Earnings Release • Nov 10, 2025
Earnings Release
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AS Tallinna Sadam financial results for 2025 Q3 and 9 months
In the third quarter, Tallinna Sadam earned close to 32 million euros in sales
revenue and close to 9 million euros in profit, adjusted EBITDA was 16 million
euros. Sales revenue increased by +1.5%, profit by +54% and adjusted EBITDA by
+17% compared to the last year. The revenue for nine months was 90 million
euros, profit 19 million euros and adjusted EBITDA 45 million euros. The revenue
of 9 months decreased by -1.4%, profit increased +27% and adjusted EBITDA
increased +11%. In the third quarter, the volume of investments was 9 million
euros, and we invested a total of 21 million euros within nine months.
The number of passengers grew +1.4% and cargo volumes +8%, vessel calls
decreased by -1.6% in the third quarter of 2025. Ferry segment showed growth in
the number of vehicles +2.4%. The icebreaker Botnica was chartered 22% of the
time which is -20% less than last year.
"We have achieved strong results in the third quarter. Growth continued in both,
volumes and revenues, in passenger and cargo harbours. Revenues of Icebreaker
Botnica have decreased due to the shortening of the charter period, while
profitability of its activities has increased. The efficiency in operations is
demonstrated by growth in adjusted EBITDA and profit," commented Valdo Kalm, the
Chairman of the Management Board, on the results.
Tallinna Sadam management will present the financial results of the Group at a
webinars on 10 November, including webinar in Estonian starting at 10.00 (EET)
(link to EST webinar (https://teams.microsoft.com/l/meetup-
join/19%3ameeting_NjQ4NzQ2OGQtMTU0Mi00ZDA2LTg3ZGUtNDkwYTRhMmFmOGFl%40thread.v2/0
?context=%7b%22Tid%22%3a%223c572f71-c808-4685-aa00-
2ca59a11c7e2%22%2c%22Oid%22%3a%2216aaa10d-0f16-4312-8940-581f83498a0b%22%7d))
and webinar in English starting at 11.00 (EET) (link to ENG webinar
(https://teams.microsoft.com/l/meetup-
join/19%3ameeting_NWYzYjcwZDAtYzNlYS00MTAyLTk5NDEtYTRiNzQwM2YxZTFk%40thread.v2/0
?context=%7b%22Tid%22%3a%223c572f71-c808-4685-aa00-
2ca59a11c7e2%22%2c%22Oid%22%3a%2216aaa10d-0f16-4312-8940-581f83498a0b%22%7d)).
Materials related to the interim report can be found attached to this notice and
on our website: https://www.ts.ee/en/investor/interim-reports/
https://www.ts.ee/en/investor/presentations/.
Key figures (in million EUR):
Q3 Q3 +/- 9M 9M +/-
2025 2024 % 2025 2024 %
Revenue 31.7 31.2 1.5 89.5 90.8 -1.4
Adjusted EBITDA 15.5 13.3 16.7 45.3 40.9 10.8
Adjusted EBITDA margin 48.9% 42.6% 6.3 50.6% 45.0% 5.6
Operating profit 9.6 7.3 32.4 27.9 23.2 20.3
Income tax 0.0 0.0 0.0 -5.4 -3.1 73.3
Profit for the period 8.6 5.6 54.0 18.9 14.9 27.0
Investments 8.8 8.4 4.6 20.8 33.5 -37.7
30.09.2025 31.12.2024 +/-
Total assets 629.7 629.9 0.0%
Interest bearing debt 182.3 184.8 -1.4%
Other liabilities 70.1 67.4 0.1%
Equity 377.3 377.6 -0.1%
Number of shares 263.0 263.0 0.0%
Major events in Q3:
? Icebreaker Botnica at additional work in Canada
? New cruise operator and 10 first ship visits
? Tallinn-Helsinki regular line celebrated 60th anniversary
? Ship accident in Muuga harbour
? AS Tallinna Sadam and OÜ TS Laevad filed an appeal in cassation concerning
criminal case involving former members of the management board
? Tallinn Circuit Court dismissed MPG AgroProduction OÜ appeal
Revenue
Revenue decreased by EUR 1.3 million (-1.4%) in the first 9 months of 2025 to
EUR 89.5 million. The decline in revenue was due to a decrease in charter days
of the icebreaker Botnica (other segment). Revenue increased in the passenger
and cargo harbour segments and in the ferry segment providing service between
mainland Estonia and the larger islands. In the third quarter, revenue increased
by EUR 0.5 million (+1.5%).
