Tallinna Sadam As · OMXTSE:TSM1T
Tallinna Sadam As — AS Tallinna Sadam — Erste Equity Investor Conference 2026
39 slides from Tallinna Sadam As's conference presentation, May 28, 2026
Slide 1: Unique asset to invest in
Unique asset to invest in Andrus Ait, CFO Angelika Annus, IR
Slide 2: Listing and main shareholders
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 2026: 67% Republic of Estonia 33% free float incl: • EBRD 3.6% • SEB pension fund 55+ 2.5% • Interactive Brokers LLC Client Omnibus 0.9% AS Tallinna
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 20 20 100% 19 19 19 19 100% the company res
Slide 4: 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 5: Business segments
PORT OF & TALLINN Business segments
Slide 6: 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 • 5,700 ship calls annually • 1,500 cargo ship calls annually between the mainland real estate development • Old City Harbor and • Muu
Slide 7: Well-Balanced Business
Well-Balanced Business Segments in 2025 Passenger harbours Revenue 119 mEUR Cargo harbours Tallinn Old City Muuga Harbour Harbour 33% Paldiski South Harbour 28% Saaremaa Harbour PAX (th) 8,300 7% Cargo (th t) 13,800 Vessel calls 5,700 32% Vessel calls 1,400 Other Adj. EBITDA 57 mEUR Ferry Icebreaker
Slide 8: Revenue Structure and Profitability
Revenue Structure and Profitability Business segments in 2025 Passenger harbours Cargo harbours Revenue 39.5 mEUR Revenue 33.4 mEUR EBITDA 20.8 mEUR EBITDA 16.9 mEUR Rental Income 8% Revenue structure Other income 13% Revenue structure Other income 11% Cargo Charges 16% 31% Rental Income 31% Passeng
Slide 9: 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 10: Old City, Muuga, Paldiski South and Saaremaa Harbours
Old City Harbour Muuga Harbour Paldiski South Harbour Saaremaa Harbour
Slide 11: Revenue and profitability
Revenue and profitability 140 90% 122 120 117 119 80% 120 110 70% Revenue 100 60% 80 50% Mln EUR 49% 48% Adj. EBITDA 46% 44% 42% 40% 60 54 56 57 53 30% 40 49 Adj. EBITDA margin 20% 20 10% 0 0% 2021 2022 2023 2024 2025
Slide 12: Cargo Harbours
- TALLINNA & SADAM : Cargo Harbours
Slide 13: Completion of construction of the new quay in Paldiski
Completion of construction of the new quay in Paldiski
Slide 14: Rail Baltica design contract for Muuga freight station
Rail Baltica design contract for the connection of Muuga freight station, and transfer of land
Slide 15: 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 16: Competition on first-class development area in Muuga Industrial Park
Competition on first- class development area in Muuga Industrial Park • The property was returned to Tallinna Sadam in connection with the bankruptcy proceedings of MPG AgroProduction OÜ. • Great potential for developing new projects – long and deep berths suitable for Panamax-type ships in the imme
Slide 17: 2026 focus projects
2026 focus projects • German corridor • New shipping line • Renewable energy terminals
Slide 18: Passenger harbours
Passenger harbours
Slide 19: A successful cruise year 2025
A successful cruise year 2025: a new cruise company, new ships and a record winter season
Slide 20: New A-terminal quarter
New A-terminal quarter 2026 focus project
Slide 21: EU funding for onshore power connections for cruise ships
EU funding for the installation of onshore power connections for cruise ships
Slide 22: FIN-EST Green Corridor cooperation
FIN-EST Green Corridor cooperation: • 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 infrastructure • Reducing fuel
Slide 23: SWED-EST Green Collaboration
