Tallinna Sadam As OMXTSE:TSM1T
AS Tallinna Sadam financial results for 2025 Q1
In the first quarter of 2025, sales revenue of Tallinna Sadam group amounted to 28 million euros showing growth of +1.5%, adjusted EBITDA was 14 million euros increasing by +18% and profit 7 million euros increasing by +31% compared to the same period last year. The adjusted EBITDA margin was 49% and the volume of investments was close to 4 million euros.
The number of passengers decreased by –3.6% and cargo volumes by –0.7%, however vessel calls increased by +4.8% in the first quarter of 2025. Ferry business was stabile – although the number of passengers decreased by –2.1%, the number of vehicles increased by +2.1%. Botnica was chartered 100% of the time like last year. The number of charter days was shorter this year as last year was a leap year.
"We are satisfied with the results of the first quarter. Although we see a slight decrease in the number of passengers and cargo volumes, the financial results are significantly better than last year. The growth in profit and adjusted EBITDA margin has been influenced by the increased number of vessel calls and the positive resolution of last year's insurance case involving the icebreaker Botnica and the receipt of insurance compensation," commented Valdo Kalm, the Chairman of the Management Board, on the results.
Tallinna Sadam management will present the financial results of the Group at a webinars on 12 May, including webinar in Estonian starting at 10.00 (EET) (link to EST webinar) and webinar in English starting at 11.00 (EET) (link to ENG webinar).
Key figures (in million EUR):
| Q1 2025 | Q1 2024 | +/– | % |
Revenue | 28.3 | 27.9 | 0.4 | 1.5% |
Adjusted EBITDA | 13.9 | 12.7 | 1.2 | 9.4% |
Adjusted EBITDA margin | 49.1% | 45.5% | 3.6 | – |
Operating profit | 8.3 | 7.0 | 1.3 | 18.0% |
Profit for the period | 6.8 | 5.2 | 1.6 | 31.2% |
Investments | 3.6 | 18.0 | –14.3 | –79.9% |
| 31.03.2025 | 31.12.2024 | +/– |
Total assets | 640.9 | 629.9 | 1.7% |
Interest bearing debt | 184.3 | 184.8 | –0.3% |
Other liabilities | 72.2 | 67.4 | 7.1% |
Equity | 384.4 | 377.6 | 1.8% |
Number of shares | 263.0 | 263.0 | 0.0% |
Major events in Q1:
New container line Ocean Network Express (ONE)
Baffinland declines the option for Icebreaker Botnica services in autumn 2025
TS Shipping received insurance indemnity for repair works of Icebreaker Botnica that were carried out in 2024
Land transfer was concluded for the construction of the Rail Baltica Muuga railway station, the effect of the transaction will influence Q2 results
Revenue
Revenue for the first quarter of 2025 increased by EUR 0.4 million (+1.5%) year on year. The largest increases came from cargo charges (EUR +0.2 million, +17.2%) and vessel dues (also EUR +0.2 million, +3%). The growth in vessel dues revenue was mainly related to fewer visits by MS Finlandia at the beginning of 2024 as the vessel underwent scheduled dry-docking, as well as an increase in calls by large container vessels at cargo harbours. Revenue from cargo charges also increased despite the decline in cargo volumes, as cargo tariffs had been adjusted downward in Q1 2024 in accordance with projected full-year revenue, as required by IFRS 15. Operating lease income grew by EUR 0.1 million (+4.1%), primarily due to the indexation-based increase in fees for the right of superficies at Paldiski South Harbour and Muuga Harbour. The revenue from ferry service rose by EUR 36 thousand (+0.4%) due to indexation of the variable component of the fixed fee, which offset the reduction in fare rates resulting from lower fuel prices. Revenue from other services grew by EUR 20 thousand (+3.8%), driven by increased advertising sales at the Old City Harbour and the sale of current assets by TS Laevad. Other revenue categories saw a decline. Revenue from the sale of electricity decreased by EUR 0.1 million (–7.3%) due to lower volumes of electricity and grid service sales. Passenger fee revenue fell by EUR 0.1 million (–3.2%) as a result of reduced passenger numbers across all routes, most notably on the Tallinn–Helsinki route. Charter fee revenue decreased by 1.1%, as the icebreaker Botnica had one fewer charter day this year compared to the same period last year, due to the previous year being a leap year.
Revenue increased in three segments, with the largest growth recorded in the Cargo harbour segment (EUR +0.3 million). Revenue also grew in the Passenger harbour segment (EUR +0.1 million) and in the Ferry segment (EUR +54 thousand). Revenue declined only in the Other segment (EUR –45 thousand).
EBITDA
Adjusted EBITDA increased by EUR 1.2 million due to higher revenue and lower total expenses. This growth was partially offset by a loss from the associated company AS Green Marine, recognised using the equity method. Adjusted EBITDA increased in the Other segment, Ferry segment and Passenger harbour segment, while it declined in the Cargo harbour segment. The largest impact in the Other segment was the insurance compensation received for the repair work carried out in 2024 on the icebreaker Botnica in the amount of 0.9 million euros. The Group’s adjusted EBITDA margin increased from 45.5% to 49.1%.
