Tallinna Sadam

Investor Presentation • Nov 10, 2021

Results of 2021 Q3 and 9 months

Webinar 10.11.2021

Presenters

Valdo Kalm CEO Chairman of the Management Board

Marju Zirel

Head of Investor Relations

Q3 2021 main events

• Extension of Katoen Natie terminal in Muuga
• HHLA new container cranes at the Muuga harbour
• Opening of cruise terminal and promenade
• Cruise terminal and promenade was awarded as Tallinn Development Project 2021
• Opening of the Admiral Bridge
• Ferry Tõll incident in July
• Investor day at the cruise terminal

Trends in Q3

by business segments

• PASSENGERS decline in PAX numbers (-16%) and revenue (-4%). Cruise returning and Stockholm line reopened.
• CARGO strong growth in volumes (+23%); and revenue (+5%) coming mainly from liquid bulk. Decline in margin.
• FERRY– stable revenue (+3%)
• OTHER segment stable revenue and utilization rate of MPSV Botnica

COVID-19 main impacts

• Passenger H: strong downturn from March 2020, reopening of cruise season and Tallinn-Stockholm line in July 2021. Opening of new cruise terminal. Temporary restrictions for passenger movement, ro-ro cargo keeps ROPAX vessels moving
• Cargo H: Continuous growth in volume, especially ro-ro and dry bulk
• Ferry: no significant financial impact
• Other: no significant impact for Botnica. Drop in Green Marine profitability, in 2021 partial recovery

Investments continue. Cooperation with institutions and partners, safeguard of employees. Motivating the vaccination of passengers.

Passenger volume

Q3

9 months

Cargo volume

1,9 3,0 1,4 1,6 1,4 1,4 0,5 0,5 5,3 6,5 2021 Million tons Liquid bulk Ro-Ro Dry bulk Containers General cargo +23%

Q3

9 months

Shipping volumes

Ferries

MPSV Botnica

Results of the Group

in Q3

In thousands	Q3 2021	Q3 2020	+/-	9M 2021	9M 2020	+/-
Revenue	32 263	31 766	1.6%	81 511	82 055	-0.7%
Adjusted EBITDA	17 080	19 909	-14.2%	41 233	46 302	-10.9%
Adjusted EBITDA margin	52.9%	62.7%	-9.8	50.6%	56.4%	-5.8
Operating profit	10 670	14 193	-24.8%	23 109	29 305	-21.1%
Income tax	0	0	-	-3 275	-4 913	-33.3%
Profit for the period	10 576	13 644	-22.5%	19 077	22 795	-16.3%
Investments	2 286	11 544	-80.2%	10 216	28 926	-64.7%

Results by business segments

in Q3

Q3 segments (mEUR)

7,6 22,8 29,1 22,6 7,6 23,3 30,3 20,4 3,6 11,0 19,0 12,7 4,5 10,2 16,9 9,6 0 10 20 30 40 Other Ferry Cargo H Passenger H Adjusted EBITDA 2021 Adjusted EBITDA 2020 Revenue 2021 Revenue 2020

9 months segments (mEUR)

Cash Flow and Financial Position

Cash Flow statement

In thousands	9M 2021	9M 2020	+/–
Cash from operating activities	39 248	35 447	3 801
Cash used in investing activities	–11 516	–24 788	13 272
Free cash flow (FCF)	27 732	10 659	17 073
Cash used in financing activities	–28 687	–27 733	–954
NET CASH FLOW	–955	-17 074	16 119
NET DEBT (at the end of the period)	178 473	193 354	–14 881

Financial position

Revenue generation

EBITDA generation

4,0 1,8 1,8 2,5 6,8 5,4 2,5 15 10 05 10 15 20 2020 2021 MEUR Passenger harbours

Total adj. EBITDA

Q&A session

Thank You!

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