Tallinna Sadam

Investor Presentation • May 10, 2023

Main events in Q1 2023

• Record vessel calls on Tallinn-Helsinki line (1124 vessel calls, +21%)
• Icebreaker Botnica contract with Baffinland for 2023 summer
• Positive court ruling to end the legal dispute with SLK and Väinamere Lines
• MOU with OÜ Utilitas Wind for the development of offshore wind farms
• Announcement of the passenger terminal A architecture competition
• Public discussion of sketch designs of the detail plans of Old City Harbour

Trends in Q1

by business segments

• PASSENGERS continuing strong growth in PAX numbers (+55%), increase in PAX vessel calls (+8%) and revenue (+33%).
• CARGO decline in cargo volumes (-31%) and revenue (-18%). EU sanctions to Russia. Continuing growth in ro-.ro.
• FERRY revenue growth (+13%) from indexation and additional trips.
• OTHER segment Botnica revenue increased (+10%) due to higher charter fee from the new contract with Transport Administration.

Passenger volume

Million PAX

2018-2022

Cargo volume

1,7 0,5 1,7 1,7 0,7 0,5 0,6 0,5 4,8 3,4 0 1 2 3 4 5 6 2022 2023 Million tonnes Q1 Liquid bulk Ro-Ro Dry bulk Containers General cargo -31%

2018-2022

Vessel calls

Shipping volumes: ferry

2018-2022

Shipping volumes: MPSV Botnica

2018-2022

Future outlook

• Passenger business recovery continues
• Impact on results from sanctions against Russia and Belarus continues
• New ro-ro and container lines
• Offshore windfarms base harbour development
• New contracts in shipping
• Preparation of the real estate business model

Results of the Group

in Q1

In thousands	Q1 2023	Q1 2022	+/-	%
Revenue	28 405	26 771	1 634	6.1%
Adjusted EBITDA	13 564	13 482	82	0.6%
Adjusted EBITDA margin	47.8%	50.4%	-2.6	-
Operating profit	6 797	7 217	-420	-5.8%
Income tax	0	0	0	-
Profit for the period	5 701	7 191	-1 489	-20.7%
Investments	1 542	4 697	-3 155	-67.2%

Revenue and profitability

EUR million

Results by business segments in Q1

Q1 segments (mEUR)

Cash Flow and Financial Position

Cash Flow statement

In thousands	Q1 2023	Q1 2022	+/–
Cash from operating activities	13 399	14 871	-1 472
Cash used in investing activities	–1 564	–5 339	3 775
Free cash flow (FCF)	11 835	9 532	2 303
Cash from/used in financing activities	–4 265	–3 358	–907
NET CASH FLOW	7 570	6 174	1 396
NET DEBT (at the end of the period)	132 441	159 300	–26 859

Financial position

Revenue generation

7,4 8,4

2022 2023

Q1 Q2 Q3 Q4

8

8,8

0

10

20

30

MEUR

40

50

10,2

8,3

35

Ferry

Cargo harbours

9,9

39

40

50

EBITDA generation

Ferry

Q&A session

Thank You!

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