Tallinna Sadam

Earnings Release • Nov 10, 2022

Results of 2022 Q3

Webinar 10.11.2022

Q3 2022 main events

• Continuous rapid recovery of passenger business
• Closing of operations in Paljassaare harbour
• The Competition Authority terminated supervision proceedings regarding the contractual penalty of Worldwide Cargo Establishment
• The state will not exercise the option to purchase the ferries
• New supervisory board, changes in the audit committee and remuneration committee
• Changes in the supervisory boards of TS Laevad and Green Marine
• Investor day "In the Winds of the Future"

Trends in Q3 by business segments

• PASSENGERS continuing strong growth in PAX numbers (+87%) and revenue (+34%). Growth in rental fees.
• CARGO decline in volumes (-33%) and revenue (-14%). EU sanctions to Russia.
• FERRY revenue growth (+18%) from indexation and additional trips.
• OTHER segment MPSV Botnica revenue growth (+22%) from indexation and stable utilization rate 100% (summer charter in Northern Canada)

Passenger volume

1 075 2 169 146 1 358 2 533 0 500 1 000 1 500 2 000 2 500 3 000 2021 2022 Thousand PAX Q3 Tallinn-Helsingi Tallinn-Stockholm Muuga-Vuosaari Cruise (trad.) Other +87%

2017-2022

Cargo volume

Vessel calls

2017-2022

Shipping volumes

2,2 2,3 2,4 2,0 2,2 1,9 1,0 1,0 1,0 1,0 1,1 0,9 0,0 0,5 1,0 1,5 2,0 2,5 3,0 2017 2018 2019 2020 2021 2022 9M Thousand PAX/vehicles Passengers Vehicles

Ferries

MPSV Botnica charter

Future outlook

• Passenger business recovery continues
• Impact on results from sanctions against Russia milder than expected: estimated annual impact EUR -5M, 2022: EUR -2.5M
• Rising input costs energy, labor, services, etc.
• Offshore windfarms base harbour development
• New contracts in shipping

Results of the Group

in Q3

In thousands	Q3 2022	Q3 2021	+/-	9M 2022	9M 2021	+/-
Revenue	36 325	32 263	12.6%	93 460	81 511	14.7%
Adjusted EBITDA	18 006	17 080	5.4%	46 877	41 233	13.7%
Adjusted EBITDA margin	49.6%	52.9%	-3.3	50.2%	50.6%	-0.4
Operating profit	11 843	10 670	11.0%	28 171	23 109	21.9%
Income tax	0	0	-	-4 111	-3 275	25.5%
Profit for the period	11 708	10 576	10.7%	23 960	19 077	25.6%
Investments	3 458	2 286	51.3%	12 424	10 216	21.6%

Revenue and profitability

Results by business segments

3,1 8,6 10,9 9,7 3,8 10,2 9,6 13,0 2,1 3,7 5,9 5,4 3,0 4,4 3,5 7,5 0 2 4 6 8 10 12 14 Other Ferry Cargo H Passenger H Adj. EBITDA 2022 Adj. EBITDA 2021 Revenue 2022 Revenue2021

Q3 segments (mEUR)

in Q3

9 months segments (mEUR)

Cash Flow and Financial Position

Cash Flow statement

In thousands	9M 2022	9M 2021	+/–
Cash from operating activities	43 266	39 248	3 978
Cash used in investing activities	–8 005	–11 516	3 511
Free cash flow (FCF)	35 221	27 732	7 489
Cash from/used in financing activities	–33 645	–28 687	–4 958
NET CASH FLOW	1 576	–955	2 531
NET DEBT (at the end of the period)	159 515	178 473	–18 958

Financial position

Revenue generation

EBITDA generation

1,8 2,5 2,5 6,3 5,4 7,5 4,0 14 16 0 10 20 30 2021 2022 MEUR Passenger harbours 3,0 3,2 3,4 3,9 3,7 4,4 2,4 13 12 0 5 10 15 20 25 30 2021 2022 MEUR Ferry

Q1 Q2 Q3 Q4

13 13 11 15 17 18 13 54 47 0 20 40 60 80 2021 2022 MEUR Total adj. EBITDA Q1 Q2 Q3 Q4

Q&A session

Thank You!

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