Tallinna Sadam

Investor Presentation • Feb 28, 2024

Results of 2023 Q4 and 12 months

28.02.2024

Main events in 2023 (1/2)

• Recovery to 8 million passengers, Victoria I back on the Finnish route
• Start of the construction of the Paldiski offshore wind farm quay
• Contract with Estonian Stockpiling Agency on operating LNG quay in Pakrineeme harbour
• Completion of double-ramp for ro-ro in Muuga
• Icebreaker Botnica 2023 summer charters Equinor, British Petroleum, Baffinland
• Record year for ferries
• State announced procurement for ferry services of main islands for 2026-2033

Main events in 2023 (2/2)

• Architectural design competition for passenger terminal A
• FIN-EST Green Corridor agreement
• Crevex2023 evacuation exercise at Muuga
• Responsible Business Index gold label
• TOP3 in Tourism Developer of the Year 2023
• Nasdaq closing bell ceremony in New York

Author: Molumba OÜ

Trends in Q4 by business segments

• PASSENGERS continuing growth in PAX numbers (+5%), PAX vessel calls (+8%) and revenue (+8%).
• CARGO decline in cargo volume (-21%), vessel calls (-4%) and revenue (-19%). EU sanctions to Russia and overall economic decline.
• FERRY revenue growth (+2%) from contract fee indexation.
• OTHER segment Botnica revenue growth (+49%), more charter days and higher charter fee rate.

Passengers and PAX ship calls

0

500

1 000

Thousand

PAX

1 500

2 000

2 500

8,8 4,0 3,0 6,2 7,0 0,9 10,6 4,3 3,5 7,0 7,9 6 111 5 451 5 679 5 672 5 646 0 2000 4000 6000 8000 10000 0 2 4 6 8 10 12 2019 2020 2021 2022 2023 Million PAX PAX ship calls2019-2023 Tallinn-Helsinki Tallinn-Stockholm Muuga-Vuosaari Cruise Other PAX ship calls 1522 1596 ^{125 125 1690 1771} 1 273 1 380 0 500 1000 1500 2000 2500 2022 2023 Ship calls Q4 +5%

Cargo volume

835 400 1654 1492 765 595 472 473 3874 3052 372 314 0 100 200 300 400 500 600 700 800 0 1000 2000 3000 4000 5000 2022 2023 Ship calls Thousand tons Q4 -21%

5,4 5,6 6,5 4,5 4,4 4,7 2,9 1,8 1,8 1,9 2,1 19,9 21,3 22,4 10 15 20 25

7,6 9,1 8,8 5,2 1,7 6,9 6,4 2,2 1,9 17,8 12,6 ^{1743 1637} 1 654 ^{1458 1380} 0 1000 2000 3000 4000 5000 6000 0 5 2019 2020 2021 2022 2023 Million tonsLiquid bulk Ro-ro Dry bulk Containers General cargo Cargo ship calls

2019-2023

Ship calls

2019-2023

Icebreaker Botnica

Future outlook

• Ongoing cost efficiency management
• Passenger business recovery continues
• New ro-ro and container lines
• Increasing interest in offshore windfarms base harbour
• In shipping, growing demand in the offshore market
• New contract period for ferries or alternatives in foreign markets
• Preparation of the real estate business model
• Remotely controlled port operation (Pakrineeme)

Results of the Group Q4 and 12 months

In thousands	Q4 2023	Q4 2022	+/-	2023	2022	+/-
Revenue	28 030	28 243	-0,8%	116 646	121 703	-4,2%
Adjusted EBITDA	10 374	8 941	16,0%	49 170	55 817	-11,9%
Adjusted EBITDA margin	37,0%	31,7%	5,3	42,2%	45,9%	-3,7
Operating profit	4 627	2 615	76,9%	24 630	30 787	-20,0%
Income tax	0	-82	-100%	-2 985	-4 193	-28,8%
Profit for the period	2 854	1 631	75,0%	15 882	25 592	-37,9%
Investments	9 828	1 432	586,3%	20 727	13 856	49,6%

Results by business segments Q4 and 12 months

Q4 segments (mEUR)

12 months segments (mEUR)

Cash Flow and Financial Position

Cash flow statement

In thousands	2023	2022	+/–
Cash from operating activities	43 959	52 137	–8 178
Cash used in investing activities	–17 181	–114	–17 067
Free cash flow (FCF)	26 778	52 023	–25 245
Cash from/used in financing activities	–41 432	–42 476	1 044
NET CASH FLOW	–14 654	9 547	–24 201
NET DEBT (at the end of the period)	141 749	143 011	–1 262

Financial position

Revenue generation

Q1 Q2 Q3 Q4

6,0 8,0

2022 2023

0

10

20

30

MEUR

40

50

10,7 10,0

13,0 10,7

8,1 8,8

38 38

Passenger harbours

^{10 12} 0 10 20 30 40 50 2022 2023 MEUR Other Q1 Q2 Q3 Q4

EBITDA generatio n

2,5 3,6 6,3 5,7 7,5 6,1 2,3 4,2 19 20 05 10 15 20 25 2022 2023 MEUR

Passenger harbours

Q1 Q2 Q3 Q4

13 14 15 12 18 14 9 10 56 49 0 20 40 60 80 2022 2023 MEUR Total Adj. EBITDA Q1 Q2 Q3 Q4

Cargo harbours

Ask your question in Q&A

Thank You!

www.ts.ee • Marju Zirel (Head of IR), m.zirel@ts.ee