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 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].

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].

Group 1 - Tallinna Sadam initiated bankruptcy proceedings against MPG AgroProduction OÜ due to MPG's long-term failure to fulfill contractual obligations [1][2] - The bankruptcy process for MPG began on 28 November 2023, with subsequent reorganization attempts and a final bankruptcy declaration on 15 October 2024 [1] - MPG's appeal against the bankruptcy order was dismissed by the Tallinn Circuit Court on 9 September 2025, confirming the previous court's decision [1] Group 2 - Tallinna Sadam is a major player in the Baltic Sea region, operating one of the largest cargo and passenger port complexes [3] - The company provides various services, including ferry operations through its subsidiary OÜ TS Laevad and icebreaking and offshore services via OÜ TS Shipping [3] - Tallinna Sadam also holds a stake in AS Green Marine, which specializes in waste management services [3]

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]