Tallinna Sadam

Investor Presentation • Nov 11, 2024

Results of 2024 Q3 and 9 months

11.11.2024

Main events in Q3 2024 (1)

• Growth in cargo volume (+7,2%).
• Visit of the first bio methanol powered container ship.
• Increase in passenger volumes (+4,3%).
• TS Laevad signed with the Ministry of Regional Affairs and Agriculture the ferry service agreement for the period 2026-2033.
• Additional trips by the ferry Regula in summer 2024
• Icebreaker Botnica summer charter contract with BP Exploration Operating Company Ltd ended and work stared with Baffinland Iron Mines.

Main events in Q2 2024 (2)

• EU funding for TWIN-Port VI.
• Unsecured loan agreement with Swedbank.

• Court rulings in relation to:

• Termination of MPG AgroProduction OÜ reorganization proceedings and following bankruptcy proceedings.

• Appeal to Harju County Court decision in relation to lawsuit against former members of the board of AS Tallinna Sadam.

Lower operating costs, number of employees -6%

Trends in Q3 by business segments

• PASSENGERS growth trend in PAX numbers (+4%), increase in PAX vessel calls (+6%) and in revenue (+7%).
• CARGO significant increase in cargo volumes (+7%) and in vessel calls (+3%), higher revenue (+9%). Growth in all types of cargo.
• FERRY increase in revenue (+3%), in the number of passengers (+1%) and in the number of vehicles (+3%).
• OTHER segment decrease in charter days of Botnica (-58%) and less revenue (-63%).

Passenger volume

Ship calls 5,4 5,6 0,4 0,4 6,1 6,3 4 169 4 190 0 2000 4000 6000 8000 10000 0 1 2 3 4 5 6 7 2023 2024 Million Pax Ship calls 9 months +3,2%

Cargo volume

Million tons

Shipping volumes: ferry

Q3

9 months

Shipping volumes: MPSV Botnica

59 25 64% 27% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 0 10 20 30 40 50 60 70 2023 2024 days Q3 Charter days % utilisation rate

9 months

Future outlook

• Passenger business recovery continues
• New ro-ro and container lines
• Developers' interest in offshore windfarms base harbour
• Offshore windfarms base harbour development
• Preparation of the real estate business model
• Preparations for reducing the state's shareholding
• Increasing efficiency

Results of the Group Q3 and 6 months

In thousands	Q3 2024	Q3 2023	+/-	9M 2024	9M 2023	+/-
Revenue	31 214	31 426	-0,7%	90 797	88 615	2,5%
Adjusted EBITDA	13 287	13 517	-1,7%	40 895	38 797	5,4%
Adjusted EBITDA margin	42,6%	43,0%	-0,4	45,0%	43,8%	1,2
Operating profit	7 268	7 449	-2,4%	23 200	20 004	16,0%
Income tax	0	0	0,0%	-3 125	-2 985	4,7%
Profit for the period	5 578	5 964	-6,5%	14 869	13 028	14,1%
Investments	8 415	4 752	77,1%	33 453	10 899	206,9%

Results by business segments Q3 and 9 months

Q3 segments (mEUR)

9 months segments (mEUR)

Cash Flow and Financial Position

Cash Flow statement

In thousands	9M 2024	9M 2023	+/–
Cash from operating activities	40 275	34 011	6 264
Cash used in investing activities	-32 901	-9 430	-23 471
Free cash flow (FCF)	7 374	24 581	-17 207
Cash from/used in financing activities	-15 028	-31 056	16 028
NET CASH FLOW	-7 654	-6 475	-1 179
NET DEBT (at the end of the period)	161 665	142 103	19 562

Financial position

700

EUR million

Revenue generation

Passenger harbours

8,4 8,6 9,4 9,6

2023 2024

Q1 Q2 Q3 Q4

10,4 10,7

Ferry

29

8,5

0

10

20

30

MEUR

40

50

37

EBITDA generation

Passenger harbours

3,5 3,6 3,1 3,2 2,4 3,3 2,2 11 10 05 10 15 20 25 2023 2024 MEUR Cargo harbours 2,6 2,5 0,5 -1,8 ^{3 3} -505 10 15 20 25 2023 2024 MEUR Other

Total adj. EBITDA

80

2023 2024

Q1 Q2 Q3 Q4

20

25

Q1 Q2 Q3 Q4

Q&A session

Thank You!

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