Business
AS Tallinna Sadam financial results for 2026 Q2 and 6 months
AS Tallinna Sadam financial results for 2026 Q2 and 6
About this update from Tallinna Sadam As
In the second quarter, Tallinna Sadam earned 31 million euros in sales revenue, adjusted EBITDA was 14 million euros and profit 1.4 million euros. Sales revenue increased by +5.4% (+1.6 million euros), adjusted EBITDA decreased by –11% (–1.7 million euros) and profit decreased by –59% (–2.0 million euros) comparing to the last year. The revenue for six months was 59 million euros, adjusted EBITDA 26 million euros and profit 6 million euros. The revenue of 6 months increased by +2.4% (+1.4 million euros), adjusted EBITDA decreased by –14% (–4.0 million euros) and profit decreased by –42% (–4.3 million euros). In the second quarter, the volume of investments was more than 2 million euros, and we invested close to 4 million euros within six months. The number of passengers decreased by –1.1%, cargo volumes by –2.3% and vessel calls by –3.1% in the second quarter of 2026. Ferry segment showed stable growth in the number of trips by +1.2%, number of passengers by +1.8% and number of vehicles by +2.8%. The icebreaker Botnica was chartered 44% of the time which is twice as much as last year. "Rising fuel prices and extraordinary ship repairs necessitated by ice conditions impacted profitability of the second quarter. Profit was also reduced by the withdrawal of a vessel from the Paldiski–Kapellskär route and a decline in cargo volumes. Additionally, the results for the comparison period were affected by a one-off gain recorded in the second quarter of the previous year from the sale of land for the construction of the Rail Baltica freight terminal at Muuga Harbour. Significant growth in the cruise business and the successful chartering of the icebreaker Botnica supported the increase in revenue in the second quarter," 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 10 August, 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 ). Materials related to the interim report can be found attached to this notice and on our website: https://www.ts.ee/en/investor/interim-reports/ https://www.ts.ee/en/investor/presentations/ Key figures (in million EUR): Q2 Q2 +/– 6M 6M +/– 2026 2025 % 2026 2025 % Revenue 31.1 29.5 5.4 59.3 57.9 2.4 Adjusted EBITDA 14.2 15.9 –10.7 25.8 29.8 –13.5 Adjusted EBITDA margin 45.7% 53.8% –8.1 43.5% 51.5% –8.0 Operating profit 7.9 10.0 –21.4 13.6 18.3 –25.7 Income tax –5.4 –5.4 0.0 –5.4 –5.4 0.0 Profit for the period 1.4 3.5 –59.0 6.0 10.3 –41.7 Investments 2.3 8.4 –73.0 3.5 12.0 –70.6 30.06.2026 31.12.2025 +/– Total assets 615.0 622.1 –1.1% Interest bearing debt 173.4 173.7 –0.2% Other liabilities 73.9 67.5 9.5% Equity 367.7 380.9 –3.5% Number of shares 263.0 263.0 0.0% Major events in Q2: Tallinn City Council adopted two detailed plans of Tallinna Sadam Icebreaker Botnica carried out works in the North Sea OÜ TS Laevad and the Ministry of Regional Affairs and Agriculture agreed upon additional trips by the ferry Regula for summer 2026 Tallinna Sadam entered into a loan agreement with OP Corporate Bank plc Estonian branch Tallinna Sadam reached Top 5 among the most reputable employers Revenue Revenue increased by EUR 1.4 million (+2.4%) to EUR 59.3 million in the first 6 months of 2026. By revenue stream, the largest increase was recorded in charter fee revenue, which grew by EUR 0.9 million (+18.2%) due to the higher number of charter days of the icebreaker Botnica. Revenue from the sale of electricity increased by EUR 0.6 million (+25.0%). Both the volume of electricity and network services sold increased, as new network tariffs in the TS network area came into effect in March, and the average market price of electricity was higher. The increase was also supported by the security of supply fee introduced at the beginning of the year as a result of a regulatory change. Revenue from the sale of ferry services increased by EUR 0.3 million (+1.9%). The increase was driven by the indexation of tariffs based on the Estonian fuel, labour and consumer price indices, as well as higher compensation for the fixed costs of additional trips operated by the ferry Regula. Lease income from operating leases decreased by EUR 0.2 million (–2.1%) due to lower land use right fees in Muuga Harbour following the return of the land subject to the right of superficies previously held by MPG Agroproduction OÜ. Other revenue streams changed to a lesser extent. In the second quarter, revenue increased by EUR 1.6 million (+5.4%), mainly due to higher charter fee revenue. Revenue from the sale of ferry services, vessel dues and the sale of electricity also increased. Adjusted EBITDA Adjusted EBITDA decreased by EUR 4.0 million (–13.5%) to EUR 25.8 million. The decline in adjusted EBITDA was partly offset by the improved result of the associate AS Green Marine, accounted for using the equity method, which increased by EUR 0.1 million. In the second quarter, adjusted EBITDA decreased by EUR 1.7 million (–10.7%) compared