SWED-EST Green • Establishing shore-side electricity connections Collaboration: • Implementing renewable energy solutions • Development of waste management and circular economy • Transition to emission-free and Passenger lines: Stockholm- energy-efficient means of transport Tallinn, Kapellskär-Paldi
Slide 24: Real estate development
TALLINNA & SADAM Real estate development
Slide 25: Old City Harbour detailed plans approved
2 Old City Harbour detailed plans approved, 4 in process Tuukri oldcityharbour.com A-terminal & Cruise area Southern part Northern part D-terminal area Old City Marina* area
Slide 26: Role of Port of Tallinn
• 15 ha to be developed Role of • • ca 300 000 m² gross building area ca 5000 new workplaces Port of Tallinn • ca 4000 new residents Setting the course throughout the development in collaboration with the city in opening up the waterfront. Commercial and service areas • Long-term leasehold • partner
Slide 27: Development principles
Development principles: • Opening the heart of the city to the sea • Close to everything – business, living, culture, education, entertainment etc • A new cultural object right by the sea • Use of renewable energy sources, including seawater-based district heating and cooling • Promenade with abunda
Slide 28: First area for the tender – D-terminal area
First area for the tender– D-terminal area 2026 focus project
Slide 29: Shipping
Shipping
Slide 30: Ferry service
Ferry service • Record year in 2025 • Preparing for the new contract period 2026–2033 • Introducing of digital logbooks • Seeking and analyzing growth opportunities • Keeping customers and employees satisfied
Slide 31: The icebreaker Botnica
The icebreaker Botnica keeps the waterways open from 20 December to 20 April. At other times, it provides icebreaker and construction vessel services in offshore projects.
Slide 32: Statistics and financial results
Statistics and financial results
Slide 33: Passengers and PAX vessel calls
Passengers and PAX vessel calls Stable vessel calls 2022-2025 Increase on passenger no +1% 10 5 646 5 692 5 709 5 672 9 8,2 8,3 7,9 5000 8 7,0 0,6 0,5 7 0,5 Vessel calls 4000 0,5 6 +1,0% Other Million PAX 5 3000 Cruise 4 Muuga-Vuosaari 7,0 7,2 7,3 2000 3 6,2 Tallinn-Stockholm 2 Tallinn-Helsingi 1000
Slide 34: Cargo volumes
Cargo volumes Increase in cargo volumes +5.1% Stable vessel calls 2022-2025 25 2000 1800 General cargo +5,1% 20 1600 17,8 1458 Containers 1435 1418 1400 1380 Vessel calls 2,1 15 1200 Million tons 13,1 13,8 Dry bulk 2,9 12,6 2,1 1000 1,9 2,1 Ro-ro 10 2,7 800 6,9 2,2 2,6 600 Liquid bulk 5 6,4 6,6 6,4
Slide 35: Shipping operating volumes
Shipping Operating volumes of the vessels MPSV Botnica chartering 3,0 45 000 300 100% 40 000 249 2,5 250 231 221 80% 2,5 2,5 35 000 2,4 2,3 68% Passengers/vehicles 2,0 30 000 200 179 Trips 63% 60% 60% 25 000 Days 1,5 22 842 22 972 23 179 23 050 150 20 000 49% 40% 1,0 1,2 1,2 15 000 100 1,1 1,1 10 00
Slide 36: Financial results
Financial results th EUR 2025 2024 +/– Revenue 118 687 119 587 –0,8% Adjusted EBITDA 56 510 53 137 6,4% Adjusted EBITDA margin 47,6% 44,4% 3,2 Operating profit 32 704 29 148 12,2% Income tax –5 415 –3 125 73,3% Profit for the period 22 463 19 153 17,3% Investments 33 245 38 831 –14,4%
Slide 37: Results by segments
Results by segments (mEUR) Passenger H 20,8 39,5 19,9 37,9 Cargo H 16,9 33,4 14,2 32,0 Ferries 15,2 37,8 15,5 37,5 Others 3,6 8,0 3,6 12,2 0 5 10 15 20 25 30 35 40 45 Adj. EBITDA 2025 Adj. EBITDA 2024 Revenue 2025 Revenue 2024
Slide 38: 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 39: Thank you for attending!
Thank you for attending! www.ts.ee ts.ee/en/investor Investor relations: Angelika Annus angelika.annus@ts.ee
AS Tallinna Sadam — Erste Equity Investor Conference 2026 on 6ix