Tallinna Sadam

Investor Presentation • Aug 12, 2024

12.08.2024

Main events in Q2 2024 (1)

• Stabile cargo volume
• New shipping line X-press Feeder in Muuga
• Winning the tender to provide ferry service in 2026–2033
• Icebreaker Botnica summer charter contract with Baffland for 2024-2028
• Icebreaker Botnica summer charter contract with BP Exploration Operating Company Ltd
• Additional trips by the ferry Regula in summer 2024
• Lower operating costs, number of employees -6%

Main events in Q2 2024 (2)

• Talinna Sadam AGM and dividend payment
• Unsecured loan agreement with Swedbank
• Extension of powers of members of the Management Board in subsidiaries
• Court rulings in relation to:
  • dispute with SLK and Väinamere Liinid
  • lawsuit against former members of the board of AS Tallinna Sadam

Trends in Q2 by business segments

• PASSENGERS continuous growth in PAX numbers (+1%), slight increase in PAX vessel calls (+3%), revenue stayed at the same level.
• CARGO stabille cargo volumes (-1%), decrease in vessel calls (-6%), decline in revenue (-3%). Growth in containers and ro-ro, decrease in liquid and dry bulk.
• FERRY stable revenue (+2%), decrease in the number of passengers (-0,5%) and increase in the number of vehicles (+1%).
• OTHER segment increase in charter days and higher revenue of Botnica (+171%).

Passenger volume

0

1

2

Million PAX

3

1,9 1,9 0,2 0,2 2,2 2,2 1 378 1 419 0 2000 4000 6000 8000 10000 2023 2024 Ship calls Q2 +0,7% 3,1 3,2 0,3 0,3 3,5 3,6 2 819 2 745 0 2000 4000 6000 8000 10000 0 1 2 3 4 2023 2024 Million Pax Ship calls 6 months Other Cruise (trad) Muuga-Vuosaari Tallinn-Stockholm Tallinn-Helsingi Ship calls +2,4%

Cargo volume

Million tons

0,5 0,3 1,7 1,8 0,5 0,5 0,5 0,5 3,3 3,2 379 357 0 200 400 600 800 1000 1200 01234 2023 2024 Ship calls Q2 -0,6 % 1,0 0,6 3,4 3,5 1,0 1,2 0,9 1,0 6,6 6,6 700 686 0 500 1000 1500 2000 2500 3000 02468 2023 2024 Ship calls Million tons 6 months -0,3 %

Mixed

Ro-ro

Dry bulk

Liquid bulk

Ship calls

Shipping volumes: ferry

Q2

6 months

Shipping volumes: MPSV Botnica

29 54 32% 59% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 0 10 20 30 40 50 60 2023 2024 days Q2

Charter days

119 145 66% 80% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 0 20 40 60 80 100 120 140 160 2023 2024

Charter days % utilisation rate

days

6 months

Future outlook

• Passenger business recovery continues
• New ro-ro and container lines
• Developers' interest in offshore windfarms base harbour
• Offshore windfarms base harbour development
• Preparation of the real estate business model
• Preparations for reducing the state's shareholding
• Increasing efficiency

Results of the Group Q2 and 6 months

In thousands	Q2 2024	Q2 2023	+/-	6M 2024	6M 2023	+/-
Revenue	31 651	28 783	10.0%	59 582	57 189	4.2%
Adjusted EBITDA	14 890	11 715	27.1%	27 606	25 279	9.2%
Adjusted EBITDA margin	47.0%	40.7%	6.3	43.6%	44.2%	-0.6
Operating profit	8 931	5 758	55.1%	15 932	12 555	26.9%
Income tax	-3 125	-2 985	4.7%	-3 125	-2 985	4.7%
Profit for the period	4 099	1 363	200.6%	9 291	7 065	31.5%
Investments	7 085	4 605	53.9%	25 038	6 147	307.3%

Results by business segments Q2 and 6 months

Q2 segments (mEUR)

6 months segments (mEUR)

Cash Flow and Financial Position

Cash Flow statement

In thousands	Q2 2024	Q2 2023	+/–
Cash from operating activities	25 215	22 475	2 740
Cash used in investing activities	-22 433	-4 128	-18 305
Free cash flow (FCF)	2 782	18 347	-15 565
Cash from/used in financing activities	-6 625	-24 898	18 273
NET CASH FLOW	-3 843	–6 551	2 708
NET DEBT (at the end of the period)	164 109	146 179	17 930

Financial position

700

EUR million

Revenue generation

Passenger harbours

MEUR

EBITDA generation

Passenger harbours

3,5 3,6 3,1 3,2 2,4 2,2 11 7 05 10 15 20 25 2023 2024 MEUR Cargo harbours 2,6 2,5 0,53 4 05 10 15 20 25 2023 2024 MEUR Other Q1 Q2 Q3 Q4

14 12 12 15 14 10 49 28 0 20 40 60 80 2023 2024 MEUR Total adj. EBITDA

3,6 3,3 5,7 5,5 6,1 4,2 20 9 05 10 15 20 25 2023 2024 MEUR

Q&A session

Thank You!

portoftallinn.com •

ts.ee/en/investor •

portoftallinn