Correction: AS Tallinna Sadam financial results for 2025 Q2 and 6 months
Correction: Additional line - Income tax paid on dividends - was added to
Interim condensed consolidated statement of cash flows and values of "Cash flows
from operating activities" were corrected. The rest of information remains the
same.
In the second quarter, Tallinna Sadam earned close to 30 million euros in sales
revenue and more than 3 million euros in profit. The revenue for six months was
58 million euros and the profit exceeded 10 million euros. In the second
quarter, the volume of investments increased to 8 million euros, in the first
half of the year we invested a total of 12 million euros.
In the second quarter, sales revenue declined by -7% and profit by -15%,
adjusted EBITDA increased +7% year-on-year. Semi-annually, the revenue decreased
-2.9%, increased adjusted EBITDA +8% and profit +11%.
The number of passengers grew +3.8%, cargo volumes +8%, and vessel calls
increased by +2.1% in the second quarter of 2025. Ferry segment showed stable
growth - although the number of trips decreased by -1.5%, the number of
passengers grew +2.4% and the number of vehicles +3.4%. The icebreaker Botnica
was chartered 22% of the time which is -63% less than last year.
"The second quarter is characterized by growth in operational volumes and
revenues in all areas, except for the chartering of the icebreaker Botnica,
where the ship's utility rate has decreased. In terms of ship visits, we are
especially pleased with the increased cruise vessel calls, which significantly
affect our results. Despite a slight decrease in sales revenue, adjusted EBIDTA
and its margin are on the rise. Excluding one-off factors affecting profit, we
have reduced operating expenses and increased the profitability of operations.
Profit was affected the most by the increase in dividend income tax rate,"
commented Valdo Kalm, the Chairman of the Management Board, on the results.
Tallinna Sadam management will present the financial results of the Group at a
webinars on 11 August, including webinar in Estonian starting at 10.00 (EET)
(link to EST webinar (https://teams.microsoft.com/l/meetup-
join/19%3ameeting_NDk3NWM0NzUtYjYwOS00NTNlLWIwZDctZWM1Yzc0NDRjMzc5%40thread.v2/0
?context=%7b%22Tid%22%3a%223c572f71-c808-4685-aa00-
2ca59a11c7e2%22%2c%22Oid%22%3a%2216aaa10d-0f16-4312-8940-581f83498a0b%22%7d))
and webinar in English starting at 11.00 (EET) (link to ENG webinar
(https://teams.microsoft.com/l/meetup-
join/19%3ameeting_M2EyYjY1ZTQtNDMxYS00OTVjLTg0MGItNzVjMWFiOWY5ODQx%40thread.v2/0
?context=%7b%22Tid%22%3a%223c572f71-c808-4685-aa00-
2ca59a11c7e2%22%2c%22Oid%22%3a%2216aaa10d-0f16-4312-8940-581f83498a0b%22%7d)).
Materials related to the interim report can be found attached to this notice and
on our website: https://www.ts.ee/en/investor/interim-reports/
https://www.ts.ee/en/investor/presentations/.
Key figures (in million EUR):
Q2 Q2 +/- 6M 6M +/-
2025 2024 % 2025 2024 %
Revenue 29.5 31.7 -6.8 57.9 59.6 -2.9
Adjusted EBITDA 15.9 14.9 6.7 29.8 27.6 8.0
Adjusted EBITDA margin 53.8% 47.0% 6.8 51.5% 46.3% 5.2
Operating profit 10.0 8.9 12.3 18.3 15.9 14.8
Income tax -5.4 -3.1 73.3 -5.4 -3.1 73.3
Profit for the period 3.5 4.1 -15.2 10.3 9.3 10.7
Investments 8.4 7.1 18.8 12.0 25.0 -52.0
30.06.2025 31.12.2024 +/-
Total assets 622.1 629.9 -1.2%
Interest bearing debt 183.8 184.8 -0.5%
Other liabilities 69.6 67.4 3.3%
Equity 368.7 377.6 -2.4%
Number of shares 263.0 263.0 0.0%
Major events in Q2:
* The agreement of the subsidiary OÜ TS Laevad for additional 485 trips with
the ferry Regula during the summer period
* Resolution of the Circuit Court in criminal case involving former members of
the management board of AS Tallinna Sadam
Revenue
Revenue decreased by EUR 1.7 million (-2.9%) in the first 6 months of 2025 to
EUR 57.9 million. The decline in revenue was due to a decrease in charter
revenue from the icebreaker Botnica (Other segment). Revenue increased in the
Passenger harbours and Cargo harbours segments and in the Ferry segment
providing service between mainland Estonia and the larger islands. In the second
quarter, revenue decreased by EUR 2.1 million (-6.8%). By revenue type, the
largest change over the 6-month period was the decline in charter fees revenue,
which decreased by EUR 3.5 million (-41.4%) due to a 24% drop in charter days.
