Tallinna Sadam As · OMXTSE:TSM1T
Tallinna Sadam As — AS Tallinna Sadam (Port of Tallinn) — ERSTE CEE Investor Conference 2025
34 slides from Tallinna Sadam As's conference presentation, May 27, 2025
Slide 1: Unique asset to invest in
Unique asset to invest in Andrus Ait, CFO Angelika Annus, IR
Slide 2: Preparations for reducing the State's shareholding, possible SPO
AS Tallinna Sadam’s shares have been listed on the Baltic Main List of Nasdaq Tallinn Stock Exchange since 13 June 2018. Main shareholders on 31 March 2025: 67% Republic of Estonia 33% free float incl: • EBRD 3.6% • SEB pension fund 55+ 2.5% • LHV pension fund L 1.0% AS Tallinna Sadam has more than
Slide 3: Attractive investment
Attractive investment Dividends paid (mEUR) Stable infrastructure company with: 40 200% • Dividend stock - 35 180% 35 at least 70% of profit 30 160% 121% is paid as dividends 30 144% 26 140% • Balanced business model - 25 100% 120% four business areas make the company 20 20 100% 19 19 19 100% resili
Slide 4: Business segments
PORT OF & TALLINN Business segments
Slide 5: Business areas
BUSINESS AREAS Passengers Cargo Shipping Real Estate • 8-10M passengers annually • 13-18M tonnes of cargo annually • Operating ferry traffic • 16 ha Old City Harbour • 5,600 ship calls annually • 1,500 cargo ship calls annually between the mainland real estate development • Old City Harbor and • Muu
Slide 6: Well-Balanced Business
Well-Balanced Business Segments in 2024 Passenger harbours Revenue 120 mEUR Cargo harbours Tallinn Old City Muuga Harbour Harbour 32% 27% Paldiski South Harbour Saaremaa Harbour PAX (th) 8,200 10% Cargo (th t) 13,100 Vessel calls 5,600 31% Vessel calls 1,400 Other Adj. EBITDA 53 mEUR Ferry Icebreake
Slide 7: Revenue Structure and Profitability
Revenue Structure and Profitability Business segments in 2024 Passenger harbours Cargo harbours Revenue 37.9 mEUR Revenue 32.0 mEUR EBITDA 19.8 mEUR EBITDA 14.1 mEUR Rental Income 8% Revenue structure Other income 13% Revenue structure Other income 11% Cargo Charges 16% 31% Rental Income 31% Passeng
Slide 8: Where we operate
Where we operate from harbours to vessel operations Ice-breaker Botnica Port of Tallinn doesn’t by Muuga far mean ports within the Harbour city limits of Tallinn. Tallinn: Port of Tallinn is a port Old City Harbour & Old City Marina complex with harbours located all over Estonia. Paldiski South Harb
Slide 9: Old City Harbour, Muuga Harbour, Paldiski South Harbour, Saaremaa Harbour
Old City Harbour Muuga Harbour Paldiski South Harbour Saaremaa Harbour
Slide 10: Financial results
Financial results 100% 140 120 122 120 117 80% 107 110 100 60% EUR million 80 54,4% 49,1% 49,0% 46,0% 60 42,0% 44,0% 40% 58 56 54 53 40 49 28 20% 20 29 26 26 16 19 147 0 0% 2020 2021 2022 2023 2024 Q1 2025 Revenue Adj. EBITDA Profit EBITDA margin 10
Slide 11: Growth opportunities
PORT OF & TALLINN Growth opportunities
Slide 12: Future outlook
Future outlook • Passenger business recovery continues • New ro-ro and container lines • Industrial parks 2.0 - industrial centers in Muuga and Paldiski Harbours • Multifunctional quay in Paldiski-development and preparations for exploitation • Business opportunities for a multifunctional offshore v
Slide 13: Muuga harbour terminals
Olerex Petroleum products / organic chemicals Liwathon E.O.S. Oil products Bulk &Tank Dry bulk/ general cargo Ingle Neste Eesti DBT Chemicals Light petroleum PK Terminal Fertilizers products Dry bulk/ general cargo HHLA TK Containers/ ro-ro Rail Baltica cargo terminal HHLA TK Dry bulk/ warehousing K
Slide 14: Development of container and ro-ro lines
Development of container and ro-ro lines • Increasing North-South cargo flows, • Routing trucks from the city center to Muuga and Paldiski • Muuga second floor ramp - faster and more environmentally friendly service ramp • Additional trips • Marketing and sales to get new operators
Slide 15: Rail Baltica Muuga freight terminal
Rail Baltica Muuga freight terminal • Railway connection between Muuga Harbour and the industrial centre of Western Europe • Muuga has the only RB freight terminal in the Baltic States located directly in the harbour territory.
