Börsiteade

Pealkiri

AS Tallinna Sadam financial results for 2025 Q2 and 6 months

Teade

In  the second quarter, Tallinna Sadam earned close to 30 million euros in sales
revenue  and more than 3 million euros in profit. The revenue for six months was
58 million  euros  and  the  profit  exceeded  10 million  euros.  In the second
quarter,  the volume of  investments increased to  8 million euros, in the first
half of the year we invested a total of 12 million euros.

In  the  second  quarter,  sales  revenue  declined  by  -7% and profit by -15%,
adjusted EBITDA increased +7% year-on-year. Semi-annually, the revenue decreased
-2.9%, increased adjusted EBITDA +8% and profit +11%.

The  number  of  passengers  grew  +3.8%, cargo  volumes  +8%, and  vessel calls
increased  by +2.1% in the  second quarter of  2025. Ferry segment showed stable
growth  -  although  the  number  of  trips  decreased  by  -1.5%, the number of
passengers  grew +2.4% and the number  of vehicles +3.4%. The icebreaker Botnica
was chartered 22% of the time which is -63% less than last year.

"The  second  quarter  is  characterized  by  growth  in operational volumes and
revenues  in all  areas, except  for the  chartering of  the icebreaker Botnica,
where  the ship's utility  rate has decreased.  In terms of  ship visits, we are
especially  pleased with the increased  cruise vessel calls, which significantly
affect  our results. Despite a slight decrease in sales revenue, adjusted EBIDTA
and  its margin are on the rise.  Excluding one-off factors affecting profit, we
have  reduced operating expenses and  increased the profitability of operations.
Profit  was affected  the most  by the  increase in  dividend income  tax rate,"
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 August,  including webinar  in Estonian  starting at 10.00 (EET)
(link       to      EST      webinar      (https://teams.microsoft.com/l/meetup-
join/19%3ameeting_NDk3NWM0NzUtYjYwOS00NTNlLWIwZDctZWM1Yzc0NDRjMzc5%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_M2EyYjY1ZTQtNDMxYS00OTVjLTg0MGItNzVjMWFiOWY5ODQx%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):

                              Q2      Q2     +/-      6M      6M     +/-

                            2025    2024       %    2025    2024       %

  Revenue                   29.5    31.7    -6.8    57.9    59.6    -2.9

  Adjusted EBITDA           15.9    14.9     6.7    29.8    27.6     8.0

  Adjusted EBITDA margin   53.8%   47.0%     6.8   51.5%   46.3%     5.2

  Operating profit          10.0     8.9    12.3    18.3    15.9    14.8

  Income tax                -5.4    -3.1    73.3    -5.4    -3.1    73.3

  Profit for the period      3.5     4.1   -15.2    10.3     9.3    10.7

  Investments                8.4     7.1    18.8    12.0    25.0   -52.0


                          30.06.2025   31.12.2024     +/-

  Total assets                 622.1        629.9   -1.2%

  Interest bearing debt        183.8        184.8   -0.5%

  Other liabilities             69.6         67.4    3.3%

  Equity                       368.7        377.6   -2.4%

  Number of shares             263.0        263.0    0.0%

Major events in Q2:

  * The agreement of the subsidiary OÜ TS Laevad for additional 485 trips with
    the ferry Regula during the summer period
  * Resolution of the Circuit Court in criminal case involving former members of
    the management board of AS Tallinna Sadam