By revenue type, the largest change over the 9-month period was the decline in
vessel charter fee revenue, which decreased by EUR 3.8 million (-39.4%) due to a
24% drop in charter days. The percentage decrease in revenue exceeded the
decline in charter days, as the project-based work performed after the
icebreaking season was carried out at lower daily rates. Vessel due revenue
increased by EUR 1.7 million (+7.,3%) to EUR 25.6 million. Vessel due revenue
increased, driven by a higher number of vessel calls from passenger, cruise, and
cargo ships, as well as by higher tariff rates. Cargo charge revenue grew by EUR
0.6 million (+12.8%) to EUR 5.0 million due to increased cargo volumes and, for
2025, higher expected annual revenue from liquid bulk, which, under IFRS 15, had
an additional positive impact on the 9-month results. Operating lease income
increased by EUR 0.3 million (+3.1%) to EUR 11.0 million. Growth was recorded
across the cargo, ferry, and passenger harbour segments, mainly due to indexed
rate adjustments. Revenue from other services decreased by EUR 0.3 million
(-14.9%), as the previous year's project-based work performed by Botnica
included higher additional income from the provision of catering services.
Passenger fee revenue increased by EUR 0.3 million (+2.8%) to EUR 9.4 million.
The growth was supported by an increase in passenger numbers (+1.0%) and higher
rates applied to regular line passengers and cruise passengers using Old City
Harbour. Revenue from electricity sales decreased by EUR 0.2 million (-6.3%) to
EUR 3.2 million. Electricity revenue decreased in the cargo harbour segment due
to lower electricity sales volumes and prices. In the passenger harbour segment,
however, electricity revenue increased as a result of higher sales volumes.
Revenue from ferry service provision increased by EUR 0.1 million (+0.4%) to
EUR 27.9 million. The number of trips decreased by 0.8% compared to the previous
year. Revenue growth was positively affected by the indexation of tariffs in
line with Estonia's labour cost and consumer price indices, while the decline in
the fuel price index had a negative impact.
EBITDA
Adjusted EBITDA increased by EUR 4.4 million (+10.8%) in the first 9 months to
EUR 45.3 million. Adjusted EBITDA increased in the Cargo harbours, Passenger
harbours, and Other segments, supported by higher revenue (in the passenger and
cargo harbours) and lower expenses (in the Cargo harbours and Other segments).
The Ferry segment remained in decline, as expenses grew faster than revenue,
particularly due to higher depreciation and personnel expenses. In the third
quarter, adjusted EBITDA increased by EUR 2.2 million (+16.7%) year-on-year.
Adjusted EBITDA increased in the Other, Cargo harbours, and Passenger harbours
segments but declined in the Ferry segment. The adjusted EBITDA margin rose from
45.0% to 50.6% over the 9-month period and from 42.6% to 48.9% in the third
quarter.
Profit
Profit before tax increased by EUR 6.3 million (+35.0%) to EUR 24.3 million
compared to the 9 months in the previous year. Net profit grew more strongly
than operating profit, driven by the reduction in financial expenses. In the
second quarter of 2025, dividends totalling EUR 19.2 million were paid out,
accompanied by income tax expenses of EUR 5.4 million, which was EUR 2.3 million
higher than the tax expense related to the previous year's dividend payment.
Although the amount of dividends remained unchanged, the dividend tax rate
increased in 2025, and the reduced rate for regularly paid dividends was
eliminated. Net profit for the 9-month period increased by EUR 4.0 million
(+27.0%) year-on-year. The third quarter net profit was EUR 8.6 million (EUR
+3.0 million; +54.0%) and profit before tax was EUR 8.6 million (EUR +3.0
million; +54.0%).
