Group 1 - AS Tallinna Sadam and TS Laevad OÜ filed a cassation appeal in July 2025 regarding the reclassification of accusations in a criminal case, which was ultimately rejected by the Supreme Court on 2 February 2026, confirming the previous court decisions [1][2] - The courts have indicated that victims can file new claims for damages against former management board members responsible for the damages [2] - AS Tallinna Sadam has filed multiple claims against various defendants for damages totaling approximately 1,572,147 euros, including default interest [3][5] Group 2 - TS Laevad OÜ has filed a claim against Allan Kiil's legal successor and others for damages amounting to 3,152,000 euros, along with default interest [4] - The claims are linked to a criminal case that became public in August 2015, involving breaches of duties by former management board members of AS Tallinna Sadam [5] - Tallinna Sadam is one of the largest port complexes in the Baltic Sea region, providing various services including ferry operations and waste management through its subsidiaries [7]

Core Points - The Supervisory Board of AS Tallinna Sadam's subsidiary OÜ TS Laevad has extended Katrin Aron's powers as a Management Board member for three years starting from March 20, 2026 [1] - Katrin Aron joined TS Laevad in March 2023 and is responsible for service and commercial activities, holding a master's degree in economics from the University of Tartu [1] - Valdo Kalm, the chairman of the Supervisory Board, praised Katrin Aron's performance, noting that TS Laevad serves over 2.4 million customers annually and her leadership has significantly improved customer satisfaction [2] - The Management Board of TS Laevad consists of three members: Katrin Aron, Indrek Randveer (chairman), and Guldar Kivro [2] - Tallinna Sadam is one of the largest cargo and passenger port complexes in the Baltic Sea region, providing various services including ferry services and shipping operations through its subsidiaries [3] - OÜ TS Laevad operates ferry services between the Estonian mainland and its largest islands, while OÜ TS Shipping charters the multifunctional vessel Botnica for icebreaking and offshore services [3] - Tallinna Sadam group also has a stake in AS Green Marine, which offers waste management services [3]

Core Points - The Estonian Competition Authority approved the amendment to the electricity network charges of AS Tallinna Sadam, effective from 1 March 2026 [1] - The changes in network charges are primarily due to increased input prices from Elektrilevi OÜ and Elering AS, which will positively impact the financial results of the Port of Tallinn [2] Company Overview - Tallinna Sadam is one of the largest cargo and passenger port complexes in the Baltic Sea region, providing services in various harbours including Old City Harbour, Muuga Harbour, Paldiski South Harbour, and Saaremaa Harbour [2][3] - The company operates ferry services through its subsidiary OÜ TS Laevad and provides icebreaking and offshore services via OÜ TS Shipping, which charters the multifunctional vessel Botnica [3] - Tallinna Sadam is also a shareholder in AS Green Marine, which offers waste management services [3]

Core Points - TS Shipping OÜ has appointed Margus Raad as a new Member of the Management Board, effective from January 15, 2026, for a term of three years, focusing on international business development and sales [1][2] - Valdo Kalm, Chairman of the Supervisory Board, emphasized Raad's extensive maritime and management experience, which will aid in implementing TS Shipping's strategy and identifying suitable offshore projects for the vessel Botnica [2] - Margus Raad has a background in nautical sciences from the Estonian Maritime Academy and has held various positions in the maritime sector, including CEO of Tschudi Ship Management AS since 2012 [3] Company Overview - Tallinna Sadam is one of the largest cargo and passenger port complexes in the Baltic Sea region, providing passenger and freight services [5] - The Tallinna Sadam group operates in the shipping business through subsidiaries, including OÜ TS Laevad for ferry services and OÜ TS Shipping, which charters the multifunctional vessel Botnica for icebreaking and offshore services [5] - The group also has a stake in AS Green Marine, which offers waste management services [5]

