Tallinna Vesi

Capital/Financing Update • Dec 11, 2025

Tallinna Vesi and Nordic Investment Bank signed a loan agreement

Tallinna Vesi and Nordic Investment Bank signed a loan agreement

Tallinna Vesi signed a EUR25 million loan agreement with the Nordic Investment
Bank (NIB) to finance investments in 2025-2026.

Tallinna Vesi's investments will total EUR60 million in both 2025 and 2026, in
line with the company's strategy and the objectives set out in the Tallinn
Public Water Supply and Sewerage Development Plan. These investments are
intended to reduce the environmental footprint and increase cost efficiency.

"This agreement will help us implement our investment plan and ensure the high
quality and sustainability of our water services while maintaining a clean
natural environment. These investments will support us on our environmental
journey which was recently recognised when we received the Estonian Green
Company of the Year award," said Taavi Gröön, CFO of Tallinna Vesi.

The loan from the Nordic Investment Bank will be used to modernise Tallinn's
wastewater infrastructure.

The investment programme will focus on renovating assets to improve service
continuity and efficiency. The loan will fund the reconstruction of up to 18
kilometres of wastewater network, reducing breakdowns and protecting the
environment. The investment programme also includes upgrades to the wastewater
treatment plant, focusing strongly on energy efficiency through renovating the
air blower system and biological treatment process.

The loan agreement is for a period of 15 years and is part of a financing
structure that was signed in 2023.

AS Tallinna Vesi is the largest water utility in Estonia, providing services to
about 25,000 private and business customers and about 500,000 end consumers in
Tallinn and its surrounding municipalities. Tallinna Vesi is listed on the main
list of the Nasdaq Tallinn Stock Exchange. The largest shareholdings in the
company are held by the City of Tallinn (55.06%) and the energy group Utilitas
(20.36%). 24.58% of the company's shares are freely floating on the Nasdaq
Tallinn Stock Exchange.

Additional information:

Taavi Gröön

CFO of Tallinna Vesi

[email protected]