(MENAFN- GlobeNewsWire - Nasdaq) In the third quarter, Tallinna Sadam earned close to 32 million euros in sales revenue and close to 9 million euros in profit, adjusted EBITDA was 16 million euros. Sales revenue increased by +1.5%, profit by +54% and adjusted EBITDA by +17% compared to the last year. The revenue for nine months was 90 million euros, profit 19 million euros and adjusted EBITDA 45 million euros. The revenue of 9 months decreased by –1.4%, profit increased +27% and adjusted EBITDA increased +11%. In the third quarter, the volume of investments was 9 million euros, and we invested a total of 21 million euros within nine months.

The number of passengers grew +1.4% and cargo volumes +8%, vessel calls decreased by –1.6% in the third quarter of 2025. Ferry segment showed growth in the number of vehicles +2.4%. The icebreaker Botnica was chartered 22% of the time which is –20% less than last year.

“We have achieved strong results in the third quarter. Growth continued in both, volumes and revenues, in passenger and cargo harbours. Revenues of Icebreaker Botnica have decreased due to the shortening of the charter period, while profitability of its activities has increased. The efficiency in operations is demonstrated by growth in adjusted EBITDA and profit,” 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 10 November, including webinar in Estonian starting at 10.00 (EET) (link to EST webinar ) and webinar in English starting at 11.00 (EET) (link to ENG webinar ).

Materials related to the interim report can be found attached to this notice and on our website:
.

Key figures (in million EUR):

	Q3	Q3	+/–	9M	9M	+/–
	2025	2024	%	2025	2024	%
Revenue	31.7	31.2	1.5	89.5	90.8	–1.4
Adjusted EBITDA	15.5	13.3	16.7	45.3	40.9	10.8
Adjusted EBITDA margin	48.9%	42.6%	6.3	50.6%	45.0%	5.6
Operating profit	9.6	7.3	32.4	27.9	23.2	20.3
Income tax	0.0	0.0	0.0	–5.4	–3.1	73.3
Profit for the period	8.6	5.6	54.0	18.9	14.9	27.0
Investments	8.8	8.4	4.6	20.8	33.5	–37.7

	30.09.2025	31.12.2024	+/–
Total assets	629.7	629.9	0.0%
Interest bearing debt	182.3	184.8	–1.4%
Other liabilities	70.1	67.4	0.1%
Equity	377.3	377.6	–0.1%
Number of shares	263.0	263.0	0.0%

Major events in Q3:
. Icebreaker Botnica at additional work in Canada
. New cruise operator and 10 first ship visits
. Tallinn-Helsinki regular line celebrated 60th anniversary
. Ship accident in Muuga harbour
. AS Tallinna Sadam and OÜ TS Laevad filed an appeal in cassation concerning criminal case involving former members of the management board
. Tallinn Circuit Court dismissed MPG AgroProduction OÜ appeal

Revenue
Revenue decreased by EUR 1.3 million (–1.4%) in the first 9 months of 2025 to EUR 89.5 million. The decline in revenue was due to a decrease in charter days of the icebreaker Botnica (other segment). Revenue increased in the passenger and cargo harbour segments and in the ferry segment providing service between mainland Estonia and the larger islands. In the third quarter, revenue increased by EUR 0.5 million (+1.5%).
By revenue type, the largest change over the 9-month period was the decline in vessel charter fee revenue, which decreased by EUR 3.8 million (–39.4%) due to a 24% drop in charter days. The percentage decrease in revenue exceeded the decline in charter days, as the project-based work performed after the icebreaking season was carried out at lower daily rates. Vessel due revenue increased by EUR 1.7 million (+7.,3%) to EUR 25.6 million. Vessel due revenue increased, driven by a higher number of vessel calls from passenger, cruise, and cargo ships, as well as by higher tariff rates. Cargo charge revenue grew by EUR 0.6 million (+12.8%) to EUR 5.0 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 9-month results. Operating lease income increased by EUR 0.3 million (+3.1%) to EUR 11.0 million. Growth was recorded across the cargo, ferry, and passenger harbour segments, mainly due to indexed rate adjustments. Revenue from other services decreased by EUR 0.3 million (–14.9%), as the previous year's project-based work performed by Botnica included higher additional income from the provision of catering services. Passenger fee revenue increased by EUR 0.3 million (+2.8%) to EUR 9.4 million. The growth was supported by an increase in passenger numbers (+1.0%) and higher rates applied to regular line passengers and cruise passengers using Old City Harbour. Revenue from electricity sales decreased by EUR 0.2 million (–6.3%) to EUR 3.2 million. Electricity revenue decreased in the cargo harbour segment due to lower electricity sales volumes and prices. In the passenger harbour segment, however, electricity revenue increased as a result of higher sales volumes. Revenue from ferry service provision increased by EUR 0.1 million (+0.4%) to EUR 27.9 million. The number of trips decreased by 0.8% compared to the previous year. Revenue growth was positively affected by the indexation of tariffs in line with Estonia's labour cost and consumer price indices, while the decline in the fuel price index had a negative impact.

EBITDA
Adjusted EBITDA increased by EUR 4.4 million (+10.8%) in the first 9 months to EUR 45.3 million. Adjusted EBITDA increased in the Cargo harbours, Passenger harbours, and Other segments, supported by higher revenue (in the passenger and cargo harbours) and lower expenses (in the Cargo harbours and Other segments). The Ferry segment remained in decline, as expenses grew faster than revenue, particularly due to higher depreciation and personnel expenses. In the third quarter, adjusted EBITDA increased by EUR 2.2 million (+16.7%) year-on-year. Adjusted EBITDA increased in the Other, Cargo harbours, and Passenger harbours segments but declined in the Ferry segment. The adjusted EBITDA margin rose from 45.0% to 50.6% over the 9-month period and from 42.6% to 48.9% in the third quarter.

