28.05.2026 Erste Equity Investor Conference (ENG)

Unique asset to invest in

Andrus Ait, CFO Angelika Annus, IR

AS Tallinna Sadam's shares have been listed on the Baltic Main List of Nasdaq Tallinn Stock Exchange since 13 June 2018.

• EBRD 3.6%

• SEB pension fund 55+ 2.5%

• Interactive Brokers LLC Client Omnibus 0.9%

AS Tallinna Sadam has close to 23,000 shareholders.

Stable infrastructure company with:

• Dividend stock -

  at least 70% of profit

  Dividends paid (mEUR)

  40

  35

  6,6% 5,8%

  4,3%

  5,2%

  5,1%

  6,5%

  6,90%

  5,60%

  35

  200%

  180%

  is paid as dividends

• Balanced business model -four business areas make

  the company resilient to crises

• Growth projects -

  ensure moderate growth

• Strong cash flow -EBITDA margin 45%+

  30

  144%

30

25

20

15 68%

10

5

0

26

20

71%

121%

19 19 19 19

85%

75%

160%

140%

120%

100%

80%

60%

40%

20%

0%

• Analyst coverage - Erste, Nordea

Finland, Enlight Research, Swedbank

2019 2020 2021 2022 2023 2024 2025 2026

Since the IPO, 2019-2026 we have paid 188 mEUR dividends i.e. EUR 0,715 per share

Attractive investment

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 are working towards restoring business volumes and moderate

  growth in all business areas.

• Our infrastructure is of high-quality, core services and core processes are efficient, digitalized and automated.

• We are an open and reliable partner for customers, national and international partners and companies.

• We manage the company responsibly and set an example in

  implementing the principles of sustainable development.

• We have a management culture based on the values of Tallinna Sadam, we achieve our goals thanks to good cooperation, a desire for development and innovation, and smart work organization.

PORT OF 1 TALLINN

ness segm

BUSINESS AREAS

• 8-10M passengers annually

• 5,700 ship calls annually

• Old City Harbor and Saaremaa Harbour

• Receiving passenger and cruise ships, offering and developing the port infrastructure, serving passengers and vehicles

  Cargo

• 13-18M tonnes of cargo annually

• 1,500 cargo ship calls annually

• Muuga Harbour, Paldiski South Harbour

• Receiving cargo ships, offering and developing the port infrastructure, serving passengers and vehicles

  Shipping

• Operating ferry traffic between the mainland and major islands

• 2.5M passengers,

  1.2M vehicles a year

• Ice breaking in the ports of Northern Estonia

  Real Estate

  • 16 ha Old City Harbour real estate development

  • 76 ha Muuga Industrial Park

  • 39 ha Paldiski South Harbour Industrial Park

  • 10 ha Saaremaa Harbour

Tallinn Old City Harbour Saaremaa Harbour

PAX (th) 8,300

Vessel calls 5,700

Icebreaker Botnica Waste management

Charter days 179

Utilization rate 49%

Passenger harbours

Other

Republic of Estonia

33%

28%

7%

32%

37%

30%

6%

27%

Cargo harbours

Muuga Harbour

Paldiski South Harbour

Ferry

Cargo (th t) 13,800 Vessel calls 1,400

Saaremaa ja Hiiumaa ferry lines

Trips 23,100

PAX (th) 2,500

Vehicles (th) 1,200

Well-Balanced Business

Segments in 2025

Passenger harbours

Cargo harbours

Revenue 39.5 mEUR

EBITDA 20.8 mEUR

Revenue 33.4 mEUR

EBITDA 16.9 mEUR

Other income

50%

Revenue structure

11%

31%

Vessel Charges

Passenger Fees

Other income

Rental Income

8%

Revenue structure

Cargo Charges

Rental Income

Vessel Charges

Other

Ferry

Revenue 8.0 mEUR

EBITDA 3.6 mEUR

Revenue 37.8 mEUR

EBITDA 15.2 mEUR

8

Revenue Structure and Profitability

Business segments in 2025

from harbours

to vessel operations

Port of Tallinn doesn't by far mean ports within the city limits of Tallinn.

Port of Tallinn is a port complex with harbours located all over Estonia.

Ice-breaker Botnica

Muuga Harbour

Tallinn:

Old City Harbour

& Old City Marina

Paldiski South Harbour

Ferry transfer to islands

Saaremaa Harbour

Old City Harbour

Muuga Harbour

Paldiski South Harbour Saaremaa Harbour

140

120

100

Mln EUR

80

60

40

20

122 117 120 119

90%

110

46%

44%

80%

70%

60%

50%

40%

30%

20%

10%

Revenue

Adj. EBITDA

Adj. EBITDA margin

0 0%

2021 2022 2023 2024 2025

Revenue and profitability

TALLINNA 1 SADAM

argo Harbou

Completion of construction of the new quay in Paldiski

Rail Baltica design contract

for the connection of Muuga freight station, and transfer of land

Industrial parks 2.0

• Multimodal hub

• Close shipping connections with Scandinavia and Western Europe

• Rail and road connections with

  neighboring countries

• Rail Baltica freight station under development

• New production complexes

• Long-term land use agreements

• Advantages of free zone in Muuga

• Marketing and sales cooperation

  Paldiski

  South Harbour Industrial Park 39 ha

  Muuga Harbour Industrial Park

  76 ha

  
  
  

  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 immediate vicinity of the site.

  • The competition for the terminal

    lands was announced on 4 May 2026.

    
    
    
    
    

    2026

    focus projects

  • German corridor

  • New shipping line

  • Renewable energy terminals

TALLINNA 1 SADAM

senger harb

A successful cruise year 2025: a new cruise company, new ships and a record winter season

New A-terminal quarter

2026 focus project