Tallinna Sadam As · OMXTSE:TSM1T
Tallinna Sadam As — Shareholder Meeting (April 2025)
61 slides from Tallinna Sadam As's shareholder meeting presentation, Apr 24, 2025
Slide 1: Tallinna Sadam AGM
Tallinna Sadam AGM 24 April 2025
Slide 2: Agenda
Agenda 1. Video greeting from the majority shareholder – Kuldar Leis, Minister of Infrastructure 2. Overview of the activities of the Supervisory Board - Marek Helm, Member of the Supervisory Board, Chairman of the Audit Committee 3. Annual review and future outlook - Valdo Kalm, Chairman of the Man
Slide 3: Resolutions of the shareholders
Resolutions of the shareholders 1. Approval of the Annual Report 2024 2. Profit allocation 3. Appointment of the auditor 4. Election of Members of the Supervisory Board
Slide 4: Greeting from the majority shareholder
Greeting from the majority shareholder Kuldar Leis, Minister of Infrastructure
Slide 5: Kuldar Leis, Minister of Infrastructure
Kuldar Leis Minister of Infrastructure
Slide 6: Overview of the activities of the Supervisory Board
Overview of the activities of the Supervisory Board Marek Helm Member of the Supervisory Board, Chairman of the Audit Committee
Slide 7: Supervisory Board until 30 June 2025
Supervisory Board until 30 June 2025 Riho Unt Veiko Sepp Maarika Honkonen Ain Tatter (Chairman, finance and investments) (chairman of the (tourism) (representative of major Remuneration shareholder, transport and Committee, technology) logistics) Kaur Kajak Risto Mäeots Marek Helm (representative of
Slide 8: Activities of the Supervisory Board in 2024
Activities of Major decisions: the Supervisory ✓ Renewal of the group strategy for 2023-2027; Board ✓ Election of Member of the Board (Rene Pärt) and extension of the powers (Margus Vihman); in 2024 ✓ Assessment of achievement of the goals set for the Management Board for 2023, setting 2025 goals; ✓
Slide 9: Main focus in business strategy
Main focus in business strategy • We aim to be the most innovative port in the Baltic Sea, because innovation and environmental friendliness create competitive advantage. • We meet the expectations of our shareholders in terms of efficiency and profitability and we fulfill our dividend promise. • We
Slide 10: Impact and mitigation of risks
Impact and mitigation of risks Major risks Mitigation measures Unstable global economy and military conflicts, Balanced and diverse business model protectionism Changing environmental requirements and Environmentally friendly and future-oriented regulations investments and solutions Volatility of ca
Slide 11: Management & motivated personnel
Management & motivated personnel • Election of the new Member of the Board, Rene Pärt, (1 May 2024-30 April 2029) and extension of the powers of the Member of the Board, Margus Vihman, from 1 November 2024 till 30 October 2027 • Motivated and goal-oriented employees • The company's high business cul
Slide 12: Why Tallinna Sadam share is attractive?