with the same period last year. The adjusted EBITDA margin decreased from 51.5% to 43.5% in the first 6 months of the year and from 53.8% to 45.7% in the second quarter. Profit Profit before income tax decreased by EUR 4.3 million in the 6-month comparison to EUR 6.0 million (–41.7%) and EUR 11.4 million (–27.3%), respectively. The decline in profit for the period was smaller than the decline in operating profit due to lower finance costs. The dividend of EUR 19.2 million paid in the second quarter gave rise to income tax expense of EUR 5.4 million. Both remained at the same level as in the previous year. In the second quarter, profit for the period amounted to EUR 1.4 million (–59.0%) and profit before income tax to EUR 6.8 million (–23.0%). Investments In the first 6 months of 2026, the Group invested EUR 3.5 million, which is EUR 8.5 million less than in the same period last year. Investments made during the first 6 months of 2026 were mainly related to the replacement of the main engines of a ferry, the upgrading of the box coolers of the ferries, improvements to a Cargo harbour quay to provide an onshore power supply connection for container ships, the design of Terminal A and the head office building at the Old City Harbour, the completion of construction works on the multifunctional quay at Paldiski South Harbour, and IT investments (software and hardware). Investments in the second quarter totaled EUR 2.3 million (the second quarter 2025: EUR 8.4 million). Interim condensed consolidated statement of financial position: In thousands of euros 3 June 2026 31 December 2025 ASSETS Current assets Cash and cash equivalents 27 616 31 993 Trade and other receivables 13 654 8 055 Contract assets 432 0 Inventories 556 552 Total other current assets 42 258 40 600 Non-current assets held for sale 0 212 Total current assets 42 258 40 812 Non-current assets Investments in an associate 2 752 2 638 Investment properties 14 069 14 069 Property, plant and equipment 553 642 562 254 Intangible assets 2 313 2 290 Total non-current assets 572 776 581 251 Total assets 615 034 622 063 LIABILITIES Current liabilities Loans and borrowings 93 080 73 001 Provisions 1 047 1 895 Government grants 9 946 19 271 Taxes payable 1 072 943 Trade and other payables 7 794 11 644 Contract liabilities 3 177 68 Total current liabilities 116 116 106 822 Non-current liabilities Loans and borrowings 80 300 100 700 Government grants 50 305 31 447 Other payables 15 1 585 Contract liabilities 621 632 Total non-current liabilities 131 241 134 364 Total liabilities 247 357 241 186 EQUITY Share capital 263 000 263 000 Share premium 44 478 44 478 Statutory capital reserve 24 573 23 848 Retained earnings 35 626 49 551 Total equity 367 677 380 877 Total liabilities and equity 615 034 622 063 Interim condensed consolidated statement of profit or loss: In thousands of euros Q2 2026 Q2 2025 6M 2026 6M 2025 Revenue 31 092 29 508 59 262 57 862 Other income 533 1 333 1 000 1 680 Operating expenses –10 350 –8 705 –20 184 –16 277 Impairment of financial assets 108 465 89 252 Personnel expenses –6 881 –6 471 –13 573 –12 959 Depreciation, amortisation and impairment –6 588 –6 072 –12 867 –12 140 Other expenses –31 –30 –149 –132 Operating profit 7 883 10 028 13 578 18 286 Finance income and costs Finance income 179 239 349 580 Finance costs –1 377 –1 457 –2 628 –3 145 Finance costs – net –1 198 –1 218 –2 279 –2 565 Share of profit (+)/ loss (–) of an associate accounted for under the equity method 156 80 115 –20 Profit before income tax 6 841 8 890 11 414 15 701 Income tax –5 415 –5 415 –5 415 –5 415 Profit for the period 1 426 3 475 5 999 10 286 Attributable to owners of the Parent 1 426 3 475 5 999 10 286 Basic and diluted earnings per share (in euros) 0.01 0.01 0.02 0.04 Interim condensed consolidated statement of cash flows: in thousands of euros 6M 2026 6M 2025 Cash receipts from sale of goods and services 62 467 67 465 Cash receipts related to other income 136 57 Payments to suppliers –24 809 –22 410 Payments to and on behalf of employees –14 061 –13 204 Payments for other expenses –167 –200 Income tax paid on dividends –5 415 –5 415 Cash flows from operating activities 18 151 26 293 Purchases of property, plant and equipment –6 871 –9 916 Purchases of intangible assets –255 –249 Proceeds from government grants related to assets 0 4 885 Interest received 6 333 2 665 Net change in deposits with maturities exceeding 3 months 0 22 000 Cash received from/ used in investing activities –399 19 999 Repayments of loans received –400 –783 Dividends paid –19 199 –19 199 Interest paid –2 490 –3 424 Other payments related to financing activities –40 –1 Cash used in financing activities –22 129 –23 407 NET CASH FLOW –4 377 22 885 Cash and cash equivalents at beginning of the period 31 993 17 213 Change in cash and cash equivalents –4 377 22 885 Cash and cash equivalents at end of the period 27 616 40 098 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] Attachments 2026 Q2 Interim Report 2026 Q2 Main Figures 2026 Q2 Webinar