,3 mln eurot, -4,9%), mida
kaubasadamates mõjutas suure mahutavusega tankerite, konteinervedajate ja
reisilaevade külastuste vähenemine. Reisisadamates avaldas mõju reisilaevade
külastuste arvu vähenemine, kuna toimusid laevade dokitööd. Positiivse poole
pealt saabus aasta esimene kruiisilaev esmakordselt juba esimeses kvartalis, mis
mõningal määral tasakaalustas laevatasude langust. Kasutusrendi tulu kahanes
0,1 mln eurot ehk 3,2% peamiselt hoonestusõiguselt saadava tulu muutusest. Tulu
muudelt teenustelt langes 0,1 mln eurot (-14,5%), mis on peamiselt põhjustatud
vähenenud reklaamimüügist Vanasadamas. Kaubatasu tulud samuti langesid (-34
tuhat eurot, -2,0%), kuna langesid kaubamahud. Tulu reisijatasudest langes 28
tuhat eurot ehk 1,3% seoses reisijate arvu vähenemisega kõikidel peamistel
liinidel, kuid suuremas osas Tallinn-Helsingi liinil. Laeva prahitasu tuludes,
mis on seotud jäämurdja Botnica tegevusega, muutust ei olnud, sarnaselt eelmise
aasta esimesele kvartalile teeniti ka sellel aastal 4,0 mln eurot. Müügitulu
suurenes kahes segmendis, kasvades enim reisiparvlaevade segmendis (+26 tuhat
eurot). Marginaalne kasv toimus ka segmendis muud (+1 tuhat eurot). Müügitulu
langes enim kaubasadamate segmendis (-0,2 mln eurot) ja reisisadamate segmendis
(-21 tuhat eurot).
EBITDA
Korrigeeritud EBITDA kahanes 2,3 mln euro võrra, kuna müügitulud vähenesid ja
tegevuskulud suurenesid. Väikest mõju avaldas ka kapitaliosaluse meetodil
kajastatud kahjum sidusettevõttest AS Green Marine. Segmentidest langes
korrigeeritud EBITDA kõikides segmentides. Enim vähenesid reisiparvlaevade ja
muud segmentide korrigeeritud EBITDAd. Korrigeeritud EBITDA marginaal kasvas
49,1%-lt 41,1%-le.
Kasum
Kasum enne tulumaksu kahanes 2,2 mln eurot (-32,9%) 4,6 mln euroni. Kasumiks
kujunes samuti 4,6 mln eurot, mis oli 2,2 mln euro võrra väiksem eelmise aasta
võrdlusperioodi näitajast.
Investeeringud
2026. aasta 3 kuuga investeeris kontsern 1,3 mln eurot ehk 2,3 mln eurot vähem
kui eelmise aasta samal perioodil. 2026. aasta 3 kuu investeeringud olid
peamiselt seotud Paldiski Lõunasadama multifunktsionaalse kai ehitusetööde
lõpetamisega ja reisiparvlaevade kastjahutite uuendamisega.
Lühendatud konsolideeritud finantsseisundi aruanne:
tuhandetes eurodes 31.03.2026 31.12.2025
----------------------------------------------------------------
VARAD
Käibevara
Raha ja raha ekvivalendid 43 227 31 993
Nõuded ostjate vastu ja muud nõuded 11 862 8 055
Lepingulised varad 277 0
Varud 584 552
Muu käibevara kokku 55 950 40 600
Müügiootel põhivara 0 212
Käibevara kokku 55 950 40 812
----------------------------------------------------------------
Põhivara
Investeeringud sidusettevõttesse 2 596 2 638
Kinnisvarainvesteeringud 14 069 14 069
Materiaalne põhivara 557 241 562 254
Immateriaalne põhivara 2 284 2 290
Põhivara kokku 576 190 581 251
----------------------------------------------------------------
Varad kokku 632 140 622 063
----------------------------------------------------------------
KOHUSTISED
Lühiajalised kohustised
Võlakohustised 72 985 73 001
Eraldised 769 1 895
Sihtfinantseerimine 8 448 19 271
Maksuvõlad 888 943
Võlad tarnijatele ja muud võlad 8 574 11 644
Lepingulised kohustised 3 352 68
Lühiajalised kohustised kokku 95 016 106 822
----------------------------------------------------------------
Pikaajalised kohustised
Võlakohustised 100 300 100 700
Sihtfinantseerimine 50 736 31 447
Muud võlad 15 1 585
Lepingulised kohustised 622 632
Pikaajalised kohustised kokku 151 673 134 364
----------------------------------------------------------------
Kohustised kokku 246 689 241 186
----------------------------------------------------------------
OMAKAPITAL
