AS Tallinna Sadam Financial Results For 2026 Q1

(MENAFN- GlobeNewsWire - Nasdaq) In the first quarter of 2026, sales revenue of Tallinna Sadam group amounted to 28 million euros decreasing by –0.7%, adjusted EBITDA was 12 million euros decreasing by –17% and profit 5 million euros decreasing by –33% compared to the same period last year. The adjusted EBITDA margin was 41% and the volume of investments was slightly more than 1 million euros.

The number of passengers decreased by –3.3%, cargo volumes by –8%, and vessel calls by –7% in the first quarter of 2026. Ferry business was stabile – although the number of passengers decreased by –1.2%, the number of vehicles increased by +0.9%. Botnica was chartered 100% of the time like last year.

"The first quarter was defined by a decrease in operating volumes in passenger and cargo harbour segments, which was mainly affected by harsh ice conditions and routine maintenance of passenger ships. Nevertheless, we maintained turnover at the same level as last year. The profit for the period was affected by increased energy and fuel costs and the fact that a year ago an insurance compensation was received for the repairs of the icebreaker Botnica," 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 May, 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):

	Q1 2026	Q1 2025	+/–	%
Revenue	28.1	28.3	–0.2	–0.7%
Adjusted EBITDA	11.6	13.9	–2.3	–16.8%
Adjusted EBITDA margin	41.1%	49.1%	–8.0	–
Operating profit	5.7	8.3	–2.6	–31.0%
Profit for the period	4.6	6.8	–2.2	–32.9%
Investments	1.3	3.6	–2.3	–65.0%

	31.03.2026	31.12.2025	+/–
Total assets	632.1	622.1	1.6%
Interest bearing debt	173.3	173.7	–0.2%
Other liabilities	73.4	67.5	8.7%
Equity	385.5	380.9	1.2%
Number of shares	263.0	263.0	0.0%

Major events in Q1:

• Agreement to use the ferry Regula as a replacement vessel until the end of 2028
• Baffinland declines the option for Icebreaker Botnica services in autumn 2026
• The multifunctional quay built in Paldiski South Harbour received a use permit
• Cruise season started as early as in Marchthis year
• Tallinna Sadam and TS Laevad filed claims for damages against former management board members in civil court proceedings

Revenue
Revenue decreased by EUR 0.2 million, i.e. 0.7% in the first quarter of 2026. Revenue grew most from the sale of electricity (EUR +0.4 million, +27.3%) and from the provision of ferry services (EUR +47 thousand, +0.6%). In the case of electricity, the volumes sold have increased, and since March 2026, the price list of network services offered by AS Tallinna Sadam changed, increasing revenue from network services. Revenue from the provision of ferry services grew due to the indexing of the variable part of the fixed fee (increase in labour and consumer price indices), which offset the decrease in passenger fees (impact of the fall in the fuel price index – indexing based on the price change in 2025). Other types of revenue decreased. Vessel dues decreased to a greater extent (EUR –0.3 million, –4.9%), which in cargo harbours was affected by the decrease in calls by high-capacity tankers, container ships, and passenger ships. In passenger harbours, the decrease in the number of passenger ship calls had an impact, as dry-docking of ships took place. On the positive side, the first cruise ship of the year arrived as early as the first quarter for the first time, which to some extent balanced the fall in vessel dues. Operating lease income decreased by EUR 0.1 million, i.e. 3.2%, mainly due to a change in revenue from the right of superficies. Revenue from other services fell by EUR 0.1 million (–14.5%), mainly caused by decreased advertising sales in the Old City Harbour. Cargo charge revenue also fell (EUR –34 thousand, –2.0%), as cargo volumes decreased. Revenue from passenger fees fell by EUR 28 thousand, i.e. 1.3% due to a decrease in the number of passengers on all main routes, but mostly on the Tallinn–Helsinki route. There was no change in charter fee revenue, which is related to the activities of the icebreaker Botnica; similar to the first quarter of last year, EUR 4.0 million was earned this year as well. Revenue increased in two segments, growing most in segment Ferry (EUR +26 thousand). Marginal growth also occurred in segment Other (EUR +1 thousand). Revenue decreased most in the Cargo harbours segment (EUR –0.2 million) and in the Passenger harbours segment (EUR –21 thousand).

