AS Tallinna Sadam Financial Results For 2026 Q3 And 9 Months

(MENAFN- GlobeNewsWire - Nasdaq) In the third quarter, Tallinna Sadam earned 34 million euros in sales revenue, adjusted EBITDA was 17 million euros and profit 10 million euros. Sales revenue increased by +7% (+2.1 million euros), adjusted EBITDA by +7% (+1.1 million euros) and profit by +11% (+0.9 million euros) comparing to the same period last year.

The revenue for nine months was 93 million euros, adjusted EBITDA 42 million euros and profit 16 million euros. The revenue of nine months increased by +3.9% (+3.5 million euros), adjusted EBITDA decreased by –7% (–3.0 million euros) and profit by –18% (–3.4 million euros).

In the third quarter, the volume of investments was more than 3 million euros, and we invested close to 7 million euros within nine months.

The number of passengers increased by +2.1%, cargo volumes decreased by –3.3% and vessel calls remained on similar level in the third quarter of 2026. Ferry segment showed stable growth - the number of passengers increased by +0.3% and the number of vehicles by +0.6%, the number of trips decreased by –0.2%. The icebreaker Botnica was chartered 18% of the time which is 3 days less than last year.

„The third quarter delivered strong results. Revenue, adjusted EBITDA and net profit all increased. The EBITDA margin reached 49%. Results were supported by growth in the cruise business and the ferry segment. Revenue growth in ferry services was supported by revenue indexation reflecting higher fuel prices.
It is also worth highlighting the charter agreements signed for the icebreaker Botnica in the third quarter: one secures revenue into the fourth quarter, while the other, longer-term agreement is related to the next summer,” commented Valdo Kalm, the Chairman of the Management Board.

Tallinna Sadam management will present the financial results of the Group at webinars on 9 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	+/–
	2026	2025	%	2026	2025	%
Revenue	33.8	31.7	6.7	93.1	89.5	3.9
Adjusted EBITDA	16.6	15.5	7.0	42.4	45.3	–6.5
Adjusted EBITDA margin	49.1%	48.9%	0.2	45.5%	50.6%	–5.1
Operating profit	10.6	9.6	10.1	24.2	27.9	–13.4
Income tax	0	0	0.0	–5.4	–5.4	0.0
Profit for the period	9.5	8.6	10.9	15.5	18.9	–17.8
Investments	3.3	8.8	–62.6	6.8	20.8	–67.3

	30.09.2026	31.12.2025	+/–
Total assets	616.0	622.1	–1.0%
Interest bearing debt	166.0	173.7	–4.4%
Other liabilities	72.8	67.5	7.8%
Equity	377.2	380.9	–1.0%
Number of shares	263.0	263.0	0.0%

Major events in Q3:

• Icebreaker Botnica started works in the Noth Sea
• Charter agreement for the icebreaker Botnica for 2027 summer period in South Africa
• Recognition as the Best Employer Brand in Brand Capital survey (the Baltics)
• Competition for the position of the new Chairman of the Management Board

Revenue
Revenue increased by EUR 3,5 million (+3.9%) to EUR 93.1 million in the first 9 months of 2026. Revenue from the provision of ferry services was the largest contributor, increasing by EUR 1.4 million (+4.9%). The increase was driven by the indexation of ferry services based on the changes in the Estonian fuel, labour and consumer price indices, as well as higher compensation for the fixed costs of additional trips operated by the ferry Regula. Charter fee revenue grew by EUR 0.9 million (+15.8%) due to the higher number of charter days of the icebreaker Botnica. Revenue from the sale of electricity increased by EUR 0.8 million (+24.4%). The growth was supported by both the increased volume of electricity and network services and the new network tariffs in the TS network area that came into effect in March. The average market price of electricity was also higher and the security of supply fee was introduced at the beginning of the year as a result of a regulatory change. Income from vessel dues grew by EUR 0.3 million (+1.0%). Revenues increased due to higher cruise ship visits than waste and tonnage fees, tariffs have also increased. A faster growth was inhibited by Superfast IX leaving the Paldiski–Kapellskär route. Income from passenger fees grew by EUR 0.2 million (+1.8%). Although the number of passengers decreased slightly compared to previous year, it was compensated by the increase in passenger fees for both passengers of the Old City Harbour regular lines and cruise passengers. Other types of revenue changed to a lesser extent. In the third quarter, revenue increased by EUR 2.1 million (+6.7%), mainly due to an increase in the sale of ferry services. Revenue from vessel dues, sale of electricity, and passenger fees also increased

Adjusted EBITDA
Adjusted EBITDA decreased by EUR 3.0 million (–6.5%) to EUR 42.4 million. The decline in adjusted EBITDA was partly offset by profit from the associate AS Green Marine, accounted for using the equity method, which increased by EUR 0.2 million. In the third quarter, adjusted EBITDA increased by EUR 1.1 million (+7.0%) year-on-year. The adjusted EBITDA margin decreased from 50.6% to 45.5% in the first 9 months of the year, but increased from 48.9% to 49.1% in the third quarter.

