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]

Core Viewpoint - Tallinna Sadam is hosting an investor conference webinar to present its unaudited results for Q4 and the full year of 2025, scheduled for February 26, 2026 [1] Group 1: Webinar Details - The webinar will be conducted on the Microsoft Teams platform in two languages: Estonian at 10:00 EET and English at 11:00 EET [1] - The Chairman of the Management Board, Valdo Kalm, and the Head of Investor Relations, Angelika Annus, will present the results and address questions from participants [1] - Participants are encouraged to submit questions in advance due to time limitations [1] Group 2: Company Overview - Tallinna Sadam is one of the largest cargo and passenger port complexes in the Baltic Sea region, providing both passenger and freight services [3] - The company operates in the shipping business through subsidiaries, including OÜ TS Laevad, which offers ferry services, and OÜ TS Shipping, which 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]

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 - A passenger transport public service contract was signed between the Ministry of Regional Development and Agriculture and OÜ TS Laevad for a seven-year period starting on 1 October 2026 [1] - TS Laevad will operate passenger transport services on the Virtsu-Kuivastu and Rohuküla-Heltermaa ferry routes using four of its own ferries and one additional state-owned ferry [2] - An amendment to the agreement allows the ferry Regula, owned by TS Laevad, to be used instead of the state-owned ferry until 31 December 2028 [3] - Regula is expected to make up to 800 trips per year from 1 October 2026 to 31 December 2028, with the Ministry paying both a fixed and variable fee for its use [4] - The contract amendment is seen as beneficial for TS Laevad and investors of the Port of Tallinn, providing stable income and return on assets [5] - Tallinna Sadam operates one of the largest cargo and passenger port complexes in the Baltic Sea region, with subsidiaries involved in ferry services and shipping [5]

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]

Group 1 - AS Tallinna Sadam initiated bankruptcy proceedings against MPG AgroProduction OÜ due to MPG's long-term failure to fulfill contractual obligations [1][2] - The Supreme Court terminated MPG's reorganization proceedings on 12 August 2024, and MPG was declared bankrupt on 15 October 2024 [1] - MPG's appeal against the bankruptcy order was dismissed by the Tallinn Circuit Court on 9 September 2025, upholding the previous court's decision [1] Group 2 - Tallinna Sadam is one of the largest cargo and passenger port complexes in the Baltic Sea region, providing various services including ferry operations and shipping [4] - The group operates subsidiaries such as OÜ TS Laevad for ferry services and OÜ TS Shipping for icebreaking and offshore services [4] - Tallinna Sadam is also a shareholder in AS Green Marine, which offers waste management services [4]

Core Points - AS Tallinna Sadam plans to disclose its financial results and hold its annual general meeting according to a specific schedule in 2026 [1] - The company is one of the largest cargo and passenger port complexes in the Baltic Sea region, providing various services including ferry operations and shipping [2] Schedule of Financial Disclosures - The unaudited interim report for 2025 will be released on February 26, 2026 [1] - The audited annual report for 2025 and dividend proposal will be disclosed on April 2, 2026 [1] - The annual general meeting of shareholders is scheduled for April 28, 2026 [1] - Additional interim reports for Q1, Q2, and Q3 of 2026 will be published throughout the year [1] Company Operations - Tallinna Sadam operates ferry services between the Estonian mainland and its largest islands through its subsidiary OÜ TS Laevad [2] - The company also engages in shipping activities via its subsidiary OÜ TS Shipping, which charters the multifunctional vessel Botnica for icebreaking and offshore services [2] - Tallinna Sadam is a shareholder in AS Green Marine, which provides waste management services [2]

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 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]