Tallinna Sadam

Interim / Quarterly Report • May 10, 2024

10.05.2024

Main events in Q1 2024

• Stabilization of cargo volume
• Submission of the tender to provide ferry service in 2026–2033
• Announcement of a competition to develop vacant areas in Muuga Harbour
• Reorganisation proceedings for MPG AgroProduction OÜ initiated by the court
• Positive judgment in the judicial dispute initiated by SLK and Väinamere Liinid
• Changes on the management board extension of the term of office of M. Vihman, new board member R. Pärt.

Trends in Q1 by business segments

• PASSENGERS continuing growth in PAX numbers (+5%), decline in PAX vessel calls (-7%) and revenue (-6%).
• CARGO stabilization in cargo volumes (0%), increase in vessel calls (+3%), decline in revenue (-2%). Gross tonnage of vessels decreased. Growth in containers and dry bulk, decrease in liquid bulk.
• FERRY stable revenue (+2%), increase in the number of passengers and vehicles (+6%).
• OTHER segment stable revenue of Botnica (+1%).

Passenger volume

8,8 4,0 3,0 6,2 7,0 0,9 0,5 10,6 4,3 3,5 7,0 7,9 ^{6 111 5 451 5 679 5 672 5 646} 2000 4000 6000 8000 10000 12000

2019 2020 2021 2022 2023

Muuga-Vuosaari Cruise

Tallinn-Helsinki Tallinn-Stockholm

0

Other

2

4

6

Million PAX

8

10

12

2019-2023

Vessel calls

0

Cargo volume

0,5 0,3 1,7 1,7 0,5 0,7 0,5 0,5 3,4 3,4 0 1 2 3 4 2023 2024 Million tonnes Q1 Liquid bulk Ro-Ro Dry bulk Containers 0%

2019-2023

Vessel calls

Shipping volumes: ferry

Q1 350 372 ^{181 191} 0 50 100 150 200 250 300 350 400 2023 2024 Thousand PAX/vechicles Passengers Vehicles 6% 6%

2019-2023

Shipping volumes: MPSV Botnica

90 91 100% 100% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 0 10 20 30 40 50 60 70 80 90 100 2023 2024 days Q1 Charter days % utilisation rate

2019-2023

Future outlook

• Passenger business recovery continues
• New ro-ro and container lines, X-Press Feeder
• Increasing interest in offshore windfarms base harbour
• Offshore windfarms base harbour development
• In shipping, growing demand in the offshore market , Botnica summer charter contract for five years
• Preparation of the real estate business model
• Preparations for reducing the state's shareholding

Results of the Group in Q1

In thousands	Q1 2024	Q1 2023	+/-	%
Revenue	27 931	28 405	-475	-1.7%
Adjusted EBITDA	12 716	13 564	-849	-6.3%
Adjusted EBITDA margin	45.5%	47.8%	-2.3	-
Operating profit	7 001	6 797	203	3.0%
Income tax	0	0	0	-
Profit for the period	5 193	5 701	-509	-8.9%
Investments	17 953	1 542	16 411	1064.2%

Results by business segments in Q1

4,0 8,4 7,9 8,0 4,1 8,6 7,8 7,5 2,6 3,9 3,5 3,6 2,5 3,3 3,6 3,3 0 1 2 3 4 5 6 7 8 9 10 Other Ferry Cargo H Paasenger H Adj. EBITDA 2024 Adj. EBITDA 2023 Revenue 2024 Revenue 2023

Q1 segments (mEUR)

Cash Flow and Financial Position

Cash Flow statement

In thousands	Q1 2024	Q1 2023	+/–
Cash from operating activities	16 104	13 399	2 705
Cash used in investing activities	–18 372	–1 564	–16 808
Free cash flow (FCF)	–2 268	11 835	–14 103
Cash from/used in financing activities	–5 363	–4 265	–1 098
NET CASH FLOW	–7 631	7 570	–15 201
(at of the end NET DEBT period) the	148 020	132 441	579 15

Financial position

EUR million

Revenue generation

Passenger harbours

8,0 7,5

2023 2024

8

10,0

0

0

10

20

30

MEUR

40

50

10

20

30

MEUR

40

50

10,7

8,8

38

Other

4,0 4,1

2023 2024

Q1 Q2 Q3 Q4

4

12

EBITDA generation

Passenger harbours

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

Ferry

Q&A session

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