Slide 16: Rail Baltic freight station
Rail Baltic freight station North-South trade • Loading possibilities from sea, road and rail • Design in updating transport • Construction planned 2025-2030 • Capacity 4-5 mln tons of cargo per year • Financed by Connecting Europe • Serves 1435 mm and 1520 mm gauge railway Facility (CEF I)
Slide 17: Paldiski – Energy Hub & offshore quay
Paldiski – Energy Hub & offshore quay Wind LNG & solar Renewable terminal park energy & quay storage Ammonia production Development areas for wind farms A custom-built multifunctional quay support for installation vessels for the wind farms
Slide 18: Paldiski South Harbour: offshore wind farm construction and maintenance port
Paldiski South Harbour: offshore wind farm construction and maintenance port • Quay length: 310 m • Hinterland area: 10 ha • Investment ca EUR 63 million • Co-financed by European Commission project EstMilMob EUR 20 million • Adding value to the construction and maintenance of offshore wind farms
Slide 19: Paldiski Harbour Paldiski South
PaldiskiSouth Paldiski – Energy Hub offshore wind quay 6A Harbour Complete in Q1 2026 • Quay length: 310m • Quay depth: 13,5m • Quay width: 133-311m • Bearing capacity: 200KN/m2 • Crane bearing capacity: 500KN/m2 • Quay area: 10ha
Slide 20: Business opportunities for a multifunctional offshore vessel
Business opportunities for a multifunctional offshore vessel
Slide 21: Ferry service
Ferry service • Existing contract for 2016-2026 • Winning the tender and signing agreement for 2026-2033 • Growing demand of trips on existing lines • Efficiency of operations 21
Slide 22: Masterplan of the Old City Harbour
Masterplan of the Old City Harbour Zaha Hadid Architects
Slide 23: Area of port operations and real estate development
Area of port operations and real estate development blue – port operations/ orange – RE development
Slide 24: Completed in recent years
Completed in recent years 24
Slide 25: Sustainable development and ESG
Sustainable development and ESG • Strategy, action plan, indicators • Main goals: climate neutrality 2050 and clean Baltic Sea • Cooperation with the universities • Represented on CDP platform • Gold quality label in CSR
Slide 26: Smart & sustainable
Smart & sustainable We strive for climate neutrality: • Green energy and wind power HUB; • Shore power, automatic mooring and sea heating/cooling solutions; • Green corridors (FIN-EST). Innovation and digitalization: • Smart Port – a unique traffic management solution; • Digital Twin – digitalized p
Slide 27: Volumes and financial results
Volumes and financial results
Slide 28: Passengers, mln
11 10000 9 8,2 7,9 8000 7,0 0,6 7 0,5 Passengers, mln 6000 Vessel calls 5 679 5 672 5 646 5 692 5 451 5 4,3 3,5 4000 7,0 7,2 3 6,2 Number of 4,0 3,0 2000 1 passengers and -1 2020 2021 2022 2023 2024 0 vessel calls – Tallinn-Helsinki Tallinn-Stockholm Muuga-Vuosaari volumes recovering since Cruise PA
Slide 29: Cargo Volume Million tons
25 5000 22,4 21,3 1,9 20 1,8 4000 17,8 4,7 4,4 Vessel calls 2,1 Million tons 15 3000 12,6 13,1 2,9 5,6 6,5 2,1 1,9 10 2000 6,9 2,2 2,6 1637 1 654 1458 1380 1435 5 9,1 6,4 6,6 1000 8,8 Cargo Volume 0 5,2 1,7 1,4 0 Structure by cargo types – 2020 2021 2022 2023 2024 impact from sanctions, Liquid bulk
Slide 30: Shipping volumes
Shipping volumes Ferry operations MPSV Botnica 3,0 45 000 100% 350 40 000 2,5 300 2,5 35 000 267 80% 2,4 Million PAX and vehicles 2,3 249 249 2,0 2,2 30 000 250 73% 231 221 2,0 68% 68% 60% 25 000 200 63% 22 842 22 972 23 179 60% 1,5 21 518 20 118 20 000 150 40% 1,0 1,2 15 000 1,1 1,1 1,1 1,0 100 10
Slide 31: Results of the Group (1/2)
Results of the Group (1/2) In thousand EUR 2022 2023 2024 Q1 2025 Revenue 121 703 116 646 119 587 28 354 Operating profit 30 787 24 630 29 148 8 258 Adjusted EBITDA 55 817 49 170 53 134 13 917 Depreciation, amortisation -25 312 -25 389 -24 833 -6 068 and impairment Income tax -4 193 -2 985 -3 125 0
Slide 32: Results of the Group (2/2)
Results of the Group (2/2) In thousand EUR 2022 2023 2024 Q1 2025 Operating profit/revenue 25.3% 21.1% 24.4% 29.1% Adjusted EBITDA/revenue 45.9% 42.2% 44.4% 49.1% Profit for the period/revenue 21.0% 13.6% 16.0% 24.0% EPS: Profit for the period/ average number of shares(EUR) 0.10 0.06 0.07 0.03 Equit
Slide 33: Revenue generation by segments
Revenue generation by segments Passenger harbours Cargo harbours 60 100% 60 100% 50 80% 50 80% 40 49,2% 52,2% 52,4% 40 44,3% 60% 60% 30 38 38 38 30 39 43,4% 36,6% 40% 31 32 40% 20 20 20 20 20% 20% 10 19 10 17 14 11 0 0% 0 0% 2022 2023 2024 2022 2023 2024 Revenue Adj. EBITDA EBITDA margin Revenue Adj
Slide 34: Thank You!
Thank You! www.portoftallinn.com • portoftallinn
AS Tallinna Sadam (Port of Tallinn) — ERSTE CEE Investor Conference 2025 on 6ix