Core Insights - In Q4 2025, Tallinna Sadam experienced an increase in cargo volumes by +6% to 3.6 million tonnes and a +0.9% rise in passenger numbers to 1.9 million compared to Q4 2024, driven by liquid bulk and ro-ro services [1][5] - For the full year 2025, total cargo volume reached nearly 14 million tonnes, marking a +5.1% increase, while passenger numbers exceeded 8 million, up by +1.0% [2][5] - The Chairman of the Board, Valdo Kalm, expressed satisfaction with the operational results, highlighting growth in both cargo and passenger volumes, particularly in liquid bulk and cruise services [3] Cargo Volume Analysis - Q4 2025 cargo volume was 3,601 thousand tonnes, up 5.6% from 3,409 thousand tonnes in Q4 2024 [5] - The annual cargo volume for 2025 was 13,799 thousand tonnes, an increase of 5.1% from 13,134 thousand tonnes in 2024 [5] - Liquid bulk saw a significant increase of +87.9% in Q4 2025, reaching 641 thousand tonnes, while ro-ro volumes increased by +5.8% [5] Passenger Volume Analysis - The number of passengers in Q4 2025 was 1,874 thousand, a slight increase of 0.9% from 1,857 thousand in Q4 2024 [5] - For the full year 2025, passenger numbers totaled 8,284 thousand, reflecting a 1.0% increase from 8,201 thousand in 2024 [5] - The growth in cruise passengers was notable, with traditional cruise calls increasing by +107.8% in Q4 2025 compared to the previous year [5] Vessel Calls and Operations - The number of vessel calls in Q4 2025 decreased by -4.8% to 1,689, while the total for 2025 remained stable at 7,127 [5] - The number of charter days for the icebreaker Botnica decreased by -19% in 2025, with a utility rate of 49% [2][6] - The number of trips and passengers on ferries between the Estonian mainland and the islands increased, with a +4.5% rise in passengers to 498 thousand in Q4 2025 [6] Company Overview - Tallinna Sadam is a major cargo and passenger port complex in the Baltic Sea region, also involved in ferry services and icebreaking operations through its subsidiaries [8] - The company operates OÜ TS Laevad for ferry services and OÜ TS Shipping for icebreaking and offshore services, contributing to its diverse operational portfolio [8]

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 Insights - In Q3 2025, Tallinna Sadam experienced positive growth in both cargo volumes and passenger numbers, with cargo volumes increasing by 8% and passenger numbers by 1.4% compared to the same period last year [1][2]. Cargo Volume Analysis - Total cargo volume reached 3.4 million tonnes, with significant increases in dry bulk (up 46% to 789 thousand tonnes) and containers (up 4.3% to 542 thousand tonnes) [3][6]. - Liquid bulk cargo saw a slight decrease of 0.6%, while general cargo also experienced a minor decline of 0.7% [6]. Passenger Traffic Insights - The number of passengers reached 2.8 million, with notable increases on the Tallinn-Helsinki route (up 2.2%) and among cruise passengers (up 13%) [3][6]. - The overall number of vessel calls decreased by 1.6%, with cargo vessel visits down by 1.6% and passenger vessel visits down by 1.8% [3][6]. Ferry Operations - The number of vehicles transported on ferries increased by 2.4%, while the number of ferry trips saw a marginal increase of 0.1% [4][9]. - The icebreaker Botnica's charter days decreased by 20%, reflecting a decline in utilization rate from 27% to 22% [4][9]. Future Outlook - The Chairman of the Board indicated ongoing positive trends in operational volumes, particularly in the bulk cargo segment and passenger growth influenced by the Helsinki route and cruise tourism [2]. - The icebreaker Botnica is expected to continue its project-based work in Canadian waters into the fourth quarter [2].

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