The percentage decline in revenue exceeded the drop in charter days because no
project-based work at higher charter rates was performed in the second quarter
following the icebreaking season. Vessel dues revenue increased by EUR 1.1
million (+7.6%) to EUR 14.8 million. The increase was supported by a rise in
vessel calls of passenger, cruise, and cargo ships, as well as higher charge
rates. Cargo charges revenue grew by EUR 0.5 million (+18.5%) to EUR 3.4 million
due to increased cargo volumes and, for 2025, higher expected annual revenue
from liquid bulk, which, under IFRS 15, had an additional positive impact on the
6-month results. Operating lease income increased by EUR 0.3 million (+4.2%) to
EUR 7.1 million. Growth was recorded across the Cargo harbours, Ferry, and
Passenger harbours segments, mainly due to indexed rate adjustments. Revenue
from other services decreased by EUR 0.3 million (-18.1%), as the previous
year's project-based work performed by Botnica also included additional income
from supplementary services. Revenue from electricity sales decreased by EUR
0.2 million (-6.4%) to EUR 2.2 million. The decrease in the Cargo harbours
segment was due to lower electricity sales volumes, while in the Passenger
harbours segment, electricity revenue increased due to both higher sales volumes
and higher market prices. Passenger fee revenue increased by EUR 0.1 million
(+2.3%) to EUR 5.4 million. The growth was supported by an increase in passenger
numbers (+0.8%) and higher rates applied to regular line passengers and cruise
passengers using Old City Harbour. Revenue from ferry service increased by EUR
0.1 million (+0.5%) to EUR 17.7 million. The number of trips decreased by 1.5%
compared to the previous year. Revenue growth was driven by indexation of fees
based on Estonia's fuel, labour, and consumer price indices.
EBITDA
Adjusted EBITDA increased by EUR 2.2 million (+8.0%) in the first 6 months to
EUR 29.8 million. Growth was recorded in the Cargo harbours, Passenger harbours,
and Ferry segments, supported by higher revenue and cost reductions in the Cargo
harbours and Passenger harbours segments. In the Ferry segment, costs increased
faster than revenue, particularly due to higher personnel expenses. Adjusted
EBITDA in the Other segment declined, as the decrease in revenue outweighed the
reduction in costs. In the second quarter, adjusted EBITDA increased by EUR 1.0
million (+6.7%) year-on-year. Growth occurred in the Cargo harbours and
Passenger harbours segments, while adjusted EBITDA declined in the Other and
Ferry segments. The adjusted EBITDA margin rose from 46.3% to 51.5% over the 6-
month period and from 47.0% to 53.8% in the second quarter.
Profit
Profit before tax increased by EUR 3.3 million (+26.5%) to EUR 12.4 million
compared to the 6 months in the previous year. However, net profit grew less
than operating profit despite the decrease in financial costs. This was due to
an income tax expense of EUR 5.4 million in the second quarter of 2025, related
to dividends paid in the amount of EUR 19.2 million. The tax expense was EUR
2.3 million higher than in the previous year. Although the amount of dividends
remained unchanged, the dividend tax rate increased in 2025, and the reduced
rate for regularly paid dividends was eliminated. Net profit for the 6-month
period increased by EUR 1.0 million (+10.7%) year-on-year. Second quarter net
profit was EUR 3.5 million (EUR -0.6 million; -15.2%) and profit before tax was
EUR 8.9 million (EUR +1.7 million; +23.1%).
Investments
In the first half of 2025, the Group invested EUR 12.0 million, which was EUR
13.0 million less than in the previous year. The investments made during the
first 6 months of 2025 were mainly related to the construction of an offshore
wind quay at Paldiski South Harbour, scheduled dry-docking of a ferry,
information technology, quay improvements in cargo harbours, equipment purchases
for ferries, and dry-docking of the icebreaker Botnica. Investments in the
second quarter totalled EUR 8.4 million (the second quarter 2024: EUR 7.1
million).