Profit
Profit before income tax decreased by EUR 3.4 million in the 9-month comparison to EUR 15.5 million (–17.8%) and EUR 20.9 million (–13.8%), respectively. The decline in profit for the period was smaller than the decline in operating profit due to lower finance costs. The dividend of EUR 19.2 million paid in the second quarter gave rise to income tax expense of EUR 5.4 million. Both remained at the same level as in the previous year. In the third quarter, profit for the period and profit before income tax were EUR 9.5 million (+10.9%).

Investments
In the first 9 months of 2026, the Group invested EUR 6.8 million, which was EUR 14.0 million less than in the previous year. Investments made during the first 9 months of 2026 were mainly related to the replacement of the main machinery of a ferry, improvements to a cargo harbour quay to provide an onshore power supply connection for container ships, to provide an onshore power supply connection for cruise ships at the Old City Harbour, dock works on ferries, the completion of construction works on the multifunctional quay at Paldiski South Harbour, the design of Terminal A and the head office building at the Old City Harbour, and IT investments (software and hardware). Investments in the third quarter totalled EUR 3.3 million (Q3 2025: EUR 8.8 million).

Interim condensed consolidated statement of financial position:

In thousands of euros	30 September 2026	31 December 2025
ASSETS
Current assets
Cash and cash equivalents	31 185	31 993
Trade and other receivables	14 475	8 055
Contract assets	645	0
Inventories	719	552
Total other current assets	47 024	40 600
Non-current assets held for sale	0	212
Total current assets	47 024	40 812
Non-current assets
Investments in an associate	2 912	2 638
Investment properties	14 069	14 069
Property, plant and equipment	549 431	562 254
Intangible assets	2 549	2 290
Total non-current assets	568 961	581 251
Total assets	615 985	622 063
LIABILITIES
Current liabilities
Loans and borrowings	78 560	73 001
Provisions	1 757	1 895
Government grants	9 648	19 271
Taxes payable	1 366	943
Trade and other payables	7 842	11 644
Contract liabilities	1 688	68
Total current liabilities	100 861	106 822
Non-current liabilities
Loans and borrowings	87 443	100 700
Government grants	49 874	31 447
Other payables	15	1 585
Contract liabilities	590	632
Total non-current liabilities	137 922	134 364
Total liabilities	238 783	241 186
EQUITY
Share capital	263 000	263 000
Share premium	44 478	44 478
Statutory capital reserve	24 573	23 848
Retained earnings	45 151	49 551
Total equity	377 202	380 877
Total liabilities and equity	615 985	622 063

Interim condensed consolidated statement of profit or loss:

In thousands of euros	Q3 2026	Q3 2025	9M 2026	9M 2025
Revenue	33 795	31 673	93 057	89 535
Other income	619	308	1 620	1 988
Operating expenses	–11 019	–9 856	–31 203	–26 133
Impairment of financial assets	75	–167	164	85
Personnel expenses	–6 559	–6 205	–20 133	–19 164
Depreciation, amortisation and impairment	–6 268	–6 076	–19 134	–18 216
Other expenses	–52	–55	–201	–187
Operating profit	10 591	9 622	24 170	27 908
Finance income and costs
Finance income	164	214	513	795
Finance costs	–1 390	–1 340	–4 018	–4 486
Finance costs – net	–1 226	–1 126	–3 505	–3 691
Share of profit (+)/ loss (–) of an associate accounted for under the equity method	160	96	275	76
Profit before income tax	9 525	8 592	20 940	24 293
Income tax	0	0	–5 415	–5 415
Profit for the period	9 525	8 592	15 525	18 878
Attributable to owners of the Parent	9 525	8 592	15 525	18 878
Basic 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 2026	9M 2025
Cash receipts from sale of goods and services	98 854	100 239
Cash receipts related to other income	217	69
Payments to suppliers	–40 171	–32 208
Payments to and on behalf of employees	–20 866	–19 168
Payments for other expenses	–246	–260
Income tax paid on dividends	–5 415	–5 415
Cash flows from operating activities	32 373	43 257
Purchases of property, plant and equipment	–8 931	–17 678
Purchases of intangible assets	–371	–347
Proceeds from sale of property, plant and equipment	138	4 885
Proceeds from government grants related to assets	6 333	479
Interest received	558	771
Net change in deposits with maturities exceeding 3 months	0	22 000
Cash received from/ used in investing activities	–2 273	10 110
Proceeds from loans received	8 000	0
Repayments of loans received	–15 800	–2 183
Dividends paid	–19 199	–19 199
Interest paid	–3 835	–4 837
Other payments related to financing activities	–74	–1
Cash used in financing activities	–30 908	–26 220
NET CASH FLOW	–808	27 147
Cash and cash equivalents at beginning of the period	31 993	17 213
Change in cash and cash equivalents	–808	27 147
Cash and cash equivalents at end of the period	31 185	44 360

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 Q3 Interim Report
• 2026 Q3 Webinar
• 2026 Q3 Main Figures

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