Profit
Profit before income tax grew by EUR 1.6 million (+31.2%) to EUR 6.8 million. Net profit also amounted to EUR 6.8 million, which was EUR 1.6 million higher than in the same period last year.
Investments
In the first three months of 2025, the Group invested EUR 3.6 million, which is EUR 14.3 million less than during the same period last year. The investments made in the first quarter of 2025 were primarily related to the construction of the offshore wind farm quay at Paldiski South Harbour, information technology (hardware and software), and scheduled dry-docking of ferries.
Interim condensed consolidated statement of financial position:
In thousands of euros | 31 March 2025 | 31 December 2024 |
ASSETS |
|
|
Current assets |
|
|
Cash and cash equivalents | 34 863 | 17 213 |
Bank deposits with maturities exceeding 3 months | 22 000 | 22 000 |
Trade and other receivables | 8 418 | 12 512 |
Contract assets | 311 | 0 |
Inventories | 655 | 695 |
Total other current assets | 66 247 | 52 420 |
Non-current assets held for sale | 3 987 | 4 190 |
Total current assets | 70 234 | 56 610 |
Non-current assets | ||
Investments in an associate | 2 564 | 2 664 |
Investment properties | 14 069 | 14 069 |
Property, plant and equipment | 551 820 | 554 280 |
Intangible assets | 2 235 | 2 238 |
Total non-current assets | 570 688 | 573 251 |
Total assets | 640 922 | 629 861 |
LIABILITIES |
|
|
Current liabilities |
|
|
Loans and borrowings | 12 083 | 12 185 |
Provisions | 735 | 1 771 |
Government grants | 22 107 | 22 146 |
Taxes payable | 822 | 906 |
Trade and other payables | 14 016 | 7 780 |
Total current liabilities | 49 763 | 44 788 |
Non-current liabilities |
|
|
Loans and borrowings | 172 250 | 172 650 |
Government grants | 31 629 | 31 995 |
Other payables | 2 855 | 2 815 |
Total non-current liabilities | 206 734 | 207 460 |
Total liabilities | 256 497 | 252 248 |
EQUITY |
|
|
Share capital | 263 000 | 263 000 |
Share premium | 44 478 | 44 478 |
Statutory capital reserve | 23 304 | 23 304 |
Retained earnings | 53 643 | 46 831 |
Total equity | 384 425 | 377 613 |
Total liabilities and equity | 640 922 | 629 861 |
Interim condensed consolidated statement of profit or loss:
In thousands of euros | Q1 2025 | Q1 2024 |
Revenue | 28 354 | 27 931 |
Other income | 347 | 358 |
Operating expenses | –7 572 | –9 031 |
Impairment of financial assets | –213 | –181 |
Personnel expenses | –6 488 | –5 908 |
Depreciation, amortisation and impairment | -6 068 | -6 036 |
Other expenses | –102 | –132 |
Operating profit | 8 258 | 7 001 |
Finance income and costs |
|
|
Finance income | 342 | 267 |
Finance costs | –1 688 | –2 090 |
Finance costs - net | –1 346 | –1 823 |
Share of profit (loss) of an associate accounted for under the equity method | –100 | 15 |
Profit before income tax | 6 812 | 5 193 |
Profit for the period | 6 812 | 5 193 |
Attributable to: | ||
Owners of the Parent | 6 812 | 5 193 |
Basic earnings and diluted earnings per share (in euros) | 0.03 | 0.02 |
Interim condensed consolidated statement of cash flows:
in thousands of euros | Q1 2025 | Q1 2024 |
Cash receipts from sale of goods and services | 35 529 | 33 449 |
Cash receipts related to other income | 44 | 28 |
Payments to suppliers | –9 243 | –11 823 |
Payments to and on behalf of employees | –5 928 | –5 414 |
Payments for other expenses | –130 | –136 |
Cash flows from operating activities | 20 272 | 16 104 |
Purchases of property, plant and equipment | –3 122 | –18 460 |
Purchases of intangible assets | –133 | –175 |
Proceeds from sale of property, plant and equipment | 0 | 5 |
Proceeds from government grants related to assets | 2 665 | 0 |
Interest received | 150 | 258 |
Cash used in investing activities | –440 | –18 372 |
Repayments of loans received | –400 | –3 000 |
Interest paid | –1 781 | –2 360 |
Other payments related to financing activities | –1 | –3 |
Cash used in financing activities | –2 182 | –5 363 |
NET CASH FLOW | 17 650 | –7 631 |
Cash and cash equivalents at beginning of the period | 17 213 | 29 733 |
Change in cash and cash equivalents | 17 650 | –7 631 |
Cash and cash equivalents at end of the period | 34 863 | 22 102 |
Tallinna Sadam is one of the largest cargo- and passenger port complexes in the Baltic Sea region. In addition to passenger and freight services, Tallinna Sadam group also operates in shipping business via its subsidiaries – OÜ TS Laevad provides ferry services between the Estonian mainland and the largest islands, and OÜ TS Shipping charters its multifunctional vessel Botnica for icebreaking and offshore services in Estonia and projects abroad. Tallinna Sadam group is also a shareholder of an associate AS Green Marine, which provides waste management services.
Additional information:
Angelika Annus
Head of Investor Relations
Tel +372 5649 6230
[email protected]
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