AS Tallinna Sadam unaudited financial results for the year 2025 and Q4

Core Insights - Tallinna Sadam's sales revenue for 2025 was €119 million, a slight decrease of 0.8% compared to the previous year, while adjusted EBITDA increased by 6% to €56.5 million and profit rose by 17.3% to €22.5 million [1][12] - The fourth quarter of 2025 saw a revenue increase of 1.3% to €29.2 million, despite a decrease in adjusted EBITDA and profit [5][9] Financial Performance - Total revenue for 2025 was €118.7 million, down from €119.6 million in 2024, primarily due to a decline in charter fee revenue from the icebreaker Botnica [8] - Adjusted EBITDA for the year increased to €56.5 million, with a margin improvement from 44.4% to 47.6%, although it decreased by 8.5% in Q4 [10] - Profit for the year was €22.5 million, up from €19.2 million in 2024, while Q4 profit decreased to €3.6 million [12] Operational Highlights - Passenger numbers increased by 0.9% in Q4 and 1.0% for the full year, while cargo volumes rose by 6% in Q4 and 5% for the year [2] - The number of vessel calls decreased by 4.8% in Q4, but vessel dues revenue increased by 10.3% due to larger vessels visiting the ports [9] Investments - Total investments in 2025 amounted to €33.2 million, a decrease of 14% from the previous year, with significant investments in infrastructure and the completion of the multifunctional quay in Paldiski South Harbour [13][14] - Q4 investments were notably higher at €12.4 million, primarily for the construction of the Paldiski quay [14] Key Events - The cruise season was extended into winter, and the construction of the multifunctional quay in South Paldiski Harbour was completed [6] - EU support was received for the construction of onshore power supply for cruise ships [6]