Tallinna Sadam

Investor Presentation • May 10, 2021

Results of Q1 2021

Webinar 10.05.2021

Presenters

Valdo Kalm CEO Chairman of the Management Board

Marko Raid CFO Member of the Management Board

Q1 2021 main events (1/2)

• One year of pandemic restrictions
• MPSV Botnica 10-year agreement with the state (20.12.2022–20.04.2032)
• MPSV Botnica charter in summer 2021 confirmed
• Opening of parking house of passenger terminal D
• Dividend proposal EUR 0,077 per share, 20,251 mEUR in total (71% of 2020 profit)

Q1 2021 main events (2/2)

• Greenhouse gas emission study published
• Transition to green electricity consumption
• Tallink filed a claim for alleged overpricing (15 mEUR)
• Extension of Guldar Kivro's authorities as a management board member of TS Laevad
• New member in the nomination committee Merike Saks (ministry of finance)
• Nasdaq Baltic Award for best investor relations

Trends in Q1

by business segments

• PASSENGERS second wave restrictions and continuing decline in PAX numbers (–76%). No cruise, some lines closed.
• CARGO growth in volumes (+9.6%); and revenue (+2.9%) coming from dry bulk and ro-ro.
• FERRY– stable revenue.
• OTHER segment stable revenue, 100% utilization rate.

COVID-19 main impacts

• Passenger H: strong downturn from March 2020, no cruise calls. Temporary restrictions for passenger movement, ro-ro cargo keeps ROPAX vessels moving
• Cargo H: Continuous growth in volume, especially ro-ro and dry bulk in Q1
• Ferry: no significant financial impact
• Other: no significant impact for Botnica. Drop in Green Marine profitability, in Q1 partial recovery

Investments continue. Cooperation with institutions and partners, safeguard of employees.

Passenger and cargo volumes

Passengers

Cargo

Shipping volumes

Ferries

MPSV Botnica

Results of the Group

in Q1

In thousands	Q1 2021	Q1 2020	+/–	%
Revenue	24 988	27 890	–2 902	–10.4%
Adjusted EBITDA	13 022	16 171	–3 149	–19.5%
Adjusted EBITDA margin	52.1%	58.0%	–5.9	–
Operating profit	7 221	10 514	–3 293	–31.3%
Profit for the period	6 844	9 982	–3 138	–31.4%
Investments	3 640	8 757	–5 117	–58.4%

Results by business segments

in Q1

Q1 segments (mEUR)

Cash Flow and Financial Position

Cash Flow statement

In thousands	Q1 2021	Q1 2020	+/–
Cash from operating activities	15 015	18 208	–3 193
Cash used in investing activities	–4 760	–5 270	–510
Free cash flow (FCF)	10 255	12 938	–2 683
Cash from/used in financing activities	–3 491	–3 516	25
NET CASH FLOW	6 764	9 422	–2 658
NET DEBT (at the end of the period)	175 137	160 241	14 896

Financial position

Revenue generation

EBITDA generation

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

Ferry

Cargo harbours

Total adj. EBITDA

Q&A session

Thank You!

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