AS Tallinna Sadam financial results for 2025 Q2 and 6 months

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) 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:

• 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:

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
angelika.annus@ts.ee

Attachments

• 2025 Q2 Interim Report

• 2025 Q2 Main Figures

• 2025 Q2 webinar