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]

Financial Performance - Net operating revenues for Q2 2025 were $20.3 million, down from $23.1 million in Q2 2024, representing a decrease of approximately 12.1% [2] - Net income attributable to common shareholders in Q2 2025 was $0.3 million, compared to $1.0 million in Q2 2024, indicating a decline of 70% [2] - Basic net income per share for Q2 2025 was $0.07, down from $0.24 in Q2 2024, a decrease of 70.8% [2] Year-to-Date Performance - For the first six months of 2025, net operating revenues were $36.3 million, compared to $41.9 million for the same period in 2024, a decrease of approximately 13.4% [3] - The company recorded a net loss of approximately $1.2 million in the first half of 2025, compared to a net loss of $25,000 in the first half of 2024 [3] - Basic net loss per share for the first six months of 2025 was $0.31, compared to a loss of $0.01 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 operates captive landfill management services and salt water injection well operations, along with Avalon Resorts and Clubs Inc., which includes hotel operations, golf courses, and a multipurpose recreation center [4] Revenue Breakdown - In Q2 2025, waste management services generated $9.742 million, down from $12.220 million in Q2 2024 [5] - Food, beverage, and merchandise sales were $3.760 million in Q2 2025, slightly down from $3.996 million in Q2 2024 [5] - Total golf and related operations revenue was $10.510 million in Q2 2025, compared to $10.837 million in Q2 2024 [5] Cost and Expenses - Operating costs for waste management services were $7.489 million in Q2 2025, down from $9.527 million in Q2 2024 [5] - Total operating expenses for the first six months of 2025 were $37.1 million, compared to $41.9 million in the same period of 2024 [5] - Selling, general, and administrative expenses were $2.453 million in Q2 2025, down from $2.654 million in Q2 2024 [5] Balance Sheet Highlights - As of June 30, 2025, total assets were $88.055 million, an increase from $86.186 million at the end of 2024 [6] - Current assets increased to $17.255 million from $14.556 million at the end of 2024 [6] - Total shareholders' equity decreased to $35.577 million from $37.052 million at the end of 2024 [6]

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]

Core Insights - Tallinna Sadam experienced positive growth in both cargo volumes and passenger numbers in Q2 2025 compared to the same period last year, with cargo volumes increasing by 8% and passenger numbers by 3.8% [1][2][3] Cargo Volume Analysis - Total cargo volume reached 3.5 million tons, with significant increases in liquid bulk (+115 thousand tons, +37%) and dry bulk (+163 thousand tons, +34%) [3][6] - Ro-ro cargo saw a decline of 6.1% [6] - The overall cargo volume increased from 3.2 million tons in Q2 2024 to 3.5 million tons in Q2 2025, marking a 7.8% increase [6] Passenger Traffic Insights - The number of passengers reached 2.2 million, with a notable increase of 4.3% on the Tallinn-Helsinki route, which celebrated its 60th anniversary [2][3] - Cruise passenger numbers surged by 25%, indicating a growing interest from international travelers, including those from China, the United States, and Japan [3][4] - The total number of passengers increased from 2.165 million in Q2 2024 to 2.247 million in Q2 2025 [6] Vessel Calls and Operations - The number of vessel calls increased by 2.1%, with cruise ships seeing a 46% rise in visits [4][6] - The number of trips for ferries decreased by 1.5%, while the number of passengers on ferries increased by 2.4% [4][8] - The icebreaker Botnica experienced a significant decline in charter days by 63% compared to the previous year [4][8] Summary of Key Figures - Preliminary operational volumes for Q2 2025 indicate a total of 1,841 vessel calls, with 373 cargo vessels and 1,427 passenger vessels [6][8] - The total number of vehicles transported increased by 3.4% [4][8] - The operational data for the first half of 2025 shows a slight overall increase in cargo and passenger volumes compared to the same period in 2024 [6]

Legal Proceedings - The Harju County Court terminated criminal proceedings against former management board members of AS Tallinna Sadam due to expiration of the limitation period, acknowledging participation in corrupt agreements but classifying them as private sector corruption [1] - The Tallinn Circuit Court partially annulled the Harju County Court's decision, agreeing with the prosecutor's office and victims that certain acts must be reclassified, but upheld that Ain Kaljurand and Allan Kiil were not public officials [2] Company Overview - Tallinna Sadam is one of the largest cargo and passenger port complexes in the Baltic Sea region, providing passenger and freight services, and operating in shipping through subsidiaries [5] - Subsidiary OÜ TS Laevad offers ferry services between the Estonian mainland and islands, while OÜ TS Shipping charters the vessel Botnica for icebreaking and offshore services [5] Financial Impact - The management board believes that the legal events will not materially affect the Group's financial performance or position [4]

Group 1 - Tallinna Sadam will pay dividends of 0.073 euros per share for the year 2024, totaling 19,199,000 euros [1] - The ex-dividend date is set for 8 May 2025, meaning shares purchased on or after this date will not be eligible for the 2024 dividends [1] - Dividends will be disbursed to shareholders on 16 May 2025 [1] Group 2 - Tallinna Sadam is one of the largest cargo and passenger port complexes in the Baltic Sea region [2] - The company operates ferry services between the Estonian mainland and its largest islands through its subsidiary OÜ TS Laevad [2] - Tallinna Sadam also engages in shipping business, chartering its multifunctional vessel Botnica for icebreaking and offshore services [2] - The company holds a stake in AS Green Marine, which provides waste management services [2]

Core Viewpoint - Tallinna Sadam is hosting an investor conference webinar to present its unaudited Q1 2025 results, scheduled for May 12, 2025, with presentations in both Estonian and English [1] Group 1: Webinar Details - The webinar will take place on Microsoft Teams, with the Estonian session starting at 10:00 EET and the English session 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 a major cargo and passenger port complex in the Baltic Sea region, providing various services including ferry operations and shipping [3] - The company operates through subsidiaries such as 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 focuses on waste management services [3] Group 3: Additional Information - Contact information for investor relations is provided, including the head of investor relations, Angelika Annus, and her contact details [4]

Group 1 - The contract between OÜ TS Shipping, a subsidiary of AS Tallinna Sadam, and BP Exploration Operating Company Ltd for the chartering of the multifunctional icebreaker Botnica was terminated in early July 2024 due to a technical failure [1] - Following the termination, repair works were conducted to eliminate the fault, and the vessel Botnica is expected to continue with its next planned charter work [2] - The technical fault was classified as an insured event, resulting in an insurance compensation of 900,000 euros for the repairs, which will positively impact the financial results of the Tallinna Sadam group in Q1 2025 [2] 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 icebreaking [3] - The group operates through subsidiaries such as OÜ TS Laevad, which offers ferry services, and OÜ TS Shipping, which charters the icebreaker Botnica for offshore services [3] - Tallinna Sadam is also a shareholder in AS Green Marine, which specializes in waste management services [3]

Core Points - The annual general meeting of AS Tallinna Sadam was held on April 24, 2025, with 79 shareholders representing 76.25% of the votes [1][3] - The Annual Report for 2024 was approved with 99.99% votes in favor [4] - The profit distribution proposal for 2024 was approved, with dividends set at €0.073 per share, totaling €19,199,000 [5][8] - AS PricewaterhouseCoopers was appointed as the auditor for the financial year 2025 with 99.99% votes in favor [6] - New members of the supervisory board were elected for the term from July 1, 2025, to June 30, 2028, with Priit Perens appointed as chairman [9] Company Overview - AS Tallinna Sadam is one of the largest cargo and passenger port complexes in the Baltic Sea region, providing various services including ferry operations and waste management through its subsidiaries [10]