Core Insights - Tallinna Sadam reported strong financial results for Q3 2025, with sales revenue of approximately 32 million euros, profit of nearly 9 million euros, and adjusted EBITDA of 16 million euros, reflecting year-on-year increases in profit by 54% and adjusted EBITDA by 17% [1][3] Financial Performance - Q3 2025 revenue increased by 1.5% to 31.7 million euros compared to Q3 2024, while revenue for the first nine months decreased by 1.4% to 89.5 million euros [5][6] - Adjusted EBITDA for Q3 2025 rose by 16.7% to 15.5 million euros, with a nine-month increase of 10.8% to 45.3 million euros [5][9] - Net profit for Q3 2025 was 8.6 million euros, a 54% increase from the previous year, while nine-month net profit grew by 27% to 18.9 million euros [10][14] Operational Highlights - Passenger numbers grew by 1.4% and cargo volumes increased by 8% in Q3 2025, although vessel calls decreased by 1.6% [2][6] - The ferry segment saw a 2.4% increase in the number of vehicles transported [2] - The icebreaker Botnica's charter time decreased by 20% compared to the previous year, impacting revenue but improving profitability [3][6] Investment Activities - Total investments in Q3 2025 amounted to 9 million euros, with a total of 21 million euros invested in the first nine months, a decrease from the previous year [1][11] - Investments focused on the construction of an offshore wind terminal, quay upgrades, and IT projects [11] Revenue Breakdown - The largest revenue decline over the nine-month period was in vessel charter fees, down by 39.4% due to a 24% drop in charter days [8] - Revenue from vessel due increased by 7.3% to 25.6 million euros, driven by higher vessel calls and tariff rates [8] - Passenger fee revenue rose by 2.8% to 9.4 million euros, supported by an increase in passenger numbers and higher rates [8] Financial Position - As of September 30, 2025, total assets were 629.7 million euros, with interest-bearing debt at 182.3 million euros, a slight decrease from the previous year [5][12] - Total equity stood at 377.3 million euros, reflecting a minor decrease from the end of 2024 [12]

Core Viewpoint - Tallinna Sadam is hosting an investor conference webinar to present its unaudited Q3 2025 results, scheduled for November 10, 2025, with participation from key management members [1]. Company Overview - Tallinna Sadam is one of the largest cargo and passenger port complexes in the Baltic Sea region, providing various services including passenger and freight transport [3]. - The company operates ferry services through its subsidiary OÜ TS Laevad and offers icebreaking and offshore services via its multifunctional vessel Botnica, chartered by OÜ TS Shipping [3]. - Additionally, Tallinna Sadam holds a stake in AS Green Marine, which specializes in waste management services [3]. Webinar Details - The webinar will be conducted in two languages: Estonian at 10:00 EET and English at 11:00 EET, accessible via Microsoft Teams [1]. - Key presentations will be made by Valdo Kalm, Chairman of the Management Board, and Andrus Ait, CFO, followed by a Q&A session [1]. - Participants are encouraged to submit questions in advance due to time constraints [1].

The subsidiary company of AS Tallinna Sadam, OÜ TS Shipping, signed an agreement with Atlantic Towing Limited for chartering multifunctional icebreaker Botnica starting 10 September, 2025 for the period of 15 days with an additional option to extend the period day-by-day up to 60 days in total. According to the scope of service, Botnica will be chartered as an auxiliary vessel to support the charterer in Northern Canada. According to a 10-year agreement with the Estonian Transport Administration, Botnica p ...