Why Tallinna Sadam share is attractive? Dividends paid (mEUR) 30 200% • Stable infrastructure company 26 180% 25 160% • Balanced business model: four 140% business fields and new projects 20 19 19 19 121% 120% • Strong cash flow – 15 100% 100% 100% EBITDA margin 45% 75% 80% 10 60% • Several growth p
Slide 13: Annual review and future outlook
Annual review and future outlook Valdo Kalm CEO
Slide 14: Well balanced business model
Well balanced business model Business segments PASSENGER HARBOURS CARGO HARBOURS International PAX lines, Cargo handling, passengers cruise, ro-ro with cars, industrial parks Old City Harbour Muuga harbour Saaremaa harbour Paldiski South harbour OTHER FERRY Icebreaker Botnica Operating Saaremaa and
Slide 15: Passenger harbours
Passenger harbours
Slide 16: Recovery of passenger business
Recovery of passenger business 2024 vs 2023 the number of passengers increased +3,6%: • Tallinn-Helsinki +3,3% • Muuga-Vuosaari +18% • Tallinn-Stockholm +4,8% Recovery continues in 2025
Slide 17: Cruise ship calls
Cruise ship calls 2024 (2023): - Tallinn 100 (90) - Saaremaa 7 (8) Trends: - Extension of the season - Overnight stays - Winter cruises - Better occupancy on ships - Increase in demand 2025: - Tallinn 115 - Saaremaa 6
Slide 18: FIN-EST Green Corridor
FIN-EST Green Corridor 19 projects started, including: • Introducing fully electric ships: infrastructure needs • Introducing green fuels: availability and safety requirements • Zero-emission port infrastructure: new and reconstructible low-carbon buildings, service vehicles and relevant infrastruct
Slide 19: Opening of the Old City Harbour tram line
Development of environmentally friendly services and urban space: Opening of the Old City Harbour tram line
Slide 20: New A-terminal quarter
New A-terminal quarter Winners: Molumba and Mareld
Slide 21: Six detailed plans for the Old City Harbour in progress
Six detailed plans for the Old City Harbour in progress A-terminal & Tuukri Str Cruise Area South Area North Area D-terminal Admirality basin
Slide 22: Real estate development of the Old City Harbour
Real estate development of the Old City Harbour • The detailed plans are moving towards adoption – we hope to have three of them adopted by the Tallinn City Council by the end of 2025. • We will then start organizing competition(s) to find the developer(s).
Slide 23: Role of Port of Tallinn
Role of Port of Tallinn A guide throughout the development in collaboration with the city, opening up the waterfront Commercial buildings • setting rights of superficies • partnership with real estate developers • real estate developer Apartment buildings • setting rights of superficies 23
Slide 24: Cargo Harbours
an | bE | Os : Ga ca rgo Harbours i/ ’
Slide 25: Recovery of cargo transport
Recovery of cargo transport 2024 vs 2023 cargo volumes increased +4,4%: • Ro-ro +2,6% • Dry bulk +19,4% • Containers +12,3% • Liquid bulk – 19,8% Expecting stabilized cargo volumes for 2025
Slide 26: New environmentally friendly methanol fuel container line
New environmentally friendly methanol fuel container line
Slide 27: Large cargoes and capacity expansion in cargo ports
Large cargoes and capacity expansion in cargo ports
Slide 28: Rail Baltica freight terminal in Muuga
Rail Baltica freight terminal in Muuga North-South multimodal logistics center • Loading possibilities from sea, road and rail transport • Capacity 4-5 million tons of goods per year • Serves 1435 mm and 1520 mm gauge railways • Projecting completed in 2022 (Sweco Projekt AS) • Construction planned
Slide 29: Harbour as an industrial center
Harbour as a an industrial center Liwathon Exmet Storage of offshore wind turbine components Baltic Bearing LM terminal Factory Rohemetanooli Production of Green cement tootmine green methanol factory Katoen Natie Production of Muuga construction Betoonelement panels Production of offshore wind turb
Slide 30: Industrial parks 2.0
Muuga Industrial Paldiski Harbour Industrial parks 2.0 South Harbour Industrial Park 39 ha Park 76 ha • Multimodal hub • Close shipping connections with Scandinavia and Western Europe • Rail and road connections with neighboring countries • Rail Baltica freight station under development • New produc
