AS Tallinna Sadam and TS Laevad OÜ filed a cassation appeal in July 2025 and requested that the decision of Harju County Court of 27 June 2024 and the decision of Tallinn Circuit Court of 4 June 2025 in the criminal case was annulled in the part in which the accusation was reclassified as a private sector bribery offense, the proceedings were terminated due to the statute of limitations, the civil action was dismissed, the measures taken to secure the civil action were canceled, and the procedural costs of ...

Waste Management garbage truck collecting a recycling bin on a suburban street in daylight. Key Points Waste Management’s Q4 results missed estimates, but revenue growth and margin expansion stayed on track with long-term trends. Free cash flow is expected to accelerate, supporting a mix of dividend growth and a planned return to share repurchases. The stock remains in an uptrend after the post-earnings pullback, with buyers likely to defend key moving-average support. Interested in Waste Management, ...

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]

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]

Financial Data and Key Metrics Changes - Revenue for Q3 2025 was $63.3 million, a 13% decrease year-over-year but a sequential increase of 6.4% compared to Q2 2025 [18] - Gross profit dollars totaled $11.5 million, a decline of 2% year-over-year but a sequential increase of 3.9% [20] - Gross margin was 18.1%, which was 200 basis points better than the prior year but a sequential decline of 40 basis points [20] - SG&A expenses were $9.2 million, a 10% reduction year-over-year [23] Business Line Data and Key Metrics Changes - The decline in revenue was driven by the divested mall-related business and lower revenue from industrial clients due to challenging market conditions [18] - New clients added over $24 million in incremental revenue year-over-year, contributing to the sequential revenue growth [19] - Gross margins with new clients have shown consecutive gains for multiple quarters, indicating a successful land and expand strategy [19] Market Data and Key Metrics Changes - Volumes from industrial customers remain subdued, and the pace of adding new clients has slowed compared to last year [9] - The company is focusing on diversifying its customer base by expanding into non-industrial end markets such as retail and hospitality [12] Company Strategy and Development Direction - The company is committed to pursuing business efficiencies, reducing variability, generating growth, and driving business margins [5] - A focus on share of wallet opportunities is being emphasized, with efforts to broaden the number of waste streams handled for individual clients [10] - The company is enhancing vendor relationships to improve service levels and reduce service disruption rates [14] Management's Comments on Operating Environment and Future Outlook - The macro environment continues to present challenges, but management believes that all markets are stabilizing [32] - The company expects to continue experiencing margin pressure but anticipates offsetting these pressures through operational improvements and growing share of wallet with existing clients [17] - Management is confident in the value of the asset-light model and the ability to deliver improved financial results [26] Other Important Information - The company generated approximately $5.7 million in cash from operations, a sequential improvement of roughly 46% [24] - As of the end of Q3, the company had $1.1 million in cash and approximately $20 million of available borrowing capacity [24] Q&A Session Summary Question: How are the industrial end markets holding up? - Management indicated that the macroeconomic environment is uncertain, but all markets, including industrial, are stabilizing. Seasonality effects are expected in Q4 [32] Question: Has the strategy for expanding wallet share changed? - Yes, the company has implemented a more disciplined approach to the sales process and is collaborating more effectively between relationship managers and sales teams [34] Question: What are the opportunities for operational improvement moving into 2026? - The company is focused on continuous improvement and has defined major processes with KPIs to ensure optimal performance [38] Question: Can you provide details on the new food win? - The new food win was a competitive win, representing about 20% of the customer's total portfolio, with higher initial margins than typical [42] Question: What is the outlook for debt reduction? - The company plans to continue paying down debt aggressively, with a preference for reducing more expensive debt after Q1 [72]

Core Viewpoint - Avalon Holdings Corporation reported a slight increase in net operating revenues for Q3 2025 compared to Q3 2024, but a decline in revenues for the first nine months of 2025 compared to the same period in 2024 [2][3]. Financial Performance - Net operating revenues for Q3 2025 were $25.7 million, up from $24.2 million in Q3 2024, representing a year-over-year increase of approximately 6.2% [2]. - Net income attributable to common shareholders for Q3 2025 was $1.9 million, compared to $1.8 million in Q3 2024, indicating a growth of about 5.6% [2]. - Basic net income per share for Q3 2025 was $0.49, an increase from $0.47 in Q3 2024 [2]. - For the first nine months of 2025, net operating revenues totaled $62.1 million, down from $66.2 million in the same period of 2024, reflecting a decrease of approximately 6.2% [3]. - Net income for the first nine months of 2025 was approximately $0.7 million, a significant decline from $1.8 million in the first nine months of 2024 [3]. - Basic net income per share for the first nine months of 2025 was $0.17, compared to $0.47 in the same period of 2024 [3]. Business Operations - Avalon Holdings Corporation provides waste management services to various sectors including industrial, commercial, municipal, and governmental customers in selected northeastern and midwestern U.S. markets [4]. - The company also offers captive landfill management services and salt water injection well operations, alongside operating Avalon Resorts and Clubs Inc., which includes a hotel, golf courses, and a multipurpose recreation center [4].

Core Insights - Small-cap stocks in the Russell 2000 present investment opportunities but come with higher risks and challenges compared to large-cap stocks [1] Company Summaries Casella Waste Systems (CWST) - Market Cap: $5.61 billion, provides waste management services for various sectors [2] - Current trading price is $87.01 per share, with a forward P/E ratio of 73.4 [4] Omnicell (OMCL) - Market Cap: $1.60 billion, focuses on medication management automation to enhance efficiency in healthcare [5] - Current trading price is $35.76 per share, with a forward P/E ratio of 20.3 [7] Farmer Mac (AGM) - Market Cap: $1.73 billion, established to facilitate a secondary market for agricultural and rural loans [8] Performance Concerns Casella Waste Systems (CWST) - Organic revenue growth has not met benchmarks over the past two years, indicating a need for improvement in products or strategies [9] - Operating margin has declined by 5 percentage points due to costs rising faster than revenue [9] Omnicell (OMCL) - Sales have remained flat over the last two years, necessitating new growth strategies [10] - Adjusted operating margin has decreased by 9.5 percentage points as expenses have risen as a percentage of revenue [10] Farmer Mac (AGM) - Low returns on capital suggest ineffective fund allocation, with decreasing returns indicating aging profit centers [9]