Aktsiakapital 263 000 263 000
Ülekurss 44 478 44 478
Kohustuslik reservkapital 23 848 23 848
Jaotamata kasum 54 125 49 551
Omakapital kokku 385 451 380 877
----------------------------------------------------------------
Kohustised ja omakapital kokku 632 140 622 063
----------------------------------------------------------------
Lühendatud konsolideeritud kasumiaruanne
tuhandetes eurodes I kv 2026 I kv 2025
-------------------------------------------------------------------------------
Müügitulu 28 170 28 354
Muud tulud 468 347
Tegevuskulud -9 833 -7 572
Finantsvarade väärtuse langus -20 -213
Tööjõukulud -6 692 -6 488
Põhivara kulum ja väärtuse langus -6 279 -6 068
Muud kulud -119 -102
Ärikasum 5 695 8 258
-------------------------------------------------------------------------------
Finantstulud ja -kulud
Finantstulud 171 342
Finantskulud -1 251 -1 688
Finantstulud ja -kulud kokku -1 080 -1 346
-------------------------------------------------------------------------------
Kapitaliosaluse meetodil arvestatud kasum (+)/ kahjum (-)
investeeringutelt sidusettevõttesse -41 -100
Kasum enne tulumaksustamist 4 574 6 812
-------------------------------------------------------------------------------
Perioodi kasum 4 574 6 812
-------------------------------------------------------------------------------
Emaettevõtte omanike osa perioodi kasumist 4 574 6 812
-------------------------------------------------------------------------------
Tava ja lahjendatud puhaskasum aktsia kohta (eurodes) 0,02 0,03
-------------------------------------------------------------------------------
Lühendatud konsolideeritud rahavoogude aruanne:
tuhandetes eurodes I kv 2026 I kv 2025
-------------------------------------------------------------------------
Kaupade või teenuste müügist laekunud raha 30 737 35 529
Muude tulude eest laekunud raha 39 44
Maksed tarnijatele -12 338 -9 243
Maksed töötajatele ja töötajate eest -6 408 -5 928
Maksed muude kulude eest -126 -130
Äritegevusest laekunud raha 11 904 20 272
-------------------------------------------------------------------------
Materiaalse põhivara soetamine -4 457 -3 122
Immateriaalse põhivara soetamine -105 -133
Saadud põhivara sihtfinantseerimisest 5 351 2 665
Saadud intressid 203 150
Investeerimistegevuses kasutatud raha 992 -440
-------------------------------------------------------------------------
Saadud laenude tagasimaksed -400 -400
Makstud intressid -1 256 -1 781
Muud finantseerimistegevusest tulenevad maksed -6 -1
Finantseerimistegevuses kasutatud raha -1 662 -2 182
-------------------------------------------------------------------------
RAHAVOOG KOKKU 11 234 17 650
-------------------------------------------------------------------------
Raha ja raha ekvivalendid perioodi alguses 31 993 17 213
Raha ja raha ekvivalentide muutus 11 234 17 650
Raha ja raha ekvivalendid perioodi lõpus 43 227 34 863
-------------------------------------------------------------------------
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 2026 Q1
Message
In the first quarter of 2026, sales revenue of Tallinna Sadam group amounted to
28 million euros decreasing by -0.7%, adjusted EBITDA was 12 million euros
decreasing by -17% and profit 5 million euros decreasing by -33% compared to the
same period last year. The adjusted EBITDA margin was 41% and the volume of
investments was slightly more than 1 million euros.
The number of passengers decreased by -3.3%, cargo volumes by -8%, and vessel
calls by -7% in the first quarter of 2026. Ferry business was stabile - although
the number of passengers decreased by -1.2%, the number of vehicles increased by
+0.9%. Botnica was chartered 100% of the time like last year.