Profit
Profit before tax increased by EUR 6.3 million (+35.0%) to EUR 24.3 million compared to the 9 months in the previous year. Net profit grew more strongly than operating profit, driven by the reduction in financial expenses. In the second quarter of 2025, dividends totalling EUR 19.2 million were paid out, accompanied by income tax expenses of EUR 5.4 million, which was EUR 2.3 million higher than the tax expense related to the previous year's dividend payment. 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 9-month period increased by EUR 4.0 million (+27.0%) year-on-year. The third quarter net profit was EUR 8.6 million (EUR +3.0 million; +54.0%) and profit before tax was EUR 8.6 million (EUR +3.0 million; +54.0%).

Investments
In the first 9 months of 2025, the Group invested EUR 20.8 million, which was EUR 12.6 million less than in the previous year. Investments during the first 9 months of 2025 were mainly related to the construction of an offshore wind terminal- quay at Paldiski South Harbour, quay upgrades at cargo harbours, scheduled dry-docking of a ferriesy, information technology projects, design works at the passenger harbour, procurement of equipment for ferries, and dry-docking of the icebreaker Botnica. Investments in the third quarter totalled EUR 8.8 million (the third quarter 2024: EUR 8.4 million).

Interim condensed consolidated statement of financial position:

In thousands of euros	30 September 2025	31 December 2024
ASSETS
Current assets
Cash and cash equivalents	44 360	17 213
Bank deposits with maturities exceeding 3 months	0	22 000
Trade and other receivables	7 961	12 512
Contract assets	771	0
Inventories	649	695
Total other current assets	53 741	52 420
Non-current assets held for sale	0	4 190
Total current assets	53 741	56 610
Non-current assets
Investments in an associate	2 740	2 664
Investment properties	14 069	14 069
Property, plant and equipment	556 863	554 280
Intangible assets	2 265	2 238
Total non-current assets	575 937	573 251
Total assets	629 678	629 861
LIABILITIES
Current liabilities
Loans and borrowings	25 437	12 185
Provisions	1 360	1 771
Government grants	20 158	22 146
Taxes payable	1 570	906
Trade and other payables	15 284	7 780
Total current liabilities	63 809	44 788
Non-current liabilities
Loans and borrowings	156 850	172 650
Government grants	31 338	31 995
Other payables	681	2 815
Total non-current liabilities	188 577	207 460
Total liabilities	252 386	252 248
EQUITY
Share capital	263 000	263 000
Share premium	44 478	44 478
Statutory capital reserve	23 848	23 304
Retained earnings	45 966	46 831
Total equity	377 292	377 613
Total liabilities and equity	629 678	629 861

Interim condensed consolidated statement of profit or loss:

In thousands of euros	Q3 2025	Q3 2024	9M 2025	9M 2024
Revenue	31 673	31 214	89 535	90 797
Other income	308	398	1 988	1 164
Operating expenses	–9 856	–11 651	–26 133	–30 951
Impairment of financial assets	–167	–214	85	–680
Personnel expenses	–6 205	–6 302	–19 164	–18 661
Depreciation, amortisation and impairment	–6 076	–6 087	–18 216	–18 207
Other expenses	–55	–90	–187	–262
Operating profit	9 622	7 268	27 908	23 200
Finance income and costs
Finance income	214	203	795	703
Finance costs	–1 340	–2 158	–4 486	–6 400
Finance costs - net	–1 126	–1 955	–3 691	–5 697
Share of profit (loss) of an associate accounted for under the equity method	96	265	76	491
Profit before income tax	8 592	5 578	24 293	17 994
Income tax expense	0	0	–5 415	–3 125
Profit for the period	8 592	5 578	18 878	14 869
Attributable to:
Owners of the Parent	8 592	5 578	18 878	14 869
Basic earnings and diluted earnings per share (in euros)	0.03	0.02	0.07	0.06

Interim condensed consolidated statement of cash flows:

in thousands of euros	9M 2025	9M 2024
Cash receipts from sale of goods and services	100 239	99 181
Cash receipts related to other income	69	42
Payments to suppliers	–32 208	–37 612
Payments to and on behalf of employees	–19 168	–17 787
Payments for other expenses	–260	–224
Income tax paid on dividends	–5 415	–3 325
Cash flows from operating activities	43 257	40 275
Purchases of property, plant and equipment	–17 678	–33 118
Purchases of intangible assets	–347	–479
Proceeds from sale of property, plant and equipment	4 885	17
Proceeds from government grants related to assets	479	0
Interest received	771	679
Net change in deposits with maturities exceeding 3 months	22 000	0
Cash used in investing activities	10 110	–32 901
Proceeds from loans received	0	20 000
Repayments of loans received	–2 183	–9 583
Dividends paid	–19 199	–19 000
Interest paid	–4 837	–6 427
Other payments related to financing activities	–1	–18
Cash used in financing activities	–26 220	–15 028
NET CASH FLOW	27 147	–7 654
Cash and cash equivalents at beginning of the period	17 213	29 733
Change in cash and cash equivalents	27 147	–7 654
Cash and cash equivalents at end of the period	44 360	22 079

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
...

Attachments

• 2025 Q3 Main Figures
• 2025 Q3 webinar
• 2025 Q3 Interim Report

MENAFN10112025004107003653ID1110318277