Revenue
Revenue  decreased by EUR  1.7 million (-2.9%) in  the first 6 months of 2025 to
EUR  57.9 million.  The  decline  in  revenue  was  due to a decrease in charter
revenue  from the icebreaker  Botnica (Other segment).  Revenue increased in the
Passenger  harbours  and  Cargo  harbours  segments  and  in  the  Ferry segment
providing service between mainland Estonia and the larger islands. In the second
quarter,  revenue decreased  by EUR  2.1 million (-6.8%).  By revenue  type, the
largest  change over the 6-month period was the decline in charter fees revenue,
which  decreased by EUR 3.5 million (-41.4%) due  to a 24% drop in charter days.
The  percentage decline in revenue exceeded the  drop in charter days because no
project-based  work at higher charter rates  was performed in the second quarter
following  the icebreaking  season. Vessel  dues revenue  increased by  EUR 1.1
million  (+7.6%) to EUR  14.8 million. The increase  was supported by  a rise in
vessel  calls of passenger,  cruise, and cargo  ships, as well  as higher charge
rates. Cargo charges revenue grew by EUR 0.5 million (+18.5%) to EUR 3.4 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
6-month  results. Operating lease income increased by EUR 0.3 million (+4.2%) to
EUR  7.1 million.  Growth  was  recorded  across  the Cargo harbours, Ferry, and
Passenger  harbours segments,  mainly due  to indexed  rate adjustments. Revenue
from  other  services  decreased  by  EUR  0.3 million (-18.1%), as the previous
year's  project-based work performed by  Botnica also included additional income
from  supplementary services.  Revenue from  electricity sales  decreased by EUR
0.2 million  (-6.4%)  to  EUR  2.2 million.  The  decrease in the Cargo harbours
segment  was  due  to  lower  electricity  sales volumes, while in the Passenger
harbours segment, electricity revenue increased due to both higher sales volumes
and  higher market  prices. Passenger  fee revenue  increased by EUR 0.1 million
(+2.3%) to EUR 5.4 million. The growth was supported by an increase in passenger
numbers  (+0.8%) and higher rates applied  to regular line passengers and cruise
passengers  using Old City Harbour. Revenue  from ferry service increased by EUR
0.1 million  (+0.5%) to EUR 17.7 million. The number of trips decreased by 1.5%
compared  to the previous year. Revenue growth  was driven by indexation of fees
based on Estonia's fuel, labour, and consumer price indices.

EBITDA
Adjusted  EBITDA increased by  EUR 2.2 million (+8.0%)  in the first 6 months to
EUR 29.8 million. Growth was recorded in the Cargo harbours, Passenger harbours,
and Ferry segments, supported by higher revenue and cost reductions in the Cargo
harbours  and Passenger harbours segments. In the Ferry segment, costs increased
faster  than revenue,  particularly due  to higher  personnel expenses. Adjusted
EBITDA  in the Other segment declined, as the decrease in revenue outweighed the
reduction in costs. In the second quarter, adjusted EBITDA increased by EUR 1.0
million  (+6.7%)  year-on-year.  Growth  occurred  in  the  Cargo  harbours  and
Passenger  harbours segments,  while adjusted  EBITDA declined  in the Other and
Ferry  segments. The adjusted EBITDA margin rose from 46.3% to 51.5% over the 6-
month period and from 47.0% to 53.8% in the second quarter.

Profit
Profit  before tax  increased by  EUR 3.3 million  (+26.5%) to  EUR 12.4 million
compared  to the 6 months  in the previous  year. However, net  profit grew less
than  operating profit despite the decrease in  financial costs. This was due to
an  income tax expense of EUR 5.4 million in the second quarter of 2025, related
to  dividends paid in  the amount of  EUR 19.2 million. The  tax expense was EUR
2.3 million  higher than in the previous  year. 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 6-month
period  increased by EUR  1.0 million (+10.7%) year-on-year.  Second quarter net
profit  was EUR 3.5 million (EUR -0.6 million; -15.2%) and profit before tax was
EUR 8.9 million (EUR +1.7 million; +23.1%).

Investments
In  the first half of  2025, the Group invested EUR  12.0 million, which was EUR
13.0 million  less than  in the  previous year.  The investments made during the
first  6 months of 2025 were  mainly related to  the construction of an offshore
wind  quay  at  Paldiski  South  Harbour,  scheduled  dry-docking  of  a  ferry,
information technology, quay improvements in cargo harbours, equipment purchases
for  ferries,  and  dry-docking  of  the  icebreaker Botnica. Investments in the
second  quarter  totalled  EUR  8.4 million  (the  second quarter 2024: EUR 7.1
million).

