Tallinna Sadam

Earnings Release • Aug 10, 2023

Results of 2023 Q2 and 6 months 10.08.2023

Main events in Q2 2023

• Agreement to build a new quay in Paldiski South Harbour for constructing offshore windfarms
• Icebreaker Botnica additional summer charter contract with Equinor
• Additional trips of ferry Regula in summer 2023
• Talinna Sadam AGM and dividend payment
• Change in the supervisory board of TS Laevad
• Establishing Hydrogen Valley of Estonia
• Transport Sector Green Forum
• Gold Labels from the Estonian Responsible Business Forum

Trends in Q2

by business segments

• PASSENGERS continuing growth in PAX numbers (+13%), decrease in PAX vessel calls (-7%) and revenue (-7%). New rental premises.
• CARGO decline in cargo volumes (-31%), ship calls (-8%) and revenue (-22%). EU sanctions to Russia and overall economic decline.
• FERRY revenue growth (+6%) from contract fee indexation.
• OTHER segment Botnica revenue increased (+81%) due to higher charter fee from the new contract with Transport Administration and earlier start of summer work. Costs growing due to new charter agreement.

Passengers and PAX ship calls

Cargo volume

Ferries

6 months

Icebreaker Botnica

6 months

Future outlook

• Passenger business recovery continues
• Impact on results from sanctions against Russia and Belarus continues
• New ro-ro and container lines
• Offshore windfarms base harbour development and maintenance fleet
• Preparation of the real estate business model

Results of the Group

Q2 and 6 months

In thousand EUR	Q2 2023	Q2 2022	+/-	6M 2023	6M 2022	+/-
Revenue	28 783	30 364	-5.2%	57 189	57 135	0.1%
Adjusted EBITDA	11 715	15 389	-23.9%	25 279	28 871	-12.4%
Adjusted EBITDA margin	40.7%	50.7%	-10.0	44.2%	50.5%	-6.3
Operating profit	5 758	9 111	-36.8%	12 555	16 328	-23.1%
Income tax	-2 985	-4 111	-27.4%	-2 985	-4 111	-27.4%
Profit for the period	1 363	5 061	-73.1%	7 065	12 252	-42.3%
Investments	4 605	4 269	7.9%	6 147	8 966	-31.4%

Results by business segments Q2 and 6 months

1,0 8,8 9,9 10,7 1,7 9,4 7,7 10,0 0,1 3,9 5,1 6,3 -1,2 4,1 3,1 5,7 -2 0 2 4 6 8 10 12 Other Ferry Cargo H Passenger H Adj. EBITDA 2023 Adj. EBITDA 2022 Revenue 2023 Revenue 2022

Q2 segments (mEUR)

6 months segments (mEUR)

Cash Flow and Financial Position

Cash flow statement

In thousands	6M 2023	6M 2022	+/–
Cash from operating activities	22 475	30 106	–7 631
Cash used in investing activities	–4 128	–4 591	463
Free cash flow (FCF)	18 347	25 515	–7 168
Cash from/used in financing activities	–24 898	–29 245	4 347
NET CASH FLOW	–6 551	–3 730	–2 821
NET DEBT (at the end of the period)	146 179	168 821	–22 642

Financial position

Revenue generation

Ferry

26,8 28,4 30,4 28,8 36,3 28,2 122 57 0 50 100 150 2022 2023 MEUR Total revenue

EBITDA generation

13 14 15 12 189 56 25 0 20 40 60 80 2022 2023 MEUR Total adj. EBITDA Q1 Q2 Q3 Q4

Cargo harbours

Q&A session

Thank You!

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