Investments
In the first 9 months of 2025, the Group invested EUR 20.8 million, which was
EUR 12.6 million less than in the previous year. Investments during the first 9
months of 2025 were mainly related to the construction of an offshore wind
terminal- quay at Paldiski South Harbour, quay upgrades at cargo harbours,
scheduled dry-docking of a ferriesy, information technology projects, design
works at the passenger harbour, procurement of equipment for ferries, and dry-
docking of the icebreaker Botnica. Investments in the third quarter totalled EUR
8.8 million (the third quarter 2024: EUR 8.4 million).
Interim condensed consolidated statement of financial position:
31 December
ASSETS
Current assets
Cash and cash equivalents 44 360 17 213
Bank deposits with maturities exceeding
3 months 0 22 000
Trade and other receivables 7 961 12 512
Contract assets 771 0
Inventories 649 695
Total other current assets 53 741 52 420
Non-current assets held for sale 0 4 190
Non-current assets
Investments in an associate 2 740 2 664
Investment properties 14 069 14 069
Property, plant and equipment 556 863 554 280
Intangible assets 2 265 2 238
LIABILITIES
Current liabilities
Loans and borrowings 25 437 12 185
Provisions 1 360 1 771
Government grants 20 158 22 146
Taxes payable 1 570 906
Trade and other payables 15 284 7 780
Non-current liabilities
Loans and borrowings 156 850 172 650
Government grants 31 338 31 995
Other payables 681 2 815
EQUITY
Share capital 263 000 263 000
Share premium 44 478 44 478
Statutory capital reserve 23 848 23 304
Retained earnings 45 966 46 831
Interim condensed consolidated statement of profit or loss:
Revenue 31 673 31 214 89 535 90 797
Other income 308 398 1 988 1 164
Operating expenses -9 856 -11 651 -26 133 -30 951
Impairment of financial assets -167 -214 85 -680
Personnel expenses -6 205 -6 302 -19 164 -18 661
Depreciation, amortisation and impairment -6 076 -6 087 -18 216 -18 207
Other expenses -55 -90 -187 -262
Finance income and costs
Finance income 214 203 795 703
Finance costs -1 340 -2 158 -4 486 -6 400
Share of profit (loss) of an associate
accounted for under the equity method 96 265 76 491
Attributable to:
Basic earnings and diluted earnings per share
(in euros) 0.03 0.02 0.07 0.06
Interim condensed consolidated statement of cash flows:
Cash receipts from sale of goods and services 100 239 99 181
Cash receipts related to other income 69 42
Payments to suppliers -32 208 -37 612
Payments to and on behalf of employees -19 168 -17 787
Payments for other expenses -260 -224
Income tax paid on dividends -5 415 -3 325
Purchases of property, plant and equipment -17 678 -33 118
Purchases of intangible assets -347 -479
Proceeds from sale of property, plant and equipment 4 885 17
Proceeds from government grants related to assets 479 0
Interest received 771 679
Net change in deposits with maturities exceeding 3 months 22 000 0
Proceeds from loans received 0 20 000
Repayments of loans received -2 183 -9 583
Dividends paid -19 199 -19 000
Interest paid -4 837 -6 427
Other payments related to financing activities -1 -18
Cash and cash equivalents at beginning of the period 17 213 29 733
Change in cash and cash equivalents 27 147 -7 654
Tallinna Sadam is one of the largest cargo- and passenger port complexes in the
Baltic Sea region. In addition to passenger and freight services, Tallinna Sadam
group also operates in shipping business via its subsidiaries - OÜ TS Laevad
provides ferry services between the Estonian mainland and the largest islands,
and OÜ TS Shipping charters its multifunctional vessel Botnica for icebreaking
and offshore services in Estonia and projects abroad. Tallinna Sadam group is
also a shareholder of an associate AS Green Marine, which provides waste
management services.
Additional information:
Angelika Annus
Head of Investor Relations
Tel +372 5649 6230
[email protected] (mailto:[email protected])
Have a question? We'll get back to you promptly.