Interim condensed consolidated statement of financial position:

 In thousands of euros                            30 June 2025 31 December 2024
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 ASSETS

 Current assets

 Cash and cash equivalents                              40 098           17 213

 Bank deposits with maturities exceeding 3 months            0           22 000

 Trade and other receivables                             7 762           12 512

 Contract assets                                           534                0

 Inventories                                               573              695

 Total other current assets                             48 967           52 420

 Non-current assets held for sale                            0            4 190

 Total current assets                                   48 967           56 610
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 Non-current assets

 Investments in an associate                             2 644            2 664

 Investment properties                                  14 069           14 069

 Property, plant and equipment                         554 143          554 280

 Intangible assets                                       2 256            2 238

 Total non-current assets                              573 112          573 251
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 Total assets                                          622 079          629 861
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 LIABILITIES

 Current liabilities

 Loans and borrowings                                   11 512           12 185

 Provisions                                              1 047            1 771

 Government grants                                      20 286           22 146

 Taxes payable                                             947              906

 Trade and other payables                               15 308            7 780

 Total current liabilities                              49 100           44 788
-------------------------------------------------------------------------------
 Non-current liabilities

 Loans and borrowings                                  172 250          172 650

 Government grants                                      31 338           31 995

 Other payables                                            691            2 815

 Total non-current liabilities                         204 279          207 460
-------------------------------------------------------------------------------
 Total liabilities                                     253 379          252 248
-------------------------------------------------------------------------------
 EQUITY

 Share capital                                         263 000          263 000

 Share premium                                          44 478           44 478

 Statutory capital reserve                              23 848           23 304

 Retained earnings                                      37 374           46 831

 Total equity                                          368 700          377 613
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 Total liabilities and equity                          622 079          629 861
-------------------------------------------------------------------------------

Interim condensed consolidated statement of profit or loss:

 In thousands of euros                          Q2 2025 Q2 2024 6M 2025 6M 2024
-------------------------------------------------------------------------------
 Revenue                                         29 508  31 651  57 862  59 582

 Other income                                     1 333     412   1 680     767

 Operating expenses                              -8 705 -10 269 -16 277 -19 300

 Impairment of financial assets                     465    -286     252    -466

 Personnel expenses                              -6 471  -6 451 -12 959 -12 359

 Depreciation, amortisation and impairment       -6 072  -6 084 -12 140 -12 120

 Other expenses                                     -30     -42    -132    -172

 Operating profit                                10 028   8 931  18 286  15 932
-------------------------------------------------------------------------------
 Finance income and costs

 Finance income                                     239     234     580     501

 Finance costs                                   -1 457  -2 151  -3 145  -4 242

 Finance costs - net                             -1 218  -1 917  -2 565  -3 741
-------------------------------------------------------------------------------
 Share of profit (loss) of an associate
 accounted for under the equity method               80     210     -20     225

 Profit before income tax                         8 890   7 224  15 701  12 416
-------------------------------------------------------------------------------
 Income tax expense                              -5 415  -3 125  -5 415  -3 125
-------------------------------------------------------------------------------
 Profit for the period                            3 475   4 099  10 286   9 291
-------------------------------------------------------------------------------
 Attributable to:

 Owners of the Parent                             3 475   4 099  10 286   9 291
-------------------------------------------------------------------------------
 Basic earnings and diluted earnings per
 share (in euros)                                  0.01    0.02    0.04    0.04
-------------------------------------------------------------------------------

Interim condensed consolidated statement of cash flows:

 in thousands of euros                                     6M 2025 6M 2024
--------------------------------------------------------------------------
 Cash receipts from sale of goods and services              67 465  64 749

 Cash receipts related to other income                          57      34

 Payments to suppliers                                     -22 410 -24 680

 Payments to and on behalf of employees                    -13 204 -11 384

 Payments for other expenses                                  -200    -179

 Cash flows from operating activities                       -5 415  -3 325
--------------------------------------------------------------------------
 Purchases of property, plant and equipment                 -9 916 -22 559

 Purchases of intangible assets                               -249    -374

 Proceeds from sale of property, plant and equipment         4 885      17

 Proceeds from government grants related to assets           2 665       0

 Interest received                                             614     483

 Net change in deposits with maturities exceeding 3 months  22 000       0

 Cash used in investing activities                          19 999 -22 433
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 Proceeds from loans received                                    0  20 000

 Repayments of loans received                                 -783  -3 383

 Dividends paid                                            -19 199 -19 000

 Interest paid                                              -3 424  -4 229

 Other payments related to financing activities                 -1     -13

 Cash used in financing activities                         -23 407  -6 625
--------------------------------------------------------------------------
 NET CASH FLOW                                              22 885  -3 843
--------------------------------------------------------------------------
 Cash and cash equivalents at beginning of the period       17 213  29 733

 Change in cash and cash equivalents                        22 885  -3 843

 Cash and cash equivalents at end of the period             40 098  25 890
--------------------------------------------------------------------------

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])