Tallinna Sadam As · OMXTSE:TSM1T
Tallinna Sadam As — Q3 2025 Earnings Presentation
15 slides from Tallinna Sadam As's earnings presentation, Nov 10, 2025
Slide 1: Results of 2025 Q3
Results of 2025 Q3 10.11.2025
Slide 2: Main events in Q3 2025
Main events in Q3 2025 • Increased cargo volumes (+8%) • Higher numbers of passengers (+1.4%), 8 new cruise vessel visits, Ritz-Carlton Yacht Collection – new cruise operator • Stable volumes with a slight growth in ferry services • Additional work for icebreaker Botnica • Court cases: - cassation a
Slide 3: Trends in Q3 by business segments
Trends in Q3 by business segments • PASSENGERS – increase in PAX numbers (+1.4%) and cruise vessel calls (+2.8%), increase in revenue (+4.1%). • CARGO – increase in cargo volumes (+8%), decrease in vessel calls (– 1.6%), increase in revenue (+2.9%). Growth in dry bulk (+46%), containers (+4.3%) non-
Slide 4: Passenger volume
Passenger volume Q3 2024/2025 2022-2025 10 5 672 Vessels 3 000 5 548 5 585 2 713 +1.4% 2 751 +0.9% 9 8,2 5000,0 7,9 2 500 147 8 7,0 4 190 4 228 0,5 0,6 7 6,3 6,4 4000,0 2 000 Thousand PAX Vessel calls Million PAX 6 0,4 0,4 5 3000,0 1 500 2 347 2 399 4 7,0 7,2 2000,0 1 000 3 6,2 5,6 5,6 2 1000,0 500
Slide 5: Cargo volume
Cargo volume Q3 2024/2025 2022-2025 25 2000 4 +7.8% 1800 3,4 Vessels 20 1600 3,1 17,8 1458 +3.0% 3 0,5 1380 1435 1400 Million tonnes Vessel calls 0,5 2,1 15 13,1 1063 1095 1200 2,9 12,6 Million tonnes 0,5 0,8 1000 2 1,9 2,1 9,7 10,2 10 800 6,9 2,2 2,6 1,6 1,5 1,7 2,0 600 1,6 1,5 5 400 1 6,4 6,6 5,0
Slide 6: Shipping volumes: ferry segment
Shipping volumes: ferry segment Q3 2024/2025 2022-2025 1 000 947 947 3,0 900 2,5 2,5 2,4 800 2,3 Million PAX/vehicles Thousand PAX/vechicles 700 2,0 2,0 2,0 600 500 1,5 421 +2.4% 431 1,2 400 1,1 1,1 1,0 1,0 0,9 300 200 0,5 100 0 0,0 2024 2025 2022 2023 2024 2024 9M 2025 9M Passengers Vehicles Passen
Slide 7: Shipping volumes: MPSV Botnica
Shipping volumes: MPSV Botnica Q3 2024/2025 2022-2025 30 100% 350 100% 25 90% 90% 25 300 80% 80% 20 250 249 70% 231 70% 20 68% 221 60% 63% 62% 60% 200 60% Charter days Charter days 170 15 50% 48% 50% 150 130 40% 40% 10 27% 30% 100 30% 22% 20% 20% 5 50 10% 10% 0 0% 0 0% 2024 2025 2022 2023 2024 2024
Slide 8: Future outlook
Future outlook • Passenger business recovery continues, cruises in Q4 (10 visits) • Industrial parks 2.0 - industrial centers in Muuga and Paldiski Harbours • Offer of two plots in Muuga industrial park • Buliding permit issued to JeGas • Multifunctional quay in Paldiski - development and preparatio
Slide 9: Results of the Group
Results of the Group Q3 and 9 months In thousands Q3 2025 Q3 2024 +/- 9M 2025 9M 2024 +/- Revenue 31 673 31 214 1.5% 89 535 90 797 –1.4% Adjusted EBITDA 15 503 13 287 16.7% 45 308 40 895 10.8% Adjusted EBITDA margin 48.9% 42.6% 6.3 50.6% 45.0% 5.6 Operating profit 9 623 7 268 32.4% 27 908 23 200 20.
Slide 10: Results by business segments
Results by business segments Q3 and 6 months Q3 segments (mEUR) 9 months segments (mEUR) Passenger H 7,2 12,0 Passenger H 16,9 30,4 6,8 11,5 15,6 29,0 Cargo H 3,9 8,1 Cargo H 13,0 24,3 3,3 7,9 10,2 23,1 Ferry 4,6 10,7 Ferry 12,2 29,0 4,9 10,7 12,5 28,8 -0,2 Other 0,9 Other 3,1 5,8 -1,8 1,1 2,7 9,8 -
Slide 11: Cash Flow and Financial Position
Cash Flow and Financial Position Cash Flow statement Financial position 700 In thousand euros 9M 2025 9M 2024 +/– 600 Cash from operating 500 43 257 40 275 2 982 activities 378 377 EUR million 400 Cash used in investing 10 110 -32 901 43 011 573 576 activities 300 Free cash flow (FCF) 53 367 7 374 4
Slide 12: Revenue generation
Revenue generation Passenger harbours Cargo harbours Total revenue 50 50 150 40 38 40 30 32 8,8 30 30 24 130 MEUR MEUR 8,9 120 11,5 12,0 20 20 7,9 8,1 10,0 10,8 7,5 8,2 110 10 10 28,8 7,5 7,6 7,8 8,1 90 0 0 90 2024 2025 2024 2025 31,2 MEUR 31,7 Ferry Other 70 50 50 38 50 40 40 32,0 29,5 8,7 29 30 30
Slide 13: EBITDA generation
EBITDA generation Passenger harbours Cargo harbours Total adj. EBITDA 25 25 80,0 20 20 17 20 4,3 14 15 15 13 MEUR MEUR 6,8 7,2 4,0 3,9 10 10 3,3 60,0 5,5 6,5 5,7 53 5 5 3,2 3,3 3,3 3,6 3,4 0 0 45 2024 2025 2024 2025 12,2 MEUR 40,0 Ferry Other 15,5 25 25 13,3 20 20 15 15 15,9 15 20,0 15,4 12 MEUR 3,0
Slide 14: Q&A session
PORT OF & TALLINN Q&A session
Slide 15: Thank You!
Thank You! portoftallinn.com • ts.ee/en/investor • portoftallinn
Tallinna Sadam AS (Port of Tallinn) — Q3 2025 Earnings Presentation on 6ix