Tallinna Sadam

Earnings Release • Feb 28, 2025

Results of Q4 and year 2024

28.02.2025

Main events in Q4 2024 (1/2)

• Growth in cargo volume +12%, incl dry bulk +41%, containers +19%, ro-ro +3%, increase in cargo ship calls +18%
• Increase in passenger volumes +5%, incl Muuga-Vuosaari +14%
• Extension of the cruise season into winter
• Agreement with JetGas OÜ for the development of a new liquefied methane terminal
• Approval of 19 joint projects of FIN-EST Green Corridor
• Tram line stopping at Tallinn Old City Harbour launched in December

Main events in Q4 2024 (2/2)

• Court rulings in relation to:
• MPG AgroProduction OÜ bankruptcy was declared 15 October 2024
• The Tallinn District Court accepted the appeal related to the judgment regarding the former managers of the Port of Tallinn
• Operating costs decreased -7%,

Trends in Q4 by business segments

• PASSENGERS growth trend in PAX numbers (+5%), increase in PAX vessel calls (+1%) and in revenue (+1%).
• CARGO significant increase in cargo volumes (+12%) and in vessel calls (+18%), higher revenue (+11%). Growth in all types of cargo except for liquid bulk.
• FERRIES increase in the number of passengers (+4%) and in the number of vehicles (+6%), revenue increase (+3%).
• OTHER segment decrease in charter days of Botnica (-18%) and less revenue (-15%).

Passenger volume

1,6 1,7 0,1 0,1 1,8 1,9 ^{1 379 1 395} 0 500 1000 1500 2000 01234 2023 2024 Ship calls Million PAX Q4 +4,8 % 7,0 7,2 0,5 0,6 7,9 8,2 ^{5 548 5 585} 0 2000 4000 6000 02468 10 12 2023 2024 Million Pax Ship calls 12 months Other Cruise (trad) Muuga-Vuosaari Tallinn-Stockholm Tallinn-Helsingi Ship calls +3,6 %

Cargo volume

Million tons

Shipping volumes: ferry

Q4

12 months

Shipping volumes: MPSV Botnica

62 51 67% 55% 0% 10% 20% 30% 40% 50% 60% 70% 80% 90% 100% 0 10 20 30 40 50 60 70 2023 2024 days Q4 Charter days % utilisation rate

12 months

Future outlook

• Passenger business recovery continues
• New ro-ro and container lines
• Industrial parks 2.0 industrial centers in the ports of Muuga and Paldiski
• Offshore windfarms base harbour development
• Business opportunities for a multifunctional offshore vessel
• Preparation of the real estate business model
• Preparations for reducing the state's shareholding
• Increasing efficiency

Results of the Group Q4 and 12 months

In thousands	Q4 2024	Q4 2023	+/-	2024	2023	+/-
Revenue	28 791	28 030	2.7%	119 587	116 646	2.5%
Adjusted EBITDA	12 239	10 375	18.0%	53 137	49 170	8.1%
Adjusted EBITDA margin	42.5%	37.0%	5.5	44.4%	42.2%	2.2
Operating profit	5 948	4 627	28.6%	29 148	24 630	18.3%
Income tax	0	0	0.0%	-3 125	-2 985	4.7%
Profit for the period	4 284	2 854	50.1%	19 153	15 882	20.6%
Investments	5 378	9 828	-45.3%	38 831	20 727	87.3%

Results by business segments Q4 and 12 months

Q4 segments (mEUR)

12 months segments (mEUR)

Cash Flow and Financial Position

Cash Flow statement

In thousands	2024	2023	+/–
Cash from operating activities	48 733	43 959	4 774
Cash used in investing activities	-45 442	-17 181	-28 261
Free cash flow (FCF)	3 291	26 778	-23 487
Cash from/used in financing activities	-15 811	-41 432	25 621
NET CASH FLOW	-12 520	-14 654	2 134
NET DEBT (at the end of the period)	167 622	143 664	23 958

Financial position

700

EUR million

Revenue generation

Passenger harbours

EBITDA generation

Passenger harbours

25

3,5 3,6 3,1 3,2 2,4 3,3 2,2 4,0 11 14 05 10 15 20 25 2023 2024 MEUR Cargo harbours 2,6 2,5 0,5 -1,8 0,9 3 4 -505 10 15 20 25 2023 2024 MEUR Other

Total adj. EBITDA

80

3,9 3,3

2023 2024

Q1 Q2 Q3 Q4

Q1 Q2 Q3 Q4

Q&A session

Thank You!

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