Börsiteade

Pealkiri

AS Tallinna Sadam unaudited financial results for the year 2025 and Q4

Teade

Sales  revenue of Tallinna Sadam in  2025 was 119 million euros. Adjusted EBITDA
was  close to 57 million euros and  profit more than 22 million euros. Comparing
to  the preceding  year sales  revenue decreased  slightly by -0.8% but adjusted
EBITDA  increased by +6% and profit by +17%. Sales revenue in the fourth quarter
was  more than 29 million euros, adjusted EBITDA was 11 million euros and profit
3.6 million  euros.  Comparing  to  the  same  period  last  year  sales revenue
increased  by +1.3%, adjusted EBITDA decreased by -8% and profit by -16%. During
2025 we  invested the total of above 33 million euros, of which 12 million euros
were invested in the fourth quarter.

In  the fourth  quarter of  2025, the number  of passengers  increased by +0.9%
(+1.0% full year) and cargo volumes by +6% (+5% full year), the number of vessel
calls  decreased by -4.8% (full  year the same as  in 2024). In shipping, we saw
growth  in  the  number  of  vehicles  by  +7% (+3.5%  full year), the number of
passengers  by  +4.5% (+1.2%  full  year)  and  trip number by +0.3% (-0.6% full
year).  The icebreaker  Botnica was  charted 53% of  time in the fourth quarter,
which is -3.9% less than last year (-19% full year).

"We  are satisfied with  the results of  the year, as  adjusted EBITDA, adjusted
EBITDA  margin and profit have increased  while the turnover remained similar to
the  comparable year. Sales revenue increased  in the fourth quarter, but profit
decreased.  The results have been  affected by higher repair  costs due to their
postponement  to the last  quarter. The most  important event at  the end of the
year was completion of the multifunctional quay in Paldiski South Harbour, which
now has received a use permit. We are also delighted about the successful winter
cruise  season in terms of  growth in cruise ship  calls and passenger numbers,"
commented Valdo Kalm, the Chairman of the Management Board.

Tallinna  Sadam management  will present  the financial  results of the Group at
webinars  on 26 February, including webinar in Estonian starting at 10.00 (EEST)
(link       to      EST      webinar      (https://teams.microsoft.com/l/meetup-
join/19%3ameeting_OTZkNTU0ZDAtNjY0NC00MWJhLTgzMmQtYmMwOTc4N2JjZjUw%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 (EEST)  (link  to  ENG  webinar
(https://teams.microsoft.com/l/meetup-
join/19%3ameeting_MzZkZDk5ODktZTdmOC00YzNkLWI1YTItMTI4NmViZDE4MjM2%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):

                              Q4      Q4     +/-     12M     12M     +/-

                            2025    2024       %    2025    2024       %

  Revenue                   29.2    28.8     1.3   118.7   119.6    -0.8

  Adjusted EBITDA           11.2    12.2    -8.5    56.5    53.1     6.4

  Adjusted EBITDA margin   38.4%   42.5%    -4.1   47.6%   44.4%     3.2

  Operating profit           4.8     5.9   -19.4    32.7    29.1    12.2

  Income tax                 0.0     0.0     0.0    -5.4    -3.1    73.3

  Profit for the period      3.6     4.3   -16.3    22.5    19.2    17.3

  Investments               12.4     5.4     131    33.2    38.8   -14.4


                          31.12.2025   31.12.2024     +/-

  Total assets                 622.1        629.9   -1.2%

  Interest bearing debt        173.7        184.8   -6.1%

  Other liabilities             67.5         67.4    0.1%

  Equity                       380.9        377.6    0.9%

  Number of shares             263.0        263.0    0.0%

Major events in Q4:

  * Cruise season extended into winter
  * Construction of the multifunctional quay in South Paldiski Harbour was
    completed
  * EU supports construction of Tallinna Sadam onshore power supply for cruise
    ships
  * The Competition Authority approved the price list of Tallinna Sadam
    electricity network charges
  * MPG Agro Production OÜ returned property in Muuga Harbour
  * Ports of Tallinn and Stockholm signed a memorandum of understanding
  * Successful mission of the icebreaker Botnica in the arctic waters of Canada
  * Changes in the Board of TS Shipping OÜ
  * Extention of the powers of the Board Member in OÜ TS Laevad
  *