"The first quarter was defined by a decrease in operating volumes in passenger
and cargo harbour segments, which was mainly affected by harsh ice conditions
and routine maintenance of passenger ships. Nevertheless, we maintained turnover
at the same level as last year. The profit for the period was affected by
increased energy and fuel costs and the fact that a year ago an insurance
compensation was received for the repairs of the icebreaker Botnica," 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 11 May, including webinar in Estonian starting at 10.00 (EET) (link
to EST webinar (https://teams.microsoft.com/l/meetup-
join/19%3ameeting_OGE2NDQ5NWMtNWNjNy00ODdkLWIxYTYtMTIyNzdlZDAwYzc2%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_YTBiOTliOWItZTVhNi00NGQwLWFlYWUtOGYzOGJlNTY0OWRi%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):
Q1 2026 Q1 2025 +/- %
Revenue 28.1 28.3 -0.2 -0.7%
Adjusted EBITDA 11.6 13.9 -2.3 -16.8%
Adjusted EBITDA margin 41.1% 49.1% -8.0 -
Operating profit 5.7 8.3 -2.6 -31.0%
Profit for the period 4.6 6.8 -2.2 -32.9%
Investments 1.3 3.6 -2.3 -65.0%
31.03.2026 31.12.2025 +/-
Total assets 632.1 622.1 1.6%
Interest bearing debt 173.3 173.7 -0.2%
Other liabilities 73.4 67.5 8.7%
Equity 385.5 380.9 1.2%
Number of shares 263.0 263.0 0.0%
Major events in Q1:
* Agreement to use the ferry Regula as a replacement vessel until the end of
2028
* Baffinland declines the option for Icebreaker Botnica services in autumn
2026
* The multifunctional quay built in Paldiski South Harbour received a use
permit
* Cruise season started as early as in Marchthis year
* Tallinna Sadam and TS Laevad filed claims for damages against former
management board members in civil court proceedings
Revenue
Revenue decreased by EUR 0.2 million, i.e. 0.7% in the first quarter of 2026.
Revenue grew most from the sale of electricity (EUR +0.4 million, +27.3%) and
from the provision of ferry services (EUR +47 thousand, +0.6%). In the case of
electricity, the volumes sold have increased, and since March 2026, the price
list of network services offered by AS Tallinna Sadam changed, increasing
revenue from network services. Revenue from the provision of ferry services grew
due to the indexing of the variable part of the fixed fee (increase in labour
and consumer price indices), which offset the decrease in passenger fees (impact
of the fall in the fuel price index - indexing based on the price change in
2025). Other types of revenue decreased. Vessel dues decreased to a greater
extent (EUR -0.3 million, -4.9%), which in cargo harbours was affected by the
decrease in calls by high-capacity tankers, container ships, and passenger
ships. In passenger harbours, the decrease in the number of passenger ship calls
had an impact, as dry-docking of ships took place. On the positive side, the
first cruise ship of the year arrived as early as the first quarter for the
first time, which to some extent balanced the fall in vessel dues. Operating
lease income decreased by EUR 0.1 million, i.e. 3.2%, mainly due to a change in
revenue from the right of superficies. Revenue from other services fell by EUR
0.1 million (-14.5%), mainly caused by decreased advertising sales in the Old
City Harbour. Cargo charge revenue also fell (EUR -34 thousand, -2.0%), as cargo
volumes decreased. Revenue from passenger fees fell by EUR 28 thousand, i.e.
1.3% due to a decrease in the number of passengers on all main routes, but
mostly on the Tallinn-Helsinki route. There was no change in charter fee
revenue, which is related to the activities of the icebreaker Botnica; similar
to the first quarter of last year, EUR 4.0 million was earned this year as well.
Revenue increased in two segments, growing most in segment Ferry (EUR +26
thousand). Marginal growth also occurred in segment Other (EUR +1 thousand).
Revenue decreased most in the Cargo harbours segment (EUR -0.2 million) and in
the Passenger harbours segment (EUR -21 thousand).
EBITDA
Adjusted EBITDA decreased by EUR 2.3 million as revenue decreased and operating
expenses increased. The loss from the associate AS Green Marine, accounted for
using the equity method, also had a small impact. With regard to segments,
adjusted EBITDA fell in all segments. The adjusted EBITDA of segment Ferry and
segment Other decreased the most. The adjusted EBITDA margin fell from 49.1% to
41.1%.
Profit
Profit before income tax decreased by EUR 2.2 million (-32.9%) to EUR 4.6
million. The profit also amounted to EUR 4.6 million, which was EUR 2.2 million
lower than the figure for the comparative period last year.