Interim condensed consolidated statement of financial position:
In thousands of euros 30 June 2025 31 December 2024
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ASSETS
Current assets
Cash and cash equivalents 40 098 17 213
Bank deposits with maturities exceeding 3 months 0 22 000
Trade and other receivables 7 762 12 512
Contract assets 534 0
Inventories 573 695
Total other current assets 48 967 52 420
Non-current assets held for sale 0 4 190
Total current assets 48 967 56 610
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Non-current assets
Investments in an associate 2 644 2 664
Investment properties 14 069 14 069
Property, plant and equipment 554 143 554 280
Intangible assets 2 256 2 238
Total non-current assets 573 112 573 251
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Total assets 622 079 629 861
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LIABILITIES
Current liabilities
Loans and borrowings 11 512 12 185
Provisions 1 047 1 771
Government grants 20 286 22 146
Taxes payable 947 906
Trade and other payables 15 308 7 780
Total current liabilities 49 100 44 788
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Non-current liabilities
Loans and borrowings 172 250 172 650
Government grants 31 338 31 995
Other payables 691 2 815
Total non-current liabilities 204 279 207 460
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Total liabilities 253 379 252 248
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EQUITY
Share capital 263 000 263 000
Share premium 44 478 44 478
Statutory capital reserve 23 848 23 304
Retained earnings 37 374 46 831
Total equity 368 700 377 613
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Total liabilities and equity 622 079 629 861
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Interim condensed consolidated statement of profit or loss:
In thousands of euros Q2 2025 Q2 2024 6M 2025 6M 2024
-------------------------------------------------------------------------------
Revenue 29 508 31 651 57 862 59 582
Other income 1 333 412 1 680 767
Operating expenses -8 705 -10 269 -16 277 -19 300
Impairment of financial assets 465 -286 252 -466
Personnel expenses -6 471 -6 451 -12 959 -12 359
Depreciation, amortisation and impairment -6 072 -6 084 -12 140 -12 120
Other expenses -30 -42 -132 -172
Operating profit 10 028 8 931 18 286 15 932
-------------------------------------------------------------------------------
Finance income and costs
Finance income 239 234 580 501
Finance costs -1 457 -2 151 -3 145 -4 242
Finance costs - net -1 218 -1 917 -2 565 -3 741
-------------------------------------------------------------------------------
Share of profit (loss) of an associate
accounted for under the equity method 80 210 -20 225
Profit before income tax 8 890 7 224 15 701 12 416
-------------------------------------------------------------------------------
Income tax expense -5 415 -3 125 -5 415 -3 125
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Profit for the period 3 475 4 099 10 286 9 291
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Attributable to:
Owners of the Parent 3 475 4 099 10 286 9 291
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Basic earnings and diluted earnings per
share (in euros) 0.01 0.02 0.04 0.04
-------------------------------------------------------------------------------
Interim condensed consolidated statement of cash flows:
in thousands of euros 6M 2025 6M 2024
--------------------------------------------------------------------------
Cash receipts from sale of goods and services 67 465 64 749
Cash receipts related to other income 57 34
Payments to suppliers -22 410 -24 680
Payments to and on behalf of employees -13 204 -11 384
Payments for other expenses -200 -179
Income tax paid on dividends -5 415 -3 325
Cash flows from operating activities 26 393 25 215
--------------------------------------------------------------------------
Purchases of property, plant and equipment -9 916 -22 559
Purchases of intangible assets -249 -374
Proceeds from sale of property, plant and equipment 4 885 17
Proceeds from government grants related to assets 2 665 0
Interest received 614 483
Net change in deposits with maturities exceeding 3 months 22 000 0
Cash used in investing activities 19 999 -22 433
--------------------------------------------------------------------------
Proceeds from loans received 0 20 000
Repayments of loans received -783 -3 383
Dividends paid -19 199 -19 000
Interest paid -3 424 -4 229
Other payments related to financing activities -1 -13
Cash used in financing activities -23 407 -6 625
--------------------------------------------------------------------------
NET CASH FLOW 22 885 -3 843
--------------------------------------------------------------------------
Cash and cash equivalents at beginning of the period 17 213 29 733
Change in cash and cash equivalents 22 885 -3 843
Cash and cash equivalents at end of the period 40 098 25 890
--------------------------------------------------------------------------
Tallinna Sadam is one of the largest cargo- and passenger port complexes in the
Baltic Sea region. In addition to passenger and freight services, Tallinna Sadam
group also operates in shipping business via its subsidiaries - OÜ TS Laevad
provides ferry services between the Estonian mainland and the largest islands,
and OÜ TS Shipping charters its multifunctional vessel Botnica for icebreaking
and offshore services in Estonia and projects abroad. Tallinna Sadam group is
also a shareholder of an associate AS Green Marine, which provides waste
management services.
Additional information:
Angelika Annus
Head of Investor Relations
Tel +372 5649 6230
[email protected] (mailto:[email protected])