Revenue
Revenue  decreased by EUR  0.9 million, i.e. -0.8%,  in 2025 and amounted to EUR
118.7 million.  The decline  in revenue  was primarily  driven by  a decrease in
charter  fee revenue (icebreaker Botnica). In  addition, sales of other services
and  sales  of  electricity  declined.  A  positive  impact on revenue came from
increased  vessel  dues  and  lease  income.  Passenger  fees, cargo charges and
revenue  from ferry services between mainland Estonia and the major islands also
increased.  By revenue stream, the largest increase was recorded in vessel dues,
which  rose by EUR 2.5 million (+8.0%) to EUR 34.1 million. The growth in vessel
dues  was driven by an increased number of tanker and container vessel calls. At
the  same time, both vessel types had, on average, larger capacity. Although the
number  of passenger vessel  calls in the  Cargo harbours segment decreased, the
vessels  replacing those that departed had  larger capacity, resulting in higher
vessel  dues revenue. In the Passenger harbours segment, growth was supported by
an increased number of cruise and passenger vessel calls. Operating lease income
increased  by  EUR  0.4 million  (+3.0%)  to  a total of EUR 14.6 million. Lease
income  grew in all segments  except the segment Other.  The increase was mainly
recorded  in  the  Cargo  and  Passenger  harbours  segments,  primarily  due to
indexation  of tariff rates.  Revenue from passenger  fees increased by EUR 0.3
million  (+2.9%) to  EUR 12.2 million.  The growth  in passenger fee revenue was
supported by an increase in passenger numbers (+1.0%) and the indexation of fees
in the first half of the year. Revenue from ferry services increased by EUR 0.2
million  (+0.6%) to  EUR 36.4 million.  The increase  in revenue  was positively
affected  by the  indexation of  tariffs based  on Estonian  labour and consumer
price  indices, while a lower fuel price index had a negative impact. The number
of  trips  remained  largely  unchanged  compared  to the previous year (-0.6%).
Revenue from cargo charges also increased by EUR 0.2 million (+2.8%) to EUR 6.9
million  in connection with higher cargo  volumes (+5.1%). Other revenue streams
declined.  Charter  fee  revenue  decreased  significantly  by  EUR  4.0 million
(-33.6%)  to  EUR  7.9 million.  The  number  of  charter days of the icebreaker
Botnica  was 42 days lower,  and charter fees  also declined due  to lower daily
rates  for project-based work. Revenue from other services decreased by EUR 0.4
million,  resulting from the  shorter charter period  of the icebreaker Botnica,
which  in turn reduced revenue from  catering and accommodation services. Within
other  services,  revenue  from  advertising  sales  also declined. Revenue from
electricity  sales  decreased  by  EUR  0.2 million  (-4.8%) to EUR 4.4 million.
Electricity  revenue  declined  mainly  due  to  lower  sales volumes of network
services  and electricity,  as well  as a  decrease in  the electricity exchange
price. Other revenue increased by EUR 0.6 million (+32.2%) to EUR 2.3 million in
2025. Other  revenue was  positively affected  by the  transfer of land in Muuga
Harbour in 2025 for the construction of the Rail Baltica Muuga railway station.

In  the fourth quarter  of 2025, revenue increased  by 1.3% to EUR 29.2 million.
Despite  of  a  decrease  in  the  number  of  vessel calls, vessel dues revenue
increased  by 10.3%. Vessel dues growth in the Cargo harbours segment was driven
by  an  increase  in  visits  by  large  tankers  and  bulk carriers, and in the
Passenger harbours segment by an increase in the number of cruise ships. Revenue
also  increased from ferry services, operating  lease income and passenger fees.
Revenue from cargo charges decreased (-17.2%). Although cargo volumes increased,
in  the  fourth  quarter  the  cargo  charges  were  affected by IFRS 15-related
adjustments  - in the  first half of  2024, possible contract penalties for some
operators  were  not  fully  anticipated.  In  the fourth quarter of 2024, these
penalties were recognised, resulting in the corresponding revenue being recorded
at  the end of the  year. In 2025, the revenue  from penalties was accounted for
evenly  throughout the year.  Revenue also declined  from charter fees  due to a
lower  number of Botnica charter days.  In addition, revenue from other services
and  electricity sales  decreased. Revenue  from other  services was impacted by
lower advertising sales in the Passenger harbours segment.

