Tallinna Sadam As · OMXTSE:TSM1T
Tallinna Sadam As — Q4 2025 Earnings Presentation
16 slides from Tallinna Sadam As's earnings presentation, Feb 26, 2026
Slide 1: Results of Q4 and year 2025
Results of Q4 and year 2025 26.02.2026
Slide 2: Main events in Q4 2025 1/2
Main events in Q4 2025 1/2 • Increased cargo volumes (+6%) • Higher numbers of passengers (+0.9%) • Growth in ferry services: passengers +4.5% and vehicles +7% • Successful winter cruise season, 10 cruise ship calls in Q4 • Construction of the multifunctional quay in South Paldiski Harbour was compl
Slide 3: Main events in Q4 2025 (2/2)
Main events in Q4 2025 (2/2) • MPG Agro Production OÜ returned the property of 50.5 ha in Muuga Harbour • MoU for the transit of Kazakh grain • Swed-Est Green collaboration with the Port of Stockholm • Icebreaker Botnica participated in a rescue mission in the arctic waters of Canada • Changes in th
Slide 4: Trends in Q4 by business segments
Trends in Q4 by business segments • PASSENGERS – increase in PAX numbers (+0.9%), incl cruise passangers (+108%), decrease in PAX vessel calls total (–2.8%), increase in cruise vessel calls (+43%), increase in revenue (+3.1%). • CARGO – increase in cargo volumes (+6%), decrease in vessel calls (–13%
Slide 5: Passenger volume
Passenger volume Q4 2022-2025 4 2000 10 5 672 5 548 5 585 5 584 +0.9% 9 8,2 8,3 5000 7,9 +1.0% 8 7,0 3 1500 0,5 0,6 0,5 1 395 7 4000 1 356 Vessel calls Vessel calls Million PAX 6 Million PAX 2 1,9 1,9 1000 5 3000 0,1 0,1 4 7,0 7,2 7,3 2000 3 6,2 1 500 1,7 1,7 2 1000 1 0 0 0 0 2024 2025 2022 2023 202
Slide 6: Cargo volume
Cargo volume Q4 2022-2025 4 +5.6% 1200 25 2000 3,6 3,4 +5.1% 1800 1000 20 1600 3 0,5 17,8 1458 0,6 1380 1435 1418 1400 800 Million tonnes 2,1 Vessel calls 0,7 Million tonnes 15 13,1 13,8 1200 12,6 Vessel calls 0,8 2,9 1000 2 600 2,1 2,1 1,6 1,9 10 2,7 800 1,5 6,9 2,2 2,6 400 600 372 1 323 5 6,4 6,4
Slide 7: Shipping volumes: ferry segment
Shipping volumes: ferry segment Q4 2022-2025 600 3,0 +1.2% +4.5% 498 2,5 2,5 500 476 2,5 2,4 2,3 Million PAX/vehicles Thousand PAX/vechicles 400 2,0 300 1,5 +3.5% 245 +6.6% 261 1,2 1,2 1,1 1,1 200 1,0 100 0,5 0 0,0 2024 2025 2022 2023 2024 2025 Passengers Vehicles Passengers Vehicles
Slide 8: Shipping volumes: MPSV Botnica
Shipping volumes: MPSV Botnica Q4 2022-2025 60 100% 350 100% 51 90% 90% 49 300 50 80% 80% 250 249 70% 231 70% 40 68% 221 60% 63% 60% 55% 53% 200 60% Charter days Charter days 179 30 50% 49% 50% 150 40% 40% 20 30% 100 30% 20% 20% 10 50 10% 10% 0 0% 0 0% 2024 2025 2022 2023 2024 2025 Charter days % ut
Slide 9: Future outlook
Future outlook • Passenger business recovery continues • New ro-ro and container lines • Development of new maritime transport corridors • Exploitation of multifunctional quay in Paldiski South Harbour • Preparation of the real estate business, tender of Old City Harbour properties and development •
Slide 10: Results of the Group
Results of the Group Q4 and 12 months In thousands Q4 2025 Q4 2024 +/- 12M 2025 12M 2024 +/- Revenue 29 152 28 791 1.3% 118 687 119 587 –0.8% Adjusted EBITDA 11 201 12 239 –8.5% 56 510 53 134 6.4% Adjusted EBITDA margin 38.4% 42.5% –4.1 47.6% 44.4% 3.2 Operating profit 4 795 5 948 –19.4% 32 704 29 1
Slide 11: Results by business segments
Results by business segments Q4 and 12 months Q4 segments (mEUR) 12 months segments (mEUR) Passenger H 3,9 9,1 Passenger H 20,8 4,3 8,8 19,9 Cargo H 3,9 9,1 Cargo H 16,9 33,4 4,0 8,9 14,1 32,0 Ferry 3,0 8,8 Ferry 15,2 3,0 8,7 15,5 Other 0,5 2,2 Other 3,6 8,0 0,9 2,4 3,6 12,2 -2 0 2 4 6 8 10 12 0 5 1
Slide 12: Cash Flow and Financial Position
Cash Flow and Financial Position Cash Flow statement Financial position 700 In thousand euros 12M 2025 12M 2024 +/– 600 Cash from operating 500 53 706 48 733 4 973 activities 378 381 EUR million 400 Cash used in investing –2 837 –45 442 42 605 573 activities 581 300 Free cash flow (FCF) 50 869 3 291
Slide 13: Revenue generation
Revenue generation Passenger harbours Cargo harbours Total revenue 50 50 40 150 40 38 40 32 33 8,8 9,1 30 30 9,1 130 MEUR MEUR 8,9 120 119 11,5 12,0 20 20 7,9 8,1 10,0 10,8 7,5 8,2 110 10 10 28,8 29,2 7,5 7,6 7,8 8,1 0 0 90 2024 2025 2024 2025 31,2 MEUR 31,7 Ferry Other 70 50 50 38 38 50 40 40 32,0
Slide 14: EBITDA generation
EBITDA generation Passenger harbours Cargo harbours Total adj. EBITDA 25 25 80,0 20 21 20 3,9 20 17 4,3 14 15 15 3,9 MEUR MEUR 6,8 7,2 4,0 3,9 10 10 3,3 60,0 57 5,5 6,5 5,7 53 5 5 3,2 3,3 3,3 3,6 3,4 11 0 0 2024 2025 2024 2025 12,2 MEUR 40,0 Ferry Other 15,5 25 25 13,3 20 20 15 15 15 15,9 15 20,0 15
Slide 15: Q&A session
PORT OF &¢ TALLINN Q&A session
Slide 16: Thank You!
Thank You! portoftallinn.com • ts.ee/en/investor • portoftallinn
Tallinna Sadam AS (Port of Tallinn) — Q4 2025 Earnings Presentation on 6ix