Core Viewpoint - Tallinna Sadam reported a decline in sales revenue and profit for the second quarter of 2025, but adjusted EBITDA showed growth, indicating operational efficiency despite challenges in certain segments [2][3][5]. Financial Performance - In Q2 2025, sales revenue was approximately €29.5 million, a decrease of 6.8% from €31.7 million in Q2 2024. For the first half of 2025, revenue totaled €57.9 million, down 2.9% from €59.6 million in the same period last year [7][10]. - Adjusted EBITDA for Q2 2025 increased by 6.7% year-on-year to €15.9 million, while for the first half, it rose by 8.0% to €29.8 million [7][11]. - Profit for Q2 2025 was €3.5 million, a decrease of 15.2% from €4.1 million in Q2 2024. However, net profit for the first half increased by 10.7% to €10.3 million [7][12]. Operational Highlights - The number of passengers grew by 3.8%, cargo volumes increased by 8%, and vessel calls rose by 2.1% in Q2 2025. The ferry segment experienced stable growth despite a slight decrease in trips [4][5]. - The chartering of the icebreaker Botnica saw a significant decline, with its utility rate dropping by 63% compared to the previous year [4][5]. Investment Activities - Total investments in the first half of 2025 amounted to €12.0 million, a decrease of €13.0 million from the previous year. In Q2 alone, investments were €8.4 million, up from €7.1 million in Q2 2024 [7][13]. Key Events - A subsidiary, OÜ TS Laevad, agreed to an additional 485 trips with the ferry Regula during the summer period, indicating a focus on enhancing service capacity [8]. - The company faced a legal resolution involving former management board members, which may impact its governance and operational focus [9]. Cash Flow and Financial Position - Cash flows from operating activities for the first half of 2025 were €26.4 million, compared to €25.2 million in the previous year. The company ended the period with cash and cash equivalents of €40.1 million [18]. - Total assets as of June 30, 2025, were €622.1 million, a slight decrease from €629.9 million at the end of 2024. Equity also decreased by 2.4% to €368.7 million [7][15].

Core Insights - Tallinna Sadam reported a sales revenue of approximately 30 million euros and a profit exceeding 3 million euros in Q2 2025, with total revenue for the first half of the year at 58 million euros and profit over 10 million euros [1][10] - The company experienced a decline in sales revenue by 7% and profit by 15% in Q2, while adjusted EBITDA increased by 7% year-on-year [2][9] - The number of passengers grew by 3.8%, cargo volumes increased by 8%, and vessel calls rose by 2.1% in Q2 2025, indicating stable growth in operational volumes [3][4] Financial Performance - Q2 2025 revenue was 29.5 million euros, down from 31.7 million euros in Q2 2024, representing a decrease of 6.8%. For the first half of 2025, revenue decreased by 2.9% to 57.9 million euros [6][8] - Adjusted EBITDA for Q2 2025 was 15.9 million euros, up from 14.9 million euros in Q2 2024, marking a 6.7% increase. The adjusted EBITDA margin improved to 53.8% from 47.0% [6][9] - Net profit for Q2 2025 was 3.5 million euros, a decrease of 15.2% compared to 4.1 million euros in Q2 2024. However, net profit for the first half of 2025 increased by 10.7% year-on-year to 10.3 million euros [10][14] Investment Activities - The company invested a total of 12 million euros in the first half of 2025, which is 13 million euros less than the previous year. In Q2 2025, investments amounted to 8.4 million euros [11][12] - Investments were primarily focused on the construction of an offshore wind quay, dry-docking of a ferry, and improvements in cargo harbours [11] Operational Highlights - The ferry segment showed stable growth, with a 2.4% increase in passenger numbers despite a 1.5% decrease in the number of trips [3][4] - The chartering of the icebreaker Botnica saw a significant decrease in utility rate, chartered only 22% of the time, which is 63% less than the previous year [3][4][10] - The company noted an increase in cruise vessel calls, positively impacting overall results despite the decline in sales revenue [4][10] Key Events - A subsidiary, OÜ TS Laevad, agreed to an additional 485 trips with the ferry Regula during the summer period [7] - A resolution from the Circuit Court was made regarding a criminal case involving former management board members of AS Tallinna Sadam [7]

Core Viewpoint - Tallinna Sadam is hosting an investor conference webinar to present its unaudited Q2 2025 results, scheduled for 11 August 2025 [1] Group 1: Webinar Details - The webinar will be conducted in two languages: Estonian at 10:00 (EET) and English at 11:00 (EET) [1] - The management board chairman Valdo Kalm and CFO Andrus Ait will present the results and address questions from participants [1] - Participants are encouraged to submit questions in advance due to time constraints [1] Group 2: Company Overview - Tallinna Sadam is one of the largest cargo and passenger port complexes in the Baltic Sea region [3] - The company operates ferry services between the Estonian mainland and its largest islands through its subsidiary OÜ TS Laevad [3] - OÜ TS Shipping, another subsidiary, charters the multifunctional vessel Botnica for icebreaking and offshore services [3] - Tallinna Sadam is also a shareholder in AS Green Marine, which provides waste management services [3]