EBITDA
Adjusted  EBITDA increased by EUR 3.4 million  (+6.4%) to EUR 56.5 million, with
growth  recorded in the  Cargo and Passenger  harbours segments. The increase in
adjusted  EBITDA in the  Cargo harbours segment  was driven by primarily revenue
growth, and a decrease in the impairment of financial assets. The improvement in
the  adjusted EBITDA of the Passenger  harbours segment was supported by revenue
growth,  which exceeded the growth in operating and personnel expenses. Adjusted
EBITDA for the fourth quarter decreased by EUR 1.0 million (-8.5%) year-on-year.
The  adjusted EBITDA margin for the year increased from 44.4% to 47.6%, while in
the fourth quarter it declined from 42.5% to 38.4%.

Profit
Profit before tax grew by EUR 5.6 million (+25.1%) to EUR 27.9 million in 2025.
Profit  before tax  grew more  than operating  profit because  net finance costs
decreased (EUR -2.6 million). The positive impact of finance costs was offset to
the  extent  of  EUR  0.5 million  by  lower  profit  from  the equity-accounted
associate  Green Marine. The dividend declared  in the second quarter of 2025 in
the  amount of  EUR 19.2 million  gave rise  to income  tax expense  of EUR 5.4
million,  which was EUR  2.3 million larger 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 abolished. Profit
for  2025 amounted to EUR 22.5 million, an increase of EUR 3.3 million (+17.3%).
Fourth-quarter profit was EUR 3.6 million (EUR -0.7 million, -16.3%).

Investments
In  2025, the Group invested  EUR 33.2 million, which  was EUR 5.6 million, i.e.
14%, less  than  in  the  previous  year.  Investments  in infrastructure assets
related   to   harbour   management,   acquisition  of  non-current  assets  and
improvements  to existing infrastructure  totalled EUR 29.1 million. Investments
in  the icebreaker  Botnica amounted  to EUR  0.5 million and investments in the
Ferry  segment to EUR 3.7 million. The largest investment in 2025 was related to
the  completion of  the new  multifunctional quay  and the 10-hectare hinterland
area at Paldiski South Harbour (with minor finishing works carried over to early
2026). The  largest investments at Muuga Harbour were in quay reinforcement. The
most  significant of  these related  to the  smooth handling  of large container
vessels  and enabling the future provision of onshore power (to a lesser extent,
investment  in the onshore power supply solution was initiated). Investment also
continued in transferring building automation to a new system.
In  the Ferry  segment, the  main investments  included the  replacement of main
engines  on the  ferry Leiger  and planned  dry-dock maintenance for the ferries
Tiiu,  Regula,  and  Piret.  At  Old  City Harbour, investments continued in the
design  of the new Terminal A, the  Terminal A exterior area, the main building,
and  the  parking  garage.  In  addition,  significant  investments were made to
improve  passenger vessel  traffic (at  quay 13). Investments  were also made in
software  development. For the icebreaker Botnica,  the main investment was dry-
dock maintenance. Investments of the fourth quarter amounted to EUR 12.4 million
(+130.9%). The largest investment was in the construction of the Paldiski quay.

Interim condensed consolidated statement of financial position:

 In thousands of euros                        31 December 2025 31 December 2024
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 ASSETS



 Current assets

 Cash and cash equivalents                              31 993           17 213

 Bank deposits with maturities exceeding 3
 months                                                      0           22 000

 Trade and other receivables                             8 055           12 512

 Inventories                                               552              695

 Total other current assets                             40 600           52 420

 Non-current assets held for sale                          212            4 190

 Total current assets                                   40 812           56 610


-------------------------------------------------------------------------------
 Non-current assets

 Investments in associates                               2 638            2 664

 Investment properties                                  14 069           14 069

 Property. plant and equipment                         562 254          554 280

 Intangible assets                                       2 290            2 238

 Total non-current assets                              581 251          573 251
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 Total assets                                          622 063          629 861
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 LIABILITIES



