Börsiteade

In the second quarter, Tallinna Sadam earned 31 million euros in sales revenue, adjusted EBITDA was 14 million euros and profit 1.4 million euros. Sales revenue increased by +5.4% (+1.6 million euros), adjusted EBITDA decreased by –11% (–1.7 million euros) and profit decreased by –59% (–2.0 million euros) comparing to the last year.

The revenue for six months was 59 million euros, adjusted EBITDA 26 million euros and profit 6 million euros. The revenue of 6 months increased by +2.4% (+1.4 million euros), adjusted EBITDA decreased by –14% (–4.0 million euros) and profit decreased by –42% (–4.3 million euros).

In the second quarter, the volume of investments was more than 2 million euros, and we invested close to 4 million euros within six months.

The number of passengers decreased by –1.1%, cargo volumes by –2.3% and vessel calls by –3.1% in the second quarter of 2026. Ferry segment showed stable growth in the number of trips by +1.2%, number of passengers by +1.8% and number of vehicles by +2.8%. The icebreaker Botnica was chartered 44% of the time which is twice as much as last year.

"Rising fuel prices and extraordinary ship repairs necessitated by ice conditions impacted profitability of the second quarter. Profit was also reduced by the withdrawal of a vessel from the Paldiski–Kapellskär route and a decline in cargo volumes. Additionally, the results for the comparison period were affected by a one-off gain recorded in the second quarter of the previous year from the sale of land for the construction of the Rail Baltica freight terminal at Muuga Harbour.

Significant growth in the cruise business and the successful chartering of the icebreaker Botnica supported the increase in revenue in the second quarter," 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 August, 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):

Major events in Q2:

• Tallinn City Council adopted two detailed plans of Tallinna Sadam
• Icebreaker Botnica carried out works in the North Sea
• OÜ TS Laevad and the Ministry of Regional Affairs and Agriculture agreed upon additional trips by the ferry Regula for summer 2026
• Tallinna Sadam entered into a loan agreement with OP Corporate Bank plc Estonian branch
• Tallinna Sadam reached Top 5 among the most reputable employers

Revenue
Revenue increased by EUR 1.4 million (+2.4%) to EUR 59.3 million in the first 6 months of 2026. By revenue stream, the largest increase was recorded in charter fee revenue, which grew by EUR 0.9 million (+18.2%) due to the higher number of charter days of the icebreaker Botnica. Revenue from the sale of electricity increased by EUR 0.6 million (+25.0%). Both the volume of electricity and network services sold increased, as new network tariffs in the TS network area came into effect in March, and the average market price of electricity was higher. The increase was also supported by the security of supply fee introduced at the beginning of the year as a result of a regulatory change. Revenue from the sale of ferry services increased by EUR 0.3 million (+1.9%). The increase was driven by the indexation of tariffs based on the Estonian fuel, labour and consumer price indices, as well as higher compensation for the fixed costs of additional trips operated by the ferry Regula. Lease income from operating leases decreased by EUR 0.2 million (–2.1%) due to lower land use right fees in Muuga Harbour following the return of the land subject to the right of superficies previously held by MPG Agroproduction OÜ. Other revenue streams changed to a lesser extent. In the second quarter, revenue increased by EUR 1.6 million (+5.4%), mainly due to higher charter fee revenue. Revenue from the sale of ferry services, vessel dues and the sale of electricity also increased.

Adjusted EBITDA
Adjusted EBITDA decreased by EUR 4.0 million (–13.5%) to EUR 25.8 million. The decline in adjusted EBITDA was partly offset by the improved result of the associate AS Green Marine, accounted for using the equity method, which increased by EUR 0.1 million. In the second quarter, adjusted EBITDA decreased by EUR 1.7 million (–10.7%) compared with the same period last year. The adjusted EBITDA margin decreased from 51.5% to 43.5% in the first 6 months of the year and from 53.8% to 45.7% in the second quarter.

Profit
Profit before income tax decreased by EUR 4.3 million in the 6-month comparison to EUR 6.0 million (–41.7%) and EUR 11.4 million (–27.3%), respectively. The decline in profit for the period was smaller than the decline in operating profit due to lower finance costs. The dividend of EUR 19.2 million paid in the second quarter gave rise to income tax expense of EUR 5.4 million. Both remained at the same level as in the previous year. In the second quarter, profit for the period amounted to EUR 1.4 million (–59.0%) and profit before income tax to EUR 6.8 million (–23.0%).

Investments
In the first 6 months of 2026, the Group invested EUR 3.5 million, which is EUR 8.5 million less than in the same period last year. Investments made during the first 6 months of 2026 were mainly related to the replacement of the main engines of a ferry, the upgrading of the box coolers of the ferries, improvements to a Cargo harbour quay to provide an onshore power supply connection for container ships, the design of Terminal A and the head office building at the Old City Harbour, the completion of construction works on the multifunctional quay at Paldiski South Harbour, and IT investments (software and hardware). Investments in the second quarter totaled EUR 2.3 million (the second quarter 2025: EUR 8.4 million).

Interim condensed consolidated statement of financial position:

Interim condensed consolidated statement of profit or loss:

Interim condensed consolidated statement of cash flows:

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]