EBITDA
Adjusted EBITDA decreased by EUR 2.3 million as revenue decreased and operating expenses increased. The loss from the associate AS Green Marine, accounted for using the equity method, also had a small impact. With regard to segments, adjusted EBITDA fell in all segments. The adjusted EBITDA of segment Ferry and segment Other decreased the most. The adjusted EBITDA margin fell from 49.1% to 41.1%.

Profit
Profit before income tax decreased by EUR 2.2 million (–32.9%) to EUR 4.6 million. The profit also amounted to EUR 4.6 million, which was EUR 2.2 million lower than the figure for the comparative period last year.

Investments
In the first three months of 2026, the Group invested EUR 1.3 million, which is EUR 2.3 million less than during the same period last year. Investments in the first 3 months of 2026 were mainly related to the completion of construction works on the multifunctional quay at Paldiski South Harbour and the upgrading of the box coolers of the ferries.

Interim condensed consolidated statement of financial position:

In thousands of euros	31 March 2026	31 December 2025
ASSETS
Current assets
Cash and cash equivalents	43 227	31 993
Trade and other receivables	11 862	8 055
Contract assets	277	0
Inventories	584	552
Total other current assets	55 950	40 600
Non-current assets held for sale	0	212
Total current assets	55 950	40 812
Non-current assets
Investments in an associate	2 596	2 638
Investment properties	14 069	14 069
Property, plant and equipment	557 241	562 254
Intangible assets	2 284	2 290
Total non-current assets	576 190	581 251
Total assets	632 140	622 063
LIABILITIES
Current liabilities
Loans and borrowings	72 985	73 001
Provisions	769	1 895
Government grants	8 448	19 271
Taxes payable	888	943
Trade and other payables	8 574	11 644
Contract liabilities	3 352	68
Total current liabilities	95 016	106 822
Non-current liabilities
Loans and borrowings	100 300	100 700
Government grants	50 736	31 447
Other payables	15	1 585
Contract liabilities	622	632
Total non-current liabilities	151 673	134 364
Total liabilities	246 689	241 186
EQUITY
Share capital	263 000	263 000
Share premium	44 478	44 478
Statutory capital reserve	23 848	23 848
Retained earnings	54 125	49 551
Total equity	385 451	380 877
Total liabilities and equity	632 140	622 063

Interim condensed consolidated statement of profit or loss:

In thousands of euros	Q1 2026	Q1 2025
Revenue	28 170	28 354
Other income	468	347
Operating expenses	–9 833	–7 572
Impairment of financial assets	–20	–213
Personnel expenses	–6 692	–6 488
Depreciation, amortisation and impairment	–6 279	–6 068
Other expenses	–119	–102
Operating profit	5 695	8 258
Finance income and costs
Finance income	171	342
Finance costs	–1 251	–1 688
Finance costs - net	–1 080	–1 346
Share of profit (loss) of an associate accounted for under the equity method	–41	–100
Profit before income tax	4 574	6 812
Profit for the period	4 574	6 812
Attributable to:
Owners of the Parent	4 574	6 812
Basic earnings and diluted earnings per share (in euros)	0.02	0.03

Interim condensed consolidated statement of cash flows:

in thousands of euros	Q1 2026	Q1 2025
Cash receipts from sale of goods and services	30 737	35 529
Cash receipts related to other income	39	44
Payments to suppliers	–12 338	–9 243
Payments to and on behalf of employees	–6 408	–5 928
Payments for other expenses	–126	–130
Cash flows from operating activities	11 904	20 272
Purchases of property, plant and equipment	–4 457	–3 122
Purchases of intangible assets	–105	–133
Proceeds from government grants related to assets	5 351	2 665
Interest received	203	150
Cash used in investing activities	992	–440
Repayments of loans received	–400	–400
Interest paid	–1 256	–1 781
Other payments related to financing activities	–6	–1
Cash used in financing activities	–1 662	–2 182
NET CASH FLOW	11 234	17 650
Cash and cash equivalents at beginning of the period	31 993	17 213
Change in cash and cash equivalents	11 234	17 650
Cash and cash equivalents at end of the period	43 227	34 863

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

• 2026 Q1 Main Figures
• 2026 Q1 Webinar
• 2026 Q1 Interim Report

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