 Current liabilities

 Loans and borrowings                                   73 001           12 185

 Provisions                                              1 895            1 771

 Government grants                                      19 271           22 146

 Taxes payable                                             943              906

 Trade and other payables                               11 712            7 780

 Total current liabilities                             106 822           44 788
-------------------------------------------------------------------------------


 Non-current liabilities

 Loans and borrowings                                  100 700          172 650

 Government grants                                      31 447           31 995

 Other payables                                          2 217            2 815

 Total non-current liabilities                         134 364          207 460
-------------------------------------------------------------------------------
 Total liabilities                                     241 186          252 248
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 EQUITY

 Share capital at par value                            263 000          263 000

 Share premium                                          44 478           44 478

 Statutory capital reserve                              23 848           23 304

 Retained earnings                                      49 551           46 831

 Total equity                                          380 877          377 613
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 Total liabilities and equity                          622 063          629 861
-------------------------------------------------------------------------------

Interim condensed consolidated statement of profit or loss:



 In thousands of euros                         Q4 2025  Q4 2024    2025    2024
-------------------------------------------------------------------------------


 Revenue                                        29 152   28 791 118 687 119 587

 Other income                                      309      579   2 297   1 737

 Operating expenses                            -10 280   -9 477 -36 412 -40 427

 Impairment of financial assets                   -102     -125     -17    -805

 Personnel expenses                             -7 391   -7 061 -26 555 -25 722

 Depreciation, amortisation and impairment      -6 792   -6 625 -25 008 -24 833

 Other expenses                                   -101     -134    -288    -389

 Operating profit                                4 795    5 948  32 704  29 148


-------------------------------------------------------------------------------
 Finance income and costs

 Finance income                                    180      197     973     900

 Finance costs                                  -1 289   -1 857  -5 773  -8 257

 Finance costs - net                            -1 109   -1 660  -4 800  -7 357
-------------------------------------------------------------------------------

-------------------------------------------------------------------------------
 Share of profit (+)/ loss (-) of an
 associate accounted for under the equity
 method                                           -102       -4     -26     487

 Profit before income tax                        3 584    4 284  27 878  22 278
-------------------------------------------------------------------------------


 Income tax                                          0        0  -5 415  -3 125
-------------------------------------------------------------------------------
 Profit for the period                           3 584    4 284  22 463  19 153
-------------------------------------------------------------------------------
 Attributable to owners of the Parent            3 584    4 284  22 463  19 153
-------------------------------------------------------------------------------

-------------------------------------------------------------------------------
 Basic and diluted earnings per share (in
 euros)                                           0.01     0.02    0.09    0.07
-------------------------------------------------------------------------------

Interim condensed consolidated statement of cash flows:



 In thousands of euros                                        2025    2024
--------------------------------------------------------------------------


 Cash receipts from sale of goods and services             130 750 126 612

 Cash receipts related to other income                          80      45

 Payments to suppliers                                     -46 018 -50 431

 Payments to and on behalf of employees                    -25 363 -23 864

 Payments for other expenses                                  -328    -304

 Income tax paid on dividends                               -5 415  -3 325

 Cash from operating activities                             53 706  48 733


--------------------------------------------------------------------------
 Purchases of property. plant and equipment                -30 676 -38 981

 Purchases of intangible assets                               -484    -599

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

 Government grants received                                    479  15 317

 Interest received                                             959     804

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

 Cash used in investing activities                          -2 837 -45 442
--------------------------------------------------------------------------
 Redemption of debt securities                              -7 650  -7 650

 Proceeds from loans received                                    0  30 000

 Repayments of loans received                               -3 066 -10 466

 Dividends paid                                            -19 199 -19 000

 Interest paid                                              -6 173  -8 655

 Other payments related to financing activities                 -1     -40

 Cash from/used in financing activities                    -36 089 -15 811
--------------------------------------------------------------------------
 NET CASH FLOW                                              14 780 -12 520
--------------------------------------------------------------------------
 Cash and cash equivalents at beginning of the period       17 213  29 733

 Change in cash and cash equivalents                        14 780 -12 520

 Cash and cash equivalents at end of the period             31 993  17 213
--------------------------------------------------------------------------

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])