Business
AS Tallinna Sadam : 28.05.2026 Erste Equity Investor Conference (ENG)
AS Tallinna Sadam : 28.05.2026 Erste Equity Investor Conference
About this update from Tallinna Sadam As
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. 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 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% 100% 100% 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 Dividend % of last profit Dividend yield (ord) 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 Passengers 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 Revenue 119 mEUR 33% 28% 7% 32% 37% 30% 6% 27% Adj. EBITDA 57 mEUR 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% 31% 16% 40% 13% 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 Where we operate 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% 42% 56 48% 49% 110 57 46% 44% 49 53 54 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