Investments
In the first three months of 2026, the Group invested EUR 1.3 million, which is
EUR 2.3 million less than during the same period last year. Investments in the
first 3 months of 2026 were mainly related to the completion of construction
works on the multifunctional quay at Paldiski South Harbour and the upgrading of
the box coolers of the ferries.
Interim condensed consolidated statement of financial position:
In thousands of euros 31 March 2026 31 December 2025
----------------------------------------------------------------------
ASSETS
Current assets
Cash and cash equivalents 43 227 31 993
Trade and other receivables 11 862 8 055
Contract assets 277 0
Inventories 584 552
Total other current assets 55 950 40 600
Non-current assets held for sale 0 212
Total current assets 55 950 40 812
----------------------------------------------------------------------
Non-current assets
Investments in an associate 2 596 2 638
Investment properties 14 069 14 069
Property, plant and equipment 557 241 562 254
Intangible assets 2 284 2 290
Total non-current assets 576 190 581 251
----------------------------------------------------------------------
Total assets 632 140 622 063
----------------------------------------------------------------------
LIABILITIES
Current liabilities
Loans and borrowings 72 985 73 001
Provisions 769 1 895
Government grants 8 448 19 271
Taxes payable 888 943
Trade and other payables 8 574 11 644
Contract liabilities 3 352 68
Total current liabilities 95 016 106 822
----------------------------------------------------------------------
Non-current liabilities
Loans and borrowings 100 300 100 700
Government grants 50 736 31 447
Other payables 15 1 585
Contract liabilities 622 632
Total non-current liabilities 151 673 134 364
----------------------------------------------------------------------
Total liabilities 246 689 241 186
----------------------------------------------------------------------
EQUITY
Share capital 263 000 263 000
Share premium 44 478 44 478
Statutory capital reserve 23 848 23 848
Retained earnings 54 125 49 551
Total equity 385 451 380 877
----------------------------------------------------------------------
Total liabilities and equity 632 140 622 063
----------------------------------------------------------------------
Interim condensed consolidated statement of profit or loss:
In thousands of euros Q1 2026 Q1 2025
-------------------------------------------------------------------------------
Revenue 28 170 28 354
Other income 468 347
Operating expenses -9 833 -7 572
Impairment of financial assets -20 -213
Personnel expenses -6 692 -6 488
Depreciation, amortisation and impairment -6 279 -6 068
Other expenses -119 -102
Operating profit 5 695 8 258
-------------------------------------------------------------------------------
Finance income and costs
Finance income 171 342
Finance costs -1 251 -1 688
Finance costs - net -1 080 -1 346
-------------------------------------------------------------------------------
Share of profit (loss) of an associate accounted for under the
equity method -41 -100
Profit before income tax 4 574 6 812
-------------------------------------------------------------------------------
Profit for the period 4 574 6 812
-------------------------------------------------------------------------------
Attributable to:
Owners of the Parent 4 574 6 812
-------------------------------------------------------------------------------
Basic earnings and diluted earnings per share (in euros) 0.02 0.03
-------------------------------------------------------------------------------
Interim condensed consolidated statement of cash flows:
in thousands of euros Q1 2026 Q1 2025
---------------------------------------------------------------------------
Cash receipts from sale of goods and services 30 737 35 529
Cash receipts related to other income 39 44
Payments to suppliers -12 338 -9 243
Payments to and on behalf of employees -6 408 -5 928
Payments for other expenses -126 -130
Cash flows from operating activities 11 904 20 272
---------------------------------------------------------------------------
Purchases of property, plant and equipment -4 457 -3 122
Purchases of intangible assets -105 -133
Proceeds from government grants related to assets 5 351 2 665
Interest received 203 150
Cash used in investing activities 992 -440
---------------------------------------------------------------------------
Repayments of loans received -400 -400
Interest paid -1 256 -1 781
Other payments related to financing activities -6 -1
Cash used in financing activities -1 662 -2 182
---------------------------------------------------------------------------
NET CASH FLOW 11 234 17 650
---------------------------------------------------------------------------
Cash and cash equivalents at beginning of the period 31 993 17 213
Change in cash and cash equivalents 11 234 17 650
Cash and cash equivalents at end of the period 43 227 34 863
---------------------------------------------------------------------------
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])