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].