Slide 31: Retrofit HUB in Muuga
Retrofit HUB in Muuga • Muuga Harbour: 5 quays • Retrofit contractors: SRC, LTH Baas etc. • Marketing: Estonian maritime Cluster • State’s retrofit support measure 25 million euros
Slide 32: Alternative fuels HUB in Muuga, Paldiski
Alternative fuels HUB in Muuga, Paldiski Production, storage, bunkering JetGas, Estonia • Liquified methane terminal • Five tanks, total 5 000 m3 • Start of construction in 2025, full-scale launch in 2030 Derivaat NH3, Estonia • Production of green ammonia • 20 000 tons per annum • Start of construc
Slide 33: Paldiski Energy Hub 6a quay
Paldiski Paldiski–South Energy Hub 6a quay Harbour 6A quay development (March 2025)
Slide 34: Subsidiaries
Subsidiaries
Slide 35: Ferries
Ferries TS Laevad • Records in numbers (trips +0,9%, vehicles +3,6%, passengers +2,1%) • Signing a new agreement for the period 2026–2033 • Aiming towards more environmentally friendly ferries • Finding and analyzing growth opportunities • Maintaining satisfaction of employees and clients
Slide 36: Icebreaker Botnica
Icebreaker Botnica TS Shipping • Charter agreement extension in Canadian Arctics with Baffinland Iron Miles Corporation from September to November during 2024-2028 • Mapping business opportunities for a new multifunctional off-shore vessel
Slide 37: Green Marine
Green Marine Opening of a new construction waste sorting plant
Slide 38: Sustainable development
TALLINNA £ SADAM Sustainable development
Slide 39: CO₂ emission mapping related to Port of Tallinn operations
CO₂ emission mapping related to Port of Tallinn operations Tallinna Sadam, TS Laevad, TS Shipping Operators, tenants, ships calling the port
Slide 40: GHG emission of Tallinna Sadam Group in 2019-2024
GHG emission of Tallinna Sadam Group in 2019-2024 Scope 1-2 40 000 35 000 33 086 30 000 27 819 23 797 23 839 tons CO2 e 25 000 21 633 21 656 20 562 Heat consumption 20 000 Movable equipment 18 783 15 000 Vessels owned by Tallinna Sadam 20713 18877 21090 Electricity consumption 10 000 20347 5 000 11
Slide 41: Reducing the ecological footprint
Reducing the ecological footprint • Energy production and consumption from emission-free sources • Port fee discounts for environmentally friendly ships • Automatic mooring devices and onshore power for regular liners • Planning of onshore power for cruise ships in Old City Harbour, ro-ro ships in M
Slide 42: Financial results and dividend proposal
Financial results and dividend proposal Andrus Ait Member of the Management Board/ CFO
Slide 43: Passengers and PAX ship calls
Passengers and PAX ship calls Stable ship calls PAX volume +3.6% 11 10000 9 8,2 7,9 8000 Other 7,0 0,6 Passengers, million 7 0,5 Cruise Vessel calls 6000 5 451 5 679 5 672 5 646 5 692 5 4,3 Muuga-Vuosaari 3,5 4000 7,0 7,2 3 6,2 Tallinn-Stockholm 4,0 3,0 2000 1 Tallinn-Helsinki -1 2020 2021 2022 2023
Slide 44: Cargo and cargo vessel calls
Cargo and cargo vessel calls Increase in cargo volumes +4.4% and vessel calls +4.0% 25 5000 22,4 21,3 General cargo 1,9 20 1,8 4000 17,8 Containers 4,7 4,4 Vessel calls 2,1 15 3000 Dry bulk Million tons 12,6 13,1 2,9 5,6 6,5 2,1 1,9 Ro-ro 10 2000 6,9 2,2 2,6 1637 1 654 1458 1380 1435 Liquid bulk 5 9
Slide 45: Shipping
Shipping Ferry operations MPSV Botnica chartering 3,0 45 000 300 100% 267 40 000 249 90% 2,5 250 249 231 80% 2,5 35 000 221 2,4 Million PAX/vehicles 2,3 73% 2,2 70% 2,0 30 000 68% 68% Number of trips 200 2,0 63% 60% 60% Days 25 000 1,5 22 842 22 972 23 179 150 50% 21 518 20 118 20 000 40% 1,0 1,2 15
Slide 46: Financial results
Financial results thousand EUR 2024 2023 +/- Revenue 119 587 116 646 2,5% Adjusted EBITDA 53 137 49 170 8,1% Adjusted EBITDA margin 44,4% 42,2% 2,2 Operating profit 29 148 24 630 18,3% Income tax -3 125 -2 985 4,7% Profit 19 153 15 882 20,6% Investments 38 831 20 727 87,3%
Slide 47: Revenue and profitability
Revenue and profitability 140 90% 122 120 117 80% 120 110 107 70% 100 Revenue 60% 54% 80 EUR million 49% 50% Adj. EBITDA 46% 44% 42% 40% 60 58 56 Adj. EBITDA margin 54 53 30% 40 49 20% 20 10% 0 0% 2020 2021 2022 2023 2024
Slide 48: Results by segments
Results by segments (mEUR) Passenger H 19,9 37,9 19,6 37,5 Cargo H 14,2 32,0 11,3 30,8 Ferry 15,5 37,5 15,3 36,6 Other 3,6 12,2 3,0 11,7 0 5 10 15 20 25 30 35 40 Adj EBITDA 2024 Adj EBITDA 2023 Revenue 2024 Revenue 2023
Slide 49: Voting on agenda item 1: Approval of the Annual Report 2024
Voting on agenda item 1: Approval of the Annual Report 2024 To approve the Annual Report 2024 of AS Tallinna Sadam, as presented to the general meeting
Slide 50: Dividend proposal
Dividend proposal Dividends paid (mEUR) 30 160% • Dividend policy: 26 140% 25 • to pay at least 70% of the previous 20 121% 120% year’s profit starting from 2021 20 19 19 19 100% 100% 100% • Dividend proposal EUR 0.073 EUR per 15 80% 71% 75% share (EUR 19.199 million) 60% 10 • Change of the rights r
Slide 51: Voting on agenda item 2: Profit allocation
Voting on agenda item 2: Profit allocation • To approve the net profit of the financial year of 2024 in the amount of 19,152,928 euros and the retained earnings (including 2024 profit) of 46,831,353 euros. • Distribute to statutory capital reserve 544,210 euros. • To pay dividends to the shareholder
Slide 52: Appointment of the auditor
Appointment of the auditor • AS Tallinna Sadam organized the tender of auditor services for auditing the 2023 and 2024 reports with the option of extending the contract for the audit of the 2025 financial year report. • AS PricewaterhouseCoopers won the tender.
Slide 53: Voting on agenda item 3: Appointment of the auditor
Voting on agenda item 3: Appointment of the auditor of AS Tallinna Sadam To appoint the company of auditors AS PricewaterhouseCoopers (registry code 10142876) to conduct the audit of AS Tallinna Sadam for the financial year 2025 and to remunerate the company of auditors in accordance with the offer
Slide 54: Kristi Klaas, Chairman of the Nomination Committee
Kristi Klaas Deputy Secretary General of Ministry of Climate / Chairman of the Nomination Committee
Slide 55: Election of the members of the Supervisory Board 1/4
Election of the members of the Supervisory Board 1/4 Priit Perens Competencies in executive leadership, corporate governance, finance and banking, strategic management, and public sector health administration. Currently CEO and Chairman of the Management Board of Tartu University Hospital. Brings ex
Slide 56: Election of the members of the Supervisory Board 2/4
Election of the members of the Supervisory Board 2/4 Anneli Heinsoo Competencies in digital transformation, cybersecurity, IT business leadership, and corporate governance. Currently COO and Management Board Member at Neverhack Estonia, with a strong entrepreneurial background as founder and leader
Slide 57: Election of the members of the Supervisory Board 3/4
Election of the members of the Supervisory Board 3/4 Marek Helm Competencies in management, corporate governance, strategic prospective and leadership; finance and risk management; digitalization and smart solutions; technology and engineering. Currently CEO and chairman of management board of GScan
Slide 58: Election of the members of the Supervisory Board 4/4
Election of the members of the Supervisory Board 4/4 Sander Salmu Competences in public sector governance, mobility and transport strategy, business development, and international sales. Strong background in environmental services, infrastructure, and innovation. Currently the Deputy Secretary Gener
Slide 59: Voting on agenda item 4: Election of the members of the Supervisory Board
Voting on agenda item 4: Election of the members of the Supervisory Board • To appoint Priit Perens, Meelike Paalberg, Anneli Heinsoo, Teele Lepp, Marek Helm, Kaur Kajak and Sander Salmu, members of the supervisory board of AS Tallinna Sadam for the term of office from 1 July 2025 to 30 June 2028. •
Slide 60: Disclaimer
Disclaimer The presentation has been prepared for informational purposes only. By opening, In addition, even if the results and financial condition of the Port of Tallinn and the downloading, reading or otherwise making available any part or all of the presentation in development of the business sec
Slide 61: Thank you for attending!
Thank you for attending! www.ts.ee ts.ee/en/investor Investor relations: Angelika Annus angelika.annus@ts.ee